Terns Pharmaceuticals (NASDAQ:TERN) shares are trading higher on Tuesday after the company reported Q4 financial results.
Terns reported quarterly losses of $(0.29) per share which beat the analyst consensus estimate of $(0.43). R&D expenses were $10.7 million and $39.6 million for the quarter and year ended December 31, 2022, respectively. Net loss was $15.8 million and $60.3 million for the quarter and year ended December 31, 2022, respectively.
“In addition to data from our Phase 2a DUET trial in NASH, expected in the third quarter of 2023, we also anticipate key clinical readouts in 2024 from our clinical trials in chronic myeloid leukemia and obesity. We are fortunate to have a strong balance sheet to support development activities and the growth of our company into 2026,” said Mark Vignola, chief financial officer of Terns.
Terns is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology, non-alcoholic steatohepatitis (NASH) and obesity.
TERN Price Action:Terns Pharmaceuticals has a 52-week high of $11.44 and a 52-week low of $1.46
Terns Pharmaceuticals shares are up 16.2% at $10.97 at the time of writing, according to Benzinga Pro.
