Terns, Inc.

Plus, news about Chai Discovery, Relay Therapeutics, Incannex Healthcare, PhoreMost, Epsilogen and LIFTT: Ionis prices $500M offering: The veteran RNA biotech is offering 11.5 million shares $IONS at $43.50 apiece, almost $5.00 below Monday’s closing price. The Carlsbad, CA-based drugmaker has long relied on partners to commercialize its medicines but is attempting to launch its own treatments, with multiple late-stage programs in the works. The FDA is set to decide whether to approve Ionis’ olezarsen in familial chylomicronemia syndrome by Dec. 19. Terns Pharmaceuticals eyes $125M offering: The same day that it shared positive data for its oral GLP-1 , the biotech said it would seek $125 million in a public offering. OpenAI invests in drug discovery: The ChatGPT maker is joining Thrive Capital and Dimension Capital to back Chai Discovery, which raised a total of $30 million, according to Bloomberg . The startup, which was founded less than a year ago, is using machine learning to predict biochemical molecule structures and unveiled its first open-source model. Relay Therapeutics also tees up offering: After sharing early-stage breast cancer data on Monday morning, Relay went to investors with a $200 million public offering. Incannex Healthcare forges up to $60M in financing: The funding , which comes from Arena Investors, will help the chronic disease biotech as it works on clinical trials across sleep apnea, generalized anxiety disorder and rheumatoid arthritis. PhoreMost adds $12M to Series B: The Cambridge, UK-based startup previously closed the round in 2021. The total raise now surpasses $50 million . It’s working on new degraders in oncology and inflammatory diseases. Epsilogen extends Series B with £12.5M: The London-based startup originally raised £30.75 million for the round in 2022. The new funding is expected to help fuel a proof-of-concept trial in platinum-resistant ovarian cancer. The European Investment Bank and Italian VC firm LIFTT are jointly contributing to a €100M venture that will back 20 to 30 startups, including those in life sciences.

-Terns ended 4Q 2020 with $75 million in cash and cash equivalents and completed an upsized initial public offering in February 2021, raising approximately $147 million in gross proceeds to support operations into 2024- -Top-line data from the ongoing Phase 2a LIFT study of TERN-101 expected in July 2021; data from the recently initiated Phase 1 trial of TERN-501 expected in 2H 2021- FOSTER CITY, Calif., March 30, 2021 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis (NASH) and other chronic liver diseases, today reported financial results for the fourth quarter and full year ended December 31, 2020 and provided a corporate update. 2020 Business Highlights and Recent Developments TERN-101 - Liver-distributed farnesoid X receptor (FXR) agonist TERN-201 - Vascular adhesion protein-1 (VAP-1) inhibitor TERN-501 - Thyroid hormone receptor-beta (THR-β) agonist Expanded board of directors Key management team appointments Strengthened balance sheet Anticipated 2021 Milestones TERN-101 TERN-201 TERN-501 GLP1-R agonist (oral): “2020 was a year of significant growth and momentum at Terns, during which the team made tremendous progress advancing our pipeline of single-agent and combination NASH therapies which in turn allowed us to significantly strengthen our financial position,” said Senthil Sundaram, CEO at Terns. “With the recent initiation of our Phase 1 clinical trial of TERN-501, we now have three clinical-stage NASH programs focused on clinically validated targets. As we look ahead to 2021 and 2022, we anticipate data readouts for all three of our ongoing clinical programs and look forward to initiating our first combination clinical trial of TERN-101 and TERN-501 – all with the goal of developing best-in-class therapies we hope can change the lives of people with NASH.” Full Year and Fourth Quarter Financial Results About Terns PharmaceuticalsTerns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis, or NASH, and other chronic liver diseases. Terns’ programs are based on clinically validated and complementary mechanisms of action to address the multiple hepatic disease processes of NASH in order to drive meaningful clinical benefits for patients. For more information, please visit . Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements about Terns Pharmaceuticals, Inc. (the “Company,” “we,” “us,” or “our”) within the meaning of the federal securities laws, including those related to the Company’s expectations of timing and potential results of the Company’s clinical trials and other development activities; the potential utility and progress of the Company’s product candidates in NASH; and the sufficiency of our cash on hand to fund our operating expenses and capital expenditures. All statements other than statements of historical facts contained in this press release, including statements regarding the Company’s strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. The Company has based these forward-looking statements largely on its current expectations, estimates, forecasts and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. In light of the significant uncertainties in these forward-looking statements, you should not rely upon forward-looking statements as predictions of future events. These statements are subject to risks and uncertainties that could cause the actual results and the implementation of the Company’s plans to vary materially, including the risks associated with the initiation, cost, timing, progress and results of the Company’s current and future research and development activities and preclinical studies and clinical trials. In particular, the impact of the COVID-19 pandemic on the Company’s ability to progress with its research, development, manufacturing and regulatory efforts, including the Company’s clinical trials for its product candidates, will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the United States and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. These risks are not exhaustive. For a detailed discussion of the risk factors that could affect the Company’s actual results, please refer to the risk factors identified in the Company’s SEC reports, including but not limited to its prospectus dated February 4, 2021. Except as required by law, the Company undertakes no obligation to update publicly any forward-looking statements for any reason. Contacts for Terns InvestorsMark Vignola investors@ternspharma.com MediaCory Trombleemedia@ternspharma.com

FOSTER CITY, Calif., Feb. 10, 2021 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis, or NASH, and other chronic liver diseases, today announced the closing of the Company’s initial public offering of 7,500,000 shares of common stock at a public offering price of $17.00 per share, along with   the exercise in full by the underwriters of their option to purchase an additional 1,125,000 shares of common stock. The exercise of the underwriters’ option to purchase additional shares is expected to close on February 12, 2021, subject to customary closing conditions. After giving effect to the full exercise by the underwriters of their option to purchase additional shares, aggregate gross proceeds to the Company are expected to be approximately $146.6 million, before underwriting discounts, commissions and estimated offering expenses. All of the shares in the offering were offered by Terns. Terns’ common stock is listed on the Nasdaq Global Select Market under the ticker symbol “TERN.” J.P. Morgan, Goldman Sachs & Co. LLC and Cowen are acting as joint book-running managers for the offering. Registration statements relating to the shares being sold in this offering were declared effective by the Securities and Exchange Commission on February 4, 2021. The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at +1-866-803-9204 or by e-mail: prospectus-eq_fi@jpmchase.com, Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at +1-212-902-1171 or by e-mail: prospectus-ny@ny.email.gs.com or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at +1-833-297-2926 or by e-mail: PostSaleManualRequests@broadridge.com. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. Contact:Investor Relations Contact: Mark Vignolainvestors@ternspharma.com Media Contact:Cory Trombleemedia@ternspharma.com