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Terns Pharmaceuticals Inc. (TERN+7.71%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes detailed information about the company's development pipeline, focusing on small-molecule product candidates for serious diseases such as oncology and obesity. The most advanced candidates include TERN-701, TERN-601, and TERN-501.
TERN-701 is an allosteric BCR-ABL tyrosine kinase inhibitor for chronic myeloid leukemia (CML). The company reported positive early data from the Phase 1 CARDINAL trial, with additional data expected in the fourth quarter of 2025.
TERN-601 is a GLP-1 receptor agonist for obesity, with positive Phase 1 trial results showing weight loss and favorable safety. The Phase 2 FALCON trial began in March 2025, with data expected in the fourth quarter of 2025.
TERN-501, a thyroid hormone receptor beta agonist, was initially developed for metabolic dysfunction-associated steatohepatitis (MASH). Terns Pharmaceuticals is evaluating opportunities for TERN-501 in other metabolic diseases.
The company highlighted the competitive landscape, noting significant competition from other pharmaceutical and biotechnology companies in the development of treatments for CML and obesity.
Terns Pharmaceuticals relies on third-party manufacturers for drug production and faces risks related to manufacturing capabilities and compliance with regulatory standards.
The company is subject to various risks, including those related to clinical trials, regulatory approval processes, competition, intellectual property, and potential changes in trade policies, particularly with China.
Terns Pharmaceuticals reported a net loss attributable to common stockholders of approximately $88.9 million for the year ended December 31, 2024, with an accumulated deficit of $421.5 million.
The filing also discusses the company's reliance on collaborations for the development and commercialization of its product candidates, as well as its plans to establish sales capabilities in anticipation of potential product approvals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Terns Pharmaceuticals Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.