Terns Pharmaceuticals prices upsized $650M public offering of 16.25M shares at $40/share

Terns Pharmaceuticals, Inc.

Public offering of 16.25M shares at $40/share upsized; underwriters' option for 2.44M shares exercised in full.
Estimated net proceeds ~$705.8M to fund TERN-701 trials, manufacturing, and potential commercial launch prep.
Cash runway extended into 2031, based on existing cash plus estimated offering net proceeds.
Jefferies, TD Cowen, Leerink Partners lead underwriters; closing expected Dec 11, 2025.

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