(NASDAQ:TERN),
FOSTER CITY, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity, today announced that it has granted as of February 24, 2025 an equity inducement award to Andrew Gengos, the Company's new chief financial officer, under the terms of the 2022 Employment Inducement Award Plan, as amended. The equity award was approved by the Compensation Committee of the Company's Board of Directors and the Company's Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4) and was made as a material inducement to Mr. Gengos' acceptance of employment with Terns.
The Company granted Mr. Gengos a new hire option to purchase 750,000 shares of Terns common stock. The option has a 10-year term and an exercise price per share equal to $3.73, which was the closing price of Terns' common stock on February 24, 2025. The option vests over four years, subject to Mr. Gengos' continued service through the applicable vesting dates.
About Terns Pharmaceuticals
Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity. Terns' pipeline contains three clinical-stage development programs including an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, a THR-B agonist, and a preclinical GIPR modulator discovery effort, prioritizing a GIPR antagonist nomination candidate. For more information, please visit: www.ternspharma.com.
Contacts for Terns
Investors
Justin Ng
investors@ternspharma.com
Media
Jenna Urban
CG Life
media@ternspharma.com
