secwatch.observer — SEC 8-K summary
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Issuer:     Terns Pharmaceuticals, Inc. (TERN)
CIK:        0001831363
Form:       8-K
Filed at:   2024-07-03T23:59:59+00:00
Accession:  0000950170-24-081531
Event type: other
Sentiment:  neutral
Materiality: 0.15
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Terns Pharmaceuticals extends office lease for 36 months through October 2027
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- Lease extended from Nov 1, 2024 to Oct 31, 2027 for 9,751 sq ft in Foster City, CA.
- Monthly base rent: $0 (Nov '24-Jan '25), then $43,879.50 rising to $46,551.76 by 2026-27.
- Tenant pays $43,789.50 as prepaid rent for Feb 2025 upon execution of amendment.
- Option to extend for additional three years with 9-12 months written notice; first refusal right deleted.
- Landlord may convert building to life science lab; tenant gets rent abatement and termination rights for significant disruption.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1831363/000095017024081531/0000950170-24-081531-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1831363/000095017024081531/tern-20240701.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-081531

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