Terns Pharmaceuticals, Inc. Financials
This page shows Terns Pharmaceuticals, Inc. (TERN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The business is a development-stage cash consumer funded primarily by financing rather than reported operating revenue.
In FY2025, net loss of-$96.2M was close to operating cash flow of-$82.2M , so reported losses largely represent cash consumption rather than a mainly noncash accounting effect. With capital expenditures at$0 , the cash requirement is tied to ongoing research activity, not a buildout of physical assets.
Research and development rose from
Assets expanded to
Financial Health Signals
We are recalculating Terns Pharmaceuticals, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Terns Pharmaceuticals, Inc. passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
Terns Pharmaceuticals, Inc. reported a net loss of $96.2M while operations used $82.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Terns Pharmaceuticals, Inc.'s EBITDA was -$110.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 8.4% from the prior year.
Terns Pharmaceuticals, Inc. reported -$96.2M in net income in fiscal year 2025. This represents a decrease of 8.3% from the prior year.
Terns Pharmaceuticals, Inc. earned -$1.03 per diluted share (EPS) in fiscal year 2025. This represents an increase of 8.0% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Terns Pharmaceuticals, Inc. recorded an outflow of $82.2M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 17.3% from the prior year.
Terns Pharmaceuticals, Inc. held $524.7M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Terns Pharmaceuticals, Inc.'s ROE was -9.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 16.1 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Terns Pharmaceuticals, Inc. invested $77.9M in research and development in fiscal year 2025. This represents an increase of 11.1% from the prior year.
Terns Pharmaceuticals, Inc. reported no capital expenditure in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Not reported for fiscal year 2025.
TERN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | $0-100.0% | $1.0M | $0 |
| R&D Expenses | $77.9M+11.1% | $70.1M+10.4% | $63.5M+60.3% | $39.6M+26.5% | $31.3M+11.7% | $28.0M |
| SG&A Expenses | $32.2M+1.5% | $31.8M-18.7% | $39.1M+74.3% | $22.4M+14.6% | $19.5M+117.3% | $9.0M |
| Operating Income | -$110.1M-8.1% | -$101.9M+0.7% | -$102.6M-65.3% | -$62.0M-24.4% | -$49.9M-34.7% | -$37.0M |
| Income Tax | $581K+123.5% | $260K+8.8% | $239K-33.2% | $358K-29.5% | $508K-37.5% | $813K |
| Net Income | -$96.2M-8.3% | -$88.9M+1.5% | -$90.2M-49.5% | -$60.3M-20.3% | -$50.2M-25.2% | -$40.1M |
| EPS (Diluted) | -$1.03+8.0% | -$1.12+11.8% | -$1.27 | -$1.67 | -$2.21 | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
TERN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $1.0B+181.7% | $363.9M+35.5% | $268.5M-6.4% | $287.0M+70.8% | $168.1M+82.1% | $92.3M |
| Current Assets | $1.0B+182.8% | $362.1M+35.4% | $267.4M-6.2% | $285.2M+70.8% | $166.9M+83.7% | $90.9M |
| Cash & Equivalents | $524.7M+225.0% | $161.4M+102.0% | $79.9M-44.2% | $143.2M+200.3% | $47.7M-36.3% | $74.9M |
| Total Liabilities | $18.6M+2.7% | $18.1M+37.3% | $13.2M+30.4% | $10.1M+29.8% | $7.8M-96.3% | $209.7M |
| Current Liabilities | $16.4M+4.9% | $15.7M+31.0% | $11.9M+41.0% | $8.5M+24.2% | $6.8M-70.1% | $22.8M |
| Long-Term Debt | N/A | N/A | $0-100.0% | $544K | N/A | N/A |
| Total Equity | $1.0B+191.0% | $345.9M+35.4% | $255.4M-7.8% | $276.9M+72.8% | $160.3M+236.5% | -$117.4M |
| Retained Earnings | -$517.7M-22.8% | -$421.5M-26.7% | -$332.6M-37.2% | -$242.4M-33.1% | -$182.1M-38.0% | -$131.9M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
TERN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$82.2M-17.4% | -$70.0M-3.9% | -$67.4M-37.2% | -$49.1M-17.4% | -$41.8M-40.3% | -$29.8M |
| Capital Expenditures | $0-100.0% | $42K-19.2% | $52K-81.1% | $275K-19.1% | $340K-41.8% | $584K |
| Free Cash Flow | -$82.2M-17.3% | -$70.1M-3.9% | -$67.4M-36.6% | -$49.4M-17.1% | -$42.2M-38.7% | -$30.4M |
| Investing Cash Flow | -$298.0M-2301.6% | -$12.4M+67.3% | -$38.0M-70.6% | -$22.3M+81.4% | -$119.7M-1888.4% | $6.7M |
| Financing Cash Flow | $743.5M+353.4% | $164.0M+290.9% | $42.0M-74.9% | $167.1M+24.3% | $134.4M+57.2% | $85.5M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TERN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | -4986.0% | N/A |
| Net Margin | N/A | N/A | N/A | N/A | -5015.8% | N/A |
| Return on Equity | -9.6%+16.1pp | -25.7%+9.6pp | -35.3%-13.5pp | -21.8%+9.5pp | -31.3% | N/A |
| Return on Assets | -9.4%+15.0pp | -24.4%+9.2pp | -33.6%-12.6pp | -21.0%+8.8pp | -29.8%+13.6pp | -43.4% |
| Current Ratio | 62.41+39.3x | 23.14+0.7x | 22.39-11.3x | 33.68+9.2x | 24.48+20.5x | 3.98 |
| Debt-to-Equity | 0.020.0x | 0.05+0.1x | 0.000.0x | 0.000.0x | 0.05 | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | -4216.7% | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Terns Pharmaceuticals, Inc. Ranks
Frequently Asked Questions
Is Terns Pharmaceuticals, Inc. profitable?
No, Terns Pharmaceuticals, Inc. (TERN) reported a net income of -$96.2M in fiscal year 2025.
What is Terns Pharmaceuticals, Inc.'s EBITDA?
Terns Pharmaceuticals, Inc. (TERN) had EBITDA of -$110.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Terns Pharmaceuticals, Inc.'s return on equity (ROE)?
Terns Pharmaceuticals, Inc. (TERN) has a return on equity of -9.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Terns Pharmaceuticals, Inc.'s free cash flow?
Terns Pharmaceuticals, Inc. (TERN) recorded an outflow of $82.2M in free cash flow during fiscal year 2025. This represents a -17.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Terns Pharmaceuticals, Inc.'s operating cash flow?
Terns Pharmaceuticals, Inc. (TERN) recorded an outflow of $82.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Terns Pharmaceuticals, Inc.'s total assets?
Terns Pharmaceuticals, Inc. (TERN) had $1.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Terns Pharmaceuticals, Inc.'s capital expenditures?
Terns Pharmaceuticals, Inc. (TERN) reported no capital expenditure during fiscal year 2025.
How much does Terns Pharmaceuticals, Inc. spend on research and development?
Terns Pharmaceuticals, Inc. (TERN) invested $77.9M in research and development during fiscal year 2025.
What is Terns Pharmaceuticals, Inc.'s current ratio?
Terns Pharmaceuticals, Inc. (TERN) had a current ratio of 62.41 as of fiscal year 2025, which is generally considered healthy.
What is Terns Pharmaceuticals, Inc.'s debt-to-equity ratio?
Terns Pharmaceuticals, Inc. (TERN) had a debt-to-equity ratio of 0.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Terns Pharmaceuticals, Inc.'s return on assets (ROA)?
Terns Pharmaceuticals, Inc. (TERN) had a return on assets of -9.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Terns Pharmaceuticals, Inc.'s Piotroski F-Score?
Terns Pharmaceuticals, Inc. (TERN) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Terns Pharmaceuticals, Inc.'s earnings high quality?
Terns Pharmaceuticals, Inc. (TERN) reported a net loss of $96.2M while operations used $82.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.