Terns Pharmaceuticals shares surge 35.22% after hours on positive Phase 1 data showing 64% MMR in CML trial.

Terns Pharmaceuticals (TERN) surged 35.22% in after-hours trading following the release of positive Phase 1 clinical data for TERN-701, an allosteric BCR::ABL1 inhibitor for chronic myeloid leukemia (CML). The data, presented at the American Society of Hematology (ASH) meeting, showed 64% major molecular response (MMR) in all efficacy-evaluable patients and 75% MMR in those receiving ≥320mg doses, with a favorable safety profile. The drug demonstrated rapid response kinetics and efficacy in heavily pretreated patients, including those resistant to existing therapies like Novartis’ Scemblix. CEO Amy Burroughs highlighted TERN-701’s potential to become a "best-in-disease therapy," while the company announced an investor call to discuss next steps. The results positioned TERN-701 as a competitive candidate in CML treatment, driving the sharp post-ASH rally.