Terns Pharmaceuticals
Foster City, California, United States · Biopharma, Biotechnology, Healthcare
Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology, obesity and NASH. Terns’ pipeline includes three clinical stage development programs including an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, and a THR-β agonist, and a preclinical GIPR modu
Key facts
- Headquarters
- Foster City, California, United States
- Employees
- 64
- Industries
- Biopharma, Biotechnology, Healthcare
- Website
- ternspharma.com
- Company page
Recent activity at Terns Pharmaceuticals
- : SEC 8-K (5.02): On May 5, 2026, Terns Pharmaceuticals, Inc. experienced significant changes in its Board of Directors and executive officers related to the consummation of a Merger Agreement. As of the Effective Time, all existing directors of Terns, including Robert Azelby and Amy Burroughs, ceased their roles, while new directors from the Purchaser took over. Additionally, all incumbent officers of Terns also departed and were replaced by officers from the Purchaser. This restructuring is part of the strategic alignment following the merger aimed at enhancing corporate governance and operational integration post-transaction.
- : SEC 8-K (8.01): On April 27, 2026, Terns announced that the FDA granted Breakthrough Therapy Designation to TERN-701, an innovative oral allosteric BCR::ABL1 inhibitor intended for adult patients with Ph+ CML in the chronic phase without the T315I mutation, specifically those previously treated with two or more TKIs. This designation aims to expedite drug development for serious conditions, relying on preliminary clinical evidence from the ongoing Phase 1/2 CARDINAL trial, which has shown a promising response in patients with high baseline disease burden. The announcement highlights the potential for TERN-701 to significantly improve patient outcomes compared to existing therapies, while emphasizing low incidence of severe adverse events in trials. This development signifies a strategic advancement for Terns in addressing unmet medical needs in cancer treatment.
- : SEC 8-K (1.01): On March 24, 2026, Terns Pharmaceuticals, Inc. entered into a Material Definitive Agreement with Merck Sharp & Dohme LLC and Thailand Merger Sub, Inc. The agreement outlines a tender offer to purchase all outstanding shares of Terns at a price of $53.00 per share, subject to certain conditions including the acceptance of enough shares and regulatory approvals under the HSR Act. Following the tender offer, a merger will occur, making Terns a wholly-owned subsidiary of Merck. The transaction is significant as it consolidates Terns under Merck's portfolio, potentially impacting its strategic operations and market presence.
- : SEC 8-K (1.01):
- : Terns Pharmaceuticals Raises Capital in Underwritten Public Offering
- : SEC 8-K (8.01): On December 9, 2025, Terns Pharmaceuticals, Inc. entered into an underwriting agreement with Jefferies LLC, TD Securities (USA) LLC, and Leerink Partners LLC concerning a public offering of 16,250,000 shares of its common stock at an offering price of $40.00 per share. The underwriters were granted an option to purchase an additional 2,437,500 shares, which was exercised in full on December 10, 2025. The offering is expected to close on December 11, 2025, with net proceeds estimated at approximately $705.8 million after fees. This transaction is a significant event, enhancing the company's capital for strategic initiatives. The legal obligations concerning the underwriting terms include standard clauses for indemnification and representations.
- : SEC 8-K (8.01): On December 9, 2025, Terns Pharmaceuticals, Inc. (the 'Company') entered into an underwriting agreement with Jefferies LLC, TD Securities (USA) LLC, and Leerink Partners LLC for an underwritten public offering of 16,250,000 shares of the Company’s common stock at $0.0001 par value. Additionally, the agreement grants the Underwriters an option to purchase up to 2,437,500 additional shares, which was fully exercised on December 10, 2025. This offering is expected to provide the Company with substantial capital to fund its ongoing research and development, potentially impacting its future growth strategies. The offering is set to close in accordance with the standard procedures in such agreements.
- : SEC 8-K (8.01): On December 8, 2025, Terns Pharmaceuticals announced the presentation of updated and expanded data from the ongoing Phase 1 CARDINAL trial of TERN-701, an investigational allosteric BCR::ABL1 inhibitor for previously treated chronic myeloid leukemia (CML) patients. The trial aims to assess safety, tolerability, and efficacy, with promising results showing a cumulative major molecular response (MMR) rate of 74% among efficacy-evaluable patients. The data also highlighted an encouraging safety profile with no dose-limiting toxicities observed and a majority of patients remaining on treatment. These findings are significant as Terns continues to navigate the competitive landscape of CML therapies and may impact future clinical development and regulatory strategies.
- : SEC 8-K (8.01): On November 3, 2025, Terns announced that an abstract from the Phase 1 CARDINAL trial evaluating TERN-701 in patients with relapsed/refractory Chronic Myeloid Leukemia (CML) has been selected for oral presentation at the 67th ASH Annual Meeting on December 8, 2025. This novel investigational drug, TERN-701, aims to provide an effective treatment alternative for patients with CML, demonstrating a 75% major molecular response rate among evaluated patients. The ongoing trial, which started dose escalation in January 2025 and evolved to dose expansion in April 2025, continues to show safety and promising efficacy, further positioning TERN-701 as a potential best-in-disease therapy for refractory CML patients. Importantly, the report highlights that no dose limiting toxicities have been observed during the trial so far, which enhances the drug's safety profile.
- : SEC 8-K (8.01): On October 21, 2025, Terns Pharmaceuticals, Inc. announced the topline 12-week results from its Phase 2 trial of TERN-601, a novel GLP-1 receptor agonist aimed at treating obesity. The press release, which is filed as Exhibit 99.1, highlights significant advancements in the trial results that may have implications for obesity treatment. This announcement could potentially attract investor interest and impact the company's stock performance. The filing underscores Terns Pharmaceuticals' commitment to its clinical development pipeline and the importance of TERN-601 in its strategic portfolio.
Terns Pharmaceuticals funding history
| Date | Round | Amount |
|---|---|---|
| Dec 2025 | Post-IPO Equity | $650.0M |
| Jan 2021 | Venture | $97.7M |
| Jan 2021 | Series C | $87.0M |
Leadership
- Senthil Sundaram, Director, Executive Officer
- Weidong Ph.D., Executive Officer, Director
- Carl Ph.D., Director
- Hongbo Ph.D., Director
- Yi Ph.D., Director
- Jeffrey Kindler, Director
- David Fellows, Director
- Jill Quigley, Director
- Elise Wang, Director
- Andrew Gengos, Chief Financial Officer
- Scott Harris, Chief Development Officer
- Melita Sun Jung, Chief Business Officer
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Terns Pharmaceuticals in the news
- Merck braces for Keytruda patent loss with $6.7 billion Terns bet - Reuters (Mar 25, 2026)
- Eli Lilly and the ‘societal obligation’ of GLP-1s - STAT (Mar 25, 2026)
- Merck to Acquire Terns Pharmaceuticals, Inc., Expanding Its Hematology Pipeline With TERN-701, a Novel Candidate for Chronic Myeloid Leukemia (CML) - Business Wire (Mar 25, 2026)
- Merck nears $6 billion acquisition of Terns Pharma to boost cancer portfolio, FT reports - Reuters (Mar 24, 2026)
- Merck to Acquire Terns Pharma, Boosting Oncology Pipeline - New Jersey Business & Industry Association (Mar 25, 2026)
- Merck to buy Terns Pharmaceuticals for $6.7 billion to boost cancer pipeline - CNBC (Mar 25, 2026)
- Merck & Co. (MRK) to Acquire Terns Pharma for $6.7 Billion - Yahoo Finance (Mar 28, 2026)
- From failure to hit to a $6.7 billion buyout: Terns Pharma gets big offer from Merck - The Business Journals (Mar 25, 2026)
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About Terns Pharmaceuticals: questions and answers
What does Terns Pharmaceuticals do?
Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology, obesity and NASH. Terns’ pipeline includes three clinical stage development programs including an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, and a THR-β agonist, and a preclinical GIPR modu
Where is Terns Pharmaceuticals headquartered?
Terns Pharmaceuticals is headquartered in Foster City, California, United States.
How many employees does Terns Pharmaceuticals have?
Terns Pharmaceuticals has about 64 employees.
Has Terns Pharmaceuticals raised funding?
Yes. Fundz has recorded 3 funding events for Terns Pharmaceuticals. The most recent, Post-IPO Equity of $650.0M, was in Dec 2025.
What is the latest news on Terns Pharmaceuticals?
On May 05, 2026, SEC 8-K (5.02): On May 5, 2026, Terns Pharmaceuticals, Inc. experienced significant changes in its Board of Directors and executive officers related to the consummation of a Merger Agreement. As of the Effective Time, all existing directors of Terns, including Robert Azelby and Amy Burroughs, ceased
Source: Fundz records from SEC filings, press releases and company announcements. How Fundz measures data accuracy