---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-315065"
form_type: "8-K"
ticker: "TERN"
cik: "0001831363"
company_name: "Terns Pharmaceuticals, Inc."
filed_at: "2025-12-11T23:59:59+00:00"
generated_at: "2026-05-16T13:32:20.782740+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-315065
- form_type: 8-K
- ticker: TERN
- cik: 0001831363
- company_name: Terns Pharmaceuticals, Inc.
- filed_at: 2025-12-11T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1831363/000119312525315065/0001193125-25-315065-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1831363/000119312525315065/d93950d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-315065
- JSON: https://secwatch.observer/filing/0001193125-25-315065.json
- Plain text: https://secwatch.observer/filing/0001193125-25-315065.txt

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