Private company

Terns Pharmaceuticals, Inc.

American pharmaceutical preparations company based in Foster City. Summary from the record

Last updated Oct 19, 2026.

Overview

IndustryPharmaceutical Preparations²
HeadquartersFoster City, United States²
Incorporated inDE³
Business address1065 East Hillsdale Blvd., Suite 100, Foster City, Ca 94404³
Filer category, Emerging growth company³
Legal formCorporation²
LEI254900S1ZDQMF4MYP709²
StatusActive²
LEI statusIssued and current²
Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States²
Registered withDivision of Corporations, Department of State, 4514696²

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On March 24, 2026, we entered into an Agreement and Plan of Merger (the Merger Agreement) by and among us, Merck Sharp & Dohme LLC, a New Jersey limited liability company (Parent), and Thailand Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent (Purchaser). Pursuant to the Merger Agreement, upon the terms and subject to the conditions thereof, Parent will cause Purchaser to commence a tender offer (the Offer) to purchase all of the outstanding shares of our common stock, par value $0.0001 per share (the Shares), at a price of $53.00 per Share (the Offer Price), without any interest thereon and subject to any withholding of taxes.⁴ From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2022

-100.0%Revenue growth, 2022⁵

-21.8%Return on equity⁶

0.00×Debt to equity⁵

-$49.4MFree cash flow⁷

Financial statements

Revenue⁸⁵$0 in 2022

Operating income⁸⁵⁷-$62.0M in 2022+68% since 2020

Net income⁸⁵⁷-$60.3M in 2022+51% since 2020

Fiscal year	2020	2021	2022
Revenue	$0⁸	$1.0M⁵	$0⁵
Operating expenses		$50.9M⁵	$62.0M⁷
Operating income	-$37.0M⁸	-$49.9M⁵	-$62.0M⁷
Income before tax		-$49.6M⁵	-$60.0M⁷
Income tax	$813.0K⁸	$508.0K⁵	$358.0K⁷
Net income	-$40.1M⁸	-$50.2M⁵	-$60.3M⁷
Earnings per share		-$2.21⁵	-$1.67⁷
Earnings per share (diluted)		-$2.21⁵	-$1.67⁷
Shares (weighted, basic)		22.7M shares⁵	36.0M shares⁷
Shares (weighted, diluted)		22.7M shares⁵	36.0M shares⁷

Total assets⁸⁵⁷$287.0M in 2022+211% since 2020

Total liabilities⁸⁵⁷$10.1M in 2022−57% since 2020

Shareholders’ equity⁸⁵⁷⁶$276.9M in 2022

Cash⁸⁵⁷$143.2M in 2022+91% since 2020

Fiscal year	2019	2020	2021	2022
Cash		$74.9M⁸	$47.7M⁵	$143.2M⁷
Current assets		$90.9M⁸	$166.9M⁵	$285.2M⁷
Property, plant and equipment			$1.0M⁵	$757.0K⁷
Total assets		$92.3M⁸	$168.1M⁵	$287.0M⁷
Accounts payable			$2.1M⁵	$1.6M⁷
Current liabilities		$22.8M⁸	$6.8M⁵	$8.5M⁷
Long-term debt				$544.0K⁵
Total liabilities		$23.7M⁸	$7.8M⁵	$10.1M⁷
Retained earnings			-$182.1M⁵	-$242.4M⁷
Shareholders’ equity	-$90.8M⁸	-$117.4M⁵	$160.3M⁷	$276.9M⁶
Shares outstanding		337.5K shares⁸	25.3M shares⁵	53.7M shares⁷

Cash from operations⁸⁵⁷-$49.1M in 2022+65% since 2020

Capital spending⁸⁵⁷$275.0K in 2022−53% since 2020

Free cash flow⁸⁵⁷-$49.4M in 2022+62% since 2020

Fiscal year	2020	2021	2022
Cash from operations	-$29.8M⁸	-$41.8M⁵	-$49.1M⁷
Depreciation and amortization		$512.0K⁵	$484.0K⁷
Stock-based compensation		$8.1M⁵	$10.8M⁷
Capital spending	$584.0K⁸	$340.0K⁵	$275.0K⁷
Free cash flow	-$30.4M	-$42.2M	-$49.4M
Cash from investing		-$119.7M⁵	-$22.3M⁷
Cash from financing		$134.4M⁵	$167.1M⁷

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Leadership

Who has led Terns Pharmaceuticals, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

President

Erin Quirk2021–2024

Chief financial officer

Chief operating officer

Seokho Bryan Yoon2021–2024

2025

Chief executive officerAmy L. Burroughs Feb 15, 2024 to now¹¹
Chief executive officerSenthil Vel Sundaram Feb 4, 2021 to Jun 2, 2023¹²
PresidentErin Quirk Sep 30, 2021 to Jan 25, 2024¹³
Chief financial officerAndrew Gengos Feb 25, 2025 to now¹⁴
Chief financial officerMark J. Vignola Feb 4, 2021 to Feb 25, 2025¹⁵
Chief operating officerSeokho Bryan Yoon Sep 30, 2021 to Jun 4, 2024¹⁶

Board members and other officers (20)

Principal Accounting OfficerDavid Eric Strauss Feb 11, 2025 to now¹⁷
Chief Medical OfficerEmil Kuriakose Mar 19, 2024 to now¹⁸
Chief Business OfficerMelita Sun Jung May 2, 2024 to now¹⁹
Sr. Advisor & Strategy OfficerJill M. Quigley Nov 17, 2023 to Jan 25, 2024²⁰
Chief Medical OfficerKerry Strong Russell Jun 10, 2022 to Jul 6, 2022²¹
OfficerErin Quirk Feb 4, 2021 to Feb 4, 2021²²
OfficerSeokho Bryan Yoon Feb 4, 2021 to Feb 4, 2021²³
Chief Scientific OfficerWeidong Zhong Feb 4, 2021 to Feb 4, 2021²⁴
Board memberRobert Azelby Feb 24, 2025 to now²⁵
Board memberAmy L. Burroughs Feb 15, 2024 to now¹¹
Board memberHeather D. Turner Nov 19, 2024 to now²⁶
Board memberRadhika Tripuraneni Jul 28, 2022 to now²⁷
Board memberAsia Gp L.p. Orbimed Iii. Feb 4, 2021 to Jul 17, 2024²⁸
Board memberCarl L. Gordon Feb 4, 2021 to Jul 17, 2024²⁹
Board memberJeffrey B. Kindler Feb 4, 2021 to now³⁰
Board memberJill M. Quigley Feb 4, 2021 to now³¹
Board memberSenthil Vel Sundaram Feb 4, 2021 to Jun 2, 2023¹²
Board memberWeidong Zhong Feb 4, 2021 to Feb 4, 2021²⁴
Board memberAnn Elizabeth Taylor Oct 12, 2021 to Jul 2, 2024³²
General counselSeokho Bryan Yoon Sep 30, 2021 to Jun 4, 2024¹⁶

Timeline

Feb 15, 2024New chief executive Amy L. Burroughs becomes CEO¹¹
Feb 4, 2021New chief executive Senthil Vel Sundaram becomes CEO¹²
Dec 29, 2020Founded Terns Pharmaceuticals, Inc. is founded²

Filings

353 filings to the SEC since October 2021: 6 annual reports, 13 quarterly reports, 54 major events, 135 insider forms, 72 large holders, 73 other. The latest 20:

The 353 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

64 open-market trades by officers, directors and large owners since October 2021: 35 buys and 29 sales. Grants, option exercises and gifts are left out.

Date	Who	Trade	Shares	Price	Value	Filing
Apr 1, 2026	Kuriakose EmilChief Medical Officer	Sale	942	$52.75	$49.7K	Form 4
Mar 16, 2026	Burroughs Amy L.Chief Executive Officer	Sale	14,583	$46.71	$681.2K	Form 4
Feb 17, 2026	Burroughs Amy L.Chief Executive Officer	Sale	14,583	$39.20	$571.6K	Form 4
Jan 15, 2026	Burroughs Amy L.Chief Executive Officer	Sale	68,749	$37.08	$2.5M	Form 4
Jan 5, 2026	Burroughs Amy L.Chief Executive Officer	Sale	71,339	$38.10	$2.7M	Form 4
Jan 2, 2026	Kuriakose EmilChief Medical Officer	Sale	1,155	$38.57	$44.6K	Form 4
Nov 4, 2025	Quigley Jill M.Director	Sale	24,520	$18.00	$441.4K	Form 4
Oct 1, 2025	Kuriakose EmilChief Medical Officer	Sale	944	$7.85	$7.4K	Form 4
Jul 1, 2025	Kuriakose EmilChief Medical Officer	Sale	853	$4.27	$3.6K	Form 4
Jun 27, 2025	Gengos AndrewChief Financial Officer	Buy	10,000	$3.93	$39.3K	Form 4
Jun 25, 2025	Burroughs Amy L.Chief Executive Officer	Buy	23,314	$3.87	$90.2K	Form 4
Jun 16, 2025	Gengos AndrewChief Financial Officer	Buy	5,000	$3.95	$19.8K	Form 4
Jun 13, 2025	Gengos AndrewChief Financial Officer	Buy	10,000	$3.73	$37.4K	Form 4
Apr 1, 2025	Kuriakose EmilChief Medical Officer	Sale	952	$2.49	$2.4K	Form 4
Jan 6, 2025	Vignola Mark J.Chief Financial Officer	Sale	9,059	$5.80	$52.5K	Form 4
Jan 6, 2025	Quigley Jill M.Director	Sale	8,760	$5.79	$50.7K	Form 4
Jan 2, 2025	Kuriakose EmilChief Medical Officer	Sale	4,481	$5.71	$25.6K	Form 4
Jan 2, 2025	Vignola Mark J.Chief Financial Officer	Sale	8,129	$5.72	$46.5K	Form 4
Jan 2, 2025	Quigley Jill M.Director	Sale	6,240	$5.72	$35.7K	Form 4
Dec 5, 2024	Burroughs Amy L.Chief Executive Officer	Buy	15,450	$7.15	$110.5K	Form 4

All 64 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Morgan StanleySCHEDULE 13G/A, 3 filings May 7, 2025 to Jun 5, 2026³³
Adage Capital Management, L.P.SCHEDULE 13G/A, 2 filings Feb 12, 2026 to May 13, 2026³⁴
VANGUARD GROUP INCSCHEDULE 13G/A, 2 filings Oct 31, 2025 to Mar 27, 2026³⁵
Commodore Capital LPSCHEDULE 13G/A, 3 filings Sep 16, 2025 to Feb 17, 2026³⁶
Deep Track Capital, LPSCHEDULE 13G/A, 5 filings Jul 28, 2023 to Feb 13, 2026³⁷
Vivo Opportunity Fund Holdings, L.P.SCHEDULE 13G/A, 1 filing Feb 13, 2026³⁸
Soleus Capital Master Fund, L.P.SCHEDULE 13G/A, 4 filings Jun 7, 2024 to Feb 12, 2026³⁹
ORBIMED ADVISORS LLCSCHEDULE 13D/A, 6 filings Aug 18, 2022 to Nov 5, 2025⁴⁰
Schonfeld Strategic Advisors LLCSCHEDULE 13G/A, 2 filings Feb 14, 2025 to May 15, 2025⁴¹
CITADEL ADVISORS LLCSCHEDULE 13G/A, 2 filings Jul 22, 2024 to Feb 14, 2025⁴²
BlackRockSCHEDULE 13G/A, 3 filings Oct 24, 2024 to Feb 5, 2025⁴³
Fairmount Funds Management LLCSC 13G/A, 4 filings Aug 25, 2022 to Nov 14, 2024⁴⁴
MONTANOVA CAPITAL, LLCSC 13G/A, 3 filings Jan 3, 2023 to Nov 14, 2024⁴⁵
Point72 Asset Management, L.P.SC 13G/A, 2 filings Mar 7, 2024 to Nov 14, 2024⁴⁶
Venrock Healthcare Capital Partners III, L.P.SC 13G/A, 4 filings Aug 29, 2022 to Nov 14, 2024⁴⁷
Vivo Capital Fund VIII, L.P.SC 13G/A, 1 filing Nov 14, 2024⁴⁸
INTEGRATED CORE STRATEGIES (US) LLCSC 13G/A, 2 filings Jan 25, 2024 to Nov 5, 2024⁴⁹
LAV Biosciences Fund V, L.P.SC 13G/A, 4 filings Feb 9, 2022 to Feb 13, 2024⁵⁰
FMR LLCSC 13G/A, 6 filings Feb 9, 2022 to Feb 9, 2024⁵¹
James E. FlynnSC 13G/A, 5 filings Feb 11, 2022 to Oct 4, 2023⁵²
MILLENNIUM MANAGEMENT LLCSC 13G, 1 filing Jun 27, 2023⁵³
Vivo Capital VIII, LLCSC 13G/A, 1 filing Feb 14, 2023⁵⁴
Auspice LtdSC 13G/A, 3 filings Apr 6, 2022 to Feb 13, 2023⁵⁵
BML Investment Partners, L.P.SC 13G/A, 3 filings Jun 7, 2022 to Feb 8, 2023⁵⁶

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARTerns Pharmaceuticals, Inc. filings on SEC EDGAR
2
GLEIFTerns Pharmaceuticals, Inc. LEI record (254900S1ZDQMF4MYP709)
3
SEC EDGARTerns Pharmaceuticals, Inc. filings on SEC EDGAR
4
SEC EDGARTerns Pharmaceuticals, Inc. annual report, Item 1 (Business)
5
SEC EDGARTerns Pharmaceuticals, Inc. 10-K for fiscal 2022
6
SEC EDGARTerns Pharmaceuticals, Inc. 10-K for fiscal 2022
7
SEC EDGARTerns Pharmaceuticals, Inc. 10-K for fiscal 2022
8
SEC EDGARTerns Pharmaceuticals, Inc. 10-K for fiscal 2020
9
SEC EDGARTerns Pharmaceuticals, Inc. 10-Q for fiscal 2025
10
SEC EDGARTerns Pharmaceuticals, Inc. 10-Q for fiscal 2025
11
SEC EDGARAmy L. Burroughs, Chief executive officer
12
SEC EDGARSenthil Vel Sundaram, Chief executive officer
13
SEC EDGARErin Quirk, President
14
SEC EDGARAndrew Gengos, Chief financial officer
15
SEC EDGARMark J. Vignola, Chief financial officer
16
SEC EDGARSeokho Bryan Yoon, Chief operating officer
17
SEC EDGARDavid Eric Strauss, Principal Accounting Officer
18
SEC EDGAREmil Kuriakose, Chief Medical Officer
19
SEC EDGARMelita Sun Jung, Chief Business Officer
20
SEC EDGARJill M. Quigley, Sr. Advisor & Strategy Officer
21
SEC EDGARKerry Strong Russell, Chief Medical Officer
22
SEC EDGARErin Quirk, Officer
23
SEC EDGARSeokho Bryan Yoon, Officer
24
SEC EDGARWeidong Zhong, Chief Scientific Officer
25
SEC EDGARRobert Azelby, Board member
26
SEC EDGARHeather D. Turner, Board member
27
SEC EDGARRadhika Tripuraneni, Board member
28
SEC EDGARAsia Gp L.p. Orbimed Iii., Board member
29
SEC EDGARCarl L. Gordon, Board member
30
SEC EDGARJeffrey B. Kindler, Board member
31
SEC EDGARJill M. Quigley, Board member
32
SEC EDGARAnn Elizabeth Taylor, Board member
33
SEC EDGARMorgan Stanley SCHEDULE 13G/A on Terns Pharmaceuticals, Inc.
34
SEC EDGARAdage Capital Management, L.P. SCHEDULE 13G/A on Terns Pharmaceuticals, Inc.
35
SEC EDGARVANGUARD GROUP INC SCHEDULE 13G/A on Terns Pharmaceuticals, Inc.
36
SEC EDGARCommodore Capital LP SCHEDULE 13G/A on Terns Pharmaceuticals, Inc.
37
SEC EDGARDeep Track Capital, LP SCHEDULE 13G/A on Terns Pharmaceuticals, Inc.
38
SEC EDGARVivo Opportunity Fund Holdings, L.P. SCHEDULE 13G/A on Terns Pharmaceuticals, Inc.
39
SEC EDGARSoleus Capital Master Fund, L.P. SCHEDULE 13G/A on Terns Pharmaceuticals, Inc.
40
SEC EDGARORBIMED ADVISORS LLC SCHEDULE 13D/A on Terns Pharmaceuticals, Inc.
41
SEC EDGARSchonfeld Strategic Advisors LLC SCHEDULE 13G/A on Terns Pharmaceuticals, Inc.
42
SEC EDGARCITADEL ADVISORS LLC SCHEDULE 13G/A on Terns Pharmaceuticals, Inc.
43
SEC EDGARBlackRock SCHEDULE 13G/A on Terns Pharmaceuticals, Inc.
44
SEC EDGARFairmount Funds Management LLC SC 13G/A on Terns Pharmaceuticals, Inc.
45
SEC EDGARMONTANOVA CAPITAL, LLC SC 13G/A on Terns Pharmaceuticals, Inc.
46
SEC EDGARPoint72 Asset Management, L.P. SC 13G/A on Terns Pharmaceuticals, Inc.
47
SEC EDGARVenrock Healthcare Capital Partners III, L.P. SC 13G/A on Terns Pharmaceuticals, Inc.
48
SEC EDGARVivo Capital Fund VIII, L.P. SC 13G/A on Terns Pharmaceuticals, Inc.
49
SEC EDGARINTEGRATED CORE STRATEGIES (US) LLC SC 13G/A on Terns Pharmaceuticals, Inc.
50
SEC EDGARLAV Biosciences Fund V, L.P. SC 13G/A on Terns Pharmaceuticals, Inc.
51
SEC EDGARFMR LLC SC 13G/A on Terns Pharmaceuticals, Inc.
52
SEC EDGARJames E. Flynn SC 13G/A on Terns Pharmaceuticals, Inc.
53
SEC EDGARMILLENNIUM MANAGEMENT LLC SC 13G on Terns Pharmaceuticals, Inc.
54
SEC EDGARVivo Capital VIII, LLC SC 13G/A on Terns Pharmaceuticals, Inc.
55
SEC EDGARAuspice Ltd SC 13G/A on Terns Pharmaceuticals, Inc.
56
SEC EDGARBML Investment Partners, L.P. SC 13G/A on Terns Pharmaceuticals, Inc.