Terns Pharmaceuticals Business Summary

Terns Pharmaceuticals, Inc. (TERN) is a clinical-stage biopharmaceutical company specializing in the development of small-molecule therapies for oncology and metabolic diseases. The company operates as a research-driven entity with no current product revenue, primarily generating capital through public equity offerings and strategic financings, including a significant $747.5 million upsized offering in late 2025. Its business is bifurcated into two primary segments: Oncology, anchored by the allosteric BCR-ABL inhibitor TERN-701 for chronic myeloid leukemia (CML), and Metabolic Diseases, which focuses on oral GLP-1 receptor agonists like TERN-601 for obesity and THR-β agonists for MASH. Terns competes directly with established players and clinical peers such as Novartis (Scemblix), Akero Therapeutics, BridgeBio Pharma, and Summit Therapeutics, positioning itself as a developer of "best-in-disease" oral alternatives to existing injectable or less-selective therapies. Leadership is headed by CEO Amy Burroughs, who joined in 2024 with over 25 years of experience, including roles as CEO of Cleave Therapeutics and Executive in Residence at 5AM Ventures. The executive team includes Chief Medical Officer Emil Kuriakose, M.D., formerly of Calithera Biosciences, and Chief Development Officer Scott Harris, who previously oversaw R&D at Cleave Therapeutics and held leadership roles at BridgeBio. The company was founded by Dr. Weidong Zhong, a veteran drug hunter with a pedigree from Novartis and Gilead Sciences. Terns is backed by a blue-chip roster of institutional investors and venture firms, including OrbiMed Advisors, Lilly Asia Ventures, Deerfield Management, and Vivo Capital, with a board of directors featuring industry veterans like Chairman David Fellows and former Carmot Therapeutics CEO Heather Turner.