Terns Pharmaceuticals, Inc.

Terns Pharmaceuticals, Inc. is a U.S.-based clinical-stage biopharmaceutical company focused on discovering and developing small-molecule medicines for oncology and metabolic diseases. Its pipeline includes internally discovered drug candidates such as TERN-701 and TERN-501, along with the TERN-800 series of GIPR modulators for obesity.

62.41

62.41

— Terns Pharmaceuticals, Inc.
%
Oncology pipeline0% Small-molecule drug candidates for cancer treatment, including TERN-701 and TERN-501.
Metabolic disease pipeline0% Obesity-focused programs built around GIPR modulation and combination approaches.
Discovery and preclinical development0% Internal discovery, preclinical research, and candidate nomination activities.
Clinical development0% Human clinical testing and related regulatory development for pipeline assets.
Out-licensing and partnering0% Potential milestone-based collaboration and license arrangements for select programs.

Terns does not sell commercial products; its direct counterparties are primarily pharmaceutical partners, contract...

  • Strategic pharmaceutical partnersprimary

    Potential licensees or collaborators that may fund or regionalize development of TERN-701 or metabolic assets.

  • CRO and CMO vendorsprimary

    Service providers that support discovery, manufacturing, and clinical execution.

  • Regulatory agenciesprimary

    FDA and foreign regulators that review INDs, trial plans, and marketing applications.

  • Future oncology patientsemerging

    Patients who would ultimately receive TERN-701 or related oncology therapies if approved.

  • Future obesity patientsemerging

    Patients who would ultimately receive GIPR-based metabolic therapies if approved.

Terns is headquartered in the United States, but its development footprint is international because clinical trials,...

  • •United States headquarters and primary corporate operations
  • •Clinical development and regulatory interactions centered in the U.S.
  • •China exposure through suppliers, trials, and a greater China license
  • •Europe and other countries used for global trial execution
  • •Canada and other international jurisdictions in the supply chain

Terns is prioritizing advancement of its oncology lead program, especially TERN-701, while maintaining a selective...

01
Advance TERN-701short-term

The company views this as its most important internal program and a key value driver.

02
Partner selected programsshort-term

Partnerships can provide external funding, regional reach, and development support.

03
Build obesity pipeline selectivelymedium-term

GIPR modulation may create combination opportunities with GLP-1 therapies.

Terns faces the typical risks of a clinical-stage biotech company: clinical failure, regulatory delay, and dependence...

high

Clinical development failure

Drug candidates may not demonstrate acceptable efficacy, safety, or tolerability.

Scope
TERN-701, TERN-501, TERN-800 series
Materiality
high
high

Regulatory delay or disruption

FDA and foreign agency disruptions can slow guidance, review, and approvals.

Scope
INDs, clinical trials, marketing applications
Materiality
high
high

China trade and supply-chain exposure

Manufacturers, suppliers, and trial activity in China can be affected by tariffs, sanctions, or export restrictions.

Scope
Contract manufacturers, global trials, greater China licensing
Materiality
high
high

Funding dependence

The company has no product revenue and relies on external financing to fund development.

Scope
Operating runway and trial execution
Materiality
high
medium

Partnering and commercialization risk

Potential collaborators may demand favorable economics or decline to partner if competing assets look stronger.

Scope
TERN-601, TERN-501, TERN-800 series
Materiality
medium
Research and development accruals
Can shift operating loss between periods
License and milestone revenue
Could create lumpy revenue recognition
Stock-based compensation
Affects G&A expense and equity dilution
Capitalized prepayments and trial costs
Affects timing of expense recognition

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: 29/04/2026