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$128 Million

Terns Pharmaceuticals

Initial Public Offering

Bookrunner, February 2021

Terns Pharmaceuticals

Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing a portfolio of small molecule single-agent and combination therapies for the treatment non-alcoholic steatohepatitis (NASH) and other chronic liver diseases. The Company’s programs are based on clinically-validated and complementary mechanisms of action to address the multiple hepatic disease processes of NASH, steatosis, inflammation and fibrosis. Terns’ most advanced drug candidate, TERN-101, is a liver-directed, non-bile acid Farnesoid X Receptor (FXR) agonist. The Company’s second clinical stage drug candidate, TERN-201 is a highly selective, irreversible, covalent inhibitor of vascular adhesion protein-1 (VAP-1).