Terns Pharmaceuticals (TERN)

Executive Summary

Terns Pharmaceuticals is a clinical-stage biopharmaceutical company advancing novel small-molecule therapies in oncology and metabolic diseases. Its lead asset, TERN-701, is a potent allosteric BCR-ABL inhibitor designed to overcome resistance in chronic myeloid leukemia (CML). Currently in a Phase 1/2 trial, TERN-701 has shown encouraging early efficacy and safety, positioning it as a potential best-in-class therapy for CML patients who fail or are intolerant to existing tyrosine kinase inhibitors. Additionally, Terns is developing TERN-601, an oral GLP-1 receptor agonist for obesity, which recently completed a Phase 2 trial. The company's pipeline also includes earlier-stage candidates for NASH, though focus has shifted toward oncology and metabolic programs with higher commercial potential. With a market capitalization around $6.1 billion, Terns is well-funded to advance its key assets through clinical development and potentially capture significant market opportunities in CML and obesity, both large and growing indications.

Upcoming Catalysts (preview)

• Q3 2026TERN-701 Phase 2 expansion data in CML60% success
• Q2 2026TERN-601 obesity Phase 2 top-line results70% success