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FOSTER CITY, Calif. - Terns Pharmaceuticals , Inc. (NASDAQ:TERN), a clinical-stage biopharmaceutical company currently trading at $3.73, today announced the immediate appointment of Andrew Gengos as its new chief financial officer. With a 25-year tenure in financial and corporate strategy within the life sciences and biotechnology sector, Gengos brings a wealth of experience to the Terns team. According to InvestingPro data, the company maintains a strong financial position with more cash than debt on its balance sheet, though it faces the challenge of rapid cash burn typical of clinical-stage biotech firms.
CEO Amy Burroughs expressed confidence in Gengos’s ability to contribute to the company’s growth and success, particularly as Terns advances its lead oncology and obesity programs. Gengos, sharing his enthusiasm, emphasized his commitment to building on Terns’s strong financial foundation and enhancing the pipeline of treatments for serious diseases. The company’s current market capitalization stands at $320 million, with analysts setting price targets ranging from $7.50 to $34, suggesting significant potential upside according to InvestingPro analysis.
Previously, Gengos served as CFO of Athira Pharma, Inc., and held chief business officer roles at Cyteir Therapeutics, guiding the company through its initial public offering. His leadership experience extends to CEO positions at ImmunoCellular Therapeutics and Neuraltus Pharmaceuticals, where he oversaw strategic and financial operations across various therapeutic areas. Gengos’s early career included strategic roles at Amgen (NASDAQ:AMGN), Morgan Stanley (NYSE:MS), and McKinsey & Co.
Terns Pharmaceuticals focuses on developing small-molecule product candidates for oncology and obesity, with three clinical-stage development programs underway. The company’s pipeline also features a preclinical GIPR modulator discovery effort.
This announcement is based on a press release statement from Terns Pharmaceuticals. The company cautions that forward-looking statements within the release are subject to significant risks and uncertainties, and actual results may differ materially from those projected. Terns does not undertake any obligation to publicly update forward-looking statements, except as required by law. InvestingPro analysis reveals the company maintains a "Fair" overall financial health score, with strong liquidity ratios showing current assets well exceed short-term obligations. For deeper insights into Terns’s financial position and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Terns Pharmaceuticals reported promising early results from its Phase 1 CARDINAL study of TERN-701, a drug candidate for chronic myeloid leukemia (CML). The study demonstrated encouraging safety and efficacy outcomes in heavily pretreated patients, with a 50% major molecular response rate among those treated for three months or more. Additionally, 88% of patients with high baseline BCR-ABL transcript levels experienced decreases during treatment. The safety profile of TERN-701 was favorable, with no dose-limiting toxicities or serious adverse events reported. In related developments, Oppenheimer has maintained an Outperform rating on Terns Pharmaceuticals, raising the price target to $20.00 from $17.00. The firm highlighted the potential advantages of TERN-701 over existing treatments, noting improved tolerability and significant reductions in BCR-ABL1 transcripts. Furthermore, Terns Pharmaceuticals announced a CFO transition, with Amy Burroughs, the CEO, stepping in as interim principal financial officer. These recent developments underscore the company’s progress in advancing its drug pipeline and leadership structure.
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