For the year ending 2025-12-31, TERN had $363,308K increase in cash & cash equivalents over the period. -$82,176K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| License revenue | - | - | - | 0 |
| Research and development | - | 70,112 | 63,497 | 39,617 |
| General and administrative | - | 31,759 | 39,061 | 22,412 |
| Total operating expenses | - | 101,871 | 102,558 | 62,029 |
| Loss from operations | - | -101,871 | -102,558 | -62,029 |
| Interest income | - | 13,289 | 12,901 | 2,110 |
| Other expense, net | - | -11 | -314 | -68 |
| Total other income, net | - | 13,278 | 12,587 | 2,042 |
| Loss before income taxes | - | -88,593 | -89,971 | -59,987 |
| Income tax expense | - | 260 | 239 | 358 |
| Net loss | -96,207 | -88,853 | -90,210 | -60,345 |
| Stock-based compensation expense | 13,398 | 15,627 | 25,536 | 10,768 |
| Depreciation and amortization expense | 90 | 319 | 292 | 484 |
| Net accretion on marketable securities | -58 | -2,090 | -5,029 | 81 |
| Change in deferred taxes and uncertain tax positions | -511 | -23 | -141 | -392 |
| Amortization of operating lease assets | 411 | 577 | 589 | 548 |
| Prepaid expenses and other current assets | 1,181 | -47 | 1,921 | 1,121 |
| Other assets | - | - | - | 0 |
| Accrued interest, net of interest received | -1,173 | -1,012 | - | - |
| Accounts payable | -512 | -367 | 1,149 | -722 |
| Accrued expenses and other current liabilities | 629 | 4,244 | 2,729 | 1,416 |
| Operating lease liabilities | -430 | -555 | -666 | -610 |
| Deferred rent | - | - | - | 0 |
| Net cash used in operating activities | -82,176 | -70,016 | -67,390 | -49,109 |
| Purchase of property and equipment | 0 | 42 | 52 | 275 |
| Purchase of investments | - | - | 275,781 | 139,731 |
| Purchase of marketable securities | 405,043 | 169,942 | - | - |
| Proceeds from maturities of marketable securities | 107,000 | 157,574 | 237,846 | 117,734 |
| Net cash used in investing activities | -298,043 | -12,410 | -37,987 | -22,272 |
| Net proceeds from the issuance of common stock | 706,388 | 0 | 41,611 | 24,993 |
| Net proceeds from the issuance of common stock and pre-funded warrants | 0 | 162,312 | 0 | 61,145 |
| Payment of deferred offering costs | 235 | 388 | 344 | 401 |
| Proceeds from the issuance of common stock under employee stock purchase plan | - | - | 410 | 243 |
| Net proceeds from initial public offering | - | - | - | 0 |
| Proceeds from notes receivable | - | - | - | 0 |
| Payment of loans payable | - | - | - | 0 |
| Proceeds from stock option exercises | 36,845 | 1,448 | 274 | 0 |
| Proceeds from the issuance of common stock under employee stock purchase plan | 513 | 623 | 0 | 81,115 |
| Net cash provided by financing activities | 743,511 | 163,995 | 41,951 | 167,095 |
| Effect of exchange rate changes on cash and cash equivalents | 16 | -56 | 117 | -178 |
| Net increase in cash and cash equivalents | 363,308 | 81,513 | -63,309 | 95,536 |
| Cash and cash equivalents at beginning of period | 161,439 | 79,926 | 143,235 | 47,699 |
| Cash and cash equivalents at end of period | 524,747 | 161,439 | 79,926 | 143,235 |
Terns Pharmaceuticals, Inc. (TERN)
Terns Pharmaceuticals, Inc. (TERN)