Terns raises $65M in oversubscribed equity offering; funds TERN-701, TERN-601, NASH trials

Terns Pharmaceuticals, Inc.

Offering: 12.25M shares at $2.42/share; pre-funded warrants to buy 14.63M shares at $2.4199/warrant.
Gross proceeds ~$65M; net proceeds ~$60.7M after underwriting discounts and expenses.
Oversubscribed; led by new investors Fairmount and Venrock; Cowen lead manager, UBS bookrunner.
Net proceeds to advance TERN-701 (CML), TERN-601 (obesity) into Phase 2, and complete Phase 2a DUET NASH trial.
Offering closed August 16, 2022; priced above Nasdaq minimum price; existing investors participated.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.