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TERN

Terns Pharmaceuticals, Inc.

TERN

Terns Pharmaceuticals, Inc. • NASDAQ
$28.11 ▼ -2.23% (-0.64)
Market Cap $2.53 B
52w High $29.51
52w Low $1.86
Dividend Yield 0%
P/E -27.56
Volume 1.03M
Outstanding Shares 90.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $27.716M ▲ $-24.635M ▼ 0% $-0.27 ▼ $-24.577M ▼
Q2-2025 $0 $27.275M ▼ $-24.093M ▼ 0% $-0.26 $-23.921M ▲
Q1-2025 $0 $27.427M ▲ $-23.908M ▼ 0% $-0.26 ▼ $-27.258M ▼
Q4-2024 $0 $25.949M ▲ $-21.799M ▲ 0% $-0.24 ▲ $-25.735M ▼
Q3-2024 $0 $24.939M $-21.945M 0% $-0.28 $-24.733M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $295.635M ▼ $301.651M ▼ $17.585M ▲ $284.066M ▼
Q2-2025 $315.445M ▼ $320.415M ▼ $15.186M ▲ $305.229M ▼
Q1-2025 $334.264M ▼ $339.315M ▼ $13.272M ▼ $326.043M ▼
Q4-2024 $358.164M ▼ $363.929M ▼ $18.059M ▲ $345.87M ▼
Q3-2024 $372.777M $378.233M $13.763M $364.47M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-24.635M ▼ $-19.773M ▼ $24.5M ▼ $0 ▼ $4.732M ▼ $-19.773M ▼
Q2-2025 $-24.093M ▼ $-18.88M ▲ $25.5M ▲ $324K ▲ $6.943M ▲ $-18.88M ▲
Q1-2025 $-23.908M ▼ $-24.446M ▼ $1.959M ▲ $74K ▼ $-22.416M ▲ $-24.446M ▼
Q4-2024 $-21.799M ▲ $-14.584M ▲ $-94.348M ▼ $304K ▼ $-108.697M ▼ $-14.584M ▲
Q3-2024 $-21.945M $-16.455M $31.75M $163.292M $178.64M $-16.455M

Five-Year Company Overview

Income Statement

Income Statement Terns is still a pure R&D story: it has not generated product revenue over the past several years, which is typical for a clinical‑stage biotech. The company consistently reports operating and net losses, reflecting spending on research, clinical trials, and overhead. Those losses have been relatively steady and, in recent years, have been gradually narrowing on a per‑share basis, suggesting some improvement in cost discipline or scale. Overall, the income statement shows a company firmly in investment mode, with future profitability entirely dependent on successful drug approvals and commercialization.

Balance Sheet

Balance Sheet The balance sheet is a relative strength. Assets and cash have increased meaningfully since before the IPO, and the company reports essentially no financial debt, relying instead on equity capital. Shareholders’ equity makes up nearly all of the capital structure, which gives Terns financial flexibility and lowers balance‑sheet risk. Combined with management’s indication of a multiyear cash runway, this suggests the company is reasonably well positioned to fund its current development plans without near‑term balance‑sheet stress, though future capital needs are still likely over the long run.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, as the company funds research and clinical trials without incoming product revenue. The level of cash burn has been fairly stable over time rather than rapidly accelerating, which can be seen as a sign of controlled spending. Capital expenditures are minimal, so almost all cash usage is tied directly to operating and R&D activities rather than heavy investment in facilities or equipment. The key cash‑flow risk is duration: if development timelines extend or trials become more expensive than planned, the current cash runway could shorten, potentially requiring new financing.

Competitive Edge

Competitive Edge Competitively, Terns is aiming at large, high‑value markets—especially chronic myeloid leukemia and obesity—where strong incumbents already exist but important unmet needs remain. Its strategy focuses on differentiated, oral small‑molecule drugs that could offer convenience and potentially better tolerability versus some current options, particularly in obesity. In CML, the allosteric mechanism of its lead oncology drug could help address resistance seen with some existing treatments, which, if validated in trials, would be a meaningful differentiator. However, Terns still faces intense competition from larger, well‑funded pharma and biotech companies, so execution, trial results, and speed to market will be critical to carving out a durable position.

Innovation and R&D

Innovation and R&D Innovation is the core of Terns’ value proposition. The pipeline spans oncology and metabolic diseases, with lead programs designed around clinically validated biological targets but with differentiated chemistry (for example, allosteric inhibition in CML and an oral GLP‑1 approach targeting better gastrointestinal tolerability). The company is also exploring combination strategies—such as pairing thyroid hormone receptor agonists with GLP‑1 drugs and developing additional obesity‑related mechanisms—which could enhance treatment effects and deepen the product portfolio. Upcoming mid‑ to late‑stage clinical readouts over the next couple of years are key milestones that will either validate or challenge the promise suggested by early‑stage data.

Summary

Overall, Terns Pharmaceuticals is a classic clinical‑stage biotech: no revenue yet, recurring losses, and a balance sheet built on equity financing rather than debt. Its financial profile shows controlled but persistent cash burn and a solid cash cushion, which together provide time—but not unlimited time—to prove the value of its pipeline. Strategically, the company is targeting large, competitive disease areas with differentiated, oral small‑molecule approaches and combination therapies that, if successful, could fill important gaps in current treatment options. The main opportunities lie in upcoming clinical data that could significantly increase the perceived value of its programs, while the main risks center on the usual biotech challenges: trial setbacks, regulatory hurdles, competition from larger players, and the eventual need for additional capital if commercialization is delayed or development costs rise.

NEWS

November 14, 2025 · 4:05 PM UTC

Terns Pharmaceuticals to Participate in the Jefferies Global Healthcare Conference in London

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November 10, 2025 · 4:05 PM UTC

Terns Pharmaceuticals Reports Third Quarter 2025 Financial Results and Provides Corporate Updates

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November 4, 2025 · 4:05 PM UTC

Terns Pharmaceuticals Reports Inducement Grants to New Employees Under Nasdaq Listing Rule 5635(C)(4)

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November 3, 2025 · 9:05 AM UTC

Terns Announces Abstract with Positive Clinical Data for TERN-701 in Relapsed/Refractory CML Selected for Oral Presentation at 67th ASH Annual Meeting

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October 21, 2025 · 4:05 PM UTC

Terns Pharmaceuticals Reports Topline 12-week Data from its Phase 2 Trial Evaluating Oral GLP-1 Receptor Agonist TERN-601 in Obesity

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