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TERNS PHARMACEUTICALS Terns Reports First Quarter 2021 Financial Results and Provides Corporate Update May 13 , 2021 -Top - line data from the Phase 2a LIFT study of TERN - 101 expected in June 2021- FOSTER CITY , Calif . , May 13 , 2021 ( GLOBE NEWSWIRE ) -- Terns Pharmaceuticals , Inc. ( " Terns " or the " Company " ) ( Nasdaq : TERN ) , a clinical - stage biopharmaceutical company developing a portfolio of small - molecule single - agent and combination therapy candidates for the treatment of non - alcoholic steatohepatitis ( NASH ) and other chronic liver diseases , today reported financial results for the first quarter ended March 31 , 2021 and provided a corporate update . " Our development team has continued to rapidly advance our NASH clinical programs , with top - line data for the Phase 2a LIFT study of FXR agonist TERN - 101 in NASH now accelerated into June 2021. In the LIFT study , in addition to safety and tolerability , we are assessing multiple non - invasive endpoints , including MRI - PDFF ( proton density fat fraction ) , a marker of steatosis , as well as ELF ( enhanced liver fibrosis ) and cT1 ( MRI corrected T1 ) which are markers of fibrosis and / or inflammation linked to clinical outcomes and histological improvements in chronic liver diseases , " said Senthil Sundaram , CEO at Terns . " In March , we initiated our first clinical trial of TERN - 501 and look forward to announcing top - line data in the second half of 2021 that we hope will provide clinical confirmation of its high metabolic stability and differentiated pharmacokinetic profile . " Recent Developments and Anticipated 2021 Milestones TERN - 101 : Liver - distributed farnesoid X receptor ( FXR ) agonist • Completed patient enrollment in the Phase 2a LIFT study in NASH patients in January 2021 Expecting top - line data from the Phase 2a LIFT study in June 2021 TERN - 501 : Thyroid hormone receptor - beta ( THR - ẞ ) agonist • Initiated dosing in a first - in - human Phase 1 SAD / MAD clinical trial in March 2021 . Expecting top - line data from the ongoing Phase 1 trial in 2H21 . Composition of matter claims allowed by USPTO TERN - 201 : Vascular adhesion protein - 1 ( VAP - 1 ) inhibitor • Expecting to initiate dosing in 12 - week Phase 1b clinical trial in NASH patients in 1H21 with expected top - line data in 1H22 GLP1 - R : Oral , small - molecule receptor agonist . Expecting to nominate a final candidate in 2H21 for further development Strengthened balance sheet • Completed an oversubscribed and upsized $ 147 million initial public offering in February 2021 • Cash and equivalents support operations into 2024 Terns also announced today that Erin Quirk , M.D. , will assume the position of Head of Research & Development , in addition to President and Chief Medical Officer , effective immediately . Weidong Zhong , Ph.D. will be leaving his position as Chief Scientific Officer and board member , effective as of July 2 , 2021. In the interim , Dr. Zhong will continue to support Dr. Quirk to ensure a smooth transition . Mr. Sundaram continued , “ On behalf of our board and our entire team , I would like to thank Weidong for all of the contributions he made in founding Terns but also in successfully building and advancing our diverse NASH pipeline . At the same time , we are pleased to expand Erin's title in recognition of her ongoing role in leading our research , development and manufacturing teams , which she has done since 2020. With Erin's leadership , I am confident that we are well positioned to continue to advance our current and future pipeline candidates through all stages of research and development . " First Quarter Financial Results • Cash Position : As of March 31 , 2021 , cash , cash equivalents and marketable securities were $ 195.6 million as compared with $ 74.9 million as of December 31 , 2020. Based on its current operating plan , Terns expects these will be sufficient to fund its planned operating expenses into 2024 . • Research and Development ( R & D ) Expenses : R & D expenses were $ 8.7 million for the quarter ended March 31 , 2021 , as compared with $ 7.2 million for the quarter ended March 31 , 2020 . • General and Administrative ( G & A ) Expenses : G & A expenses were $ 4.6 million for the quarter ended March 31 , 2021 , as compared with $ 2.2 million for the quarter ended March 31 , 2020 . • Net Loss : Net loss was $ 13.3 million for the quarter ended March 31 , 2021 , as compared with $ 9.2 million for the quarter