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Pharmaceutical sternes (NASDAQ:TERN) said late Thursday that it expects to release topline data from a Phase 1 study of its oral GLP-1 drug TERN-601 in the treatment of obesity in the second half of 2024.
The biotech company is also expecting will publish interim data from a Phase 1 study of its drug TERN-701 in the treatment of chronic myelogenous leukemia, or CML, in the second half of 2024.
Terns released the updates in conjunction with the release of its fourth-quarter earnings report, which met Street expectations. The company added that it had cash and cash equivalents of $263 million at the end of 2023, which should be enough to fund operations through 2026.
Terns is one of several biopharmaceutical companies working on GLP-1 weight loss drugs. 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).