Terns Pharma Q1 net loss $21.5M; cash $298M; clinical milestones on track for 2023

Terns Pharmaceuticals, Inc.

2023-Q1 EPS reported -$0.31

Net loss $21.5M ($0.31/share) vs $13.8M ($0.55/share) in Q1 2022; R&D spend rose to $17.1M from $8.1M.
Cash, equivalents and marketable securities $297.5M as of Mar 31, 2023, providing runway into 2026.
TERN-501 Phase 2a NASH data (DUET trial) expected Q3 2023; TERN-701 US CML trial to start H2 2023.
TERN-601 (GLP-1) Phase 1 obesity trial on track for H2 2023 with initial data in 2024.
Appointed Emil Kuriakose, M.D. as Chief Medical Officer of Oncology in May 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Terns Pharmaceuticals, Inc. reported the first quarter ended March 31, 2023 results: net income Net loss was $21.5 million, EPS Net loss per share, basic and diluted $ (0.31).

Period: the first quarter ended March 31, 2023
Net income: Net loss was $21.5 million
EPS: Net loss per share, basic and diluted $ (0.31)
Result: reported results

Exact text from the filing

Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology, non-alcoholic steatohepatitis (NASH) and obesity, today reported financial results for the first quarter ended March 31, 2023 and corporate updates.

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Terns Pharmaceuticals, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-021986

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