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Terns Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, develops small-molecule product candidates for the treatment of oncology and obesity. The company develops TERN-701, an allosteric BCR-ABL tyrosine kinase inhibitor (TKI) that is in Phase 1/2 clinical trial for chronic myeloid leukemia (CML), a form of cancer that starts in bone marrow. It also develops TERN-501, a thyroid hormone receptor beta agonist with enhanced metabolic stability and liver distribution that is in Phase IIa clinical trial for the treatment of metabolic dysfunction-associated steatohepatitis (MASH); and TERN-801 series of small-molecule glucose-dependent insulinotropic polypeptide receptor (GIPR) modulators for obesity. The company was incorporated in 2016 and is headquartered in Foster City, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $0M | $-110M | $-96M | $-82M | -9.6% | - | 8.3% |
| 2024 | $0M | $-101M | $-89M | $-70M | -25.7% | - | -1.5% |
| 2023 | $0M | $-102M | $-90M | $-67M | -35.3% | - | 49.5% |
| 2022 | $0M | $-61M | $-60M | $-49M | -21.8% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 0 | 0 | 0 | 0 |
| Operating Revenue | - | 0 | 0 | 0 | 0 |
| Operating Expense | - | 62.03 | 102.56 | 101.87 | 110.12 |
| Research And Development | - | 39.62 | 63.50 | 70.11 | 77.89 |
| Selling General And Administration | - | 22.41 | 39.06 | 31.76 | 32.24 |
| Total Expenses | - | 62.03 | 102.56 | 101.87 | 110.12 |
| Operating Income | - | -62.03 | -102.56 | -101.87 | -110.12 |
| Total Operating Income As Reported | - | -62.03 | -102.56 | -101.87 | -110.12 |
| EBITDA | - | -61 | -101.68 | -100.98 | -109.62 |
| Normalized EBITDA | - | -61 | -101.68 | -100.98 | -109.62 |
| EBIT | - | -62.03 | -102.56 | -101.87 | -110.12 |
| Interest Income | - | 2.11 | 12.90 | 13.29 | 14.59 |
| Net Interest Income | - | 2.11 | 12.90 | 13.29 | 14.59 |
| Other Non Operating Income Expenses | - | -0.07 | -0.31 | -0.01 | -0.09 |
| Other Income Expense | - | -0.07 | -0.31 | -0.01 | -0.09 |
| Interest Income Non Operating | - | 2.11 | 12.90 | 13.29 | 14.59 |
| Net Non Operating Interest Income Expense | - | 2.11 | 12.90 | 13.29 | 14.59 |
| Pretax Income | - | -59.99 | -89.97 | -88.59 | -95.63 |
| Tax Provision | - | 0.36 | 0.24 | 0.26 | 0.58 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -60.34 | -90.21 | -88.85 | -96.21 |
| Net Income From Continuing And Discontinued Operation | - | -60.34 | -90.21 | -88.85 | -96.21 |
| Net Income From Continuing Operation Net Minority Interest | - | -60.34 | -90.21 | -88.85 | -96.21 |
| Net Income | - | -60.34 | -90.21 | -88.85 | -96.21 |
| Net Income Common Stockholders | - | -60.34 | -90.21 | -88.85 | -96.21 |
| Net Income Including Noncontrolling Interests | - | -60.34 | -90.21 | -88.85 | -96.21 |
| Normalized Income | - | -60.34 | -90.21 | -88.85 | -96.21 |
| Diluted NI Availto Com Stockholders | - | -60.34 | -90.21 | -88.85 | -96.21 |
| Basic Average Shares | 22.71 | 36.03 | 71.26 | 79.51 | - |
| Diluted Average Shares | 22.71 | 36.03 | 71.26 | 79.51 | - |
| Reconciled Depreciation | - | 1.03 | 0.88 | 0.90 | 0.50 |
| Minority Interests | 0 | - | - | - | - |
| General And Administrative Expense | - | 22.41 | 39.06 | 31.76 | 32.24 |
| Other Gand A | - | 22.41 | 39.06 | 31.76 | 32.24 |
| Otherunder Preferred Stock Dividend | 0 | - | - | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Terns Pharmaceuticals, Inc.this co. | TERN | $6.1B | -63.58 | 6.08 | -9.6% | -51.02 |
| Lantheus Holdings, Inc. | LNTH | $6.7B | 28.66 | 6.14 | 21.4% | 17.23 |
| Hims & Hers Health, Inc. | HIMS | $6.5B | 50.51 | 11.99 | 23.7% | 46.06 |
| Kymera Therapeutics, Inc. | KYMR | $6.1B | - | 3.89 | -19.7% | - |
| Rhythm Pharmaceuticals, Inc. | RYTM |
| - |
| - |
| - |
| - |
| $6.0B |
| - |
| 22.25 |
| -74.8% |
| - |
| PACS Group, Inc. | PACS | $5.9B | 30.96 | 6.26 | 20.2% | 24.98 |
| Mirum Pharmaceuticals, Inc. | MIRM | $5.6B | -241.41 | 17.92 | -7.4% | 329.12 |
| Cogent Biosciences, Inc. | COGT | $5.6B | -17.03 | 10.24 | -60.1% | -17.21 |
| Liquidia Corporation | LQDA | $5.6B | -80.69 | 124.29 | -154.0% | -128.84 |
| Peer Median | - | 5.81 | 11.11 | -13.6% | 21.10 | |