Terns Pharmaceuticals, founded in 2016 and headquartered in Foster City, California, is a clinical-stage biopharmaceutical company focused on developing small-molecule therapies for serious diseases.
The company primarily targets oncology, metabolic dysfunction-associated steatohepatitis (MASH) and obesity. Its pipeline includes TERN-701, an allosteric BCR-ABL tyrosine kinase inhibitor in Phase I trials for chronic myeloid leukemia (CML); TERN-501, a thyroid hormone receptor beta agonist in Phase IIa trials for MASH; and TERN-601, a glucagon-like peptide-1 receptor agonist for obesity currently in preclinical stages. With a lean corporate structure of approximately 59 employees as of spring 2025, Terns operates as a publicly traded company on NASDAQ under the ticker "TERN."
Terns reported a net loss of $88.9 million in 2024
The company holds $358 million in cash reserves as of December 31, 2024
The company used $(88.9M) cash for Ops in 2024
Terns reported a net loss of $88.9 million in 2024, slightly improved from $90.2 million in 2023, reflecting disciplined cost management amid increasing R&D investments. The company holds $358 million in cash reserves as of December 31, 2024, providing a financial runway into 2028. Analysts project significant upside potential due to upcoming clinical milestones.
Metric | 2024 (USD) | 2023 (USD) |
---|---|---|
Revenue | $0 | $0 |
Net Income/Loss | $(88.9M) | $(90.2M) |
EPS | $(1.12) | $(1.27) |
Cash & Equivalents | $358M | $263.4M |
Total Assets | $372.8M | $278.5M |
R&D Expenses | $70.1M | $63.5M |
Operating Expenses | $101.9M | $102.6M |
Net Cash Used (Ops) | $(88.9M) | $(90.2M) |
Terns leverages proprietary small-molecule platforms to develop therapies with enhanced efficacy and safety profiles, focusing on global patent protection across its pipeline assets.
Product Name | Indication | Clinical Phase | Partner | Key Milestones |
---|---|---|---|---|
TERN-701 | Chronic Myeloid Leukemia (CML) | Phase I | None | Dose expansion Q2 2025 |
TERN-501 | MASH | Phase IIa | None | Data readout Q4 2025 |
TERN-601 | Obesity | Preclinical | None | Preclinical progress |
Positive early data from Phase I CARDINAL trial of TERN-701.
Enrollment of the first patient in the Phase II FALCON trial for TERN-601.
Appointment of Andrew Gengos as CFO.
The company plans to allocate its $358 million reserve toward advancing clinical trials, expanding its pipeline, and operational costs through 2028.
Terns has no disclosed partnerships but remains open to collaborations that align with its strategic focus areas.
Strong cash position; promising clinical pipeline.
No revenue generation; reliance on external funding.
Large addressable markets in oncology and obesity.
Competitive landscape; regulatory risks.
This comprehensive profile highlights Terns Pharmaceuticals' potential as an emerging player in biopharma innovation while outlining its challenges and strategic focus areas for sustained growth and value creation.
Amy Burroughs
Chief Executive Officer
Amy Burroughs joined as Terns’ Chief Executive Officer and a member of its Board of Directors in February 2024, bringing more than 25 years of leadership experience. Most recently, she served as CEO at Cleave Therapeutics, where she led the company through financings, spearheaded licensing and collaboration deals, and oversaw the clinical development of its investigational therapy, CB-5339, for the treatment of acute myeloid leukemia. Previously, she served as executive in residence at 5AM Ventures and, in parallel, as senior advisor to one of its portfolio companies, Crinetics Pharmaceuticals, during its initial public offering. Earlier in her career, Ms. Burroughs held roles of increasing responsibility in commercial and strategy at Genentech, commercial and business development at other high growth therapeutics companies, talent and governance at Egon Zehnder International, and brand management at Procter & Gamble. Ms Burroughs earned her MBA. from Harvard Business School, where she graduated as a Baker Scholar, and her BA in computer science with a minor in economics from Dartmouth College. She is currently a member of the board and audit committees at Tenaya Therapeutics.
Andrew Gengos
Chief Executive Officer
Mr Gengos is a seasoned finance and corporate strategy executive with 25 years of experience, successfully leading teams in the life sciences and biotechnology industry. Most recently, he served as the Chief Financial Officer of Athira Pharma. Prior to that, Mr Gengos was Chief Business Officer at Cyteir Therapeutics, where he led the finance team that took the company public. In addition, Mr. Gengos held Chief Executive Officer roles at ImmunoCellular Therapeutics and Neuraltus Pharmaceuticals, where he provided strategic and financial leadership across multiple therapeutic areas, including oncology and neurodegenerative disease. Earlier, Mr Gengos was Vice President of Strategy and Corporate Development at Amgen for eight years. Mr Gengos started his career at Morgan Stanley before moving on to McKinsey & Co, where he advanced from Associate to Senior Engagement Manager. Mr Gengos holds an MBA from the UCLA Anderson School of Management and a BS in Chemical Engineering from the Massachusetts Institute of Technology.