TERN

MKT CAP:$5B

Terns Pharmaceuticals, Inc.

Market Cap

$5B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$52.83+$12.72 (+31.71%)

Apr 23, 2026

Company Details

Terns Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, develops small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis (NASH) and obesity. The company develops TER...

CEO

Amy L. Burroughs

IPO Date

Feb 5, 2021

Website

www.ternspharma.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$96M

EPS (Diluted)

-$1.03

Free Cash Flow

-$82M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 30, 2026

$0EPS -$1.03

Q4 2025

Mar 30, 2026

$0EPS -$0.24

Q3 2025

Nov 10, 2025

$0EPS -$0.27

Q2 2025

Aug 5, 2025

$0EPS -$0.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$14M
Q2 22	$0	$0	-$14M
Q3 22	$0	$0	-$17M
Q4 22	$0	$0	-$17M
Q1 23	$0	$0	-$24M
Q2 23	$0	$0	-$21M
Q3 23	$0	$0	-$33M
Q4 23	$0	$0	-$24M
Q1 24	$0	$0	-$25M
Q2 24	$0	$0	-$26M
Q3 24	$0	$0	-$25M
Q4 24	$0	$0	-$26M
Q1 25	$0	$0	-$27M
Q2 25	$0	-$108.0K	-$27M
Q3 25	$0	$0	-$28M
Q4 25	$0	$108.0K	-$28M

Valuation

Quarter	P/S	P/E
Q1 22	72.3x	—
Q2 22	57.7x	—
Q3 22	347.3x	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$13M	-$14M
Q2 22	-$11M	-$11M
Q3 22	-$14M	-$14M
Q4 22	-$11M	-$11M
Q1 23	-$14M	-$14M
Q2 23	-$13M	-$13M
Q3 23	-$21M	-$21M
Q4 23	-$19M	-$19M
Q1 24	-$23M	-$23M
Q2 24	-$16M	-$16M
Q3 24	-$16M	-$16M
Q4 24	-$15M	-$15M
Q1 25	-$24M	-$24M
Q2 25	-$19M	-$19M
Q3 25	-$20M	-$20M
Q4 25	-$19M	-$19M

Capital Expenditures

Quarter	CapEx
Q1 22	$242.0K
Q2 22	$7.0K
Q3 22	$8.0K
Q4 22	$34.0K
Q1 23	$0
Q2 23	$0
Q3 23	$8.0K
Q4 23	$44.0K
Q1 24	$29.0K
Q2 24	$13.0K
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+4.0%
Q2 22	—	+30.2%
Q3 22	—	+45.7%
Q4 22	-100.0%	+13.1%
Q1 23	—	+74.7%
Q2 23	—	+50.2%
Q3 23	—	+91.9%
Q4 23	—	+43.0%
Q1 24	—	+5.3%
Q2 24	—	+20.7%
Q3 24	—	-24.8%
Q4 24	—	+7.9%
Q1 25	—	+7.8%
Q2 25	—	+7.2%
Q3 25	—	+11.1%
Q4 25	—	+6.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	—
Q2 22	$3M	—
Q3 22	$0	—
Q4 22	$3M	—
Q1 23	$4M	—
Q2 23	$4M	—
Q3 23	$14M	—
Q4 23	$3M	—
Q1 24	$4M	—
Q2 24	$4M	—
Q3 24	$4M	—
Q4 24	$3M	—
Q1 25	$0	—
Q2 25	$3M	—
Q3 25	$3M	—
Q4 25	$3M	—

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$8M	$6M
Q2 22	$9M	$5M
Q3 22	$12M	$5M
Q4 22	$11M	$6M
Q1 23	$17M	$7M
Q2 23	$14M	$7M
Q3 23	$15M	$18M
Q4 23	$17M	$7M
Q1 24	$19M	$7M
Q2 24	$18M	$7M
Q3 24	$15M	$10M
Q4 24	$18M	$8M
Q1 25	$19M	$9M
Q2 25	$20M	$7M
Q3 25	$20M	$8M
Q4 25	$19M	$9M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$44M	$107M	$151M
Q2 22	$17M	$123M	$140M
Q3 22	$63M	$124M	$187M
Q4 22	$143M	$140M	$283M
Q1 23	$184M	$113M	$298M
Q2 23	$81M	$205M	$286M
Q3 23	$38M	$229M	$267M
Q4 23	$80M	$184M	$263M
Q1 24	$65M	$176M	$241M
Q2 24	$91M	$134M	$225M
Q3 24	$270M	$103M	$373M
Q4 24	$161M	$197M	$358M
Q1 25	$139M	$195M	$334M
Q2 25	$146M	$169M	$315M
Q3 25	$151M	$145M	$296M
Q4 25	$525M	$494M	$1.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	25M	+0.0%	+0.6%
Q2 22	25M	+0.1%	+0.8%
Q3 22	39M	+52.2%	+53.1%
Q4 22	55M	+42.0%	+116.5%
Q1 23	70M	+27.6%	+176.1%
Q2 23	71M	+2.3%	+182.0%
Q3 23	72M	+0.2%	+85.7%
Q4 23	72M	+1.1%	+32.2%
Q1 24	74M	+2.9%	+6.6%
Q2 24	74M	+0.1%	+4.3%
Q3 24	78M	+4.5%	+8.8%
Q4 24	91M	+17.2%	+26.1%
Q1 25	91M	+0.3%	+22.9%
Q2 25	92M	+0.1%	+23.0%
Q3 25	92M	+0.1%	+17.8%
Q4 25	93M	+1.6%	+2.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	41
Q2 22	$0	41
Q3 22	$0	41
Q4 22	$0	46
Q1 23	$0	46
Q2 23	$0	46
Q3 23	$0	46
Q4 23	$0	66
Q1 24	$0	66
Q2 24	$0	66
Q3 24	$0	66
Q4 24	$0	59
Q1 25	$0	59
Q2 25	$0	59
Q3 25	$0	59
Q4 25	$0	200K

Revenue / Employee