Terns Pharmaceuticals prices upsized $150M public offering; net proceeds ~$162M

Terns Pharmaceuticals, Inc.

Offering of 11.9M common shares at $10.50 and 2.38M pre-funded warrants at $10.50 per underlying share.
Underwriters' option for 2.145M additional shares exercised in full; total gross proceeds ~$150M before discounts.
Estimated net proceeds of $161.9M including option; cash runway extended into 2028.
Proceeds to fund clinical trials, development of TERN-701, TERN-601 and TERN-800 series, and working capital.
Jefferies and TD Cowen lead book-running managers; closing expected September 12, 2024.

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