The company remains in a pre-revenue phase with persistent quarterly operating losses that reached $27.6 million in 2025Q4, driven by a steady R&D expenditure profile.
| Sales/Revenue | 0 | 0 | 0 | 0 | 1M | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | -100% | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 195K | 65K |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 1M | 0 | -195K | -65K |
| Gross Margin % | - | - | - | - | 100% | - | - | - |
| Gross Profit Growth % | - | - | - | -100% | - | 100% | -200% | - |
| Operating Expenses | 110.12M | 101.87M | 102.56M | 62.03M | 50.86M | 37.02M | 70.2M | 18.45M |
| OpEx % of Revenue | - | - | - | - | 5086% | - | - | - |
| Selling, General & Admin | 32.23M | 31.76M | 39.06M | 22.41M | 19.55M | 9M | 8.66M | 3.9M |
| SG&A % of Revenue | - | - | - | - | 1954.9% | - | - | - |
| Research & Development | 77.89M | 70.11M | 63.5M | 39.62M | 31.31M | 28.03M | 61.53M | 14.55M |
| R&D % of Revenue | - | - | - | - | 3131.1% | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 154K | 38K |
| Operating Income | -110.12M | -101.87M | -102.56M | -62.03M | -49.86M | -37.02M | -70.2M | -18.45M |
| Operating Margin % | - | - | - | - | -4986% | - | - | - |
| Operating Income Growth % | -8.1% | 0.67% | -65.34% | -24.41% | -34.67% | 47.26% | -280.37% | - |
| EBITDA | -110.12M | -100.97M | -101.68M | -61M | -49.35M | -36.63M | -70M | -18.39M |
| EBITDA Margin % | - | - | - | - | -4934.8% | - | - | - |
| EBITDA Growth % | -9.06% | 0.69% | -66.69% | -23.61% | -34.72% | 47.67% | -280.65% | - |
| D&A (Non-Cash Add-back) | 0 | 896K | 881K | 1.03M | 512K | 394K | 195K | 65K |
| EBIT | -110.12M | -101.87M | -102.56M | -62.03M | -49.86M | -37.02M | -68.84M | -18.45M |
| Net Interest Income | 14.59M | 13.29M | 12.9M | 2.11M | 170K | 55K | 1.2M | 0 |
| Interest Income | 14.59M | 13.29M | 12.9M | 2.11M | 170K | 55K | 1.2M | 332K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 14.5M | 13.28M | 12.59M | 2.04M | 210K | 7.97M | 1.36M | 370K |
| Pretax Income | -95.63M | -88.59M | -89.97M | -59.99M | -49.65M | -29.06M | -68.84M | -18.09M |
| Pretax Margin % | - | - | - | - | -4965% | - | - | - |
| Income Tax | 581K | 260K | 239K | 358K | 508K | 813K | -20K | -67K |
| Effective Tax Rate % | -0.61% | -0.29% | -0.27% | -0.6% | -1.02% | -2.8% | 0.03% | 0.37% |
| Net Income | -96.21M | -88.85M | -90.21M | -60.34M | -50.16M | -29.35M | -68.82M | -17.71M |
| Net Margin % | - | - | - | - | -5015.8% | - | - | - |
| Net Income Growth % | -8.28% | 1.5% | -49.49% | -20.31% | -70.88% | 57.35% | -288.57% | - |
| Net Income (Continuing) | -96.21M | -88.85M | -90.21M | -60.34M | -50.16M | -29.87M | -68.82M | -18.02M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 14.12M | 14.32M |
| EPS (Diluted) | -1.03 | -1.12 | -1.27 | -1.67 | -1.98 | -1.61 | -2.74 | -0.74 |
| EPS Growth % | 8.04% | 11.81% | 23.95% | 15.66% | -22.98% | 41.24% | -270.27% | - |
| EPS (Basic) | -1.03 | -1.12 | -1.27 | -1.67 | -1.98 | -1.61 | -2.74 | -0.74 |
| Diluted Shares Outstanding | 93.17M | 79.51M | 71.26M | 36.03M | 25.27M | 25.13M | 25.1M | 23.97M |
| Basic Shares Outstanding | 93.17M | 79.51M | 71.26M | 36.03M | 25.27M | 25.13M | 25.1M | 23.97M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial execution risk
As reported in recent financial statements, Terns Pharmaceuticals maintains a consistent R&D expenditure profile, with quarterly costs averaging approximately $18.5 million over the last ten quarters, reflecting the company's ongoing commitment to advancing its small-molecule pipeline through critical clinical development phases without generating any commercial revenue.
The company's cost structure is almost entirely comprised of R&D outlays, which are essential for maintaining the momentum of its metabolic and oncological assets. Investors should monitor whether these expenditures remain stable or escalate as the firm moves into more resource-intensive late-stage clinical trials.
Based on the provided income statement data, Terns Pharmaceuticals continues to report consistent quarterly operating losses, which have hovered near the $27 million mark throughout 2025, indicating that the firm has yet to achieve the operational scale necessary to offset its significant fixed research and development overhead.
The lack of revenue means that operating leverage is currently non-existent, as every dollar spent on clinical progression directly expands the net loss. This trend suggests that the company's financial health is entirely dependent on its ability to manage its cash reserves until a potential licensing event or commercial milestone occurs.
According to the company's quarterly filings, stock-based compensation has remained a recurring non-cash expense, reaching $3.4 million in 2025Q4, which effectively reduces the reported net loss while simultaneously creating potential future dilution for shareholders as the company continues to fund its operations through equity-based incentives.
Analysts should distinguish between these non-cash charges and the actual cash burn rate to accurately assess the company's runway. The reliance on equity-based compensation appears to be a strategic tool to preserve cash, though it warrants further investigation regarding its impact on long-term shareholder value.
While the company maintains a cash reserve of approximately $524.7 million, the persistent quarterly net losses of over $23 million suggest that Terns Pharmaceuticals may face significant pressure to raise additional capital through dilutive equity offerings if clinical timelines extend beyond the current projected runway into 2027.
Short-term investors should be wary of the potential for 'at-the-market' offerings, which are common in this sector and could weigh on the stock price despite positive clinical data. The absence of revenue streams means that the company's valuation is highly sensitive to any delays in the clinical pipeline that would necessitate further capital raises.
Quick answers to the most common questions about buying TERN stock.
For fiscal year 2025, Terns Pharmaceuticals, Inc. (TERN) reported total revenue of $0.0M.
Terns Pharmaceuticals, Inc. (TERN) reported a net loss of $96.2M for the fiscal year ending 2025.