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Terns Pharmaceuticals (NASDAQ:TERN) said late Thursday that it expects to report topline data from a Phase 1 study for its oral GLP-1 drug TERN-601 in the treatment of obesity in the second half of 2024.
The biotech company also expects to release interim data in the second half of 2024 from a Phase 1 trial of its drug TERN-701 in the treatment of chronic myelogenous leukemia, or CML.
Terns issued the updates in conjunction with the release of its Q4 earnings report, which met Street expectations. The company added that it had cash and equivalents of $263M at the end of 2023, which should be sufficient to fund operations into 2026.
Terns is one of several biopharma companies working on GLP-1 drugs for weight loss. Other companies include AstraZeneca (AZN), Amgen (AMGN), Pfizer (PFE), Altimmune (ALT), Viking Therapeutics (VKTX) and Structure Therapeutics (GPCR).
The GLP-1 market is currently dominated by Eli Lilly (LLY) and Novo Nordisk (NVO).