Terns Pharmaceuticals Files Q3 2024 10-Q
Ticker: TERN · Form: 10-Q · Filed: Nov 12, 2024 · CIK: 1831363
Sentiment: neutral
Topics: 10-Q, financials, pharmaceuticals, R&D
TL;DR
Terns Pharma Q3 10-Q filed. R&D expenses and stock units detailed. Check financials.
AI Summary
Terns Pharmaceuticals, Inc. filed its Q3 2024 10-Q report on November 12, 2024, detailing its financial performance for the period ending September 30, 2024. The filing includes information on research and development expenses and various equity awards, such as unvested restricted stock units. Specific entities like Orbimed Asia Partners III LP and individuals like Senthil Sundaram are mentioned in relation to the company's operations and financial reporting.
Why It Matters
This filing provides investors with an update on Terns Pharmaceuticals' financial health and operational activities for the third quarter of 2024, crucial for assessing the company's progress and future prospects.
Risk Assessment
Risk Level: medium — As a pharmaceutical company, Terns is subject to inherent risks related to drug development, regulatory approvals, and market competition, which are reflected in its financial reporting.
Key Numbers
- 2024-09-30 — Reporting Period End Date (The 10-Q covers financial data up to this date.)
- 2024-11-12 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
- 2024-07-01 - 2024-09-30 — Q3 2024 Period (Specific dates for the third quarter financial reporting.)
Key Players & Entities
- Terns Pharmaceuticals, Inc. (company) — Filer of the 10-Q report
- 2024-09-30 (date) — End of the reporting period for the 10-Q
- 2024-11-12 (date) — Date the 10-Q was filed
- Orbimed Asia Partners III LP (company) — Mentioned in relation to the Q3 2024 period
- Senthil Sundaram (person) — Mentioned in relation to the period of January 1, 2023 to September 30, 2023
FAQ
What were Terns Pharmaceuticals' research and development expenses for the third quarter of 2024?
The filing indicates research and development expenses for the period of July 1, 2024, to September 30, 2024, but specific dollar amounts are not detailed in the provided header information.
When did Terns Pharmaceuticals' fiscal year end?
Terns Pharmaceuticals' fiscal year ends on December 31.
What is the company's SEC file number?
The SEC file number for Terns Pharmaceuticals is 001-39926.
What type of equity awards are mentioned in the filing?
The filing mentions unvested restricted stock units with service conditions and unvested restricted stock units with market conditions.
Who is Senthil Sundaram in the context of this filing?
Senthil Sundaram is mentioned in relation to the period from January 1, 2023, to September 30, 2023, likely in a financial or operational context.
Filing Stats: 4,448 words · 18 min read · ~15 pages · Grade level 16.9 · Accepted 2024-11-12 16:45:34
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 par value per share TERN The Nasdaq
Filing Documents
- tern-20240930.htm (10-Q) — 1818KB
- tern-ex10_1.htm (EX-10.1) — 59KB
- tern-ex10_2.htm (EX-10.2) — 65KB
- tern-ex10_3.htm (EX-10.3) — 8KB
- 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
- 0000950170-24-125584.txt ( ) — 8372KB
- tern-20240930.xsd (EX-101.SCH) — 1304KB
- tern-20240930_htm.xml (XML) — 1514KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.
Controls and Procedures
Controls and Procedures 24 PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 26 Item 1A.
Risk Factors
Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28
Signatures
Signatures 29 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) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 270,136 $ 79,926 Marketable securities 102,641 183,514 Prepaid expenses and other current assets 3,729 3,992 Total current assets 376,506 267,432 Property and equipment, net 295 506 Operating lease assets 1,376 523 Other assets 56 56 Total assets $ 378,233 $ 268,517 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,787 $ 2,515 Accrued expenses and other current liabilities 9,353 8,826 Current portion of operating lease liabilities 272 603 Total current liabilities 11,412 11,944 Taxes payable, non-current 1,318 1,206 Operating lease liabilities, non-current 1,033 — Total liabilities 13,763 13,150 Commitments and contingencies Stockholders' equity: Common stock, $ 0.0001 par value, 150,000,000 shares authorized at September 30, 2024 and December 31, 2023; 84,916,975 and 64,576,719 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 8 6 Additional paid-in capital 763,984 588,008 Accumulated other comprehensive income (loss) 160 ( 19 ) Accumulated deficit ( 399,682 ) ( 332,628 ) Total stockholders' equity 364,470 255,367 Total liabilities and stockholders' equity $ 378,233 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating ex