Terns Pharmaceuticals (TERN) UBS Global Healthcare Conference 2024 summary

CML program updates

• TERN-701 is positioned as a second allosteric inhibitor for CML, aiming to improve efficacy and safety over active site TKIs and address unmet needs in patients intolerant or resistant to current therapies.

• The CARDINAL phase I study uses a dose escalation and expansion design, enrolling second-line-plus patients, including those previously treated with asciminib, to assess safety and early activity.

• Initial phase I data, expected in December, will include 10-20 patients with 5-10 evaluable, focusing on safety and BCR-ABL transcript reduction as early signs of activity.

• Dose expansion is planned for early next year, with further data readouts anticipated by year-end, and a pivotal program potentially starting in 2026.

• No head-to-head study with asciminib is planned; standard of care comparisons will be required for approval.

Obesity program and pipeline

• Positive phase I topline data for TERN-601 showed up to 4.9% placebo-adjusted weight loss and a favorable safety profile, with unique low solubility/high permeability properties.

• Phase II for TERN-601 will start in early Q2 2025, with initial 12-week cohorts and data expected in the second half of 2025; design details to be released before study initiation.

• Tolerability is a key focus, with plans to slow titration in phase II to further improve safety, and the program aims to address both maintenance and combination therapy opportunities.

• TERN-501, a THR-β agonist, showed synergistic weight loss in preclinical combination with GLP-1, but NASH development is paused due to regulatory challenges.

• The TERN-800 series, a GIPR antagonist discovery program, is prioritized for its combination potential with GLP-1s.

Financials, IP, and strategic outlook

• Cash balance as of September 30th is $373 million, providing runway into 2028 and covering major upcoming clinical milestones.

• Confident in ability to secure IP coverage for TERN-601, with robust ongoing efforts and structural differentiation from competitors.

• Obesity program may be partnered with larger pharma for late-stage development, while CML program is expected to be advanced internally.

• Key value inflection points include phase II obesity data in 2025 and further CML data readouts next year.

• Operational preparations for phase II obesity trial are underway, with CRO and site selection in progress.