TERN Terns Pharmaceuticals, Inc.

Overview and Growth

In fiscal 2025, Terns Pharmaceuticals, Inc. reported net loss of $96.21M. Diluted earnings per share were -$1.03, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted shares averaged 93.17M; this is the reported share base over which the company’s diluted per-share earnings were spread. Diluted shares moved 17.2% from 79.51M in fiscal 2024, leaving the current share base higher year over year. Total assets stood at $1.03B, showing the scale of resources supporting revenue, earnings, liquidity, and financing.

Profitability

Operations produced a $110.12M operating loss before non-operating and tax effects. The bottom-line result was a net loss of $96.21M after operating, financing, tax, and other recognized items. The company reported negative EBITDA of $110.03M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. The company reported a pretax loss of $95.63M, before the effect of income taxes. The company recognized $581.00K of income tax for the period, completing the transition from pretax income to net income. The loss-to-equity relationship was 9.6%, placing the bottom-line deficit against shareholder capital. Relative to total assets, the net loss represented 9.4%. The bottom-line deficit increased from $88.85M in fiscal 2024 to $96.21M.

Liquidity and Capital Structure

Total assets were $1.03B, supported by $18.55M of liabilities and $1.01B of shareholder equity. At period end, current assets of $1.02B compared with current liabilities of $16.41M, defining the company’s short-term resource position. Current assets covered current liabilities by 62.41x, leaving a positive buffer for near-term obligations. The company held $524.75M in cash and equivalents, a narrower liquidity measure than total current assets. Equity equaled 98.2% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 1.8%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 51.2%, comparing reported cash and equivalents with the full positive asset balance. Compared with $363.93M in fiscal 2024, the current asset base moved 181.7% and finished higher. Reported equity changed 191.0% from $345.87M in fiscal 2024, placing the current capital base higher year over year. The reported cash balance changed 225.0% from $161.44M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Operating activities used $82.18M of cash, resulting in an operating cash outflow for the year. Operating cash flow and capital spending combined to leave a $82.18M cash deficit after capital spending. The cash deficit after capital spending represented 8.0% of the period-end asset base. Compared with a $70.02M operating cash outflow in fiscal 2024, the current outflow increased to $82.18M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.