UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39926 Terns Pharmaceuticals, Inc. (Exact name of Registrant as specified in its Charter) Delaware 98-1448275 (State or other jurisdic ...

Exhibit 99.1 TERN-701: Oral, allosteric BCR-ABL tyrosine kinase inhibitor (TKI) for chronic myeloid leukemia (CML) • Dose escalation in Phase 1 CARDINAL study completed in January 2025 • Terns previously announced positive interim data from the Phase 1 CARDINAL trial of TERN-701, demonstrating: o Compelling molecular responses starting at the lowest dose in heavily pre-treated CML patients with high baseline BCR-ABL transcript levels o Encouraging safety profile with no dose limiting toxicities, adverse eve ...

Dose expansion in Phase 1 CARDINAL trial of TERN-701 for chronic myeloid leukemia (CML) expected to initiate in 2Q25 with additional safety and efficacy data in 4Q25 First patient enrolled in Phase 2 FALCON trial of TERN-601 for obesity with 12-week data expected 4Q25 Cash, cash equivalents and marketable securities of $358 million, expected to provide runway into 2028 FOSTER CITY, Calif., March 20, 2025 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-st ...

Core Viewpoint - Terns Pharmaceuticals is positioned as a small-cap biotech with significant upside potential in the weight loss therapeutic area, particularly with its investigational drugs TERN-601 and TERN-501, which are nearing phase 2 studies [1][2]. Group 1: Company Overview - Terns Pharmaceuticals focuses on developing weight loss and oncology medicines, with TERN-601 and TERN-501 as its leading candidates in the anti-obesity field [2][3]. - The average price target for Terns Pharmaceuticals' stock is $19.06, suggesting a potential increase of approximately 462% from current levels [2]. Group 2: Product Pipeline - TERN-601 is a potential once-daily oral GLP-1 medicine, which could appeal to patients preferring oral formulations over injected alternatives. In a phase 1 study, it achieved a statistically significant mean weight loss of 5.5% [2]. - TERN-501 aims to enhance the efficacy of GLP-1 medicines by stabilizing energy expenditures during weight loss, which could lead to its standard use alongside GLP-1 therapies if proven effective [3]. Group 3: Clinical Development - Terns Pharmaceuticals is also developing TERN-701, a potential cancer treatment that has shown positive interim data in a phase 1 study for chronic myeloid leukemia, with more data expected in the fourth quarter [4]. - Both TERN-601 and TERN-501 have not yet entered phase 2 studies, and their mid-stage data could serve as major catalysts for the stock price [5]. Group 4: Market Competition and Challenges - The competitive landscape for oral GLP-1 medicines is intensifying, with other companies advancing ahead of Terns Pharmaceuticals in this area [7][8]. - Terns previously abandoned the development of TERN-501 for metabolic dysfunction-associated steatohepatitis (MASH) after phase 2 trials, highlighting the challenges in developing successful therapies in crowded fields [6][7].

Core Points - Terns Pharmaceuticals, Inc. has granted an equity inducement award to Andrew Gengos, the new chief financial officer, as a material inducement for his acceptance of employment [1] - The equity award consists of an option to purchase 750,000 shares of Terns common stock at an exercise price of $3.73, which is the closing price on February 24, 2025 [2] - The option has a 10-year term and vests over four years, contingent on Mr. Gengos' continued service [2] Company Overview - Terns Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small-molecule product candidates targeting serious diseases such as oncology and obesity [3] - The company's pipeline includes three clinical-stage development programs: an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, and a THR-β agonist, along with a preclinical GIPR modulator discovery effort [3]

TERN-701 CARDINAL study progressing well; dose expansion expected to initiate in 2Q25 with additional safety and efficacy data in 4Q25 New TERN-701 data from ongoing U.S. healthy volunteer PK study shows improved drug-drug interaction profile compared to asciminib Introduces TERN-601 Phase 2 FALCON obesity study design; on track to initiate study in early 2Q25 with 12-week data expected 2H25 Cash and cash equivalents expected to provide runway into 2028 FOSTER CITY, Calif., Feb. 25, 2025 (GLOBE NEWSWIRE) -- ...

Core Insights - Terns Pharmaceuticals, Inc. has appointed Andrew Gengos as the new Chief Financial Officer, effective immediately, bringing 25 years of leadership experience in the biotech sector [1][2][3] Company Overview - Terns Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small-molecule product candidates targeting serious diseases, including oncology and obesity [4] - The company's pipeline includes three clinical-stage development programs: an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, and a THR-β agonist, along with a preclinical GIPR modulator discovery effort [4] Leadership and Experience - Andrew Gengos has a strong background in finance and corporate strategy, having previously served as CFO of Athira Pharma and held leadership roles at Cyteir Therapeutics, ImmunoCellular Therapeutics, and Neuraltus Pharmaceuticals [3] - Gengos has experience in leading teams in the life sciences and biotechnology industry, with a notable tenure at Amgen as Vice President of Strategy and Corporate Development [3]

Core Insights - Terns Pharmaceuticals has appointed Robert Azelby to its Board of Directors, bringing 25 years of strategic, operational, and commercial expertise in the biotechnology sector [1][2] - Carl Gordon is stepping down from the Board after over seven years of service, having played a foundational role in the company's development [1][2] Company Overview - Terns Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small-molecule product candidates targeting serious diseases, including oncology and obesity [4] - The company's pipeline includes three clinical-stage development programs: an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, and a THR-β agonist, along with a preclinical GIPR modulator discovery effort [4] Leadership Experience - Robert Azelby has over 30 years of experience in the biopharmaceutical industry, having held leadership positions at Eliem Therapeutics, Alder BioPharmaceuticals, and Juno Therapeutics, among others [3] - His previous roles include serving as chief executive officer and various executive positions at Amgen, where he focused on oncology [3] Strategic Direction - The appointment of Mr. Azelby is expected to enhance Terns' strategic and operational leadership, particularly as the company prepares for late-stage studies of its lead oncology program, TERN-701, in chronic myeloid leukemia [2] - The company aims to advance its lead oncology and obesity programs towards significant clinical readouts later in the year [2]

Core Viewpoint - Terns Pharmaceuticals, Inc. is actively participating in the Oppenheimer 35th Annual Healthcare Life Sciences Conference, showcasing its commitment to addressing serious diseases through its clinical-stage biopharmaceutical portfolio [1]. Company Overview - Terns Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small-molecule product candidates targeting serious diseases, particularly in oncology and obesity [3]. - The company's pipeline includes three clinical-stage development programs: an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, and a THR-β agonist, along with a preclinical GIPR modulator discovery effort prioritizing a GIPR antagonist nomination candidate [3]. Event Details - Senior management from Terns Pharmaceuticals will present at the Oppenheimer 35th Annual Healthcare Life Sciences Conference on February 12, 2025, at 4:00 p.m. ET [1]. - A live webcast of the event will be available on the investor relations page of Terns Pharmaceuticals' website, with a replay archived for at least 30 days [2].

Core Viewpoint - Terns Pharmaceuticals, Inc. is set to present at the 43rd Annual J.P. Morgan Healthcare Conference on January 15, 2025, showcasing its clinical-stage biopharmaceutical developments targeting serious diseases such as oncology and obesity [1]. Company Overview - Terns Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small-molecule product candidates for serious diseases, including oncology and obesity [3]. - The company's pipeline includes three clinical-stage development programs: an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, and a THR-β agonist, along with a preclinical GIPR modulator discovery effort prioritizing a GIPR antagonist nomination candidate [3]. Presentation Details - A live webcast of the presentation will be available on the investor relations page of Terns Pharmaceuticals' website, with a replay archived for at least 30 days following the event [2].