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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Terns Pharmaceuticals
Terns Pharmaceuticals (TERN) investor relations material
Terns Pharmaceuticals has been acquired by Merck & Co Inc
Terns Pharmaceuticals Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary30 Mar, 2026
Executive summary
Entered into a definitive merger agreement with Merck Sharp & Dohme LLC on March 24, 2026, for a $53.00 per share cash tender offer, with closing expected in Q2 2026.
Lead asset TERN-701, an oral allosteric BCR-ABL1 inhibitor for CML, advanced through Phase 1/2 with strong efficacy and safety data; pivotal Phase 3 trials planned for late 2026 or early 2027.
Company remains a clinical-stage oncology firm with no commercial products and is seeking partners for legacy metabolic programs.
Financial highlights
Net loss for 2025 was $96.2 million, compared to $88.9 million in 2024, driven by increased R&D and G&A expenses.
Research and development expenses rose to $77.9 million in 2025 from $70.1 million in 2024, primarily due to higher clinical and preclinical program costs.
Cash, cash equivalents, and marketable securities totaled $1.02 billion as of December 31, 2025, following significant equity financings in September 2024 and December 2025.
No product revenue; funding primarily from equity offerings and milestone/license payments.
Outlook and guidance
Existing capital resources expected to fund operations into 2031.
Focus remains on advancing TERN-701 into pivotal trials and potential commercial launch, subject to trial outcomes and regulatory review.
Pending merger with Merck introduces uncertainty regarding future operations and strategic direction.
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Latest events from Terns Pharmaceuticals
- $6.7B deal adds TERN-701, a next-gen CML therapy, to drive hematology growth.TERN
M&A announcement - TERN-701 delivers high efficacy and safety in CML, with pivotal trials and commercialization on track.TERNThe Citizens Life Sciences Conference 2026
- TERN-701 shows strong efficacy and safety in CML, advancing toward pivotal trials this year.TERNTD Cowen 46th Annual Health Care Conference
- TERN-701 shows superior efficacy and safety in CML, positioning for major market impact.TERNLeerink Global Healthcare Conference 2026
- Up to 5.5% mean weight loss in 28 days with strong safety supports Phase II in 2025.TERNStudy Result
- Phase I CML and obesity data catalysts set for 2024–2025, with strong cash runway into 2028.TERNUBS Global Healthcare Conference 2024
- Early TERN-701 Phase 1 data will assess safety, tolerability, and efficacy in CML.TERNStudy Update
- Major CML and obesity data readouts expected, with strong focus on differentiation and speed.TERNGoldman Sachs 45th Annual Global Healthcare Conference
- Anticipated 2024 data readouts in oncology and obesity drive optimism for differentiated programs.TERNJefferies 2024 Global Healthcare Conference
Terns Pharmaceuticals
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Frequently asked questions
Terns Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company focusing on the development of a diverse portfolio of small-molecule therapeutic candidates. The company's research and development efforts are primarily focused on addressing serious diseases, including oncology, non-alcoholic steatohepatitis (NASH), and obesity.