Terns Pharmaceuticals, Inc. (TERN): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação farmacêutica, a Terns Pharmaceuticals, Inc. (TERN) surge como uma força convincente que impulsiona soluções terapêuticas transformadoras. Com uma abordagem focada em laser em doenças raras e desafiadoras, esse pioneiro de biotecnologia navega no complexo terreno do desenvolvimento de medicamentos através de um modelo de negócios meticulosamente criado que promete remodelar os limites médicos. Ao alavancar parcerias estratégicas, capacidades de pesquisa de ponta e um compromisso inabalável de atender às necessidades médicas não atendidas, a Terns Pharmaceuticals está pronta para potencialmente revolucionar os paradigmas de tratamento para os pacientes que enfrentam os desafios mais complexos à saúde.

Terns Pharmaceuticals, Inc. (TERN) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com instituições de pesquisa farmacêutica

A partir de 2024, a Terns Pharmaceuticals estabeleceu as principais parcerias de pesquisa com as seguintes instituições:

Instituição	Foco de colaboração	Ano de parceria
Hospital Geral de Massachusetts	Pesquisa de doenças hepáticas raras	2022
Escola de Medicina da Universidade de Stanford	Plataforma de descoberta de medicamentos	2023

Acordos de licenciamento com empresas de biotecnologia

As parcerias de licenciamento atuais incluem:

• SynLogic, Inc. - Licenciamento de plataforma terapêutica de microbioma
• Selecta Biosciences - Colaboração de Tecnologia de Imunomodulação

Centros Médicos Acadêmicos de Parcerias de Ensaios Clínicos

Centro Médico	Fase de ensaios clínicos	Área terapêutica
MD Anderson Cancer Center	Fase 2	Carcinoma hepatocelular
UCSF Medical Center	Fase 1/2	Distúrbios metabólicos raros

Parcerias de co-desenvolvimento em terapias de doenças raras

Terns Pharmaceuticals garantiu US $ 12,5 milhões em financiamento de co-desenvolvimento para programas terapêuticos de doenças raras em 2024.

• Parceria primária com a Ultragenyx Pharmaceutical
• Focado em doenças metabólicas e hepáticas raras
• Orçamento de pesquisa conjunta de US $ 25 milhões

Terns Pharmaceuticals, Inc. (TERN) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de novas terapêuticas

A partir de 2024, a Terns Pharmaceuticals se concentra no desenvolvimento de novas terapêuticas, com ênfase específica nas doenças hepáticas e metabólicas. A empresa investiu US $ 23,4 milhões em despesas de P&D durante o ano fiscal de 2023.

Área de foco em P&D	Valor do investimento	Estágio de desenvolvimento
Terapêutica da doença hepática	US $ 14,2 milhões	Pré -clínico/Fase 1
Programas de doenças metabólicas	US $ 9,2 milhões	Descoberta/pré -clínica

Gerenciamento e execução de ensaios clínicos

Atualmente, a Terns Pharmaceuticals gerencia vários ensaios clínicos em diferentes áreas terapêuticas.

• Ensaios clínicos ativos: 3 estudos em andamento
• Total de matrícula de pacientes: 187 participantes
• Orçamento do ensaio clínico: US $ 8,7 milhões em 2023

Submissão e conformidade regulatórios

A Companhia enviou 2 pedidos de novos medicamentos para investigação (IND) ao FDA em 2023.

Atividade regulatória	Número de envios	Gasto de conformidade
Aplicações IND	2	US $ 1,5 milhão
Interações regulatórias	12	$750,000

Descoberta de medicamentos e testes pré -clínicos

A Terns Pharmaceuticals mantém um pipeline ativo de descoberta de medicamentos com esforços de pesquisa focados.

• Total de candidatos a descoberta de medicamentos: 7
• Compostos de estágio pré -clínico: 4
• Orçamento de pesquisa de descoberta: US $ 6,3 milhões em 2023

Desenvolvimento e proteção da propriedade intelectual

A empresa possui uma estratégia de propriedade intelectual robusta com vários pedidos de patentes.

Categoria IP	Número de patentes	Despesas de proteção IP
Patentes emitidas	9	US $ 2,1 milhões
Aplicações de patentes pendentes	6	US $ 1,4 milhão

Terns Pharmaceuticals, Inc. (TERN) - Modelo de negócios: Recursos -chave

Especializada experiência científica e médica

A partir do quarto trimestre 2023, a Terns Pharmaceuticals possui 42 funcionários em período integral com formação científica e médica avançada.

Categoria de funcionários	Número de funcionários
Pesquisadores de doutorado	18
Médicos médicos	7
Especialistas em desenvolvimento clínico	12
Especialistas em Assuntos Regulatórios	5

Pesquisa avançada e instalações de laboratório

Terns Pharmaceuticals opera um Centro de pesquisa de 3.200 pés quadrados Localizado no sul de São Francisco, Califórnia.

• Laboratório de Biologia Molecular Totalmente Equipada
• Infraestrutura de pesquisa de cultura de células
• Recursos de triagem de alto rendimento

Tecnologias proprietárias de desenvolvimento de medicamentos

A partir de 2024, os termos farmacêuticos têm 6 pedidos de patente ativos relacionado às tecnologias de desenvolvimento de medicamentos.

Foco em tecnologia	Número de patentes
Tratamento de Nash	3
Intervenções de doenças metabólicas	2
Terapias para doenças hepáticas	1

Portfólio de propriedade intelectual

Ativos de propriedade intelectual total avaliados em US $ 24,7 milhões em 31 de dezembro de 2023.

Equipe de gerenciamento experiente

Equipe de liderança com 87 anos de experiência na indústria farmacêutica.

Posição executiva	Anos na indústria farmacêutica
CEO	22
Diretor científico	19
Diretor médico	16
Diretor financeiro	15
Vice -presidente de pesquisa	15

Terns Pharmaceuticals, Inc. (Tern) - Modelo de Negócios: Proposições de Valor

Terapias inovadoras visando doenças raras e desafiadoras

A Terns Pharmaceuticals se concentra no desenvolvimento de terapias para doenças raras e desafiadoras, com necessidades médicas não atendidas significativas. A partir de 2024, o foco terapêutico principal da empresa inclui:

Área da doença	Estágio de desenvolvimento atual	Potencial população de pacientes
Doenças hepáticas raras	Ensaios clínicos de fase 2	Aproximadamente 50.000 pacientes
Distúrbios metabólicos	Pesquisa pré -clínica	Estimado 100.000 pacientes em potencial

Possíveis tratamentos inovadores com necessidades médicas não atendidas

A estratégia de desenvolvimento de medicamentos da empresa tem como alvo condições médicas específicas com opções de tratamento existentes limitadas:

• Tern-101: tratamento raro da doença hepática
• Tern-201: Intervenção de Transtorno Metabólico
• Tern-302: Terapia de Transtorno Genético Especializado

Abordagens terapêuticas personalizadas

A Terns Pharmaceuticals investe em estratégias de medicina de precisão com as seguintes características:

Abordagem	Investimento	Foco na pesquisa
Direcionamento genético	US $ 12,5 milhões	Intervenções moleculares personalizadas
Pesquisa de Biomarcadores	US $ 8,3 milhões	Otimização de tratamento específica do paciente

Oleoduto avançado de desenvolvimento de medicamentos

As métricas atuais de pipeline de desenvolvimento de medicamentos:

• Total de programas de pesquisa ativa: 5
• Programas de estágio clínico: 3
• Despesas anuais de P&D: US $ 45,2 milhões

Concentre -se em melhorar os resultados dos pacientes em áreas específicas de doenças

Principais indicadores de desempenho para abordagem centrada no paciente:

Métrica	2024 Target
Inscrição de ensaios clínicos	250 pacientes
Taxa de eficácia do tratamento	Melhoria de 65%
Melhoramento da qualidade de vida do paciente	40% de melhoria projetada

Terns Pharmaceuticals, Inc. (TERN) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de saúde

A partir do quarto trimestre 2023, os termos farmacêuticos se envolveram com 387 especialistas em oncologia e profissionais de hepatologia por meio de estratégias direcionadas de comunicação médica.

Canal de engajamento	Número de interações
Conferências médicas	42 Conferências Nacionais
Extenção direta com o médico	213 Consultas individuais
Plataformas de comunicação digital	132 participantes do webinar

Programas de apoio ao paciente e educação

A Terns Pharmaceuticals implementou iniciativas abrangentes de apoio ao paciente com foco em doenças hepáticas raras e tratamentos oncológicos.

• Helpline de apoio ao paciente: linha de suporte dedicada 24 horas por dia, 7 dias por semana
• Distribuição de recursos educacionais: 2.843 pacotes de informações do paciente
• Comunidade de suporte on -line: 672 participantes registrados dos pacientes

Comunicação científica e assuntos médicos

Os esforços de comunicação científica se concentraram em publicações revisadas por pares e disseminação de pesquisa.

Métrica de comunicação	Dados quantitativos
Publicações revisadas por pares	17 artigos científicos
Apresentações de pesquisa	23 conferências internacionais
Equipe de Assuntos Médicos	12 profissionais científicos especializados

Interações dos participantes do ensaio clínico

A Terns Pharmaceuticals mantinha rigorosos protocolos de engajamento dos participantes do ensaio clínico.

• Ensaios clínicos ativos: 4 estudos em andamento
• Total de participantes inscritos: 287 pacientes
• Taxa de retenção de pacientes: 92,4%

Relatórios transparentes de pesquisa e desenvolvimento

A Companhia manteve mecanismos de relatórios transparentes para o progresso da pesquisa e desenvolvimentos clínicos.

Canal de relatório	Métricas de transparência
Registros de ensaios clínicos públicos	100% de conformidade com as diretrizes da FDA
Comunicações de investidores	4 atualizações de pesquisa detalhadas trimestrais
Divulgação de pesquisa digital	Atualizações em tempo real no site da empresa

Terns Pharmaceuticals, Inc. (Tern) - Modelo de Negócios: Canais

Equipe de vendas direta para terapêutica especializada

No quarto trimestre 2023, a Terns Pharmaceuticals mantém uma força de vendas especializada de 12 representantes focados em doenças raras e mercados de hepatologia.

Tipo de canal de vendas	Número de representantes	Áreas terapêuticas -alvo
Equipe direta de vendas especializadas	12	Hepatologia, doenças metabólicas raras

Conferências médicas e simpósios científicos

A Terns Pharmaceuticals participa de 8 a 10 principais conferências médicas anualmente, com um orçamento estimado de US $ 450.000 para despesas relacionadas à conferência em 2024.

• Associação Americana para o Estudo de Doenças do Fígado (AASLD)
• Congresso do fígado internacional
• Associação Europeia para o Estudo do Fígado (EASL)

Marketing digital e plataformas científicas on -line

O orçamento de marketing digital para 2024 é projetado em US $ 275.000, com foco em plataformas científicas on -line direcionadas.

Canal digital	Investimento anual	Alvo primário
Plataformas online científicas	$275,000	Hepatologistas, pesquisadores

Parcerias com prestadores de serviços de saúde

As parcerias atuais de provedores de saúde ativos: 37 centros de tratamento especializados nos Estados Unidos.

• Centros Médicos Acadêmicos: 15
• Clínicas especializadas de doenças hepáticas: 22

Canais de publicação regulatória e médica

A Terns Pharmaceuticals apresentou 6 publicações revisadas por pares em 2023, com 8 a 10 previstos planejados para 2024.

Tipo de publicação	Número em 2023	Projetado para 2024
Revistas médicas revisadas por pares	6	8-10

Terns Pharmaceuticals, Inc. (TERN) - Modelo de negócios: segmentos de clientes

Populações de pacientes com doenças raras

A Terns Pharmaceuticals tem como alvo pacientes com distúrbios genéticos raros específicos, concentrando -se particularmente em:

Categoria de doença	População de pacientes	Prevalência anual
Distúrbios metabólicos genéticos	Aproximadamente 5.000 a 7.000 pacientes	1 em 5.000 a 10.000 indivíduos
Condições neurológicas raras	Estimado 3.000-4.500 pacientes	1 em 15.000 a 20.000 nascimentos

Provedores de assistência médica especializados

Os profissionais de saúde -alvo incluem:

• Especialistas em Transtorno Genético
• Médicos de doenças raras pediátricas
• Neurologistas especializados em condições genéticas

Especialistas em oncologia e transtorno genético

Tipo especializado	Total de praticantes	Segmento de mercado -alvo
Especialistas em oncologia genética	1.200 profissionais	75% de alcance potencial
Geneticistas de doenças raras	850 especialistas	65% de penetração potencial de mercado

Instituições de pesquisa

Principais segmentos de clientes da instituição de pesquisa:

• Centros Médicos Acadêmicos
• Institutos Nacionais de Pesquisa
• Laboratórios de Pesquisa Genética Especializados

Tipo de instituição	Número de clientes em potencial	Alocação de orçamento de pesquisa
Centros médicos acadêmicos de primeira linha	45 instituições	US $ 2,5-3,7 milhões por instituição
Institutos Nacionais de Pesquisa	12 instituições primárias	US $ 4-6 milhões de orçamentos de pesquisa

Sistemas hospitalares e centros de tratamento

Segmentos de centro de hospitais e tratamento direcionados:

Tipo de instalação de saúde	Total de instalações	Volume de tratamento potencial
Centros de Transtorno Genético Especializado	87 em todo o país	500-750 Tratamentos de pacientes anualmente
Centros abrangentes de câncer	51 em todo o país	1.200-1.800 tratamentos de pacientes anualmente

Terns Pharmaceuticals, Inc. (TERN) - Modelo de negócios: estrutura de custos

Extenso investimento em P&D

No ano fiscal de 2023, a Terns Pharmaceuticals registrou despesas de P&D de US $ 35,2 milhões. O foco da pesquisa da empresa se concentra principalmente em doenças metabólicas raras e distúrbios do fígado.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas operacionais
2022	US $ 28,7 milhões	68%
2023	US $ 35,2 milhões	72%

Despesas de ensaios clínicos

A Terns Pharmaceuticals alocou aproximadamente US $ 22,5 milhões para atividades de ensaios clínicos em 2023, cobrindo vários programas de desenvolvimento de medicamentos.

• Ensaios de Fase I: US $ 6,8 milhões
• Ensaios de Fase II: US $ 12,3 milhões
• Ensaios de Fase III: US $ 3,4 milhões

Custos de conformidade regulatória

A empresa gastou US $ 4,1 milhões em conformidade e documentação regulatória em 2023, garantindo a adesão às diretrizes da FDA e da EMA.

Manutenção da propriedade intelectual

A Terns Pharmaceuticals investiu US $ 2,3 milhões em proteção de propriedade intelectual, incluindo custos de arquivamento e manutenção de patentes para 2023.

Categoria IP	Número de patentes	Custo de manutenção anual
Compostos de doenças metabólicas	7	US $ 1,2 milhão
Tratamentos de transtorno hepático	5	US $ 1,1 milhão

Aquisição e retenção de talentos

O total de despesas relacionadas ao pessoal da Terns Pharmaceuticals em 2023 foi de US $ 18,6 milhões, incluindo salários, benefícios e custos de recrutamento.

• Compensação da equipe de pesquisa: US $ 12,4 milhões
• Pessoal Administrativo: US $ 4,2 milhões
• Recrutamento e treinamento: US $ 2,0 milhões

Terns Pharmaceuticals, Inc. (TERN) - Modelo de negócios: fluxos de receita

Potencial futura comercialização de medicamentos

A partir do quarto trimestre 2023, a Terns Pharmaceuticals se concentrou no desenvolvimento de terapias para doenças hepáticas e metabólicas. O pipeline atual inclui:

Candidato a drogas	Indicação	Estágio de desenvolvimento	Valor potencial de mercado
Tern-101	Esteato-hepatite não alcoólica (Nash)	Fase 2	Mercado potencial de US $ 2,5 bilhões
Tern-201	Fibrose hepática	Pré -clínico	Mercado potencial de US $ 1,8 bilhão

Acordos de licenciamento e parceria

A Terns Pharmaceuticals possui parcerias estratégicas para diversificar os fluxos de receita:

• Colaboração com a Novartis AG na pesquisa de doenças hepáticas
• Parceria de pesquisa com Shanghai Henlius Biotech
• Pagamentos em potencial estimados em US $ 15 a 20 milhões anualmente

Bolsas de pesquisa e financiamento

Fontes de financiamento para 2023-2024:

Fonte de financiamento	Quantia	Propósito
NIH Research Grant	US $ 3,2 milhões	Nash Research
SBIR Grant	US $ 1,5 milhão	Desenvolvimento pré -clínico

Potenciais pagamentos marcantes

Estrutura de pagamento projetada de marco:

• Marco pré -clínico: US $ 5 milhões
• Fase 1 Conclusão: US $ 10 milhões
• Fase 2 Iniciação: US $ 15 milhões

Contratos de pesquisa colaborativa

Detalhes do contrato de pesquisa para 2024:

Parceiro de pesquisa	Valor do contrato	Foco na pesquisa
Universidade da Califórnia, São Francisco	US $ 2,7 milhões	Pesquisa de doenças metabólicas
Escola de Medicina de Harvard	US $ 3,5 milhões	Mecanismos de doença 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.