Terns Pharmaceuticals, Inc. reported a net loss of $24.6 million for the third quarter of 2025, a slight increase from the $21.9 million loss recorded in the same period of 2024. For the nine months ending September 30, 2025, the company’s net loss totaled $72.6 million, compared to $67.1 million for the same period in the previous year. The increase in losses is attributed to rising research and development expenses, which reached $19.9 million in Q3 2025, up from $15.2 million in Q3 2024, and $59 million for the nine-month period, compared to $52.1 million in 2024. General and administrative expenses decreased slightly to $7.8 million for the quarter, down from $9.8 million a year earlier.
The company’s total operating expenses for the third quarter of 2025 were $27.7 million, compared to $24.9 million in Q3 2024. The increase in operating expenses is primarily due to heightened clinical and preclinical program costs. Terns reported interest income of $3.1 million for the third quarter, consistent with the previous year, while total other income for the nine months increased to $10.1 million from $9.1 million, reflecting a higher average balance of cash and marketable securities.
Terns Pharmaceuticals continues to focus on its clinical-stage oncology pipeline, particularly the development of TERN-701, an allosteric BCR-ABL inhibitor for chronic myeloid leukemia (CML). The company announced that it will not advance TERN-601 or invest in other metabolic assets, reaffirming its commitment to TERN-701, which is currently in a Phase 1 clinical trial. The trial has shown promising results, with a major molecular response rate of 75% among efficacy-evaluable patients. The FDA granted Orphan Drug Designation for TERN-701 in March 2024, further supporting its potential in the market.
As of September 30, 2025, Terns had cash, cash equivalents, and marketable securities totaling $295.6 million, a decrease from $344.3 million at the end of 2024. The company’s accumulated deficit reached approximately $494.1 million. Terns has not generated revenue from product sales and relies on funding from equity offerings and collaborations to support its operations. The company anticipates that its existing cash will be sufficient to fund operations into 2028, but it will require additional capital to support ongoing research and development activities.
About Terns Pharmaceuticals, Inc.
Terns Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small-molecule therapies for serious diseases such as oncology and obesity. Its pipeline includes targeted treatments like BCR-ABL inhibitors for chronic myeloid leukemia and oral GLP-1 receptor agonists for weight management. The company emphasizes innovative mechanisms, strategic partnerships, and robust intellectual property to deliver improved clinical outcomes and address unmet medical needs.
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