Terns Pharmaceuticals (TERN) Jefferies 2024 Global Healthcare Conference summary

Key announcements and forward-looking statements

• Two major data readouts are expected in the second half of 2024, focusing on oncology and obesity programs.

• Management emphasized ongoing clinical trials in CML and obesity, with a focus on small molecules with validated mechanisms.

• Plans include an investor event mid-year to contextualize early CML data and explain patient baseline characteristics.

• Forward-looking statements were made regarding trial designs and potential market opportunities in both first- and second-line CML settings.

Clinical development strategy and competitive landscape

• Recent data from Novartis' Scemblix in first-line CML is seen as positive for patients and the competitive landscape.

• Terns does not plan to go head-to-head with asciminib in the front line but sees opportunity in both first- and second-line settings.

• The company leverages real-world control arms in trial design, reflecting current clinical practice.

• There is confidence in the safety and efficacy of their CML compound, with dose optimization strategies to cover a broad mutational spectrum.

Data interpretation and trial design insights

• Early CML data will require careful calibration, considering baseline disease burden and prior therapies.

• The company intends to publish more data and provide context for interpreting early efficacy signals.

• Healthy volunteer PK data shows target coverage at 80mg, with higher doses providing greater coverage and safety.

• Dose selection is informed by both preclinical and clinical data, aiming for optimal therapeutic index.