Terns Pharmaceuticals Reports Inducement Grants to New Employees Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Terns Pharmaceuticals (Nasdaq: TERN), a clinical-stage biopharmaceutical company focused on developing small-molecule treatments for oncology and obesity, has granted equity inducement awards to two new employees. The company's new Chief People Officer Robin Andrulevich received options to purchase 500,000 shares of common stock, while another non-executive employee received options for 125,000 shares.

The options were granted under the 2022 Employment Inducement Award Plan with an exercise price of $5.47 per share, the closing price on August 1, 2025. These 10-year term options vest over four years, contingent on continued employment.

FOSTER CITY, Calif., Aug. 04, 2025 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity, today announced that it has granted as of August 1, 2025 equity inducement awards to two new employees under the terms of the 2022 Employment Inducement Award Plan, as amended. The equity awards were approved by the Compensation Committee of the Company’s Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4) and were made as a material inducement to the employees’ acceptance of employment with Terns.

The Company granted to Robin Andrulevich, the Company’s new Chief People Officer, an option to purchase 500,000 shares of Terns common stock as of August 1, 2025, and to the other non-executive employee an option to purchase 125,000 shares of Terns common stock as of August 1, 2025.

The options have a 10-year term and an exercise price per share equal to $5.47, which was the closing price of Terns’ common stock on August 1, 2025. The options vest over four years, subject to the employees’ continued service through the applicable vesting dates.

About Terns Pharmaceuticals

Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity. Terns’ pipeline contains three clinical stage development programs including an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, a THR-β agonist, and a preclinical GIPR modulator discovery effort, prioritizing a GIPR antagonist nomination candidate. For more information, please visit: www.ternspharma.com.

Contacts for Terns

Investors
Kaytee Bock
investors@ternspharma.com

Media
Jenna Urban
CG Life
media@ternspharma.com

FAQ

What equity awards did Terns Pharmaceuticals (TERN) grant to its new employees in August 2025?

Terns granted stock options to two employees: 500,000 shares to new Chief People Officer Robin Andrulevich and 125,000 shares to a non-executive employee, with an exercise price of $5.47 per share.

What is the vesting schedule for Terns Pharmaceuticals' (TERN) August 2025 inducement grants?

The stock options vest over a period of four years, subject to the employees' continued service through the applicable vesting dates.

What is the exercise price and term for TERN's August 2025 inducement grants?

The options have a 10-year term with an exercise price of $5.47 per share, which was Terns' closing stock price on August 1, 2025.

Who is the new Chief People Officer at Terns Pharmaceuticals (TERN)?

Robin Andrulevich was appointed as the new Chief People Officer at Terns Pharmaceuticals, receiving 500,000 stock options as part of the inducement grant.