Terns Pharmaceuticals (TERN) Jefferies London Healthcare Conference 2024 summary

2024 highlights and strategic updates

• New CEO appointed in February 2024, bringing renewed leadership focus.

• Positive data for TERN-601, a small molecule GLP-1 agonist, with competitive weight loss and tolerability.

• Upcoming data release for TERN-701 in BCR-ABL and CML expected in early December.

• Emphasis on holistic data interpretation due to small sample sizes and study differences.

TERN-601 clinical insights and differentiation

• Achieved 5.5-6% weight loss at 28 days with rapid titration and no dose interruptions or discontinuations.

• Fast titration (every three days) allowed for learning about dose range and tolerability.

• Molecule shows high gut permeability and unique PK profile, enabling lower plasma levels for similar efficacy.

• Dose range for next trial will be 250-750 mg, with likely focus on 250-500 mg for optimal balance.

• Slower titration in future studies expected to further improve tolerability.

Competitive landscape and future trial design

• Differentiation from competitors like orforglipron through unique titration and PK strategy.

• Phase II will use a narrower dose range and potentially monthly titration, simplifying prescribing.

• Targeting 13-15% weight loss at 52 weeks with vomiting rates below 10% for commercial viability.

• Flexibility in titration allows for tailored approaches based on patient BMI and needs.