Terns Pharma reports FY2024 net loss of $88.9M; cash runway into 2028; clinical milestones for CML and obesity

Terns Pharmaceuticals, Inc.

FY2024 net loss $88.9M ($1.12/share), vs $90.2M in FY2023; R&D expenses $70.1M, G&A $31.8M.
Cash, cash equivalents and marketable securities $358.2M as of Dec 31, 2024, up from $263.4M; expected runway into 2028.
TERN-701 Phase 1 CARDINAL dose expansion to start 2Q25, with additional safety/efficacy data in 4Q25.
TERN-601 Phase 2 FALCON enrolled first patient in March 2025; 12-week top-line data expected 4Q25.
Appointed Andrew Gengos as CFO and Robert Azelby to board in February 2025.

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