What is Terns Pharmaceuticals, Inc.'s earnings per share (EPS)?

Terns Pharmaceuticals, Inc. (TERN) reported diluted earnings per share of -$1.03 for fiscal year 2025. This represents a 8.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Terns Pharmaceuticals, Inc. (TERN) Financials

TERN

FY2025 annual

Net Income -$96.2M -8.3% YoY

EPS (Diluted) -$1.03 +8.0% YoY

Free Cash Flow -$82.2M -17.3% YoY

Operating Cash Flow -$82.2M -17.4% YoY

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 30, 2026 Currency USD FYE December

Newest figures come from the 10-K for FY2025, filed Mar 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TERN SEC filings page.

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).

Rhea AI TERN FY2025 2026-10-04

The business is still development-stage: equity funding supports rising research spending, while operating losses become comparable cash outflows.

In FY2025, free cash flow matched operating cash flow at -$82.2M while capital expenditures were $0, showing that the cash requirement is embedded in ongoing operations rather than physical expansion. That makes the near-equality between a net loss of $96.2M and cash outflow a useful earnings-quality signal: reported losses are not being softened by large non-cash or capital-spending adjustments.

FY2025 financing cash inflow was $743.5M as shares outstanding reached 115.4M, pointing to issuance as the funding engine rather than operating receipts. A debt-to-equity ratio of 0.0x alongside liabilities of $18.6M indicates the enlarged asset base is supported predominantly by equity, not leverage.

R&D rose from $31.3M in FY2021 to $77.9M in FY2025, making development spending the clearest expanding cost. Operating loss reached $110.1M in FY2025, so the larger research commitment has not yet produced operating scale in the reported figures.

Financial Health Signals

Financial health score pending refresh

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.

Piotroski F-Score Partial

3/6

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.

Earnings Quality No Cash Backing

N/A

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

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Earnings & Revenue

EPS (Diluted)

-$0.24

YoY-4.3%

QoQ+11.1%

Terns Pharmaceuticals, Inc. earned -$0.24 per diluted share (EPS) in Q4 2025. This represents a decrease of 4.3% from the same quarter a year earlier. Against the prior quarter it is up 11.1%.

Revenue

Not reported for Q4 2025.

EBITDA

Not reported for Q4 2025.

Net Income

Not reported for Q4 2025.

Cash & Balance Sheet

Free Cash Flow

-$19.1M

YoY-30.8%

QoQ+3.5%

Terns Pharmaceuticals, Inc. recorded an outflow of $19.1M in free cash flow in Q4 2025, representing a cash shortfall after capex. This represents a decrease of 30.8% from the same quarter a year earlier. Against the prior quarter it is up 3.5%.

Cash & Debt

$524.7M

YoY+225.0%

QoQ+248.2%

5Y CAGR+47.6%

Terns Pharmaceuticals, Inc. held $524.7M in cash as of Q4 2025; long-term debt is not reported for that period.

Shares Outstanding

115M

YoY+32.2%

QoQ+28.1%

5Y CAGR+221.2%

Terns Pharmaceuticals, Inc. had 115M shares outstanding in Q4 2025. This represents an increase of 32.2% from the same quarter a year earlier. Against the prior quarter it is up 28.1%.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

Capital Expenditures

Terns Pharmaceuticals, Inc. reported no capital expenditure in Q4 2025.

R&D Spending

Not reported for Q4 2025.

Share Buybacks

Not reported for Q4 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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TERN quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
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
EBITDA	-$110.0M-8.4%	-$101.6M+0.7%	-$102.3M-66.2%	-$61.5M-24.7%	-$49.3M-34.7%	-$36.6M
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 (Basic)	-$1.03+8.0%	-$1.12+11.8%	-$1.27+24.0%	-$1.67+24.4%	-$2.21	N/A
EPS (Diluted)	-$1.03+8.0%	-$1.12+11.8%	-$1.27	-$1.67	-$2.21	N/A
Diluted Shares (Avg)	93M+17.2%	80M+11.6%	71M	36M	23M	N/A

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q
R&D Expenses	N/A	$19.9M+31.3%	$20.4M+10.9%	$18.7M+0.7%	N/A	$15.2M+2.3%	$18.4M+29.7%	$18.6M+9.0%
SG&A Expenses	N/A	$7.8M-20.2%	$7.0M-2.2%	$8.7M+26.9%	N/A	$9.8M-46.8%	$7.2M+2.5%	$6.9M-3.4%
Operating Income	N/A	-$27.7M-11.1%	-$27.4M-7.2%	-$27.4M-7.8%	N/A	-$24.9M+24.8%	-$25.5M-20.7%	-$25.4M-5.3%
EBITDA	N/A	-$27.7M-11.5%	-$27.4M-7.6%	-$27.4M-7.9%	N/A	-$24.9M+24.9%	-$25.4M-20.7%	-$25.4M-5.3%
Income Tax	N/A	$46K-25.8%	$64K+4.9%	$88K-9.3%	N/A	$62K+6.9%	$61K-15.3%	$97K+61.7%
Net Income	N/A	-$24.6M-12.3%	-$24.1M-6.0%	-$23.9M-6.9%	N/A	-$21.9M+26.3%	-$22.7M-27.0%	-$22.4M-3.9%
EPS (Basic)	-$0.24-4.3%	-$0.27+3.6%	-$0.26+16.1%	-$0.26+13.3%	-$0.23+20.7%	-$0.28+33.3%	-$0.31-24.0%	-$0.30+3.2%
EPS (Diluted)	-$0.24-4.3%	-$0.27+3.6%	-$0.26+16.1%	-$0.26+13.3%	-$0.23+20.7%	-$0.28+33.3%	-$0.31-24.0%	-$0.30+3.2%
Diluted Shares (Avg)	N/A	92M+17.8%	92M+23.0%	91M+22.9%	N/A	78M+8.8%	74M+4.3%	74M+6.6%

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Interest Expense.

TERN Balance Sheet

TERN quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
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
Short-Term Investments	$494.2M+151.2%	$196.7M+7.2%	$183.5M+31.2%	$139.9M+18.3%	$118.3M	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0
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
Non-Current Liabilities	$2.1M-11.0%	$2.4M+99.8%	$1.2M-25.3%	$1.6M+70.5%	$947K-99.5%	$186.9M
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

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q
Total Assets	$1.0B+181.7%	$301.7M-20.2%	$320.4M+38.8%	$339.3M+37.5%	$363.9M+35.5%	$378.2M+39.2%	$230.9M-20.3%	$246.8M-18.1%
Current Assets	$1.0B+182.8%	$300.3M-20.2%	$319.0M+38.5%	$337.7M+37.4%	$362.1M+35.4%	$376.5M+39.2%	$230.2M-20.1%	$245.9M-17.9%
Cash & Equivalents	$524.7M+225.0%	$150.7M-44.2%	$146.0M+59.5%	$139.0M+113.6%	$161.4M+102.0%	$270.1M+612.9%	$91.5M+13.1%	$65.1M-64.7%
Short-Term Investments	$494.2M+151.2%	$144.9M+41.2%	$169.5M+26.7%	$195.2M+11.2%	$196.7M+7.2%	$102.6M-55.1%	$133.8M-34.6%	$175.6M+55.1%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$18.6M+2.7%	$17.6M+27.8%	$15.2M+24.5%	$13.3M+32.1%	$18.1M+37.3%	$13.8M+3.8%	$12.2M-21.5%	$10.0M-26.1%
Current Liabilities	$16.4M+4.9%	$15.4M+34.8%	$12.9M+17.9%	$10.9M+23.9%	$15.7M+31.0%	$11.4M-5.6%	$11.0M-23.1%	$8.8M-27.1%
Non-Current Liabilities	$2.1M-11.0%	$2.2M-6.5%	$2.3M+82.6%	$2.3M+91.9%	$2.4M+99.8%	$2.4M+100.1%	$1.2M-5.0%	$1.2M-18.4%
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$1.0M+1539.7%	$0-100.0%	$0-100.0%
Total Equity	$1.0B+191.0%	$284.1M-22.1%	$305.2M+39.6%	$326.0M+37.7%	$345.9M+35.4%	$364.5M+41.0%	$218.7M-20.2%	$236.7M-17.7%
Retained Earnings	-$517.7M-22.8%	-$494.1M-23.6%	-$469.5M-24.3%	-$445.4M-25.5%	-$421.5M-26.7%	-$399.7M-28.3%	-$377.7M-34.0%	-$355.0M-34.5%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.

TERN Cash Flow Statement

TERN quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
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
Depreciation & Amortization	$90K-71.8%	$319K+9.2%	$292K-39.7%	$484K-5.5%	$512K+29.9%	$394K
Stock-Based Compensation	$13.4M-14.3%	$15.6M-38.8%	$25.5M+137.1%	$10.8M+32.2%	$8.1M+381.7%	$1.7M
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

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q
Operating Cash Flow	-$19.1M-30.8%	-$19.8M-20.2%	-$18.9M-16.7%	-$24.4M-7.2%	-$14.6M+24.5%	-$16.5M+20.5%	-$16.2M-24.5%	-$22.8M-58.5%
Depreciation & Amortization	$12K-81.8%	$12K-85.5%	$11K-87.5%	$55K-32.9%	$66K-8.3%	$83K+15.3%	$88K+22.2%	$82K+7.9%
Stock-Based Compensation	N/A	$3.3M-19.6%	$3.0M-31.5%	$3.7M-8.7%	N/A	$4.2M-70.5%	$4.4M+4.4%	$4.0M+2.3%
Capital Expenditures	$0	$0	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	$13K	$29K
Free Cash Flow	-$19.1M-30.8%	-$19.8M-20.2%	-$18.9M-16.6%	-$24.4M-7.1%	-$14.6M+24.7%	-$16.5M+20.5%	-$16.2M-24.6%	-$22.8M-58.7%
Investing Cash Flow	-$350.0M-271.0%	$24.5M-22.8%	$25.5M-39.6%	$2.0M-75.5%	-$94.3M-299.8%	$31.8M+242.3%	$42.2M+146.4%	$8.0M-71.4%
Financing Cash Flow	$743.1M+244347.0%	$0-100.0%	$324K-18.8%	$68K	$304K-97.8%	$163.3M+816360.0%	$399K-18.4%	$0-100.0%

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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TERN quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K
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
Asset Turnover	N/A	N/A	N/A	0.000.0x	0.010.0x	0.00
FCF Margin	N/A	N/A	N/A	N/A	-4216.7%	N/A

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q
Return on Equity	N/A	-8.7%-2.7pp	-7.9%+2.5pp	-7.3%+2.1pp	N/A	-6.0%+5.5pp	-10.4%-3.9pp	-9.4%-2.0pp
Return on Assets	N/A	-8.2%-2.4pp	-7.5%+2.3pp	-7.0%+2.0pp	N/A	-5.8%+5.2pp	-9.8%-3.7pp	-9.1%-1.9pp
Current Ratio	62.41+39.3x	19.52-13.5x	24.70+3.7x	30.89+3.0x	23.14+0.7x	32.99+10.6x	21.02+0.8x	27.85+3.1x
Debt-to-Equity	0.020.0x	0.06+0.1x	0.050.0x	0.040.0x	0.05+0.1x	0.000.0x	0.000.0x	0.000.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Terns Pharmaceuticals, Inc. TERN	FY2025	N/A	-$96.2M	N/A	$6.1B	—
Rigel Pharmaceuticals Inc. (New) RIGL	FY2025	$294.3M	$367.0M	N/A	$916.8M	62/100
Bicara Therapeutics Inc. BCAX	FY2025	N/A	-$137.9M	N/A	$1.2B	—
Septerna, Inc. SEPN	FY2025	$46.0M	-$48.9M	N/A	$1.8B	47/100
Nurix Therapeutics, Inc. NRIX	FY2025	$84.0M	-$264.5M	N/A	$2.3B	54/100

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.

How many shares does Terns Pharmaceuticals, Inc. have outstanding?

Terns Pharmaceuticals, Inc. (TERN) had 115M shares outstanding as of 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.