Terns Pharmaceuticals, Inc.
- Open
- 52.97
- Day high
- 52.97
- Day low
- 52.95
- Prev close
- 52.95
- Volume
- 6.3M
- Mkt cap
- $6.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 6.1
- P/S
- —
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$50K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Terns Pharmaceuticals, Inc. (TERN) is a Healthcare company listed on NASDAQ. The stock is up 1739% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
Terns Pharmaceuticals, Inc. (TERN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TERN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 14, 2026 | $-0.30 | $-0.26 | +13.3% | — | — |
| May 8, 2025 | $-0.29 | $-0.26 | +10.3% | — | — |
| Mar 20, 2025 | $-0.30 | $-0.24 | +20.0% | — | — |
| Mar 14, 2024 | $-0.29 | $-0.29 | +0.0% | $1M | — |
| Nov 14, 2023 | $-0.31 | $-0.42 | -35.5% | — | — |
| May 15, 2023 | $-0.28 | $-0.31 | -10.7% | — | — |
| Nov 9, 2022 | $-0.51 | $-0.44 | +13.7% | — | — |
| May 16, 2022 | $-0.67 | $-0.55 | +17.9% | — | — |
| Mar 3, 2022 | $-0.67 | $-0.56 | +16.4% | $1M | — |
| Nov 15, 2021 | $-0.60 | $-0.47 | +21.7% | — | — |
| Aug 16, 2021 | $-0.81 | $-0.43 | +46.9% | — | — |
| May 13, 2021 | $-0.53 | $-0.88 | -66.0% | — | — |
TERN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 2, 2026 | Kuriakose Emilofficer: Chief Medical Officer | Sell | 942 | $52.75 |
| Mar 17, 2026 | Burroughs Amy L.director, officer: Chief Executive Officer | Sell | 11,813 | $46.57 |
| Mar 17, 2026 | Burroughs Amy L.director, officer: Chief Executive Officer | Sell | 2,770 | $47.30 |
| Mar 17, 2026 | Burroughs Amy L.director, officer: Chief Executive Officer | Option | 14,583 | $4.64 |
| Feb 18, 2026 | Burroughs Amy L.director, officer: Chief Executive Officer | Sell | 2,341 | $38.07 |
| Feb 18, 2026 | Burroughs Amy L.director, officer: Chief Executive Officer | Option | 14,583 | $4.64 |
| Feb 18, 2026 | Burroughs Amy L.director, officer: Chief Executive Officer | Sell | 4,083 | $39.80 |
| Feb 18, 2026 | Burroughs Amy L.director, officer: Chief Executive Officer | Sell | 8,159 | $39.22 |
| Feb 2, 2026 | Turner Heather Ddirector | Grant | 1,697 | $34.60 |
| Feb 2, 2026 | Tripuraneni Radhikadirector | Grant | 1,697 | $34.60 |
| Feb 2, 2026 | Azelby Robertdirector | Grant | 1,697 | $34.60 |
| Feb 2, 2026 | Quigley Jill M.director | Grant | 1,697 | $34.60 |
| Feb 2, 2026 | KINDLER JEFFREY Bdirector | Grant | 1,697 | $34.60 |
| Feb 2, 2026 | FELLOWS DAVID Adirector | Grant | 2,828 | $34.60 |
| Jan 16, 2026 | Burroughs Amy L.director, officer: Chief Executive Officer | Option | 27,083 | $4.64 |
Source: TERN SEC Form 4 filings, latest Apr 2, 2026. For informational purposes only — not investment advice.
See the full TERN insider & 13F page →Terns Pharmaceuticals, Inc. company profile
Overview
Terns Pharmaceuticals, Inc. (NASDAQ:TERN) is a clinical-stage biopharmaceutical company founded in 2016 and headquartered in Foster City, California. The company went public in February 2021 and focuses on developing innovative small-molecule therapies for metabolic diseases, particularly non-alcoholic steatohepatitis (NASH) and obesity. As a clinical-stage company, Terns has no approved products on the market and is currently advancing multiple drug candidates through various phases of clinical trials.
Business
Terns Pharmaceuticals operates in the biotechnology sector, specifically targeting metabolic liver diseases and obesity through small-molecule drug development. The company's primary focus is on non-alcoholic steatohepatitis (NASH), a serious liver condition where fat accumulates in the liver causing inflammation and potential scarring, which can progress to cirrhosis and liver failure. NASH is closely linked to obesity, diabetes, and metabolic syndrome, representing a significant unmet medical need with no FDA-approved treatments currently available. The company's drug development pipeline consists of four main programs. TERN-101 is their lead candidate, a liver-distributed farnesoid X receptor (FXR) agonist currently in Phase IIa clinical trials for NASH treatment. FXR is a nuclear receptor that regulates bile acid, glucose, and lipid metabolism, making it an attractive target for metabolic diseases. TERN-201 represents their second program, a vascular adhesion protein-1 (VAP-1) inhibitor in Phase Ib trials, which targets inflammation and fibrosis pathways in NASH. TERN-501 is a thyroid hormone receptor beta agonist with enhanced liver distribution, currently in Phase I trials, designed to improve metabolic function specifically in liver tissue. Finally, TERN-601 is an oral small-molecule GLP-1 receptor agonist program intended for both NASH and obesity treatment, representing a potentially significant advancement since current GLP-1 drugs like Ozempic require injection. The company operates as a single business segment focused entirely on drug discovery and development, with no current revenue-generating products or services.
Revenue model
As a clinical-stage biopharmaceutical company, Terns Pharmaceuticals currently generates no revenue and operates on a research and development model funded by equity financing. The company's future business model will depend on successfully advancing its drug candidates through clinical trials, obtaining regulatory approval, and then monetizing through direct product sales, licensing agreements, or strategic partnerships with larger pharmaceutical companies. The typical biotech monetization path involves either selling approved drugs directly to healthcare providers and patients, or licensing the drugs to larger pharmaceutical companies in exchange for upfront payments, milestone payments during development and regulatory phases, and ongoing royalties on sales. Given Terns' focus on NASH and obesity, their target customers would ultimately be healthcare providers treating patients with these conditions, though the company may choose to partner with larger pharma companies that have established commercial infrastructure. Several factors could significantly impact Terns' future profitability. Positive clinical trial results would increase the probability of regulatory approval and enhance the commercial value of their assets, while negative results could substantially reduce or eliminate value. The competitive landscape in NASH and obesity treatments is intensifying, with major pharmaceutical companies developing competing therapies. Regulatory approval timelines and requirements from the FDA could affect development costs and time to market. Additionally, the company's cash burn rate and ability to secure additional funding will determine how long they can sustain operations before needing to achieve profitability or secure strategic partnerships. The success of oral GLP-1 agonists in particular could be transformative given the massive market opportunity, but technical challenges in developing effective oral formulations present significant execution risk.
Competitive moat
Terns Pharmaceuticals operates in a highly competitive biotechnology landscape with limited sustainable competitive advantages at this stage of development. The company's primary potential moat lies in its intellectual property portfolio surrounding its four drug candidates, particularly if any prove successful in clinical trials. Patent protection could provide market exclusivity for several years post-approval, though the strength of this protection depends on patent scope and the ability to defend against generic competition. The company's approach of developing liver-distributed small molecules represents a potentially differentiated strategy, as many competing NASH therapies face challenges with systemic side effects. If successful, this targeted approach could provide clinical advantages and some competitive protection. Additionally, Terns' oral GLP-1 receptor agonist program (TERN-601) could represent a significant competitive advantage if successful, as current GLP-1 therapies require injection, creating a substantial market opportunity for an effective oral alternative. However, the company faces significant competitive threats from well-funded pharmaceutical giants developing NASH therapies, including companies with far greater resources and established commercial capabilities. The biotech sector is characterized by high failure rates, and even promising early-stage results often do not translate to successful commercialization. Furthermore, the company's small size and limited resources compared to large pharmaceutical companies create vulnerability to being outmaneuvered in development speed, regulatory strategy, or market access. The competitive moat is essentially non-existent until clinical success is demonstrated and regulatory approval obtained, making this a high-risk, high-reward investment dependent entirely on execution and clinical outcomes.
Risks & safety
Terns Pharmaceuticals presents a mixed margin of safety profile typical of clinical-stage biotechnology companies, with strong financial liquidity but inherent business model risks. • Cash Position: Strong with $139 million in cash and short-term investments as of Q1 2025, providing substantial runway for operations • Burn Rate: Quarterly cash burn of approximately $24 million based on recent operating cash flow, suggesting roughly 6 quarters of runway at current spending levels • Debt Level: Minimal debt with debt-to-equity ratio of 0.004, indicating very low financial leverage risk • Liquidity: Excellent current ratio of 30.9 and quick ratio of 30.9, demonstrating strong ability to meet short-term obligations • Valuation Metrics: Trading at 0.77x book value and negative earnings multiples due to no revenue generation • Graham Net-Net: Strong at 3.5x, indicating the stock trades below liquidation value • Solvency Risk: Low near-term bankruptcy risk due to strong cash position, but ultimate viability depends entirely on clinical trial success and ability to secure additional funding before cash depletion
Recent development
Based on the available financial data, Terns Pharmaceuticals has been consistently advancing its clinical development programs over the past few years. The company has maintained a steady research and development focus with quarterly operating cash outflows averaging $16-24 million, indicating active clinical trial execution across its four-drug pipeline. The company's cash position fluctuated significantly during 2024, starting the year with over $270 million in Q3 2024 but declining to $161 million by year-end, suggesting either increased clinical trial spending or potential equity financing activities. The consistent negative EBITDA in the $25-27 million range per quarter reflects the company's commitment to advancing its clinical programs, particularly the Phase IIa trial for TERN-101 and the progression of other candidates through earlier-phase studies. The company appears to have maintained operational discipline with relatively stable operating expenses despite advancing multiple programs simultaneously. The strong balance sheet position with minimal debt and substantial cash reserves suggests management has been prudent in financial management while pursuing an aggressive development strategy across multiple therapeutic targets in the NASH and obesity space.
TERN company profile · for informational purposes only — not investment advice.
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