Terns Pharmaceuticals, Inc.
TERN evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for TERN—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · TERN
Terns Pharmaceuticals is a clinical-stage biopharmaceutical company developing small-molecule oncology therapies, with a lead program in chronic myeloid leukemia (CML) and cash of $524.7M as of 2025-12-31 [sec].
Key risk: Need for additional capital
BioSniper Score
Based on 5 of 6 signals
Financial data as of Dec 31, 2025.
Tracking 3 pipeline candidates for Terns Pharmaceuticals, Inc..
Terns Pharmaceuticals is a clinical-stage biopharmaceutical company developing small-molecule oncology therapies, with a lead program in chronic myeloid leukemia (CML) and cash of $524.7M as of 2025-12-31 [sec].
- Lead product candidate is being evaluated in the CARDINAL trial for chronic myeloid leukemia (CML) [sec filed 2025-11-03].
- The CARDINAL dose expansion is on track to initiate in the first half of 2025, with additional efficacy data (including MMR rates) expected in Q4 2025 [sec filed 2024-12-03].
- Cash and equivalents stood at $524.7M as of 2025-12-31, with a net loss of $23.6M for the period [sec].
- The company raised $161.9M in net proceeds from an underwritten public offering and believes existing cash will fund operations into 2028 [sec_mda as of 2025-11-10].
- Shareholders' equity was $345.9M as of 2025-12-31 [sec].
What works
- Cash runway extends into 2028, providing a multi-year development horizon without near-term financing urgency [sec_mda as of 2025-11-10].
- The company's CML program targets a 'broad opportunity across all CML treatment lines' [sec filed 2025-11-03].
- Clinical development is advancing on schedule, with dose expansion and key efficacy data milestones planned for 2025 [sec filed 2024-12-03].
What to weigh
- The company has a history of operating losses and expects to continue incurring 'significant expenses and operating losses for the foreseeable future' [sec_mda as of 2025-11-10].
- Substantial additional funding will be needed to complete development and commercialization; the company acknowledges it 'will need substantial additional funding to support our operating activities' [sec_mda as of 2025-11-10].
- All product candidates are in clinical or preclinical stages, and there is no approved product or commercial revenue yet [sec_mda as of 2025-11-10].
- Forward-looking statements highlight risks related to clinical trial results, regulatory approvals, and competition [sec filed 2026-04-27].
From the filings
Quoted directly from source documents.
The company's cash runway is expected to fund operations into 2028.
“We believe that our existing cash and cash equivalents will be sufficient to fund our planned operating expenses and capital expenditure requirements into 2028.”
SEC MD&A · November 10, 2025
The CARDINAL dose expansion is on track for H1 2025 with efficacy data in Q4 2025.
“The study is on track to initiate dose expansion in the first half of 2025 with additional efficacy data expected in the fourth quarter of 2025, including longer term MMR rates.”
SEC filings · December 3, 2024
The company sees a broad opportunity across all CML treatment lines.
“broad opportunity across all CML treatment lines.”
SEC filings · November 3, 2025
The company will need additional funding for ongoing operations.
“need to obtain substantial additional funding in connection with our continuing operations.”
SEC MD&A · November 10, 2025
Risks & what to watch (4)›
Key risks
- Need for additional capital — The company will require substantial additional funding to complete development and commercialization; cash runway into 2028 is not indefinite [sec_mda as of 2025-11-10].
- Clinical trial uncertainty
- No approved products or revenue — All candidates are in clinical or preclinical stages; the company has no commercial revenue and expects continued operating losses [sec_mda as of 2025-11-10].
- Dependence on single program — The lead CARDINAL trial is the primary value driver; setbacks in this program could materially affect the company [sec filed 2024-12-03].
What to watch
- Initiation of dose expansion in the CARDINAL trial in first half of 2025 [sec filed 2024-12-03].
- Additional efficacy data (including MMR rates) from the CARDINAL trial expected in Q4 2025 [sec filed 2024-12-03].
- Cash burn rate and any updates to the cash runway beyond 2028 [sec_mda as of 2025-11-10].
- Potential regulatory interactions or partnership announcements for the CML program [sec filed 2025-11-03].
Sources: SEC filings · SEC MD&A · Generated July 18, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
156.6 months
D/E 0.02
Lead: Phase 2
3 candidates
No upcoming catalysts tracked
0 buys · 3 sells (180d)
Runway
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
323
Total value held
$7.24B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 9,569,585 | $504.5M |
| vanguard capital management llc | 8,710,964 | $459.2M |
| morgan stanley | 6,449,140 | $340.0M |
| avoro capital advisors llc | 5,695,000 | $300.2M |
| holocene advisors, lp | 4,115,828 | $217.0M |
| balyasny asset management l.p. | 3,887,445 | $204.9M |
| citadel advisors llc | 3,747,310 | $197.6M |
| millennium management llc | 3,393,358 | $178.9M |
| hbk investments l p | 2,950,000 | $155.5M |
| janus henderson group plc | 2,940,114 | $155.0M |
Showing top 10 of 323 institutional holders of Terns Pharmaceuticals, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 19, 2026- % of float
- 11.7%
- Days to cover
- 1.7
- Shares short
- 13,505,870
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
TERN short interestGovernance
Frequently asked questions
What is the AI investment thesis for Terns Pharmaceuticals, Inc.?
Terns Pharmaceuticals is a clinical-stage biopharmaceutical company developing small-molecule oncology therapies, with a lead program in chronic myeloid leukemia (CML) and cash of $524.7M as of 2025-12-31 [sec].
What is Terns Pharmaceuticals, Inc.'s lead drug candidate?
Terns Pharmaceuticals, Inc.'s most advanced tracked candidate is tern-501 (Phase 2) for Chronic Myeloid Leukemia, Chronic Phase.
Who is the CEO of Terns Pharmaceuticals, Inc.?
Ms. Amy L. Burroughs M.B.A. is the chief executive officer of Terns Pharmaceuticals, Inc. (TERN).
Where is Terns Pharmaceuticals, Inc. headquartered?
Terns Pharmaceuticals, Inc. (TERN) is headquartered in Foster City, CA, United States.
What therapeutic areas does Terns Pharmaceuticals, Inc. focus on?
Terns Pharmaceuticals, Inc. develops therapies across Oncology, Metabolic.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.