Terns Pharmaceuticals (TERN) AI Stock Analysis

• Market Cap: $6.09B
• Dividend Yield: N/A
• Average Volume (3M): 6.83M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.29
• Revenue Growth: N/A
• EPS Growth: 12.45%
• Country: US
• Employees: 59
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.26
• Shares Outstanding: 115,413,390
• 10 Day Avg. Volume: 15,975,320
• 30 Day Avg. Volume: 6,829,898
• PEG Ratio: 4.87
• Price to Book (P/B): 3.74
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -45.80
• Enterprise Value/Market Cap: 0.69
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -38.42
• 1Y Price Target: $53.63
• Price Target Upside: 1.61% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 9
• EPS Forecast (FY): -1.19
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: $56.00 ▲(6.10% Upside)
• Action: Reiterated Date: 03/31/26
• Date: Action: Reiterated 03/31/26

Score is held back primarily by weak financial performance (no meaningful revenue, widening losses, and sustained cash burn), partially offset by a very strong low-debt balance sheet. Technicals are supportive with a strong uptrend, though momentum is stretched. Valuation is constrained by negative earnings, while the Merck acquisition announcement is a major positive corporate event that lifts the overall score.

Positive Factors

Very low debt and large equity base

A minimal debt load and a sizable equity base materially lower refinancing and interest-rate risk for a clinical-stage firm. This balance sheet strength provides durable financial flexibility to fund trials, negotiate partnerships, or withstand development timelines without immediate insolvency pressure.

Negative Factors

Pre-revenue profile with widening losses

Persistent pre-revenue status and materially widening net losses reflect a multi-year path to commercialization. Without product revenues, recurring losses erode retained capital and mean long-term value depends entirely on binary clinical outcomes or partner monetization, increasing structural risk.

Terns Pharmaceuticals Business Overview & Revenue Model

Company Description

Terns Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, develops small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis (NASH) and obesity. The company develops TERN-101, ...

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Terns Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, develops small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis (NASH) and obesity. The company develops TERN-101, ...

How the Company Makes Money

Terns Pharmaceuticals is a clinical-stage company and, as such, it does not have a recurring product-revenue business model from selling approved medicines. Its funding and any revenue typically come from: (1) Collaboration and licensing arrangeme...

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Terns Pharmaceuticals is a clinical-stage company and, as such, it does not have a recurring product-revenue business model from selling approved medicines. Its funding and any revenue typically come from: (1) Collaboration and licensing arrangeme...

Terns Pharmaceuticals Financial Statement Overview

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	1.00M
Gross Profit	0.00	0.00	0.00	0.00	1.00M
EBITDA	-110.12M	-100.97M	-101.68M	-61.00M	-49.35M
Net Income	-96.21M	-88.85M	-90.21M	-60.34M	-50.16M
Balance Sheet
Total Assets	1.03B	363.93M	268.52M	287.03M	168.07M
Cash, Cash Equivalents and Short-Term Investments	1.02B	358.16M	263.44M	283.11M	165.98M
Total Debt	919.00K	1.35M	603.00K	1.21M	0.00
Total Liabilities	18.55M	18.06M	13.15M	10.08M	7.77M
Stockholders Equity	1.01B	345.87M	255.37M	276.94M	160.30M
Cash Flow
Free Cash Flow	-82.18M	-70.06M	-67.44M	-49.38M	-42.17M
Operating Cash Flow	-82.18M	-70.02M	-67.39M	-49.11M	-41.83M
Investing Cash Flow	-298.04M	-12.41M	-37.99M	-22.27M	-119.70M
Financing Cash Flow	743.51M	164.00M	41.95M	167.09M	134.39M

Terns Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 52.78
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TERN, the sentiment is Positive. The current price of 52.78 is above the 20-day moving average (MA) of 49.37, above the 50-day MA of 42.89, and above the 200-day MA of 22.91, indicating a bullish trend. The MACD of 3.01 indicates Negative momentum. The RSI at 75.29 is Negative, neither overbought nor oversold. The STOCH value of 92.09 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TERN.

Terns Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TERN	62 Neutral	$6.09B	-39.12	-20.02%	―	―	12.45%
KROS	57 Neutral	$234.05M	8.71	14.25%	―	37798.31%	―
TYRA	55 Neutral	$2.10B	-13.06	-34.75%	―	―	-17.01%
ANAB	53 Neutral	$1.79B	6.79	1813.84%	―	196.42%	53.92%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NRIX	47 Neutral	$1.62B	-5.54	-57.51%	―	48.32%	-1.91%
OLMA	47 Neutral	$1.32B	―	-42.90%	―	―	17.23%

Terns Pharmaceuticals Corporate Events