Terns Pharmaceuticals (NASDAQ: TERN) is a clinical-stage biopharmaceutical company developing small-molecule therapies for chronic diseases, with its primary focus on chronic myeloid leukemia (CML). The company has not generated any revenue from product sales as of the 10-K filed March 30, 2026, and funds operations through equity capital raises, including an IPO in February 2021 that raised net proceeds of $133.0 million and additional offerings in August 2022, December 2022, September 2024, and December 2025. Its lead program, TERN-701, is an allosteric BCR-ABL inhibitor targeting CML patients, with a Phase 3 second-line or later trial planned for initiation in late 2026 or early 2027 and a separate first-line Phase 3 trial anticipated to follow within six to twelve months. CEO Amy Burroughs and CFO Andrew Gengos lead the company, which carries an accumulated deficit and expects operating losses to continue as clinical development spending increases.

Revenue model

No product revenue as of FY2025. Operations are funded entirely through equity capital markets. Future revenue, if any, depends on regulatory approval and commercialization of product candidates, primarily TERN-701.

Products and services

TERN-701: allosteric BCR-ABL inhibitor in clinical development for chronic phase CML, targeting second-line or later (2L+) and first-line (1L) settings. Planned Phase 3 trials comparing TERN-701 against second-generation TKIs including dasatinib, nilotinib, and bosutinib in 2L+, and against imatinib, second-generation TKIs, and potentially asciminib in 1L.

Customers and end markets

Target end market is adult patients with chronic phase CML, including those who have failed prior tyrosine kinase inhibitor therapy. Clinical trial patients are the current direct participants. Commercial customers would be oncology prescribers and potentially Medicare and commercial payers upon any future approval.

Value-chain role

Pre-commercial drug developer. Conducts preclinical and clinical research, manages intellectual property, and plans to build internal commercialization capability upon any regulatory approval. No manufacturing or distribution operations disclosed.

Geographic exposure

U.S.-focused regulatory and clinical strategy. GDPR compliance obligations indicate some clinical trial activity or data processing within the European Economic Area. No commercial geographic revenue mix disclosed.

Competitors

asciminib, dasatinib, nilotinib, bosutinib, imatinib

Source: SEC 10-K, filed 2026-03-30

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