Diligence memo · auto-generated · as of July 2, 2026
Terns Pharmaceuticals, Inc.
Terns Pharmaceuticals, Inc. looks over-valued against its niche peers and is dormant on financing cadence.
Businessfiled
Terns Pharmaceuticals, Inc. operates in Pharmaceuticals, based in FOSTER CITY.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Terns Pharmaceuticals, Inc. has raised $98M in disclosed capital across 1 recorded round, aggregated from public filings. Its latest round is modeled as Series C (a $40M–$100M round).
Largest single filing: $98M on 2020-12-29.
Most recent recorded round closed around 2020-12-29.
Valuation (modeled)modeled
Provath models Terns Pharmaceuticals, Inc. at approximately $2.9B (range $317M–$7.1B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Over-valued. Modeled value is 1.75× the median modeled value of Series C Pharmaceuticals companies in 2019–2021 (33 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Last raise 5.5 yr ago; this sector typically re-raises about every 13 months.
Only one round on record and long silent — often defunct, acquired, or gone quiet.
Comparablesmixed
Capital scale ranks ahead of 91% of Pharmaceuticals peers (1613 compared).
Modeled value ranks above 97% of those peers.
Closest niche peers: Verastem, Inc., Sentia Wellness, Inc., Oyster Point Pharma, Inc., Theseus Pharmaceuticals, Inc., Aerovate Therapeutics, Inc..
Peoplefiled
11 named people on file across officers, directors and signatories.
Risks & flagsmixed
Financing has been silent well beyond sector cadence — possibly defunct, acquired, or paused.
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.