Terns Pharmaceuticals (TERN)

Executive Summary

Terns Pharmaceuticals is a clinical-stage biopharmaceutical company developing small-molecule therapies for oncology and metabolic diseases. Its lead program, TERN-701, is a novel allosteric BCR-ABL inhibitor for chronic myeloid leukemia (CML) currently in a Phase 1/2 trial (NCT06163430). The drug targets a distinct binding site on the BCR-ABL kinase, potentially offering efficacy against resistant mutations and improved tolerability versus existing ATP-competitive inhibitors. Terns also has a growing pipeline in metabolic disorders, including TERN-601, an oral small-molecule GLP-1 receptor agonist for obesity, which recently completed a Phase 2 trial. Additionally, the company has programs in NASH (TERN-101, TERN-501, TERN-201), though these are earlier stage or completed. Terns' strategy leverages its expertise in medicinal chemistry to create differentiated, orally bioavailable drugs. With a $6.1B estimated valuation and a focus on high-unmet-need indications, Terns represents a high-risk, high-reward investment opportunity. Upcoming catalysts, particularly clinical data readouts, will be critical in validating its pipeline and driving near-term value.

Upcoming Catalysts (preview)

• H2 2026TERN-701 Phase 1/2 clinical data readout in CML60% success
• Q1 2026TERN-601 Phase 2 topline results in obesity50% success
• H1 2026Potential partnership or licensing deal for TERN-701 or TERN-60130% success