Terns announces $1.0B cash runway; TERN-701 pivotal trial planned late 2026/early 2027

Terns Pharmaceuticals, Inc.

Year-end 2025 unaudited cash ~$1.0B, expected to fund operations into 2031 including potential TERN-701 launch.
Completed December 2025 public offering of 18.7M shares, gross proceeds ~$747.5M.
TERN-701 granted FDA Fast Track for CML; CARDINAL trial enrolled 85+ patients as of Dec 8, 2025.
2026 milestones: pivotal dose selection and EOP2 FDA interaction mid-2026; updated CARDINAL data by 2H26; start 2L+ pivotal trial late 2026/early 2027.
New CARDINAL cohort to evaluate TERN-701 500mg QD in patients with BCR-ABL mutations including T315I.

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