Terns Pharmaceuticals, Inc. (Terne): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation pharmaceutique, Terns Pharmaceuticals, Inc. (Terne) apparaît comme une force convaincante qui entraîne des solutions thérapeutiques transformatrices. Avec une approche axée sur le laser sur des maladies rares et difficiles, ce pionnier de la biotechnologie navigue sur le terrain complexe du développement de médicaments grâce à un modèle commercial méticuleusement conçu qui promet de remodeler les frontières médicales. En tirant parti des partenariats stratégiques, des capacités de recherche de pointe et un engagement inébranlable à répondre aux besoins médicaux non satisfaits, les pharmaceutiques Sterns sont prouvées à révolutionner potentiellement les paradigmes de traitement pour les patients auxquels sont confrontés les défis de santé les plus complexes.

Terns Pharmaceuticals, Inc. (Terne) - Modèle commercial: partenariats clés

Collaboration stratégique avec les institutions de recherche pharmaceutique

En 2024, Terns Pharmaceuticals a établi des partenariats de recherche clés avec les institutions suivantes:

Institution	Focus de la collaboration	Année de partenariat
Hôpital général du Massachusetts	Recherche de maladies hépatiques rares	2022
École de médecine de l'Université de Stanford	Plateforme de découverte de médicaments	2023

Accords de licence avec des entreprises biotechnologiques

Les partenariats de licence actuels comprennent:

• Synlogic, Inc. - Licence de plate-forme thérapeutique microbiome
• Selecta Biosciences - Collaboration technologique d'immunomodulation

Centres médicaux académiques pour les partenariats d'essais cliniques

Centre médical	Phase d'essai clinique	Zone thérapeutique
MD Anderson Cancer Center	Phase 2	Carcinome hépatocellulaire
Centre médical UCSF	Phase 1/2	Troubles métaboliques rares

Partenariats de co-développement dans les thérapies par maladie rares

Sterns Pharmaceuticals a sécurisé 12,5 millions de dollars dans le financement du co-développement pour les programmes thérapeutiques de maladies rares en 2024.

• Partenariat principal avec Ultragenyx Pharmaceutical
• Axé sur les maladies métaboliques et hépatiques rares
• Budget de recherche conjointe de 25 millions de dollars

Terns Pharmaceuticals, Inc. (Stern) - Modèle d'entreprise: Activités clés

Recherche et développement de nouvelles thérapies

En 2024, Sterns Pharmaceuticals se concentre sur le développement de nouvelles thérapies avec un accent spécifique sur les maladies hépatiques et métaboliques. La société a investi 23,4 millions de dollars dans les dépenses de R&D au cours de l'exercice 2023.

Zone de focus R&D	Montant d'investissement	Étape de développement
Thérapeutique des maladies du foie	14,2 millions de dollars	Préclinique / phase 1
Programmes de maladies métaboliques	9,2 millions de dollars	Découverte / préclinique

Gestion et exécution des essais cliniques

Terns Pharmaceuticals gère actuellement de multiples essais cliniques dans différentes zones thérapeutiques.

• Essais cliniques actifs: 3 études en cours
• Inscription totale des patients: 187 participants
• Budget des essais cliniques: 8,7 millions de dollars en 2023

Soumission et conformité réglementaires

La Société a soumis 2 demandes d'enquête sur les nouveaux médicaments (IND) à la FDA en 2023.

Activité réglementaire	Nombre de soumissions	Dépenses de conformité
Applications IND	2	1,5 million de dollars
Interactions réglementaires	12	$750,000

Découverte de médicaments et tests précliniques

Terns Pharmaceuticals maintient un pipeline de découverte de médicaments actif avec des efforts de recherche ciblés.

• Total des candidats à la découverte de médicaments: 7
• Composés de scène préclinique: 4
• Budget de recherche en découverte: 6,3 millions de dollars en 2023

Développement et protection de la propriété intellectuelle

La société a une stratégie de propriété intellectuelle robuste avec plusieurs demandes de brevet.

Catégorie IP	Nombre de brevets	Dépenses de protection IP
Brevets délivrés	9	2,1 millions de dollars
Demandes de brevet en instance	6	1,4 million de dollars

Terns Pharmaceuticals, Inc. (Stern) - Modèle d'entreprise: Ressources clés

Expertise scientifique et médicale spécialisée

Depuis le quatrième trimestre 2023, Terns Pharmaceuticals compte 42 employés à temps plein d'horizons scientifiques et médicaux avancés.

Catégorie des employés	Nombre d'employés
Chercheurs de doctorat	18
Médecins	7
Spécialistes du développement clinique	12
Experts en affaires réglementaires	5

Recherche avancée et installations de laboratoire

Sterns Pharmaceuticals exploite un Installation de recherche de 3200 pieds carrés Situé à South San Francisco, en Californie.

• Laboratoire de biologie moléculaire entièrement équipé
• Infrastructure de recherche sur la culture cellulaire
• Capacités de dépistage à haut débit

Technologies de développement de médicaments propriétaires

Depuis 2024, Terns Pharmaceuticals a 6 demandes de brevet actives liés aux technologies de développement de médicaments.

Focus technologique	Nombre de brevets
Traitement de Nash	3
Interventions des maladies métaboliques	2
Thérapies par maladie du foie	1

Portefeuille de propriété intellectuelle

Des actifs totaux de propriété intellectuelle évalués à 24,7 millions de dollars Au 31 décembre 2023.

Équipe de gestion expérimentée

Équipe de leadership avec une expérience combinée de 87 ans d'expérience dans l'industrie pharmaceutique.

Poste de direction	Années dans l'industrie pharmaceutique
PDG	22
Chef scientifique	19
Médecin-chef	16
Directeur financier	15
VP de recherche	15

Terns Pharmaceuticals, Inc. (Stern) - Modèle d'entreprise: propositions de valeur

Thérapies innovantes ciblant les maladies rares et difficiles

Terns Pharmaceuticals se concentre sur le développement de thérapies pour des maladies rares et difficiles avec des besoins médicaux non satisfaits importants. En 2024, le principal objectif thérapeutique de l'entreprise comprend:

Zone de maladie	Étape de développement actuelle	Population potentielle de patients
Maladies hépatiques rares	Essais cliniques de phase 2	Environ 50 000 patients
Troubles métaboliques	Recherche préclinique	Estimé 100 000 patients potentiels

Traitements de percée potentielles avec des besoins médicaux non satisfaits

La stratégie de développement de médicaments de l'entreprise cible des conditions médicales spécifiques avec des options de traitement existantes limitées:

• Tern-101: traitement des maladies hépatiques rares
• Tern-2010: intervention des troubles métaboliques
• Tern-302: thérapie spécialisée des troubles génétiques

Approches thérapeutiques personnalisées

Terns Pharmaceuticals investit dans des stratégies de médecine de précision avec les caractéristiques suivantes:

Approche	Investissement	Focus de recherche
Ciblage génétique	12,5 millions de dollars	Interventions moléculaires personnalisées
Recherche de biomarqueurs	8,3 millions de dollars	Optimisation du traitement spécifique au patient

Pipeline de développement de médicaments avancés

Métriques actuelles du pipeline de développement de médicaments:

• Programmes de recherche actifs totaux: 5
• Programmes de scène clinique: 3
• Dépenses annuelles de R&D: 45,2 millions de dollars

Concentrez-vous sur l'amélioration des résultats des patients dans des zones de maladie spécifiques

Indicateurs de performance clés pour l'approche centrée sur le patient:

Métrique	Cible 2024
Inscription des essais cliniques	250 patients
Taux d'efficacité du traitement	Amélioration de 65%
Amélioration de la qualité de vie des patients	Amélioration projetée de 40%

Terns Pharmaceuticals, Inc. (Stern) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Depuis le quatrième trimestre 2023, Sterns Pharmaceuticals s'est engagé avec 387 spécialistes en oncologie et professionnels de l'hépatologie grâce à des stratégies de communication médicale ciblées.

Canal de fiançailles	Nombre d'interactions
Conférences médicales	42 conférences nationales
Sensibilisation directe des médecins	213 consultations individuelles
Plateformes de communication numérique	132 participants au webinaire

Programmes de soutien aux patients et d'éducation

Sterns Pharmaceuticals a mis en œuvre des initiatives complètes de soutien aux patients axées sur les maladies hépatiques rares et les traitements oncologiques.

• Aide à l'aide des patients: ligne de soutien dédiée 24/7
• Distribution des ressources éducatives: 2 843 paquets d'information sur les patients
• Communauté de soutien en ligne: 672 participants aux patients inscrits

Communication scientifique et affaires médicales

Les efforts de communication scientifique se sont concentrés sur les publications évaluées par les pairs et la diffusion de la recherche.

Métrique de communication	Données quantitatives
Publications évaluées par des pairs	17 articles scientifiques
Présentations de recherche	23 conférences internationales
Équipe des affaires médicales	12 professionnels scientifiques spécialisés

Interactions des participants aux essais cliniques

Terns Pharmaceuticals a maintenu des protocoles d'engagement des participants cliniques rigoureux.

• Essais cliniques actifs: 4 études en cours
• Total des participants inscrits: 287 patients
• Taux de rétention des patients: 92,4%

Rapports de recherche et développement transparents

La société a maintenu des mécanismes de rapports transparents pour les progrès de la recherche et les développements cliniques.

Canal de rapport	Métriques de transparence
Inscriptions des essais cliniques publics	100% de conformité aux directives de la FDA
Communications des investisseurs	4 mises à jour de recherche détaillées trimestrielles
Divulgation de la recherche numérique	Mises à jour en temps réel sur le site Web de l'entreprise

Terns Pharmaceuticals, Inc. (Stern) - Modèle d'entreprise: canaux

Équipe de vente directe pour les thérapies spécialisées

Depuis le quatrième trimestre 2023, Sterns Pharmaceuticals maintient une force de vente spécialisée de 12 représentants axée sur les marchés de maladies rares et d'hépatologie.

Type de canal de vente	Nombre de représentants	Cible des zones thérapeutiques
Équipe de vente spécialisée directe	12	Hépatologie, maladies métaboliques rares

Conférences médicales et symposiums scientifiques

Terns Pharmaceuticals participe à 8 à 10 conférences médicales majeures par an, avec un budget estimé à 450 000 $ pour les dépenses liées à la conférence en 2024.

• Association américaine pour l'étude des maladies du foie (AASLD)
• Congrès international du foie
• Association européenne pour l'étude du foie (EASL)

Marketing numérique et plateformes scientifiques en ligne

Le budget du marketing numérique pour 2024 est prévu à 275 000 $, en mettant l'accent sur les plateformes scientifiques en ligne ciblées.

Canal numérique	Investissement annuel	Cible principale
Plateformes en ligne scientifiques	$275,000	Hépatologues, chercheurs

Partenariats avec les fournisseurs de soins de santé

Partenariats actuels de prestataires de soins de santé actifs: 37 centres de traitement spécialisés à travers les États-Unis.

• Centres médicaux académiques: 15
• Cliniques spécialisées des maladies du foie: 22

Canaux de publication réglementaire et médicale

Terns Pharmaceuticals a soumis 6 publications évaluées par des pairs en 2023, avec un 8-10 prévu prévu pour 2024.

Type de publication	Numéro en 2023	Projeté pour 2024
Revues médicales évaluées par des pairs	6	8-10

Terns Pharmaceuticals, Inc. (Stern) - Modèle d'entreprise: segments de clientèle

Populations de patients atteints de maladies rares

Sterns Pharmaceuticals cible les patients souffrant de troubles génétiques rares spécifiques, en particulier sur:

Catégorie de maladie	Population de patients	Prévalence annuelle
Troubles métaboliques génétiques	Environ 5 000 à 7 000 patients	1 sur 5 000 à 10 000 personnes
Conditions neurologiques rares	Estimé 3 000 à 4 500 patients	1 naissance sur 15 000 à 20 000

Fournisseurs de soins de santé spécialisés

Les professionnels de la santé cible comprennent:

• Spécialistes des troubles génétiques
• Cliniciens pédiatriques de maladies rares
• Neurologues spécialisés dans les conditions génétiques

Spécialistes en oncologie et troubles génétiques

Type spécialisé	Total des praticiens	Segment du marché cible
Spécialistes génétiques en oncologie	1 200 pratiquants	Portage potentiel de 75%
Généticiens de maladies rares	850 spécialistes	65% de pénétration potentielle du marché

Institutions de recherche

Segments de clientèle de l'institution de recherche clé:

• Centres médicaux académiques
• Instituts de recherche nationale
• Laboratoires de recherche génétique spécialisés

Type d'institution	Nombre de clients potentiels	Attribution du budget de recherche
Centres médicaux académiques de haut niveau	45 institutions	2,5 à 3,7 millions de dollars par institution
Instituts de recherche nationale	12 institutions primaires	Budgets de recherche de 4 à 6 millions de dollars

Systèmes et centres de traitement hospitaliers

Segments ciblés de l'hôpital et du centre de traitement:

Type d'établissement de soins de santé	Total des installations	Volume de traitement potentiel
Centres de troubles génétiques spécialisés	87 à l'échelle nationale	500-750 Traitements des patients chaque année
Centres de cancer complets	51 à l'échelle nationale	1 200 à 1 800 traitements de patients chaque année

Terns Pharmaceuticals, Inc. (Stern) - Modèle d'entreprise: Structure des coûts

Investissement étendu de R&D

Depuis l'exercice 2023, Terns Pharmaceuticals a déclaré des dépenses de R&D de 35,2 millions de dollars. La recherche de l'entreprise se concentre principalement sur les maladies métaboliques rares et les troubles du foie.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses d'exploitation totales
2022	28,7 millions de dollars	68%
2023	35,2 millions de dollars	72%

Dépenses des essais cliniques

Sterns Pharmaceuticals a alloué environ 22,5 millions de dollars pour les activités d'essai cliniques en 2023, couvrant plusieurs programmes de développement de médicaments.

• Essais de phase I: 6,8 millions de dollars
• Essais de phase II: 12,3 millions de dollars
• Essais de phase III: 3,4 millions de dollars

Coûts de conformité réglementaire

La société a dépensé 4,1 millions de dollars en conformité et documentation réglementaires en 2023, garantissant l'adhésion aux directives de la FDA et de l'EMA.

Maintenance de la propriété intellectuelle

Terns Pharmaceuticals a investi 2,3 millions de dollars dans la protection de la propriété intellectuelle, y compris les coûts de dépôt et d'entretien des brevets pour 2023.

Catégorie IP	Nombre de brevets	Coût de maintenance annuel
Composés de maladies métaboliques	7	1,2 million de dollars
Traitements des troubles du foie	5	1,1 million de dollars

Acquisition et rétention de talents

Les dépenses totales liées au personnel pour les produits pharmaceutiques Sterns en 2023 étaient de 18,6 millions de dollars, y compris les salaires, les prestations et les frais de recrutement.

• Compensation du personnel de recherche: 12,4 millions de dollars
• Personnel administratif: 4,2 millions de dollars
• Recrutement et formation: 2,0 millions de dollars

Terns Pharmaceuticals, Inc. (Terne) - Modèle d'entreprise: sources de revenus

Commercialisation potentielle des médicaments futurs

Depuis le Q4 2023, Terns Pharmaceuticals s'est concentré sur le développement de thérapies pour les maladies hépatiques et métaboliques. Le pipeline actuel comprend:

Drogue	Indication	Étape de développement	Valeur marchande potentielle
Tern-101	Stéatohépatite non alcoolique (NASH)	Phase 2	Marché potentiel de 2,5 milliards de dollars
Tern-2010	Fibrose hépatique	Préclinique	Marché potentiel de 1,8 milliard de dollars

Accords de licence et de partenariat

Terns Pharmaceuticals a des partenariats stratégiques pour diversifier les sources de revenus:

• Collaboration avec Novartis AG dans la recherche sur les maladies du foie
• Partenariat de recherche avec Shanghai Henlius Biotech
• Paiements de jalons potentiels estimés à 15 à 20 millions de dollars par an

Subventions et financement de recherche

Sources de financement pour 2023-2024:

Source de financement	Montant	But
Subvention de recherche NIH	3,2 millions de dollars	Nash Research
Subvention SBIR	1,5 million de dollars	Développement préclinique

Paiements de jalons potentiels

Structure de paiement des étapes projetée:

• Jalon préclinique: 5 millions de dollars
• Achèvement de phase 1: 10 millions de dollars
• Initiation de phase 2: 15 millions de dollars

Contrats de recherche collaborative

Détails du contrat de recherche pour 2024:

Partenaire de recherche	Valeur du contrat	Focus de recherche
Université de Californie, San Francisco	2,7 millions de dollars	Recherche de maladies métaboliques
École de médecine de Harvard	3,5 millions de dollars	Mécanismes de maladie du foie

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.