Terns Pharmaceuticals, Inc.

TERN

Pending Acquisition by Merck Sharp & Dohme LLC On March 24, 2026, we entered into an Agreement and Plan of Merger (the Merger Agreement) by and among us, Merck Sharp & Dohme LLC, a New Jersey limited liability company (Parent), and Thailand Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent (Purchaser). Pursuant to the Merger Agreement, upon the terms and subject to …

Valuation & Multiples

Based on TTM earnings · Diluted shares

Market Cap$1M

EPS-$1.03

P/E-0.01

P/FCF-0.01

EV/EBITDA9.24

FCF Yield–

Div. Yield–

Net Debt/FCF12.4x

Terns Pharmaceuticals, Inc. intrinsic value

52-Week Range

$0.00$0.02

Profitability & Returns

TTM as of 2025-12 · YoY vs prior year · ROIC = NOPAT / invested capital

Revenue

N/A

Net Income (TTM)

-$96M

▼ -8.3% YoY

Op. Margin

–

ROIC

-12.84%

▲ +13.8pp YoY

Cash Flow & Balance Sheet

FCF = operating cash flow + capex · Net debt = total debt − cash · Balance sheet from latest filing

FCF (TTM)

-$82M

▼ -17.3% YoY

Op. Cash Flow (TTM)

-$82M

▼ -17.4% YoY

Net Debt

-$1.02B

Net Cash Position

Cash & Equiv.

$1.02B

Continue Research

Quality Scorecard

Is this a high-quality business?

Dividends

Payout safety and growth

Intrinsic Value

What is it worth?

Financials

Full income, cash flow, balance sheet

Peers

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Terns Pharmaceuticals (TERN) in three numbers

Quality score: 10/100; Best check: net debt, -$1.02B. Weakest: return on capital, -12.8%.; Quality
Dividend: None; No dividend in the SEC filings we hold.; Dividends
P/E: -0.01; Negative: a loss over the last twelve months. Price to free cash flow -0.01.; Financials

Questions about Terns Pharmaceuticals

Is Terns Pharmaceuticals a high-quality business?

Terns Pharmaceuticals scores 10 out of 100 on Intrinsiqq's quality score, which makes it a lower-quality business on these measures. The score blends 4 checks computed from SEC filings. Its best check is net debt at -$1.02B, and its weakest is return on capital at -12.8%. The Quality tab shows every check against its target.

Does Terns Pharmaceuticals (TERN) pay a dividend?

No. Terns Pharmaceuticals (TERN) does not pay a dividend, and no dividend payment appears anywhere in the filing history we hold. Nor has its share count fallen meaningfully over the last twelve months, so cash is kept in the business. The Dividends tab shows its cash returns.

Source: 10-Q filed 27 Mar 2026 (period ending 31 Dec 2025), SEC. Price: last close 30 Oct 2026. How this is calculated. Sector medians are approximate S&P 500 benchmarks and update periodically. Analysis, not investment advice.

Spot a number that looks wrong? Check it in TERN's SEC filings or

Download this analysis as a PDF (Pro)

Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.

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