Terns Pharmaceuticals Inc., a clinical-stage biopharmaceutical company, has released its financial results for the first quarter ending March 31, 2025. The company reported a net loss of $23.9 million, compared to a net loss of $22.4 million for the same period in 2024. Total operating expenses for the quarter were $27.4 million, up from $25.4 million in the prior year. Research and development expenses remained relatively stable at $18.7 million, while general and administrative expenses increased to $8.7 million from $6.9 million in 2024. The company noted cash, cash equivalents, and marketable securities stood at $334.3 million as of March 31, 2025, a decrease from $358.2 million at the end of 2024. Terns Pharmaceuticals highlighted significant progress in its clinical programs, including the initiation of the dose expansion in the Phase 1 CARDINAL trial of TERN-701 for chronic myeloid leukemia and the ongoing enrollment of the Phase 2 FALCON trial of TERN-601 for obesity. The company anticipates meaningful data from both studies in the second half of 2025 and has stated that its cash runway extends into 2028.
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