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StocksHigh Impact•31 March 2026•

1 min read

Terns Pharmaceuticals to Merge with Merck at $53 Per Share Despite 2025 Net Loss

Key Facts

1Terns Pharmaceuticals reported $0 revenue and a net loss of $96.207 million ($1.03 per share) for the year ended December 31, 2025.

2The company announced a pending merger agreement with Merck at $53 per share.

3Terns is reallocating resources toward oncology programs while discontinuing TERN-601 and seeking partners for metabolic candidates.

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Version History

8 additional sources confirmed this story

Terns Pharmaceuticals (TERN) has released its annual 10-K report, highlighting a transformative pending merger agreement with Merck (MRK) at a price of $53 per share. Despite the strategic acquisition, the clinical-stage biotech firm reported zero revenue and a net loss of $96.207 million, or $1.03 per share, for the fiscal year ending December 31, 2025. The company is currently undergoing a strategic shift, reallocating its internal resources toward oncology programs to maximize long-term value. As part of this pivot, Terns has discontinued its TERN-601 program and is actively seeking external partners for its metabolic drug candidates. The merger with Merck represents a significant exit strategy for shareholders, providing a substantial valuation floor despite the company's lack of commercial sales. This move underscores the ongoing consolidation within the biotechnology sector as major pharmaceutical players seek to bolster their oncology pipelines.