Terns Pharmaceuticals, Inc. (TERN)

The past six months have seen significant events impacting Terns Pharmaceuticals' stock price, primarily related to its obesity drug candidate, TERN-601. In Q2 2025, the company reported a net loss of $24.1 million, beating analyst expectations and reiterating its cash runway into 2028. The discontinuation of TERN-601 due to disappointing Phase 2 trial data and liver injuries led to a significant stock price drop and analyst downgrades. Oppenheimer reduced its price target from $20.00 to $17.00, and Citizens lowered its target from $20.00 to $15.00. JMP Securities also lowered its price target from $20.00 to $15.00, resulting in the stock falling 5.7% on October 24, 2025. H.C. Wainwright reiterated a Neutral rating. The company is now focusing on its oncology candidate, TERN-701.

As a clinical-stage biopharmaceutical company, Terns Pharmaceuticals does not generate revenue from product sales, so demand seasonality is not directly applicable. Its financial performance is influenced by clinical trial results, regulatory milestones, and partnership developments.

Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on developing small-molecule product candidates for serious diseases, including oncology, MASH, and obesity. The company's pipeline includes TERN-701, an oral BCR-ABL tyrosine kinase inhibitor in Phase 1 for chronic myeloid leukemia; TERN-501, a thyroid hormone receptor beta agonist in Phase IIa for MASH; TERN-800 series, a series of small-molecule GIPR modulators for obesity; and TERN-601, a GLP-1R agonist whose development has been discontinued due to low efficacy and safety concerns.

Terns Pharmaceuticals, Inc. is headquartered in Foster City, California, United States, with its primary operational focus within the United States.

Terns Pharmaceuticals' brand reputation has been negatively impacted by the discontinuation of TERN-601 due to disappointing efficacy and safety findings. This led to a stock price drop and analyst downgrades. The company is now focusing on its oncology candidate, TERN-701, to rebuild confidence.

Terns Pharmaceuticals is primarily owned by institutional shareholders, who hold 94.97% of the company's stock. Insiders own 23.24%, while retail investors hold 0.00%. Vivo Opportunity LLC is the largest individual shareholder, owning 13.18% of the company. Other major institutional owners include Soleus Capital Management LP, Orbimed Advisors LLC, Deep Track Capital LP, Morgan Stanley, Vivo Capital LLC, Blackrock Inc, Vanguard Group Inc, Citadel Advisors LLC, and Schonfeld Strategic Advisors LLC.