Terns Pharmaceuticals Files Q2 2024 10-Q
Ticker: TERN · Form: 10-Q · Filed: Aug 5, 2024 · CIK: 1831363
Sentiment: neutral
Topics: 10-Q, pharmaceuticals, financials, SEC filing
TL;DR
**Terns Pharma Q2 10-Q filed. Financials and stock details updated.**
AI Summary
Terns Pharmaceuticals, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures related to stock-based compensation, fair value measurements, and research and development expenses are included.
Why It Matters
This filing provides investors with a crucial update on Terns Pharmaceuticals' financial health and operational status for the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — As a pharmaceutical company, Terns is subject to inherent risks related to drug development, regulatory approvals, and market competition.
Key Numbers
- 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
- 2024-08-05 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- Terns Pharmaceuticals, Inc. (company) — Filer of the 10-Q
- 2024-06-30 (date) — End of the reporting period
- 2024-08-05 (date) — Filing date
- 0000950170-24-090925 (other) — Accession Number
FAQ
What is the primary business of Terns Pharmaceuticals, Inc.?
Terns Pharmaceuticals, Inc. is primarily involved in the Pharmaceutical Preparations industry, as indicated by its SIC code [2834].
What is the fiscal year end for Terns Pharmaceuticals?
The fiscal year end for Terns Pharmaceuticals is December 31st.
What is the business address of Terns Pharmaceuticals?
The business address is 1065 East Hillsdale Blvd., Suite 100, Foster City, CA 94404.
What types of stock-based compensation plans are mentioned in the filing?
The filing mentions plans such as RestrictedStockMember, EmployeeStockOptionMember, TwoThousandTwentyTwoInducementPlanMember, and TwoThousandAndTwentyOneIncentiveAwardPlan.
What is the SEC file number for Terns Pharmaceuticals?
The SEC file number for Terns Pharmaceuticals is 001-39926.
Filing Stats: 4,438 words · 18 min read · ~15 pages · Grade level 16.2 · Accepted 2024-08-05 17:01:29
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 par value per share TERN The Nasdaq
Filing Documents
- tern-20240630.htm (10-Q) — 1608KB
- tern-ex10_1.htm (EX-10.1) — 63KB
- tern-ex31_1.htm (EX-31.1) — 16KB
- tern-ex31_2.htm (EX-31.2) — 16KB
- tern-ex32_1.htm (EX-32.1) — 9KB
- tern-ex32_2.htm (EX-32.2) — 9KB
- 0000950170-24-090925.txt ( ) — 7760KB
- tern-20240630.xsd (EX-101.SCH) — 1264KB
- tern-20240630_htm.xml (XML) — 1413KB
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 26
Signatures
Signatures 27 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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 91,496 $ 79,926 Marketable securities 133,801 183,514 Prepaid expenses and other current assets 4,941 3,992 Total current assets 230,238 267,432 Property and equipment, net 370 506 Operating lease assets 217 523 Other assets 55 56 Total assets $ 230,880 $ 268,517 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,873 $ 2,515 Accrued expenses and other current liabilities 8,833 8,826 Current portion of operating lease liabilities 249 603 Total current liabilities 10,955 11,944 Taxes payable, non-current 1,244 1,206 Total liabilities 12,199 13,150 Commitments and contingencies Stockholders' equity: Common stock, $ 0.0001 par value, 150,000,000 shares authorized at June 30, 2024 and December 31, 2023; 70,335,636 and 64,576,719 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 7 6 Additional paid-in capital 596,854 588,008 Accumulated other comprehensive loss ( 443 ) ( 19 ) Accumulated deficit ( 377,737 ) ( 332,628 ) Total stockholders' equity 218,681 255,367 Total liabilities and stockholders' equity $ 230,880 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating expenses: Research and development $ 18,352 $ 14,151 $ 36,939 $ 31,207