---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-042663"
form_type: "8-K"
ticker: "TERN"
cik: "0001831363"
company_name: "Terns Pharmaceuticals, Inc."
filed_at: "2025-03-20T23:59:59+00:00"
generated_at: "2026-05-24T10:44:22.964349+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Terns Pharma reports FY2024 net loss of $88.9M; cash runway into 2028; clinical milestones for CML and obesity

## Summary
- FY2024 net loss $88.9M ($1.12/share), vs $90.2M in FY2023; R&D expenses $70.1M, G&A $31.8M.
- Cash, cash equivalents and marketable securities $358.2M as of Dec 31, 2024, up from $263.4M; expected runway into 2028.
- TERN-701 Phase 1 CARDINAL dose expansion to start 2Q25, with additional safety/efficacy data in 4Q25.
- TERN-601 Phase 2 FALCON enrolled first patient in March 2025; 12-week top-line data expected 4Q25.
- Appointed Andrew Gengos as CFO and Robert Azelby to board in February 2025.

## SEC filing metadata
- accession: 0000950170-25-042663
- form_type: 8-K
- ticker: TERN
- cik: 0001831363
- company_name: Terns Pharmaceuticals, Inc.
- filed_at: 2025-03-20T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1831363/000095017025042663/0000950170-25-042663-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1831363/000095017025042663/tern-20250320.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-042663
- JSON: https://secwatch.observer/filing/0000950170-25-042663.json
- Plain text: https://secwatch.observer/filing/0000950170-25-042663.txt

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