Terns Pharmaceuticals Stock Rises on Public Offerings to Fund TERN-701

Dow Jones12-11

By Katherine Hamilton

Terns Pharmaceuticals' stock continued its upward momentum after the company announced public offerings to fund further development of its cancer treatment, which recently performed well in a trial.

The stock climbed 8% to $46.10 on Wednesday, at one point touching an all-time high of $48.26. Shares have increased more than eightfold this year, and most of that gain has occurred in November and December.

The Foster City, Calif., oncology company said Wednesday morning it had begun a proposed underwritten public offering of $400 million worth of its shares and pre-funded warrants.

Terns also expects to grant underwriters a 30-day option to buy up to an additional $60 million of shares.

Later on Wednesday, Terns said it would price a separate public offering of 16.3 million shares at $40 a share. The gross proceeds of that offering are expected to be $650 million, it said.

The proceeds of both offerings will go toward funding research, clinical trials, development and manufacturing for TERN-701, the leukemia drug that recently had breakthrough clinical data.

On Monday, Terns said TERN-701 had shown a 64% major molecular response rate in a Phase 1 trial of patients with chronic myeloid leukemia. The response rate was 75% over 24 weeks at doses of 320 milligrams and above.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

December 10, 2025 11:31 ET (16:31 GMT)

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