Pharmaceutical PreparationsIFRS · EUR

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.

Kysy yhtiöstä
Liikevoitto (EBIT)−110milj. EUR
−8,1 %v/v
Nettotulos−96,2milj. EUR
−8,3 %v/v
Vapaa kassavirta−82,2milj. EUR
−17,3 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−125−100−75−50−25025milj. EUR2020: 0,00 milj. EUR2020: EBIT −37 milj. EUR20202021: 1,0 milj. EUR2021: EBIT −50 milj. EUR20212022: 0,00 milj. EUR2022: EBIT −62 milj. EUR20222023: EBIT −103 milj. EUR20232024: EBIT −102 milj. EUR20242025: EBIT −110 milj. EUR2025−110
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
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.

Asiakkaat

Terns does not sell commercial products; its direct counterparties are primarily pharmaceutical partners, contract research organizations, contract manufacturers, and regulators supporting development. If programs advance, the eventual end customers are patients and prescribing physicians in oncology and obesity care, with reimbursement decisions made by payors.

Strategic pharmaceutical partners

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

CRO and CMO vendors

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

Regulatory agencies

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

Future oncology patients

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

Future obesity patients

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

Strategia

Terns is prioritizing advancement of its oncology lead program, especially TERN-701, while maintaining a selective approach to metabolic assets. The company also seeks strategic partnerships for certain programs, using collaboration to extend development reach and potentially share risk and capital needs.

Advance TERN-701Lyhyt aikaväli

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

Partner selected programsLyhyt aikaväli

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

Build obesity pipeline selectivelyKeskipitkä aikaväli

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

Maantiede

Terns is headquartered in the United States, but its development footprint is international because clinical trials, suppliers, and potential partners span China, Europe, Canada, and other jurisdictions. The company also references a greater China licensing arrangement for TERN-701, which makes regional partnering an important part of its geographic exposure.

Riskit

Terns faces the typical risks of a clinical-stage biotech company: clinical failure, regulatory delay, and dependence on external capital and partners. Its programs also face intense competition in oncology and obesity, while international sourcing and trial activity create exposure to China-related trade and supply-chain disruption.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Regulatory delay or disruption1Funding dependence2China trade and supply-chain exposure3
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Regulatory delay or disruptionVaikutus: KorkeaTodennäköisyys: Korkea

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

    KohdistuuINDsClinical trialsMarketing applications
  2. Funding dependenceVaikutus: KorkeaTodennäköisyys: Korkea

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

    Kohdistuu: Operating runway and trial execution

  3. China trade and supply-chain exposureVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    KohdistuuContract manufacturersGlobal trialsGreater China licensing
  4. Clinical development failureVaikutus: Korkea

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

    KohdistuuTERN-701TERN-501TERN-800 series
  5. Partnering and commercialization riskVaikutus: Keskitaso

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

    KohdistuuTERN-601TERN-501TERN-800 series

Kirjanpito

Harkinnanvaraiset erät
Research and development accruals

Clinical and manufacturing costs are recognized as vendors progress, so estimates affect quarterly expense timing.

Vaikutus: Can shift operating loss between periods

License and milestone revenue

Any future collaboration revenue would depend on contract milestones and performance obligations.

Vaikutus: Could create lumpy revenue recognition

Stock-based compensation

Equity awards and option exercises are part of the financing and compensation structure.

Vaikutus: Affects G&A expense and equity dilution

Capitalized prepayments and trial costs

Payments made before goods or services are received may be capitalized until consumed.

Vaikutus: Affects timing of expense recognition

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Päivitetty: 24.9.2026

Terns Pharmaceuticals, Inc. – Pharmaceutical Preparations | Analyysi – Clarifo