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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% | - | - |
| 2024 | $0M | $-101M | $-89M | $-70M | -25.7% | - | - |
| 2023 | $0M | $-102M | $-90M | $-67M | -35.3% | - | - |
| 2022 | $0M | $-61M | $-60M | $-49M | -21.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0 | 0 | 0 | 0 |
| Operating Expense | 62.03 | 102.56 | 101.87 | 110.12 |
| Operating Income | -62.03 | -102.56 | -101.87 | -110.12 |
| EBITDA | -61 | -101.68 | -100.97 | -109.62 |
| EBIT | -62.03 | -102.56 | -101.87 | -110.12 |
| Pretax Income | -59.99 | -89.97 | -88.59 | -95.63 |
| Tax Provision | 0.36 | 0.24 | 0.26 | 0.58 |
| Net Income | -60.34 | -90.21 | -88.85 | -96.21 |
| Net Income Common Stockholders | -60.34 | -90.21 | -88.85 | -96.21 |
| Total Expenses | 62.03 | 102.56 | 101.87 | 110.12 |
| Interest Income | 2.11 | 12.90 | 13.29 | 14.59 |
| Research And Development | 39.62 | 63.50 | 70.11 | 77.89 |
| Selling General And Administration | 22.41 | 39.06 | 31.76 | 32.23 |
| Normalized EBITDA | -61 | -101.68 | -100.97 | -109.62 |
| Normalized Income | -60.34 | -90.21 | -88.85 | -96.21 |
| Basic EPS | -1.67 | -1.27 | -1.12 | 0 |
| Diluted EPS | -1.67 | -1.27 | -1.12 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Net Income From Continuing Operation Net Minority Interest | -60.34 | -90.21 | -88.85 | -96.21 |
| Reconciled Depreciation | 1.03 | 0.88 | 0.90 | 0.50 |
| Net Interest Income | 2.11 | 12.90 | 13.29 | 14.59 |
| Net Income From Continuing And Discontinued Operation | -60.34 | -90.21 | -88.85 | -96.21 |
| Total Operating Income As Reported | -62.03 | -102.56 | -101.87 | -110.12 |
| Diluted Average Shares | 36.03 | 71.26 | 79.51 | 0 |
| Basic Average Shares | 36.03 | 71.26 | 79.51 | 0 |
| Diluted NI Availto Com Stockholders | -60.34 | -90.21 | -88.85 | -96.21 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Minority Interests | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -60.34 | -90.21 | -88.85 | -96.21 |
| Net Income Continuous Operations | -60.34 | -90.21 | -88.85 | -96.21 |
| Other Income Expense | -0.07 | -0.31 | -0.01 | -0.09 |
| Other Non Operating Income Expenses | -0.07 | -0.31 | -0.01 | -0.09 |
| Net Non Operating Interest Income Expense | 2.11 | 12.90 | 13.29 | 14.59 |
| Interest Income Non Operating | 2.11 | 12.90 | 13.29 | 14.59 |
| General And Administrative Expense | 22.41 | 39.06 | 31.76 | 32.23 |
| Other Gand A | 22.41 | 39.06 | 31.76 | 32.23 |
| Operating Revenue | 0 | 0 | 0 | 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 | - | 5.91 | -9.6% | -46.26 |
| Kymera Therapeutics, Inc. | KYMR | $6.7B | - | 4.20 | -19.7% | -17.38 |
| Spyre Therapeutics, Inc. | SYRE | $6.2B | - | 10.05 | 0.0% | - |
| Cogent Biosciences, Inc. | COGT | $6.1B | - | 10.56 | -51.7% | -15.73 |
| Hims & Hers Health, Inc. | HIMS | $6.1B |
| 51.63 |
| 11.06 |
| 23.7% |
| 37.26 |
| Celcuity Inc. | CELC | $5.8B | - | 57.10 | -176.1% | -32.74 |
| Mirum Pharmaceuticals, Inc. | MIRM | $5.7B | - | 15.53 | -7.4% | 2666.18 |
| CG Oncology, Inc. | CGON | $5.7B | - | 6.94 | -21.4% | -24.99 |
| Rhythm Pharmaceuticals, Inc. | RYTM | $5.6B | - | 39.69 | -72.8% | -28.64 |
| Peer Median | - | 51.63 | 10.81 | -20.6% | -17.38 | |