Terns Pharmaceuticals Inc.
Terns Pharmaceuticals Announces Fourth Quarter and Full Year 2023 Financial Results
Summary
Terns Pharmaceuticals, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2023, with a cash position of $263.4 million as of December 31, 2023. The company's research and development expenses increased to $63.5 million for the year, and general and administrative expenses were $39.1 million for the same period. Terns Pharmaceuticals' net loss for the year ended December 31, 2023, was $90.2 million. The company is progressing with its clinical trials for TERN-701 for chronic myeloid leukemia and TERN-601 for obesity, with interim and top-line data expected in the second half of 2024.
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About Terns Pharmaceuticals Inc.
Terns Pharmaceuticals Inc. is a biopharmaceutical company dedicated to the discovery and development of novel therapeutic candidates targeting liver disease and oncology. Its primary function is to advance its pipeline of clinical and preclinical drug candidates that address significant unmet medical needs. One of the company's main focuses is on non-alcoholic steatohepatitis (NASH), a progressive liver disease. Through innovative approaches, Terns Pharmaceuticals explores various mechanisms to treat NASH, including small molecules designed to reduce liver inflammation and fibrosis. Beyond liver disease, the company is expanding its platform to include oncology, diversifying its impact in the healthcare industry. As a key player in the biopharmaceutical sector, Terns Pharmaceuticals Inc. contributes to the growing landscape of targeted therapies. With a dedicated emphasis on research and development, the company plays an essential role in pushing the boundaries of treatment options, potentially transforming the management of chronic liver diseases and cancer.
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