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Terns Pharmaceuticals 10-K: $0 Revenue, $(1.03) EPS
Terns Pharmaceuticals reported no product revenue and a net loss of $96.207 million, or $(1.03) per share, for the year ended December 31, 2025, due to its focus on clinical development over commercial sales. The company announced a pending merger agreement with Merck at $53 per share, creating strategic uncertainty, while also advancing its oncology programs and completing an equity raise to fund development. Terns is prioritizing oncology, discontinuing TERN-601, and seeking partners for metabolic candidates to reallocate resources.