Terns Pharmaceuticals (TERN) Leerink Global Healthcare Conference 2026 summary

Company transformation and focus

• Shifted from a metabolic disease focus to targeting chronic myeloid leukemia (CML) with TERN-701, a next-generation allosteric BCR-ABL inhibitor.

• Lead asset TERN-701 shows unprecedented efficacy in difficult-to-treat, third-line-plus CML patients, with a differentiated safety profile and no food effect.

CML market landscape and treatment evolution

• CML was once fatal, but BCR-ABL inhibitors like imatinib improved survival; however, 75% of frontline patients become refractory.

• Second-generation TKIs offer better efficacy but have tolerability issues, leading to frequent switching.

• Scemblix (asciminib) has rapidly gained market share due to its safety and tolerability, especially in second-line-plus settings.

Competitive positioning and efficacy data

• TERN-701 demonstrated a 75% major molecular response (MMR) at 24 weeks in third-line-plus patients, outperforming asciminib in similar populations.

• Safety profile of TERN-701 shows no hypertension or pancreatic toxicity, and lower cytopenias compared to asciminib.

• Efficacy in asciminib-refractory patients highlights differentiation and potential for broader use.