---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-22-017517"
form_type: "8-K"
ticker: "TERN"
cik: "0001831363"
company_name: "Terns Pharmaceuticals, Inc."
filed_at: "2022-08-16T23:59:59+00:00"
generated_at: "2026-06-23T23:34:05.105152+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-22-017517
- form_type: 8-K
- ticker: TERN
- cik: 0001831363
- company_name: Terns Pharmaceuticals, Inc.
- filed_at: 2022-08-16T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1831363/000095017022017517/0000950170-22-017517-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1831363/000095017022017517/tern-20220811.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-22-017517
- JSON: https://secwatch.observer/filing/0000950170-22-017517.json
- Plain text: https://secwatch.observer/filing/0000950170-22-017517.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.