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Terns Pharmaceuticals, Inc.(TERN)Earnings, Financials & Key Ratios
TERN•NASDAQ
$52.97
$4.64B mkt cap·Price updated May 6, 2026
AboutTerns Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, develops small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis (NASH) and obesity. The company develops TERN-101, a liver-distributed and non-bile acid farnesoid X receptor agonist, which is in Phase IIa clinical trial for the treatment of NASH; and TERN-201, a vascular adhesion protein-1 inhibitor that is in Phase Ib clinical trial for the treatment of NASH. It also develops TERN-501, a thyroid hormone receptor beta agonist with enhanced liver distribution and metabolic stability that is in Phase I clinical trial for the treatment of NASH; and TERN-601, a small-molecule Glucagon-Like Peptide-1 receptor agonist program that is intended to orally be administered for NASH and metabolic diseases, such as obesity. The company was incorporated in 2016 and is headquartered in Foster City, California.Show more
- Revenue$0
- EBITDA-$101M+0.7%
- Net Income-$89M+1.5%
- EPS (Diluted)-1.12+11.8%
- ROE-29.56%+12.8%
- ROIC-42.23%+14.6%
- Debt/Equity0.00+65.0%
TERN Key Insights
Terns Pharmaceuticals, Inc. (TERN) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓Momentum leader: RS Rating 98 (top 2%)
- ✓Trading near 52-week high
✗Weaknesses
- ✗Weak Piotroski F-Score: 3/9
- ✗Shares diluted 11.6% in last year
- ✗Expensive at 12.2x book value
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
TERN Price & Volume
Terns Pharmaceuticals, Inc. (TERN) stock price & volume — 10-year historical chart
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TERN Growth Metrics
Terns Pharmaceuticals, Inc. (TERN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-7.22%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM12.71%
Return on Capital
10 Years-54.48%
5 Years-45.44%
3 Years-33.41%
Last Year-33.68%
TERN Recent Earnings
Terns Pharmaceuticals, Inc. (TERN) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 10/12 qtrs (83%)
Q2 2026Latest
Apr 2, 2026EPS
$0.25
Est $0.29
+13.8%
Revenue
—
Q2 2026
Mar 30, 2026EPS
$0.25
Est $0.29
+13.8%
Revenue
—
Q4 2025
Nov 10, 2025EPS
$0.27
Est $0.30
+10.0%
Revenue
—
Q3 2025
Aug 5, 2025EPS
$0.26
Est $0.28
+7.1%
Revenue
—
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 2, 2026 | $0.25vs $0.29+13.8% | — |
| Q2 2026 | Mar 30, 2026 | $0.25vs $0.29+13.8% | — |
| Q4 2025 | Nov 10, 2025 | $0.27vs $0.30+10.0% | — |
| Q3 2025 | Aug 5, 2025 | $0.26vs $0.28+7.1% | — |
Based on last 12 quarters of dataView full earnings history →
TERN Peer Comparison
Terns Pharmaceuticals, Inc. (TERN) competitors in Metabolic and Obesity Therapies — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 MDGL | 12.38B | 539.73 | -42.00 | 432.05% | -27.32% | -50.15% | 0.59 | |
 AKRO | 4.5B | 54.65 | -14.57 | -30.58% | 0.05 | |||
 HIMS | 6.94B | 26.88 | 52.71 | 59% | 5.47% | 23.73% | 2.07 | |
 ELVN | 2.45B | 41.20 | -22.51 | -24.22% | ||||
 GPCR | 2.35B | 40.84 | -17.02 | -14.55% | 0.00 | |||
 VKTX | 3.74B | 32.28 | -10.12 | -71.31% | 0.00 | |||
 ARWR | 11.08B | 79.14 | -6486.89 | 232.58% | 18.54% | 35.64% | 0.73 | |
 ALDX | 104.68M | 1.74 | -1.85 | -87.71% | 0.22 |
Compare TERN vs Peers
Terns Pharmaceuticals, Inc. (TERN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
TERN Income Statement
Terns Pharmaceuticals, Inc. (TERN) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 0 | 0 | 0 | 1M | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | -100% | - | - | - |
| Cost of Goods Sold | 65K | 195K | 0 | 0 | 0 | 0 | 0 | 108K |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -65K▲ 0% | -195K▼ 200.0% | 0▲ 100.0% | 1M▲ 0% | 0▼ 100.0% | 0▲ 0% | 0▲ 0% | -108K▲ 0% |
| Gross Margin % | - | - | - | 100% | - | - | - | - |
| Gross Profit Growth % | - | -200% | 100% | - | -100% | - | - | - |
| Operating Expenses | 18.45M | 70.2M | 37.02M | 50.86M | 62.03M | 102.56M | 101.87M | 108.37M |
| OpEx % of Revenue | - | - | - | 5086% | - | - | - | - |
| Selling, General & Admin | 3.9M | 8.66M | 9M | 19.55M | 22.41M | 39.06M | 31.76M | 31.48M |
| SG&A % of Revenue | - | - | - | 1954.9% | - | - | - | - |
| Research & Development | 14.55M | 61.53M | 28.03M | 31.31M | 39.62M | 63.5M | 70.11M | 76.99M |
| R&D % of Revenue | - | - | - | 3131.1% | - | - | - | - |
| Other Operating Expenses | 38K | 154K | 0 | 0 | 0 | 0 | 0 | -108K |
| Operating Income | -18.45M▲ 0% | -70.2M▼ 280.4% | -37.02M▲ 47.3% | -49.86M▼ 34.7% | -62.03M▼ 24.4% | -102.56M▼ 65.3% | -101.87M▲ 0.7% | -108.47M▲ 0% |
| Operating Margin % | - | - | - | -4986% | - | - | - | - |
| Operating Income Growth % | - | -280.37% | 47.26% | -34.67% | -24.41% | -65.34% | 0.67% | - |
| EBITDA | -18.39M | -70M | -36.63M | -49.35M | -61M | -101.68M | -100.97M | -107.97M |
| EBITDA Margin % | - | - | - | -4934.8% | - | - | - | - |
| EBITDA Growth % | - | -280.65% | 47.67% | -34.72% | -23.61% | -66.69% | 0.69% | -8.81% |
| D&A (Non-Cash Add-back) | 65K | 195K | 394K | 512K | 1.03M | 881K | 896K | 503K |
| EBIT | -18.45M | -68.84M | -37.02M | -49.86M | -62.03M | -102.56M | -101.87M | -101.99M |
| Net Interest Income | 0 | 1.2M | 55K | 170K | 2.11M | 12.9M | 13.29M | 14.28M |
| Interest Income | 332K | 1.2M | 55K | 170K | 2.11M | 12.9M | 13.29M | 14.28M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 370K | 1.36M | 7.97M | 210K | 2.04M | 12.59M | 13.28M | 14.28M |
| Pretax Income | -18.09M▲ 0% | -68.84M▼ 280.6% | -29.06M▲ 57.8% | -49.65M▼ 70.9% | -59.99M▼ 20.8% | -89.97M▼ 50.0% | -88.59M▲ 1.5% | -94.2M▲ 0% |
| Pretax Margin % | - | - | - | -4965% | - | - | - | - |
| Income Tax | -67K | -20K | 813K | 508K | 358K | 239K | 260K | 238K |
| Effective Tax Rate % | 0.37% | 0.03% | -2.8% | -1.02% | -0.6% | -0.27% | -0.29% | -0.25% |
| Net Income | -17.71M▲ 0% | -68.82M▼ 288.6% | -29.35M▲ 57.3% | -50.16M▼ 70.9% | -60.34M▼ 20.3% | -90.21M▼ 49.5% | -88.85M▲ 1.5% | -94.44M▲ 0% |
| Net Margin % | - | - | - | -5015.8% | - | - | - | - |
| Net Income Growth % | - | -288.57% | 57.35% | -70.88% | -20.31% | -49.49% | 1.5% | -7.22% |
| Net Income (Continuing) | -18.02M | -68.82M | -29.87M | -50.16M | -60.34M | -90.21M | -88.85M | -94.44M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 14.32M | 14.12M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.74▲ 0% | -2.74▼ 270.3% | -1.61▲ 41.2% | -1.98▼ 23.0% | -1.67▲ 15.7% | -1.27▲ 24.0% | -1.12▲ 11.8% | -1.03▲ 0% |
| EPS Growth % | - | -270.27% | 41.24% | -22.98% | 15.66% | 23.95% | 11.81% | 12.71% |
| EPS (Basic) | -0.74 | -2.74 | -1.61 | -1.98 | -1.67 | -1.27 | -1.12 | - |
| Diluted Shares Outstanding | 23.97M | 25.1M | 25.13M | 25.27M | 36.03M | 71.26M | 79.51M | 91.7M |
| Basic Shares Outstanding | 23.97M | 25.1M | 25.13M | 25.27M | 36.03M | 71.26M | 79.51M | 91.7M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
TERN Balance Sheet
Terns Pharmaceuticals, Inc. (TERN) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 88.48M | 22.22M | 90.87M | 166.93M | 285.19M | 267.43M | 362.11M | 300.3M |
| Cash & Short-Term Investments | 86.88M | 19.65M | 74.85M | 165.98M | 283.11M | 263.44M | 358.16M | 295.63M |
| Cash Only | 82.52M | 12.33M | 74.85M | 47.7M | 143.24M | 79.93M | 161.44M | 150.7M |
| Short-Term Investments | 4.36M | 7.32M | 0 | 118.28M | 139.88M | 183.51M | 196.72M | 144.94M |
| Accounts Receivable | 0 | 0 | 12.72M | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 162K | 461K | 2.14M | 0 | 2.07M | 3.99M | 3.94M | 0 |
| Total Non-Current Assets | 596K | 1.68M | 1.42M | 1.14M | 1.84M | 1.08M | 1.82M | 1.36M |
| Property, Plant & Equipment | 261K | 961K | 1.18M | 1.05M | 1.8M | 1.03M | 1.47M | 997K |
| Fixed Asset Turnover | - | - | - | 0.96x | - | - | - | 0.00x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 335K | 719K | 246K | 94K | 37K | 56K | 350K | 1.42M |
| Total Assets | 89.07M▲ 0% | 23.9M▼ 73.2% | 92.29M▲ 286.1% | 168.07M▲ 82.1% | 287.03M▲ 70.8% | 268.52M▼ 6.4% | 363.93M▲ 35.5% | 301.65M▲ 0% |
| Asset Turnover | - | - | - | 0.01x | - | - | - | 0.00x |
| Asset Growth % | - | -73.16% | 286.09% | 82.11% | 70.78% | -6.45% | 35.53% | 91.57% |
| Total Current Liabilities | 2.38M | 4.95M | 22.82M | 6.82M | 8.47M | 11.94M | 15.65M | 15.39M |
| Accounts Payable | 914K | 1.64M | 935K | 2.13M | 1.65M | 2.52M | 2.15M | 2.95M |
| Days Payables Outstanding | 5.13K | 3.06K | - | - | - | - | - | 9.06K |
| Short-Term Debt | 0 | 0 | 12.88M | 0 | 0 | 0 | 428K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 836K | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 127K | 2.1M | 6.68M | 358K | 185K | 5.96M | 8.37M | 940K |
| Current Ratio | 37.25x | 4.49x | 3.98x | 24.48x | 33.68x | 22.39x | 23.14x | 23.14x |
| Quick Ratio | 37.25x | 4.49x | 3.98x | 24.48x | 33.68x | 22.39x | 23.14x | 23.14x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 14.47M | 630K | 877K | 947K | 1.61M | 1.21M | 2.41M | 2.2M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 544K | 0 | 919K | 2.98M |
| Deferred Tax Liabilities | 142K | 345K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 14.32M | 285K | 877K | 947K | 1.07M | 1.21M | 1.49M | 6.23M |
| Total Liabilities | 16.84M | 5.58M | 23.7M | 7.77M | 10.08M | 13.15M | 18.06M | 17.59M |
| Total Debt | 0 | 0 | 12.88M | 0 | 1.21M | 603K | 1.35M | 1.03M |
| Net Debt | -82.52M | -12.33M | -61.97M | -47.7M | -142.03M | -79.32M | -160.09M | -149.67M |
| Debt / Equity | - | - | 0.19x | - | 0.00x | 0.00x | 0.00x | 0.00x |
| Debt / EBITDA | - | - | - | - | - | - | - | -0.01x |
| Net Debt / EBITDA | - | - | - | - | - | - | - | 1.39x |
| Interest Coverage | - | - | - | - | - | - | - | - |
| Total Equity | 86.56M▲ 0% | 18.32M▼ 78.8% | 68.59M▲ 274.3% | 160.3M▲ 133.7% | 276.94M▲ 72.8% | 255.37M▼ 7.8% | 345.87M▲ 35.4% | 284.07M▲ 0% |
| Equity Growth % | - | -78.83% | 274.33% | 133.71% | 72.76% | -7.79% | 35.44% | 90.69% |
| Book Value per Share | 3.61 | 0.73 | 2.73 | 6.34 | 7.69 | 3.58 | 4.35 | 3.10 |
| Total Shareholders' Equity | 72.23M | 4.21M | 68.59M | 160.3M | 276.94M | 255.37M | 345.87M | 284.07M |
| Common Stock | 0 | 0 | 0 | 3K | 5K | 6K | 9K | 9K |
| Retained Earnings | -23.25M | -91.86M | -131.91M | -182.07M | -242.42M | -332.63M | -421.48M | -494.12M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 59K | -106K | -124K | -338K | -822K | -19K | -279K | 109K |
| Minority Interest | 14.32M | 14.12M | 0 | 0 | 0 | 0 | 0 | 0 |
TERN Cash Flow Statement
Terns Pharmaceuticals, Inc. (TERN) cash flow — operating, investing & free cash flow history
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -18.07M | -66.22M | -29.81M | -41.83M | -49.11M | -67.39M | -70.02M | -70.02M |
| Operating CF Margin % | - | - | - | -4182.7% | - | - | - | - |
| Operating CF Growth % | - | -266.45% | 54.99% | -40.32% | -17.41% | -37.23% | -3.9% | -19.59% |
| Net Income | -18.02M | -68.82M | -40.57M | -50.16M | -60.34M | -90.21M | -88.85M | -94.44M |
| Depreciation & Amortization | 65K | 195K | 394K | 512K | 1.03M | 881K | 896K | 602K |
| Stock-Based Compensation | 234K | 668K | 1.69M | 8.15M | 10.77M | 25.54M | 15.63M | 9.39M |
| Deferred Taxes | 307K | -94K | 693K | 219K | 392K | 141K | 23K | -11K |
| Other Non-Cash Items | -307K | -40K | 2.92M | 879K | 81K | -5.21M | -2.09M | 2.42M |
| Working Capital Changes | -352K | 1.87M | 5.06M | -1.43M | -1.04M | 1.48M | 4.38M | 4.35M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 488K | 722K | -1.15M | 1.73M | -722K | 1.15M | -367K | 1.21M |
| Cash from Investing | -4.78M | -3.86M | 6.69M | -119.7M | -22.27M | -37.99M | -12.41M | -42.39M |
| Capital Expenditures | -244K | -900K | -584K | -340K | -275K | -52K | -42K | 0 |
| CapEx % of Revenue | - | - | - | 34% | - | - | - | - |
| Acquisitions | 12.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -4.53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 99.76M | 62K | 85.52M | 134.39M | 167.09M | 41.95M | 164M | 702K |
| Debt Issued (Net) | 58K | 58K | 16.88M | -12.88M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 392K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 12.05M | 4K | -738K | 10.91M | -158K | 340K | 1.68M | 310K |
| Net Change in Cash | 77.02M▲ 0% | -70.15M▼ 191.1% | 62.48M▲ 189.1% | -27.16M▼ 143.5% | 95.54M▲ 451.8% | -63.31M▼ 166.3% | 81.51M▲ 228.8% | -119.44M▲ 0% |
| Free Cash Flow | -18.32M▲ 0% | -67.12M▼ 266.5% | -30.39M▲ 54.7% | -42.17M▼ 38.7% | -49.38M▼ 17.1% | -67.44M▼ 36.6% | -70.06M▼ 3.9% | -77.68M▲ 0% |
| FCF Margin % | - | - | - | -4216.7% | - | - | - | - |
| FCF Growth % | - | -266.49% | 54.72% | -38.74% | -17.12% | -36.57% | -3.88% | -3.81% |
| FCF per Share | -0.76 | -2.67 | -1.21 | -1.67 | -1.37 | -0.95 | -0.88 | -0.88 |
| FCF Conversion (FCF/Net Income) | 1.02x | 0.96x | 1.02x | 0.83x | 0.81x | 0.75x | 0.79x | 0.82x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 72K | 178K | 238K | 3K | 28K | 60K | 0 |
TERN Key Ratios
Terns Pharmaceuticals, Inc. (TERN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -131.23% | -67.54% | -43.83% | -27.6% | -33.89% | -29.56% | -29.95% |
| Return on Invested Capital (ROIC) | -1049.81% | -440.25% | -62.73% | -37.59% | -49.47% | -42.23% | -42.23% |
| Gross Margin | - | - | 100% | - | - | - | - |
| Net Margin | - | - | -5015.8% | - | - | - | - |
| Debt / Equity | - | 0.19x | - | 0.00x | 0.00x | 0.00x | 0.00x |
| FCF Conversion | 0.96x | 1.02x | 0.83x | 0.81x | 0.75x | 0.79x | 0.82x |
| Revenue Growth | - | - | - | -100% | - | - | - |
TERN SEC Filings & Documents
Terns Pharmaceuticals, Inc. (TERN) SEC filings — annual & quarterly reports (10-K, 10-Q)
TERN Frequently Asked Questions
Terns Pharmaceuticals, Inc. (TERN) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Terns Pharmaceuticals, Inc. (TERN) grew revenue by 0.0% over the past year. Growth has been modest.
Terns Pharmaceuticals, Inc. (TERN) reported a net loss of $94.4M for fiscal year 2024.
Dividend & Returns
Terns Pharmaceuticals, Inc. (TERN) has a return on equity (ROE) of -29.6%. Negative ROE indicates the company is unprofitable.
Terns Pharmaceuticals, Inc. (TERN) had negative free cash flow of $77.7M in fiscal year 2024, likely due to heavy capital investments.
Explore More TERN
Terns Pharmaceuticals, Inc. (TERN) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
Dollar cost averaging vs lump sum
Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates