Terns Pharmaceuticals Appoints New Director
Ticker: TERN · Form: 8-K · Filed: Jul 29, 2024 · CIK: 1831363
Sentiment: neutral
Topics: board-appointment, governance
TL;DR
Terns Pharma adds a new director, David J. Earp, to its board.
AI Summary
Terns Pharmaceuticals, Inc. announced on July 23, 2024, a change in its board of directors. Specifically, Dr. David J. Earp has been appointed as a new Class II director, effective immediately. This appointment is part of the company's ongoing governance and strategic direction.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing reports a routine board appointment, which typically carries low risk.
Key Players & Entities
- Terns Pharmaceuticals, Inc. (company) — Registrant
- David J. Earp (person) — Appointed Class II director
- July 23, 2024 (date) — Date of earliest event reported
FAQ
Who is the new director appointed to Terns Pharmaceuticals' board?
Dr. David J. Earp has been appointed as a new Class II director.
When was the earliest event reported in this filing?
The earliest event reported was on July 23, 2024.
What is the principal executive office address for Terns Pharmaceuticals?
The address is 1065 East Hillsdale Blvd., Suite 100, Foster City, California, 94404.
What is the company's telephone number?
The company's telephone number is (650) 525-5535.
What is the Standard Industrial Classification for Terns Pharmaceuticals?
The SIC code is PHARMACEUTICAL PREPARATIONS [2834].
Filing Stats: 1,591 words · 6 min read · ~5 pages · Grade level 11.6 · Accepted 2024-07-29 16:10:46
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 par value per share TERN Nasdaq Glo
- $475,000 — d to receive severance in the amount of $475,000, equivalent to 12 months of his annual
- $10,000 — te. The Company has agreed to pay up to $10,000 in attorney's fees for Dr. Vignola in r
- $452,250 — Employment Agreement, in the amount of $452,250, less applicable payroll withholdings,
- $500,000 — tional retention bonus in the amount of $500,000, provided Dr. Vignola remains employed
- $490,700 — d to receive severance in the amount of $490,700, equivalent to 12 months of his annual
- $301,500 — mployment Agreement"), in the amount of $301,500, less applicable payroll withholdings,
Filing Documents
- tern-20240723.htm (8-K) — 50KB
- tern-ex99_1.htm (EX-99.1) — 19KB
- img52906712_0.jpg (GRAPHIC) — 31KB
- 0000950170-24-087284.txt ( ) — 236KB
- tern-20240723.xsd (EX-101.SCH) — 26KB
- tern-20240723_htm.xml (XML) — 5KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On July 29, 2024, the Company issued a press release announcing the appointment of Elona Kogan as Chief Legal Officer, the anticipated transition and separation of Dr. Vignola and Mr. Yoon and a search for a new Chief Financial Officer. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1. The information contained in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release issued by Terns Pharmaceuticals, Inc. on July 29, 2024. 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TERNS PHARMACEUTICALS, INC. Date: July 29, 2024 By: /s/ Amy Burroughs Amy Burroughs Chief Executive Officer