Terns Pharmaceuticals closes $747.5 million stock offering

Terns Pharmaceuticals Inc. (NASDAQ: TERN) completed its underwritten public offering of 18,687,500 shares of common stock at $40.00 per share, the company announced. The offering included 2,437,500 shares sold through the full exercise of underwriters' option to purchase additional shares.

The gross proceeds from the offering totaled $747.5 million before deducting underwriting discounts, commissions and other offering expenses. Terns sold all securities in the offering.

Jefferies, TD Cowen and Leerink Partners served as lead book-running managers for the offering. Mizuho, Citizens Capital Markets and Oppenheimer & Co. acted as co-managers.

The Foster City, California-based clinical-stage oncology company stated it intends to use net proceeds to fund research, clinical trials, development and manufacturing of product candidates, including TERN-701. The company also plans to use funds for initial activities in preparation for potential future commercial launch of TERN-701 and for working capital and general corporate purposes.

The public offering was conducted under a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on December 9, 2025, which became effective immediately upon filing.

Terns focuses on developing oncology treatments, with its lead program TERN-701 described as an allosteric BCR-ABL inhibitor for chronic myeloid leukemia treatment.

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