Highest-materiality recent filing
Terns Pharmaceuticals acquired by Merck for $53/share; shares to be delisted
Offer expired May 4, 2026 with 100,091,794 shares (86.36%) validly tendered; minimum condition met.
FDA Breakthrough Therapy Designation for TERN-701 in Ph+ CML-CP patients without T315I mutation, previously treated with 2+ TKIs.
Merck to acquire Terns for $53.00/share ($6.7B equity value); adds CML candidate TERN-701
Merck subsidiary will pay $53.00 per share in cash, representing ~$6.7B equity value; ~$5.7B net of acquired cash.
Terns Pharma secures exclusive worldwide license for TERN-701 from Hansoh; $1M upfront
Amendment grants Terns exclusive, perpetual, worldwide (excl. Hansoh territory) license to Hansoh patents for TERN-701.
Terns announces $1.0B cash runway; TERN-701 pivotal trial planned late 2026/early 2027
Year-end 2025 unaudited cash ~$1.0B, expected to fund operations into 2031 including potential TERN-701 launch.
Terns Pharmaceuticals prices upsized $650M public offering of 16.25M shares at $40/share
Public offering of 16.25M shares at $40/share upsized; underwriters' option for 2.44M shares exercised in full.
Terns reports 64% MMR rate in Phase 1 CARDINAL trial of TERN-701 in CML; selects 320/500 mg RP2D
Overall MMR rate of 64% (18/28) achieved by 24 weeks; cumulative MMR rate 74% (28/38).
TERN-701 Phase 1 CARDINAL trial: overall MMR rate 75% by 24 weeks; 69% in patients with lack of efficacy to prior TKI.
75% (24/32) overall cumulative MMR rate by 24 weeks; 64% (14/22) achieved MMR, 100% (10/10) maintained MMR, no MMR loss.
Terns Pharma discontinues obesity drug TERN-601 after Phase 2 miss; liver enzyme signals seen
Max placebo-adjusted weight loss 4.6% (p<0.0001) at 500 mg dose; 11.9% discontinued due to AEs.
Terns Q2 net loss $24.1M; TERN-701 CML data and TERN-601 obesity data expected by year-end 2025
Net loss $24.1M for Q2 2025 vs $22.7M in Q2 2024; R&D expenses $20.4M.
Terns Pharmaceuticals elects three directors and ratifies EY as auditor at 2025 annual meeting
Robert Azelby elected with 56.4M votes for, 3.2M withheld.
Terns Q1 net loss $23.9M; advances TERN-701 CML and TERN-601 obesity trials
Net loss $23.9M ($0.26 EPS) vs $22.4M a year ago; R&D flat at $18.7M, G&A up to $8.7M.
FY2024 net loss $88.9M ($1.12/share), vs $90.2M in FY2023; R&D expenses $70.1M, G&A $31.8M.
Terns Pharma appoints Andrew Gengos as CFO effective Feb 24, 2025
Andrew Gengos named CFO effective Feb 24; salary $510K, bonus target 40%, option for 750K shares vesting over 4 years.
Terns Pharmaceuticals appoints Robert Azelby to board; Carl Gordon resigns
Robert Azelby appointed to Board as Class I director effective Feb 20, 2025, and joins Compensation Committee.
Terns Pharmaceuticals CFO Mark Vignola Departs; CEO Burroughs Takes Interim CFO Role
CFO Mark Vignola separated effective Feb 1, 2025; entered consulting agreement through July 2025.
Terns reports positive Phase 1 CARDINAL data for TERN-701 in CML; MMR rate 50% at 3 months
15 patients enrolled across 160mg, 320mg, 400mg QD; 14 of 15 remain on treatment as of Oct 28, 2024 cutoff.
Terns Pharmaceuticals appoints Heather Turner to board; Ann Taylor resigns
Heather Turner, former CEO of Carmot Therapeutics, appointed to Board of Directors effective Nov 18.
Terns Pharma Q3 net loss $21.9M; cash $372.8M; TERN-701 data Dec 2024, TERN-601 Phase 2 start 2Q25
Net loss of $21.9M ($0.28/share) vs $29.8M loss ($0.42) in Q3 2023; R&D $15.2M, G&A $9.8M.
Terns Pharmaceuticals prices upsized $150M public offering; net proceeds ~$162M
Offering of 11.9M common shares at $10.50 and 2.38M pre-funded warrants at $10.50 per underlying share.
TERN-601 achieved 4.9% placebo-adjusted mean weight loss at 740 mg QD over 28 days (p<0.0001); 5.5% absolute mean loss.
Terns Q2 net loss $22.7M; cash $225M; TERN-601 Ph1 data Sep, TERN-701 data Dec 2024
Net loss of $22.7M for Q2 2024 ($0.31/share) vs $17.9M ($0.25/share) in Q2 2023.
Terns appoints new Chief Legal Officer; CFO and General Counsel to depart in planned transitions
Elona Kogan appointed Chief Legal Officer effective July 29; previously CLO at Seer, Inc.
Terns Pharmaceuticals extends office lease for 36 months through October 2027
Lease extended from Nov 1, 2024 to Oct 31, 2027 for 9,751 sq ft in Foster City, CA.
Jeffrey Kindler elected with 45,958,352 votes for, 6,735,358 withheld, 5,131,121 broker non-votes.
each of Robert Azelby, Amy Burroughs, David Fellows, Jeffrey B. Kindler, J.D., Jill M. Quigley, J.D., Radhika Tripuraneni, M.D. and Heather Turner, J.D. ceased to be a member of the Board of Directors of Terns
each of Robert Azelby, Amy Burroughs, David Fellows, Jeffrey B. Kindler, J.D., Jill M. Quigley, J.D., Radhika Tripuraneni, M.D. and Heather Turner, J.D. ceased to be a member of the Board of Directors of Terns
each of Robert Azelby, Amy Burroughs, David Fellows, Jeffrey B. Kindler, J.D., Jill M. Quigley, J.D., Radhika Tripuraneni, M.D. and Heather Turner, J.D. ceased to be a member of the Board of Directors of Terns
the directors of Purchaser as of immediately prior to the Effective Time, which consisted of Jon Filderman, Melissa Leonard and Dalton Smart, became the directors of the Surviving Corporation.
each of Robert Azelby, Amy Burroughs, David Fellows, Jeffrey B. Kindler, J.D., Jill M. Quigley, J.D., Radhika Tripuraneni, M.D. and Heather Turner, J.D. ceased to be a member of the Board of Directors of Terns
each of Robert Azelby, Amy Burroughs, David Fellows, Jeffrey B. Kindler, J.D., Jill M. Quigley, J.D., Radhika Tripuraneni, M.D. and Heather Turner, J.D. ceased to be a member of the Board of Directors of Terns
each of Robert Azelby, Amy Burroughs, David Fellows, Jeffrey B. Kindler, J.D., Jill M. Quigley, J.D., Radhika Tripuraneni, M.D. and Heather Turner, J.D. ceased to be a member of the Board of Directors of Terns
each of Robert Azelby, Amy Burroughs, David Fellows, Jeffrey B. Kindler, J.D., Jill M. Quigley, J.D., Radhika Tripuraneni, M.D. and Heather Turner, J.D. ceased to be a member of the Board of Directors of Terns
the directors of Purchaser as of immediately prior to the Effective Time, which consisted of Jon Filderman, Melissa Leonard and Dalton Smart, became the directors of the Surviving Corporation.
the directors of Purchaser as of immediately prior to the Effective Time, which consisted of Jon Filderman, Melissa Leonard and Dalton Smart, became the directors of the Surviving Corporation.
Mr. Gengos will serve as the Chief Financial Officer of Terns, effective as of February 24, 2025.
On February 20, 2025, Carl Gordon notified Terns Pharmaceuticals, Inc. (the “Company”) of his resignation from the Company’s Board of Directors (the “Board”), effective as of February 20, 2025.
Max materiality 1.00 · Median 0.65 · Most common event other_material