Terns Pharmaceuticals enters $150M ATM equity offering with Cowen

Terns Pharmaceuticals, Inc.

Up to $150M of common stock may be sold at-the-market through sales agent Cowen.
Cowen receives up to 3.0% of gross proceeds from shares sold under the agreement.
Sales may be made on Nasdaq or as principal; either party can suspend the offering.
Shares offered under existing shelf registration statement on Form S-3 effective Feb 10, 2023.
Legal opinion from Wilmer Cutler Pickering Hale and Dorr LLP included as exhibit.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Terns Pharmaceuticals, Inc. entered into May 2023 Sales Agreement with Cowen and Company, LLC valued at up to $150,000,000 (effective 2023-05-15).

Action: entry
Agreement: atm program
Counterparty: Cowen and Company, LLC
Value: up to $150,000,000
Effective: 2023-05-15

Exact text from the filing

On May 15, 2023, Terns Pharmaceuticals, Inc. (the “Company”) entered into a Sales Agreement (the “May 2023 Sales Agreement”), with Cowen and Company, LLC (“Cowen”), as sales agent, pursuant to which the Company may offer and sell shares of its common stock, $0.0001 par value per share (“Common Stock”), having an aggregate offering price of up to $150,000,000 (the “Shares”) from time to time through Cowen.

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Terns Pharmaceuticals, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-022264

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