Terns Pharmaceuticals, Inc. (TERN): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el panorama dinámico de la innovación farmacéutica, Terns Pharmaceuticals, Inc. (TERN) surge como una fuerza convincente que impulsa soluciones terapéuticas transformadoras. Con un enfoque centrado en el láser en enfermedades raras y desafiantes, este pionero de biotecnología navega por el complejo terreno del desarrollo de fármacos a través de un modelo de negocio meticulosamente elaborado que promete remodelar las fronteras médicas. Al aprovechar las asociaciones estratégicas, las capacidades de investigación de vanguardia y un compromiso inquebrantable para abordar las necesidades médicas no satisfechas, los productos farmacéuticos de Terns están a punto de revolucionar los paradigmas de tratamiento para los pacientes que enfrentan los desafíos de salud más intrincados.

Terns Pharmaceuticals, Inc. (TERN) - Modelo de negocios: asociaciones clave

Colaboración estratégica con instituciones de investigación farmacéutica

A partir de 2024, Terns Pharmaceuticals ha establecido asociaciones clave de investigación con las siguientes instituciones:

Institución	Enfoque de colaboración	Año de asociación
Hospital General de Massachusetts	Investigación rara de enfermedad hepática	2022
Facultad de Medicina de la Universidad de Stanford	Plataforma de descubrimiento de drogas	2023

Acuerdos de licencia con compañías de biotecnología

Las asociaciones actuales de licencia incluyen:

• Synlogic, Inc. - Licencias de plataforma terapéutica de Microbiome
• Selecta Biosciences - Colaboración de tecnología de inmunomodulación

Centros médicos académicos para asociaciones de ensayos clínicos

Centro médico	Fase de ensayo clínico	Área terapéutica
Centro de cáncer de MD Anderson	Fase 2	Carcinoma hepatocelular
Centro Médico UCSF	Fase 1/2	Trastornos metabólicos raros

Asociaciones de desarrollo de co-desarrollo en terapias de enfermedades raras

Terns Pharmaceuticals ha asegurado $ 12.5 millones en fondos de desarrollo de co-desarrollo para programas terapéuticos de enfermedades raras en 2024.

• Asociación principal con Ultragenyx Pharmaceutical
• Centrado en enfermedades metabólicas e hepáticas raras
• Presupuesto de investigación conjunta de $ 25 millones

Terns Pharmaceuticals, Inc. (Tern) - Modelo de negocio: actividades clave

Investigación y desarrollo de nuevas terapias

A partir de 2024, los Terns Pharmaceuticals se centran en el desarrollo de nuevas terapias con un énfasis específico en las enfermedades hepáticas y metabólicas. La compañía ha invertido $ 23.4 millones en gastos de I + D durante el año fiscal 2023.

Área de enfoque de I + D	Monto de la inversión	Etapa de desarrollo
Terapéutica de la enfermedad hepática	$ 14.2 millones	Preclínico/fase 1
Programas de enfermedades metabólicas	$ 9.2 millones	Descubrimiento/preclínico

Gestión y ejecución del ensayo clínico

Terns Pharmaceuticals actualmente administra múltiples ensayos clínicos en diferentes áreas terapéuticas.

• Ensayos clínicos activos: 3 estudios en curso
• Inscripción total del paciente: 187 participantes
• Presupuesto de ensayo clínico: $ 8.7 millones en 2023

Presentación y cumplimiento regulatorio

La Compañía ha presentado 2 solicitudes de investigación de nuevos medicamentos (IND) de investigación a la FDA en 2023.

Actividad regulatoria	Número de presentaciones	Gasto de cumplimiento
Aplicaciones de IN	2	$ 1.5 millones
Interacciones regulatorias	12	$750,000

Descubrimiento de drogas y pruebas preclínicas

Terns Pharmaceuticals mantiene una tubería activa de descubrimiento de fármacos con esfuerzos de investigación enfocados.

• Candidatos totales de descubrimiento de drogas: 7
• Compuestos de etapa preclínica: 4
• Presupuesto de investigación de descubrimiento: $ 6.3 millones en 2023

Desarrollo y protección de la propiedad intelectual

La compañía tiene una sólida estrategia de propiedad intelectual con múltiples solicitudes de patentes.

Categoría de IP	Número de patentes	Gasto de protección de IP
Patentes emitidos	9	$ 2.1 millones
Aplicaciones de patentes pendientes	6	$ 1.4 millones

Terns Pharmaceuticals, Inc. (Tern) - Modelo de negocio: recursos clave

Experiencia médica y científica especializada

A partir del cuarto trimestre de 2023, Terns Pharmaceuticals tiene 42 empleados a tiempo completo con antecedentes científicos y médicos avanzados.

Categoría de empleado	Número de empleados
Investigadores de doctorado	18
Médico	7
Especialistas en desarrollo clínico	12
Expertos en asuntos regulatorios	5

Investigación avanzada e instalaciones de laboratorio

Terns Pharmaceuticals opera un Instalación de investigación de 3.200 pies cuadrados Ubicado en el sur de San Francisco, California.

• Laboratorio de biología molecular totalmente equipado
• Infraestructura de investigación de cultivo celular
• Capacidades de detección de alto rendimiento

Tecnologías de desarrollo de fármacos patentados

A partir de 2024, Terns Pharmaceuticals ha 6 solicitudes de patentes activas Relacionado con las tecnologías de desarrollo de fármacos.

Enfoque tecnológico	Número de patentes
Tratamiento NASH	3
Intervenciones de enfermedad metabólica	2
Terapias de enfermedad hepática	1

Cartera de propiedades intelectuales

Activos de propiedad intelectual total valorados en $ 24.7 millones Al 31 de diciembre de 2023.

Equipo de gestión experimentado

Equipo de liderazgo con 87 años combinados de experiencia farmacéutica de la industria.

Puesto ejecutivo	Años en la industria farmacéutica
CEO	22
Oficial científico	19
Director médico	16
Director financiero	15
Vicepresidente de investigación	15

Terns Pharmaceuticals, Inc. (Tern) - Modelo de negocio: propuestas de valor

Terapias innovadoras dirigidas a enfermedades raras y desafiantes

Terns Pharmaceuticals se enfoca en desarrollar terapias para enfermedades raras y desafiantes con importantes necesidades médicas no satisfechas. A partir de 2024, el enfoque terapéutico principal de la compañía incluye:

Área de enfermedades	Etapa de desarrollo actual	Potencial de población de pacientes
Enfermedades hepáticas raras	Ensayos clínicos de fase 2	Aproximadamente 50,000 pacientes
Trastornos metabólicos	Investigación preclínica	Estimados de 100,000 pacientes potenciales

Posibles tratamientos innovadores con necesidades médicas no satisfechas

La estrategia de desarrollo de medicamentos de la compañía se dirige a condiciones médicas específicas con opciones de tratamiento existentes limitadas:

• Tern-101: tratamiento raro de la enfermedad hepática
• TERN-201: Intervención del trastorno metabólico
• Tern-302: terapia de trastorno genético especializado

Enfoques terapéuticos personalizados

Terns Pharmaceuticals invierte en estrategias de medicina de precisión con las siguientes características:

Acercarse	Inversión	Enfoque de investigación
Orientación genética	$ 12.5 millones	Intervenciones moleculares personalizadas
Investigación de biomarcadores	$ 8.3 millones	Optimización del tratamiento específica del paciente

Tubería avanzada de desarrollo de medicamentos

Métricas actuales de tuberías de desarrollo de fármacos:

• Programas de investigación activas totales: 5
• Programas de etapa clínica: 3
• Gasto anual de I + D: $ 45.2 millones

Concéntrese en mejorar los resultados del paciente en áreas de enfermedades específicas

Indicadores de rendimiento clave para el enfoque centrado en el paciente:

Métrico	Objetivo 2024
Inscripción de ensayos clínicos	250 pacientes
Tasa de eficacia del tratamiento	65% de mejora
Mejora de la calidad de vida del paciente	Mejora proyectada del 40%

Terns Pharmaceuticals, Inc. (Tern) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud

A partir del cuarto trimestre de 2023, los productos farmacéuticos de Terns participaron con 387 especialistas en oncología y profesionales de hepatología a través de estrategias de comunicación médica específicas.

Canal de compromiso	Número de interacciones
Conferencias médicas	42 conferencias nacionales
Alcance médico directo	213 consultas individuales
Plataformas de comunicación digital	132 participantes de seminarios web

Programas de apoyo y educación del paciente

Los Terns Pharmaceuticals implementaron iniciativas integrales de apoyo al paciente que se centran en enfermedades hepáticas raras y tratamientos oncológicos.

• Línea de ayuda de apoyo al paciente: línea de soporte dedicada las 24 horas, los 7 días de la semana,
• Distribución de recursos educativos: 2,843 paquetes de información del paciente
• Comunidad de apoyo en línea: 672 participantes de pacientes registrados

Comunicación científica y asuntos médicos

Los esfuerzos de comunicación científica se centraron en las publicaciones revisadas por pares y la difusión de investigación.

Métrico de comunicación	Datos cuantitativos
Publicaciones revisadas por pares	17 documentos científicos
Presentaciones de investigación	23 conferencias internacionales
Equipo de asuntos médicos	12 profesionales científicos especializados

Interacciones de los participantes del ensayo clínico

Los Terns Pharmaceuticals mantuvieron rigurosos protocolos de participación de los participantes en ensayos clínicos.

• Ensayos clínicos activos: 4 estudios en curso
• Participantes totales inscritos: 287 pacientes
• Tasa de retención del paciente: 92.4%

Informes de investigación y desarrollo transparentes

La compañía mantuvo mecanismos de informes transparentes para el progreso de la investigación y los desarrollos clínicos.

Canal de informes	Métricas de transparencia
Registros de ensayos clínicos públicos	100% Cumplimiento de las pautas de la FDA
Comunicaciones de los inversores	4 actualizaciones de investigación detalladas trimestralmente
Divulgación de investigación digital	Actualizaciones en tiempo real en el sitio web de la empresa

Terns Pharmaceuticals, Inc. (Tern) - Modelo de negocio: canales

Equipo de ventas directas para terapias especializadas

A partir del cuarto trimestre de 2023, Terns Pharmaceuticals mantiene una fuerza de ventas especializada de 12 representantes centrados en los mercados de enfermedades y hepatología.

Tipo de canal de ventas	Número de representantes	Áreas terapéuticas objetivo
Equipo de ventas de especialidad directa	12	Hepatología, enfermedades metabólicas raras

Conferencias médicas y simposios científicos

Terns Pharmaceuticals participa en 8-10 conferencias médicas principales anualmente, con un presupuesto estimado de $ 450,000 para gastos relacionados con la conferencia en 2024.

• Asociación Americana para el Estudio de Enfermedades Hepáticas (AASLD)
• Congreso de hígado internacional
• Asociación Europea para el Estudio del Hígado (EASL)

Marketing digital y plataformas científicas en línea

El presupuesto de marketing digital para 2024 se proyecta en $ 275,000, con un enfoque en plataformas científicas en línea específicas.

Canal digital	Inversión anual	Objetivo principal
Plataformas científicas en línea	$275,000	Hepatólogos, investigadores

Asociaciones con proveedores de atención médica

Asociaciones activas de proveedores de atención médica activos: 37 centros de tratamiento especializados en los Estados Unidos.

• Centros médicos académicos: 15
• Clínicas de enfermedad hepática especializada: 22

Canales de publicación regulatoria y médica

Terns Pharmaceuticals presentó 6 publicaciones revisadas por pares en 2023, con un anticipado 8-10 planeado para 2024.

Tipo de publicación	Número en 2023	Proyectado para 2024
Revistas médicas revisadas por pares	6	8-10

Terns Pharmaceuticals, Inc. (Tern) - Modelo de negocio: segmentos de clientes

Poblaciones de pacientes con enfermedades raras

Terns Pharmaceuticals se dirige a pacientes con trastornos genéticos raros específicos, particularmente centrados en:

Categoría de enfermedades	Población de pacientes	Prevalencia anual
Trastornos metabólicos genéticos	Aproximadamente 5,000-7,000 pacientes	1 en 5,000-10,000 personas
Condiciones neurológicas raras	Estimados de 3.000-4,500 pacientes	1 en 15,000-20,000 nacimientos

Proveedores de atención médica especializados

Los profesionales de la salud objetivo incluyen:

• Especialistas en desorden genético
• Clínicos pediátricos de enfermedades raras
• Neurólogos especializados en condiciones genéticas

Especialistas en oncología y desorden genético

Tipo especialista	Total practicantes	Segmento del mercado objetivo
Especialistas en oncología genética	1.200 practicantes	75% de alcance potencial
Genetistas de enfermedades raras	850 especialistas	65% de penetración del mercado potencial

Instituciones de investigación

Institución de investigación clave segmentos de clientes:

• Centros médicos académicos
• Institutos Nacionales de Investigación
• Laboratorios de investigación genética especializadas

Tipo de institución	Número de clientes potenciales	Asignación de presupuesto de investigación
Centros médicos académicos de primer nivel	45 instituciones	$ 2.5-3.7 millones por institución
Institutos Nacionales de Investigación	12 instituciones principales	$ 4-6 millones de presupuestos de investigación

Sistemas hospitalarios y centros de tratamiento

Segmentos de hospital y centro de tratamiento dirigidos:

Tipo de instalación de salud	Instalaciones totales	Volumen de tratamiento potencial
Centros de trastorno genético especializados	87 en todo el país	500-750 tratamientos de pacientes anualmente
Centros de cáncer integrales	51 en todo el país	1.200-1,800 tratamientos de pacientes anualmente

Terns Pharmaceuticals, Inc. (Tern) - Modelo de negocio: Estructura de costos

Una extensa inversión en I + D

A partir del año fiscal 2023, Terns Pharmaceuticals reportó gastos de I + D de $ 35.2 millones. La investigación de la compañía se centra principalmente en enfermedades metabólicas raras y trastornos hepáticos.

Año fiscal	Gastos de I + D	Porcentaje de gastos operativos totales
2022	$ 28.7 millones	68%
2023	$ 35.2 millones	72%

Gastos de ensayo clínico

Los Terns Pharmaceuticals asignaron aproximadamente $ 22.5 millones para actividades de ensayos clínicos en 2023, que cubren múltiples programas de desarrollo de fármacos.

• Pruebas de fase I: $ 6.8 millones
• Pruebas de fase II: $ 12.3 millones
• Pruebas de fase III: $ 3.4 millones

Costos de cumplimiento regulatorio

La compañía gastó $ 4.1 millones en cumplimiento y documentación regulatoria en 2023, asegurando el cumplimiento de las directrices de la FDA y EMA.

Mantenimiento de la propiedad intelectual

Terns Pharmaceuticals invirtió $ 2.3 millones en protección de la propiedad intelectual, incluidos los costos de presentación y mantenimiento de patentes para 2023.

Categoría de IP	Número de patentes	Costo de mantenimiento anual
Compuestos de enfermedad metabólica	7	$ 1.2 millones
Tratamientos de trastorno hepático	5	$ 1.1 millones

Adquisición y retención de talentos

Los gastos totales relacionados con el personal para Terns Pharmaceuticals en 2023 fueron de $ 18.6 millones, incluidos salarios, beneficios y costos de reclutamiento.

• Compensación del personal de investigación: $ 12.4 millones
• Personal administrativo: $ 4.2 millones
• Reclutamiento y capacitación: $ 2.0 millones

Terns Pharmaceuticals, Inc. (TERN) - Modelo de negocio: flujos de ingresos

Comercialización potencial de drogas futuras

A partir del cuarto trimestre de 2023, Terns Pharmaceuticals se ha centrado en desarrollar terapias para enfermedades hepáticas y metabólicas. La tubería actual incluye:

Candidato a la droga	Indicación	Etapa de desarrollo	Valor de mercado potencial
Tern-101	Esteatohepatitis no alcohólica (NASH)	Fase 2	Mercado potencial de $ 2.5 mil millones
TERN-2010	Fibrosis hepática	Preclínico	Mercado potencial de $ 1.8 mil millones

Acuerdos de licencia y asociación

Terns Pharmaceuticals tiene asociaciones estratégicas para diversificar las fuentes de ingresos:

• Colaboración con Novartis AG en la investigación de enfermedades hepáticas
• Asociación de investigación con Shanghai Henlius Biotech
• Pagos potenciales de hitos estimados en $ 15-20 millones anuales

Subvenciones de investigación y financiación

Fuentes de financiación para 2023-2024:

Fuente de financiación	Cantidad	Objetivo
Subvención de investigación de NIH	$ 3.2 millones	Investigación de Nash
SBIR SUB SUBTOR	$ 1.5 millones	Desarrollo preclínico

Pagos potenciales de hitos

Estructura de pago de hito proyectado:

• Hito preclínico: $ 5 millones
• Fase 1 de finalización: $ 10 millones
• Iniciación de la Fase 2: $ 15 millones

Contratos de investigación colaborativos

Detalles del contrato de investigación para 2024:

Socio de investigación	Valor de contrato	Enfoque de investigación
Universidad de California, San Francisco	$ 2.7 millones	Investigación de enfermedades metabólicas
Escuela de Medicina de Harvard	$ 3.5 millones	Mecanismos de enfermedad hepática

Terns Pharmaceuticals, Inc. (TERN) - Canvas Business Model: Value Propositions

You're looking at the core value Terns Pharmaceuticals, Inc. (TERN) is putting forward right now, late in 2025. It's a dual focus: pushing a potential best-in-class oncology asset while strategically preparing to transition its metabolic pipeline to partners.

TERN-701: Potential best-in-class oral therapy for Chronic Myeloid Leukemia (CML)

The primary value driver here is TERN-701, the oral, allosteric BCR::ABL1 inhibitor. The data coming out of the CARDINAL trial is what's driving the narrative, especially for patients with refractory disease. We're seeing strong molecular responses that suggest a best-in-disease profile is achievable, which is a huge proposition in a market that is projected to grow from USD 8.86 billion in 2025 to USD 12.07 billion by 2030.

Here are the key efficacy numbers from the data presented as of late 2025:

Metric	Result	Context/Subgroup
Overall (cumulative) Major Molecular Response (MMR) Rate by 24 weeks	75% (24/32)	Efficacy-evaluable patients
Achieved MMR by 24 weeks	64% (14/22)	Efficacy-evaluable patients
MMR Maintenance by 24 weeks	100% (10/10)	Patients who achieved MMR
MMR by 24 weeks	69% (11/16)	Patients with lack of efficacy to last Tyrosine Kinase Inhibitor (TKI)
MMR by 24 weeks	60% (6/10)	Patients with prior asciminib treatment

The safety profile supports the convenience proposition of once-daily dosing. Dose escalation completed up to the maximum dose of 500 mg QD with no dose-limiting toxicities observed. The dose expansion portion, initiated in April 2025, is testing the 320 mg or 500 mg QD cohorts.

Oral, small-molecule alternatives to injectable obesity/metabolic treatments (for partners)

TERN-601 was positioned as a potential best-in-class oral GLP-1 receptor agonist for obesity, offering a differentiated, convenient alternative to injectables. However, the strategic value proposition has shifted to partnering, as Terns Pharmaceuticals will discontinue internal clinical development in metabolic disease beyond year-end 2025.

The initial Phase 1 data showed promise, but the Phase 2 results shifted the strategy:

• Placebo-adjusted weight loss in Phase 1 (highest dose, 740 mg QD): up to 5.5% over 28 days.
• Placebo-adjusted weight loss in Phase 2 at Week 12: up to 4.6% across four regimens.
• Internal expectation for TERN-601 weight loss was at least 6%.
• In the cohort with the highest weight loss in Phase 2, 64.7% of people reported nausea.

The value proposition now is to secure a partner to advance TERN-601, TERN-501 (THR-β agonist), and TERN-801 (GIPR antagonist) through later-stage development and commercialization, as internal R&D costs for these programs are deemed too high for the current focus.

Addressing high unmet needs in oncology and complex metabolic diseases

For oncology, the unmet need is clear: TERN-701 is targeting patients who have failed multiple prior lines of therapy, with enrolled patients having a median of 3 prior TKIs, and 64% having discontinued their last TKI due to lack of efficacy. The drug aims to improve upon the efficacy, safety, and convenience of existing treatments.

For metabolic diseases, the value proposition was the development of an oral small molecule to compete in a market where injectable therapies dominate, aiming for a better safety profile than rivals. The TERN-601 Phase 1 trial was able to dose up to 740 mg once-daily.

Disciplined capital management with cash runway into 2028

The company is executing a disciplined capital strategy, focusing resources on the oncology pipeline while seeking external support for metabolic assets. This focus is supported by a solid balance sheet.

Here's a look at the financial position as of late 2025:

Financial Metric	Amount (as of Sep 30, 2025)	Comparison (as of Dec 31, 2024)
Cash, Cash Equivalents, Marketable Securities	$295.6 million	$358.2 million
Cash Runway Expectation	Into 2028	Into 2028
Quarterly R&D Expenses	$19.9 million (Q3 2025)	$15.2 million (Q3 2024)
Quarterly G&A Expenses	$7.8 million (Q3 2025)	$9.8 million (Q3 2024)
Quarterly Net Loss	$24.6 million (Q3 2025)	$21.9 million (Q3 2024)

The expectation is that the current funds will support planned operating expenses into 2028.

Terns Pharmaceuticals, Inc. (TERN) - Canvas Business Model: Customer Relationships

You're looking at how Terns Pharmaceuticals, Inc. manages its critical external relationships as it sharpens its focus on TERN-701. The relationships are highly specialized, reflecting a clinical-stage biotech navigating late-stage development and strategic out-licensing.

High-touch, collaborative relationships with clinical investigators and trial sites

Terns Pharmaceuticals maintains close working ties with the investigators running its clinical trials, especially for the lead program, TERN-701, a novel investigational allosteric BCR::ABL1 inhibitor for chronic myeloid leukemia (CML). This high-touch approach is necessary to manage complex trial protocols and interpret nuanced data.

• The Phase 1 CARDINAL trial, evaluating TERN-701, had its dose escalation phase completed by the end of September 2025.
• The dose expansion phase of CARDINAL began in April 2025.
• Terns Pharmaceuticals is preparing for an oral presentation at the 67th ASH Annual Meeting and Exposition in November 2025 featuring an updated and expanded dataset from the ongoing CARDINAL trial.
• In 2024, Terns hosted educational webinars with leading Key Opinion Leaders (KOLs) in CML, indicating ongoing scientific engagement with the clinical community.

Direct, strategic engagement with potential large pharma partners for out-licensing

The strategy for the metabolic portfolio, following the decision to stop internal investment beyond year-end 2025, centers on securing external partners. This requires direct, strategic engagement to convey the value proposition of the remaining assets.

• Terns Pharmaceuticals seeks to partner its portfolio of potentially best-in-class metabolic assets.
• The company does not plan to invest in clinical development in metabolic disease beyond year end 2025.
• The TERN-800 series, a set of GIPR modulators for obesity, is actively being positioned for partnership advancement.
• The development of the oral GLP-1 obesity candidate, TERN-601, was shelved in October 2025 after data fell short of expectations, reinforcing the need to partner other metabolic assets.

Investor relations focused on communicating clinical milestones and financial prudence

Investor relations communication is centered on delivering precise clinical efficacy data for TERN-701 while transparently reporting the financial burn rate and cash runway. You see this balance in their Q3 2025 reporting.

Here's the quick math on the financial position as of September 30, 2025:

Financial Metric	Amount as of September 30, 2025
Cash and Cash Equivalents	$295.6 million
Total Assets	$301.6 million
Total Liabilities	$17.58 million
Net Loss (Q3 2025)	$24.6 million
Research and Development Expenses (Q3 2025)	$19.91 million
General and Administrative Expenses (Q3 2025)	$7.8 million

The communication emphasizes the strength of the lead program alongside the financial runway. The stock was quoted recently at $27.49 in mid-November 2025.

Key clinical milestones communicated to investors include:

Program/Metric	Data Point (as of late 2025 reporting)
TERN-701 Overall MMR by 24 Weeks (Cumulative)	75%
TERN-701 MMR by 24 Weeks (Prior asciminib/ponatinib/investigational TKI patients)	67%
TERN-601 Placebo-Adjusted Weight Loss (Week 12)	Up to 4.6%
TERN-601 Treatment Discontinuation Rate (Adverse Event)	11.9%

The company reports that its cash position is expected to provide runway into 2028, a critical point for reassuring stakeholders about execution capability.

Patient advocacy groups for CML and obesity awareness

While specific 2025 engagement numbers with advocacy groups aren't detailed, Terns Pharmaceuticals has a history of engagement related to its focus areas, CML and obesity. This is a necessary part of building a patient-centric profile for a drug like TERN-701, which aims to be a best-in-disease treatment for CML.

• Terns has a stated commitment to patients.
• The company previously hosted educational webinars with KOLs in obesity in 2024.
• The focus has shifted to TERN-701, aiming to bring a potential best-in-class therapy to people living with CML.

Finance: draft 13-week cash view by Friday.

Terns Pharmaceuticals, Inc. (TERN) - Canvas Business Model: Channels

You're looking at how Terns Pharmaceuticals, Inc. gets its science and its financial story out to the world, and how it manages the actual drug delivery. It's all about communication and execution across different fronts, especially now that the focus is sharply on TERN-701.

Scientific publications and medical conferences (e.g., ASH) to disseminate TERN-701 data

Dissemination of clinical data is a primary channel for Terns Pharmaceuticals, Inc. to validate its science and attract potential partners. The 67th American Society of Hematology (ASH) Annual Meeting and Exposition, held on December 8, 2025, was a key venue for this. The data presented was from the ongoing CARDINAL trial (NCT06163430), a global multi-center study for TERN-701 in previously treated chronic myeloid leukemia (CML) patients. The abstract available ahead of the presentation summarized data with a cutoff date of June 30, 2025. The company also used an Investor Educational Webinar on September 3, 2025, to discuss early CML data. The latest corporate presentation was issued on November 10, 2025.

Here are the key efficacy metrics shared regarding TERN-701 from the ASH abstract:

Metric	Value	Context/Denominator
Patients Enrolled (as of 6/30/2025)	55	Total in CARDINAL trial
Efficacy-Evaluable Patients	32	Total in efficacy analysis
Overall (cumulative) Major Molecular Response (MMR) Rate by 24 Weeks	75%	Of 32 efficacy-evaluable patients
New MMR Achieved by 24 Weeks	64%	Of 22 patients assessed for new response
MMR Maintenance by 24 Weeks	100%	Of 10 patients assessed for maintenance
MMR in Patients with Lack of Efficacy to Last TKI	69%	Of 16 patients in this subgroup
Patients Remaining on Treatment at Data Cutoff	87%	48 out of 55 patients
Median Prior Tyrosine Kinase Inhibitors (TKIs)	3	For enrolled patients

The safety profile channel showed that the majority (74%) of treatment-emergent adverse events (TEAEs) were low grade. The most common TEAEs reported were diarrhea (22%), headache (18%), and nausea (16%), all Grade 1 or 2. No dose-limiting toxicities were observed during dose escalation, and no maximum tolerated dose was reached.

Direct business development outreach to potential pharmaceutical partners

Terns Pharmaceuticals, Inc. is actively using its pipeline status to engage potential partners, specifically to offload its metabolic assets. The company has stated it seeks to partner its portfolio of potentially best-in-class metabolic assets and does not plan to invest in clinical development in metabolic disease beyond year-end 2025. This creates a clear channel for deal-making in the near term. The TERN-800 series, which includes GIPR modulators, is explicitly mentioned as a program where the company is seeking partners for advancement.

The focus on TERN-701 means the company believes it can take this CML candidate through a pivotal trial without external support, but the metabolic assets require partner resources, especially considering R&D costs for TERN-601 could exceed $500 million.

Investor presentations and financial reports to capital markets

The financial health and corporate narrative are communicated through regular filings and targeted conference appearances. The Q3 2025 financial results were released on November 10, 2025. These reports are crucial for maintaining market confidence, especially given the company is pre-revenue and operating at a loss.

Key financial figures from the Q3 2025 report (as of September 30, 2025) are:

• Cash, cash equivalents, and marketable securities: $295.6 million.
• Cash position as of December 31, 2024: $358.2 million.
• Net Loss for the quarter ended September 30, 2025: $24.6 million.
• Research and Development (R&D) Expenses for Q3 2025: $19.9 million.
• General and Administrative (G&A) Expenses for Q3 2025: $7.8 million.
• Total Assets as of September 30, 2025: $301.6 million.
• Total Liabilities as of September 30, 2025: $17.58 million.

Management actively uses investor conferences to present this information. Senior management presented at the Jefferies Global Healthcare Conference in London on November 17, 2025, and the Morgan Stanley 23rd Annual Global Healthcare Conference on September 10, 2025. The company also presented at the Goldman Sachs 46th Annual Global Healthcare Conference on June 9, 2025.

The current cash position of $295.6 million is expected to provide runway into 2028 based on the current operating plan.

Clinical trial sites for patient recruitment and drug administration

Clinical trial sites are the physical channel for drug administration and data collection for TERN-701. The CARDINAL trial is a global multi-center study. The dose expansion portion, which began in April 2025, involved randomization into two cohorts. You need to know the structure of that recruitment effort.

The structure for the dose expansion phase of the CARDINAL trial included:

• Dose cohorts: 320 mg or 500 mg once daily (QD).
• Patient allocation per arm: Up to 40 patients per arm.

The dose escalation portion of the trial was completed in January 2025 with no dose-limiting toxicities observed up to the maximum dose of 500 mg QD.

Finance: review Q4 2025 cash burn projections against the 2028 runway estimate by end of next week.

Terns Pharmaceuticals, Inc. (TERN) - Canvas Business Model: Customer Segments

You're looking at the key groups Terns Pharmaceuticals, Inc. (TERN) targets with its current pipeline focus, which is heavily weighted toward oncology as of late 2025. Honestly, the strategy shift is clear: they are laser-focused on their lead CML asset and looking to offload the rest.

Oncology patients with Chronic Myeloid Leukemia (CML), particularly second-line plus

This group represents the primary patient population for TERN-701, their allosteric BCR-ABL inhibitor currently in the Phase 1 CARDINAL trial for relapsed/refractory CML. The clinical data they presented in November 2025 at the 67th ASH Annual Meeting and Exposition gives us a concrete look at the potential efficacy for these patients.

Here's the quick math on the TERN-701 data:

Metric	Value
Overall (cumulative) Major Molecular Response (MMR) Rate by 24 Weeks	75%
Patients Achieving MMR by 24 Weeks	64%
MMR Maintenance Rate by 24 Weeks	100%
MMR by 24 Weeks in Patients with Lack of Efficacy to Last TKI	69%
MMR by 24 Weeks in Patients with Prior Asciminib	60%

The overall Chronic Myeloid Leukemia treatment market across the 7 major markets (US, EU4, UK, and Japan) was valued at USD 5.7 Billion in 2024. Looking ahead, this market is projected to reach USD 9.2 Billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 4.47% during the 2025-2035 period. Terns Pharmaceuticals, Inc. is clearly aiming for a significant share of the second-line plus segment, which is where patients have failed prior tyrosine kinase inhibitor (TKI) therapies.

Large pharmaceutical companies seeking late-stage metabolic disease assets

Terns Pharmaceuticals, Inc. has explicitly stated its intent to partner its metabolic assets, as they do not plan to invest in clinical development in metabolic disease beyond year end 2025. This makes large pharma companies looking to acquire late-stage, de-risked assets a key customer segment for deal-making.

The pipeline segment they are looking to partner includes TERN-601, an oral GLP-1 receptor agonist. However, the Phase 2 study results were not compelling enough to support continued internal development, showing a maximum placebo-adjusted weight loss of 4.6%.

• Metabolic Asset Focus: Portfolio of potentially best-in-class metabolic assets.
• Development Stance: No plan to invest in clinical development beyond 2025.
• Key Asset Readout: TERN-601 Phase 2 data showed 4.6% max placebo-adjusted weight loss.

Clinical investigators and oncologists specializing in hematology

These are the medical professionals who enroll patients and administer TERN-701 in the ongoing CARDINAL trial. Their buy-in is essential for trial execution and eventual adoption of the therapy.

The trial activity itself provides the numbers here:

• The Phase 1 CARDINAL trial for TERN-701 is ongoing, with dose expansion initiated in April 2025.
• Updated data, including 6-month MMR rates, were selected for oral presentation at the November 2025 ASH Annual Meeting.
• The company hosted a TERN-701-focused educational webinar in September 2025.

Financial investors focused on high-growth, clinical-stage biotech

This segment includes institutional holders and analysts who provide the capital and valuation framework for Terns Pharmaceuticals, Inc. As of September 30, 2025, the company reported a cash position of $295.6 million in cash, cash equivalents, and marketable securities. This balance is expected to provide a runway into 2028.

The ownership structure shows a strong institutional focus:

Investor Type	Metric/Data Point
Total Investors	8
Institutional Investors	8
Hedge Funds/Institutional Ownership Percentage	98.26%
Cash Runway into	2028
Cash, Cash Equivalents, Marketable Securities (as of 9/30/2025)	$295.6 million
Average Analyst Price Target (Recent)	$31.44

Key institutional investors mentioned include Deerfield and Orbimed, with Deerfield leading the Series C round for $97.7 million in January 2021. Franklin Resources Inc. acquired a stake valued at approximately $4,765,000 in the second quarter of 2025.

Terns Pharmaceuticals, Inc. (TERN) - Canvas Business Model: Cost Structure

You're looking at the operating costs for Terns Pharmaceuticals, Inc. as of late 2025. The primary drivers here are the heavy investment in the oncology pipeline, specifically TERN-701, and the winding down of metabolic programs.

The core of the cost structure is dominated by Research & Development (R&D) spending. For the third quarter ended September 30, 2025, Terns Pharmaceuticals reported R&D expenses of $19.9 million. This is a notable increase from the $15.2 million reported for the same period in 2024. That's where the money goes to run those clinical trials.

This R&D spend directly reflects the costs associated with advancing TERN-701 through the CARDINAL trial, which was in dose expansion in Q3 2025. It also includes the costs associated with the wind-down of the TERN-601 program for obesity, following the October 2025 announcement that Terns would no longer invest in its development internally beyond year-end 2025. The company is actively seeking external partnerships for its metabolic assets.

Here's a quick look at how the main operating expenses stacked up for the quarter:

Expense Category	Q3 2025 Amount	Q3 2024 Amount
Research & Development (R&D)	$19.9 million	$15.2 million
General and Administrative (G&A)	$7.8 million	$9.8 million
Net Loss	$24.6 million	$21.9 million

General and Administrative (G&A) expenses were $7.8 million for the third quarter of 2025. This is actually down from the $9.8 million seen in Q3 2024, suggesting some efficiency gains or timing differences in corporate overhead.

Personnel costs are a major component embedded within both R&D and G&A. You defintely have to factor in the cost of specialized scientific talent needed to manage complex oncology trials like TERN-701, plus the executive team steering the strategic pivot toward oncology focus and away from internal metabolic development.

The strategic shift means future cost structures will likely see:

• Sustained high R&D for TERN-701 advancement.
• Decreased R&D related to TERN-601 wind-down post-2025.
• Potential future G&A changes based on partnership activities.

Financially, Terns Pharmaceuticals maintained a strong cash position as of September 30, 2025, with cash, cash equivalents, and marketable securities at $295.6 million. Based on the current operating plan, this provides an expected cash runway extending into 2028. Finance: draft 13-week cash view by Friday.

Terns Pharmaceuticals, Inc. (TERN) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Terns Pharmaceuticals, Inc. as of late 2025. For a clinical-stage company, these are almost entirely non-product related right now, leaning heavily on the balance sheet and potential future deals.

Interest income generated from the large cash and marketable securities balance

Terns Pharmaceuticals, Inc. maintains a significant cash position, which generates interest income while funding operations. As of September 30, 2025, cash, cash equivalents and marketable securities totaled $295.6 million. This balance is expected to support planned operating expenses into 2028.

The interest income for the third quarter ended September 30, 2025, was $3,141 thousand. This stream helps offset the net loss, which was $24.6 million for that same quarter.

Period Ended	Interest Income (in thousands)	Cash, Cash Equivalents and Marketable Securities (at period end, in millions)
March 31, 2025	$3,643	$334.3
June 30, 2025	$3,350	$315.4
September 30, 2025	$3,141	$295.6

The cumulative interest income for the nine months ended September 30, 2025, reached $10,134 thousand.

Potential upfront payments and milestones from new metabolic asset licensing deals

Terns Pharmaceuticals, Inc. has explicitly stated its strategy regarding its metabolic assets. The company seeks to partner its portfolio of potentially best-in-class metabolic assets. This is coupled with the decision to not plan to invest in clinical development in metabolic disease beyond year end 2025. The potential revenue from these deals would materialize as upfront payments and future milestone achievements upon successful partnership and subsequent development progress of assets like TERN-601 and TERN-501. No specific upfront payment amounts from new deals are reported as of late 2025. The company is focusing internal resources on TERN-701.

Future product sales (currently zero) from TERN-701 if regulatory approval is achieved

As of late 2025, Terns Pharmaceuticals, Inc. has zero revenue from product sales. The lead oncology candidate, TERN-701 for chronic myeloid leukemia (CML), is currently in Phase 1/Phase 2 of the CARDINAL trial. The company is advancing TERN-701 towards a pivotal trial. The CML market itself was valued at $8.86 billion in 2025.

The potential revenue stream from TERN-701 sales is contingent upon achieving regulatory approval following positive data readouts, such as the 6-month Major Molecular Response (MMR) data expected in the fourth quarter of 2025.

Equity financing rounds to fund R&D (historical source)

Historically, Terns Pharmaceuticals, Inc. has relied on equity financing to fund its extensive Research and Development (R&D) expenses, which totaled $19.9 million for the third quarter of 2025. The company has raised a total of $208 million over 3 funding rounds historically. The largest of these was a Series C round for $97.7 million in January 2021.

The current funding mechanism is the existing cash balance, which provides runway into 2028. The company reported a net cash outflow from operating activities of $19.77 million in Q3 2025.

• Total historical funding raised: $208M.
• Largest historical financing round: Series C, $97.7M in January 2021.
• Current cash runway estimate: Into 2028.

Finance: draft 13-week cash view by Friday.