Terns Pharmaceuticals, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Terns Pharmaceuticals, Inc. filed its Q1 2024 10-Q, detailing equity instruments and financial assets.</b>

AI Summary

Terns Pharmaceuticals, Inc. (TERN) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Terns Pharmaceuticals, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to common stock, restricted stock units, and employee stock options. Key dates mentioned include March 31, 2024, December 31, 2023, and March 31, 2023. Financial instruments such as cash, money market funds, and US government agency debt securities are referenced. Executive compensation details are not explicitly provided in this excerpt.

Why It Matters

For investors and stakeholders tracking Terns Pharmaceuticals, Inc., this filing contains several important signals. This 10-Q filing provides an update on Terns Pharmaceuticals' financial position and equity structure as of Q1 2024. Investors can analyze the company's equity awards and holdings in cash and securities to assess its financial health and operational status.

Risk Assessment

Risk Level: low — Terns Pharmaceuticals, Inc. shows low risk based on this filing. The provided text is a header and index for a 10-Q filing, lacking detailed financial performance data or forward-looking statements, making a comprehensive risk assessment impossible.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to understand Terns Pharmaceuticals' current operational and financial standing.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-13 — Filing Date (Filed as of date)
• 2023-12-31 — Previous Year End Date (Reference date for financial instruments)
• 2023-03-31 — Previous Year Quarter End Date (Reference date for equity and options)

Key Players & Entities

• Terns Pharmaceuticals, Inc. (company) — Filer name
• TERN (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-13 (date) — Filed as of date
• Mark Vignola (person) — Executive name
• Senthil Sundaram (person) — Executive name
• Erin Quirk (person) — Executive name
• Bryan Yoon (person) — Executive name

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Reporting period for the 10-Q filing.
• 2024-05-13: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a mid-year update on the company's financial condition.)

Common Stock

A security that represents ownership in a corporation. (Indicates the equity structure and shareholder base of Terns Pharmaceuticals.)

Restricted Stock Units (RSUs)

A form of equity compensation that gives employees the right to receive shares of company stock. (Relevant for understanding executive and employee compensation and potential dilution.)

Fair Value Measurements

The process of determining the current worth of an asset or liability. (Shows how Terns Pharmaceuticals values its financial assets like cash and securities.)

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share TERN The Nasdaq

Filing Documents

• tern-20240331.htm (10-Q) — 1300KB
• tern-ex10_1.htm (EX-10.1) — 33KB
• tern-ex10_2.htm (EX-10.2) — 121KB
• tern-ex31_1.htm (EX-31.1) — 15KB
• tern-ex31_2.htm (EX-31.2) — 15KB
• tern-ex32_1.htm (EX-32.1) — 9KB
• tern-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-058672.txt (&nbsp;) — 7380KB
• tern-20240331.xsd (EX-101.SCH) — 1351KB
• tern-20240331_htm.xml (XML) — 1279KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 27

Signatures

Signatures 28 ii

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

Condensed Consolidated Financi al Statements (Unaudited)

Item 1. Condensed Consolidated Financi al Statements (Unaudited). Terns Pharmaceuticals, Inc. Condensed Consolida ted Balance Sheets (Unaudited; in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 65,099 $ 79,926 Marketable securities 175,555 183,514 Prepaid expenses and other current assets 5,241 3,992 Total current assets 245,895 267,432 Property and equipment, net 447 506 Operating lease assets 369 523 Other assets 55 56 Total assets $ 246,766 $ 268,517 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,701 $ 2,515 Accrued expenses and other current liabilities 6,700 8,826 Current portion of operating lease liabilities 427 603 Total current liabilities 8,828 11,944 Taxes payable, non-current 1,218 1,206 Total liabilities 10,046 13,150 Commitments and contingencies Stockholders' equity: Common stock, $ 0.0001 par value, 150,000,000 shares authorized at March 31, 2024 and December 31, 2023; 64,651,693 and 64,576,719 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 6 6 Additional paid-in capital 592,036 588,008 Accumulated other comprehensive loss ( 321 ) ( 19 ) Accumulated deficit ( 355,001 ) ( 332,628 ) Total stockholders' equity 236,720 255,367 Total liabilities and stockholders' equity $ 246,766 $ 268,517 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 Terns Pharmaceuticals, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited; in thousands, except share and per share data) Three Months Ended March 31, 2024 2023 Operating expenses: Research and development $ 18,587 $ 17,056 General and administrative 6,859 7,101 Total operating ex

View Full Filing

View this 10-Q filing on SEC EDGAR