secwatch.observer — SEC 8-K summary
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Issuer:     Terns Pharmaceuticals, Inc. (TERN)
CIK:        0001831363
Form:       8-K
Filed at:   2022-08-16T23:59:59+00:00
Accession:  0000950170-22-017517
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1831363/000095017022017517/0000950170-22-017517-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1831363/000095017022017517/tern-20220811.htm
  HTML page:      https://secwatch.observer/filing/0000950170-22-017517

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer