Slides
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soaring to new heights Company Overview NASDAQ: TERN JANUARY 2026
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Forward-looking Statements and Disclaimers This presentation contains forward-looking statements about Terns Pharmaceuticals, Inc. (the “Company,” “we,” “us,” or “our”) and its industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation, including statements regarding the Company’s strategy, future financial condition, future operations, planned research and development activities, future results from clinical and preclinical testing, the clinical utility and therapeutic and market potential of the Company’s product candidates, 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,” “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. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this presentation, it cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur at all. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our Securities and Exchange Commission ("SEC") reports, including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent Quarterly Reports on Form 10-Q. These risks are not exhaustive. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this presentation. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of such products. 2
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We’re Reimagining Known Biology to Deliver High Impact Medicines
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Balance Sheet: Cash of ~$1.0B2, provides runway into 2031 including potential first approval & commercial launch of TERN-701 TERN-701 has Potential to be the Best-in-Disease Therapy for CML CML: chronic myeloid leukemia; RP2D: recommended Phase 2 doses 1. At expansion dose range in a refractory Phase 1 population 2. Year-end 2025 unaudited cash, cash equivalents and marketable securities TERN-701 | A highly-selective, next generation, oral allosteric BCR-ABL inhibitor for CML ▪ Potential best-in-disease treatment in a $5B+ CML market ▪ Unprecedented efficacy: 75% MMR achievement by 24 weeks1 ▪ Encouraging safety and tolerability profile at all doses evaluated ▪ Multiple important milestones planned in 2026: pivotal dose selection and EOP2 regulatory interaction (mid-26), updated and expanded CARDINAL data (2H26) and 2L+ pivotal trial initiation (late ’26/early ’27) 4
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5 Allosteric Inhibitors are a Superior Class to Active-site TKIs, Leading to Rapid Uptake Across All Lines of Treatment Sources: Novartis ASCO Investor Event | June 2, 2024; Novartis Q3 2025 Results Presentation | October 28, 2025; Meet Novartis Management | November 20, 2025 NBRx: New to brand Rx Superior SuperiorEfficacy Safety/Tolerability Profile Approved CML Therapies 2G/3G active-site TKIs dasatinib, nilotinib, bosutinib, ponatinib 1G active-site TKI imatinib Allosteric Inhibitors asciminib 52% 22% $4B+ Asciminib NBRx share in 2L (53% in 3L+) Asciminib NBRx share of front-line Asciminib anticipated peak sales
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1. Hochhaus A, et al. N Engl J Med 2024;391:885-898. 2. Atallah E. et al. 66th ASH Annual Meeting, December 7-10th, 2024 Abstract # 479. 3. Rea D et al. Blood 2021; 138 (21): 2031–2041. 4. SCEMBLIX® (asciminib). Prescribing information, November 2025. Accessed December 2025. Hypertension Pancreatic Toxicity 20% 18% Adverse Event Profile of Asciminib4 Patient Adherence4 Can’t be taken with food do not reach MMR at 48 weeks1 Asciminib Patients Who Fail to Reach Efficacy threshold ( ) - 32% - - 57% - do not reach MMR at 24 weeks2 1L 2L 3L+ - 75% - do not reach MMR at 24 weeks3 6 However, Asciminib Leaves Opportunities for Improvement Across Efficacy, Safety, and Convenience
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We are Building a Strong Foundation for TERN-701 to be the Best-In- Disease Therapy for CML 7 MMR achievement of 75% at ≥320 mg Majority of TEAEs low grade; Gr. 3 AEs <10% Once-a-day dosing for all patients Improved Efficacy Improved Safety Improved Convenience BCR-ABL Clinical response in prior asciminib treatment failures DMR achievement of 36% at ≥320 mg No pancreatic toxicity or clinically significant blood pressure changes No dose limiting toxicities in Ph1 dose escalation Dosing with or without food (no food effect) Note: MMR/DMR achievement rates in Phase 1 study, based on 24-week time point MMR: major molecular response; DMR: deep molecular response; TEAE: treatment emergent adverse events; AE: adverse events; BP: blood pressure
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TERN-701 ASH Presentation Demonstrated Strong Potential for Best-in- Disease Efficacy at CARDINAL Expansion Dose Range 8 *ASCEMBL Ph3 dosed at RP2D (40mg BID) 24Wk= 24 week; DMR= deep molecular response. Included patients achieving MR4, BCR::ABL1IS ≤0.01%; MR4.5, BCR::ABL1IS ≤0.0032%; and MR5, BCR::ABL1IS ≤0.001 Hughes TP, et al. N Engl J Med 2019;381:2315-2326. Mauro M. et al. Leukemia 2023; 37:1048–1059. Rea D et al. Blood 2021; 138 (21): 2031–2041. Data cut-off 13Sep2025 No head-to-head clinical studies have been conducted comparing TERN-701 with marketed or investigational drugs. Differences exist in study designs and conditions, and caution should be exercised when comparing data across studies. 24Wk molecular responses in non- T315I CML TERN-701 Ph 1/2 CARDINAL ≥320 mg QD (N=30) Asciminib Ph1 ’X2101 All doses (N=99) Asciminib Ph3 ASCEMBL* 40 mg BID (N=157) MMR Achievement Rate 75% 24% 25.5% DMR Achievement Rate 36% 14% 10.8%
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CARDINAL December 2025 Data Update
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TERN-701 Demonstrates Potential for Best-in-Disease Efficacy and Safety in the Phase 1 CARDINAL Study ▪ Enrolled predominantly 3L+ refractory CML population ▪ Unprecedented 24-week MMR achievement in non-T315Im CP-CML – 64% at all doses; 75% at doses ≥320 mg QD ▪ Observed favorable safety and tolerability profile – No DLTs observed; MTD not identified – Majority of TEAEs low grade; Gr. 3 AEs <10% – No pancreatic toxicity ▪ Accelerated study enrollment (enrolled N=85+ as of Dec 2025) 10 MMR: major molecular response; CP-CML: chronic phase-chronic myeloid leukemia; QD: once-daily; TKI: tyrosine kinase inhibitor; DLT: dose limiting toxicities; MTD: maximum tolerated dose: TEAE: treatment emergent adverse events; AE: adverse events; Data cut-off 13Sep2025
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Phase 1/2 CARDINAL Trial Design in CP-CML as of December 2025 • Received > 2 TKIs OR had treatment failure/suboptimal response to frontline 2G TKI • Prior asciminib/ponatinib failure/intolerance allowed; myristate pocket resistance mutations excluded • T315I and non-T315I mutations allowed • Treatment failure or suboptimal response to ≥ 1 prior TKI • Prior asciminib/ponatinib treatment failure/intolerance allowed; myristate pocket resistance mutations excluded • Only non-T315I mutations allowed Part 1 Dose Escalation Primary Endpoints: Safety and tolerability (including dose-limiting toxicities) Secondary Endpoints: Efficacy (molecular responses) and pharmacokinetics 160 mg N ≥ 3 320 mg N ≥ 3 400 mg N ≥ 3 500 mg N ≥ 3 TERN-701 QD (N= up to 80) BOIN design with optional backfill cohorts R 500 mg N = 40 RDE Selection 320 mg N = 40 TERN-701 QD (N≈80) Part 2 Dose Expansion 11CP-CML: chronic phase-chronic myeloid leukemia
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Patients are Heavily Pretreated with High Disease Burden All Patients (N=63) Age, median (range), years 57 (29‒86) Baseline BCR::ABL1IS, n (%) >10% 28 (44%) >1% to 10% 8 (13%) >0.1% to 1% 16 (25%) ≤0.1% 11 (18%) Discontinuation to last TKI, n (%)* Lack of efficacy (per ELN 2020 criteria) 40 (64%) Lack of tolerability 18 (29%) Median number of prior unique TKIs (range) 3 (1‒6) ≥3 prior, n (%) 38 (60%) Prior asciminib 24 (38%) Lack of efficacy: 18 (75%) Lack of tolerability: 6 (25%) Prior ponatinib 14 (22%) Lack of efficacy: 11 (79%) Lack of tolerability: 3 (21%) BCR::ABL1 mutations, n (%) T315I / F317L / E255K 6 (10%) / 2 (3%) / 1 (2%) 12 *Five patients discontinued last TKI for other reasons Data cut-off 13Sep2025
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87% of Patients Remain on Treatment with a Median Treatment Duration of 6 Months for All Patients Patients, n (%) All Patients (N=63) Median duration of treatment, months (range) 6.1 (0.2‒19) Treatment ongoing 55 (87%) Discontinued from treatment 8 (13%) Treatment failure 4 Adverse events* 1 Physician decision 1 Other (withdrew consent / lost to follow-up) 2 13 *Grade 2 diarrhea, fatigue and joint pain. This patient had similar AEs with prior dasatinib and asciminib Data cut-off 13Sep2025
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TERN-701 Continues to Exhibit an Encouraging Overall Safety / Tolerability Profile Patient Incidence, n (%) All Patients (N=63) Treatment-Emergent Adverse Events (TEAEs) Dose Limiting Toxicities 0 (0%) AEs Leading to Treatment Discontinuation 1 (2%) Overall, Any Grade 51 (81%) Overall, Grade 3 or Higher 20 (32%) 14 DLT= dose limiting toxicities; MTD= maximum tolerated dose; AE= adverse events Data cut-off 13Sep2025 ▪ No DLTs in dose escalation and MTD was not reached
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CARDINAL Uses the Same MMR Efficacy Evaluability Criteria by 24 Weeks as the Asciminib Phase 1 Study ▪ Efficacy evaluable cohort includes patients without T315I or atypical transcripts ▪ As of 13 September 2025, 38 patients were evaluable for MMR by 24 weeks, assessed centrally Efficacy Evaluable Criteria ▪ Received TERN-701 for at least 24 weeks, OR ▪ Achieved MMR or better prior to 24 weeks (if no MMR at baseline), OR ▪ Maintained MMR or better for ≥24 weeks (if in MMR at baseline), OR ▪ Discontinued treatment for any reason prior to 24 weeks 15 Source: Hughes TP, et al. Supplementary appendix. N Engl J Med 2019;381:2315-26. Data cut-off 13Sep2025
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Patients Treated at Doses ≥320 mg have Similar Baseline Characteristics to Full Study Population Pts at Doses ≥320 mg (N=53) Pts at All Doses (N=63) Age, median (range), years 57 (30‒82) 57 (29‒86) Baseline BCR::ABL1IS, n (%) >10% 25 (47%) 28 (44%) >1% to 10% 5 (9%) 8 (13%) >0.1% to 1% 16 (30%) 16 (25%) ≤0.1% 7 (13%) 11 (18%) Discontinuation to last TKI, n (%)* Lack of efficacy (per ELN 2020 criteria) 36 (68%) 40 (64%) Lack of tolerability 12 (23%) 18 (29%) Median # of prior unique TKIs (range) 3 (1‒6) 3 (1‒6) ≥3 prior lines, n (%) 32 (60%) 38 (60%) Prior ponatinib 11 (21%) 14 (22%) Prior asciminib 20 (38%) 24 (38%) BCR::ABL1 mutations, n (%) T315I / F317L / E255K 5 (9%) / 2 (4%) / 1 (2%) 6 (10%) / 2 (3%) / 1 (2%) 16 *Five patients discontinued last TKI for other reasons Data cut-off 13Sep2025
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TERN-701 Shows Unprecedented Rates of 24-Week Molecular Response at Doses ≥320 mg 17 1. Included patients with baseline BCR::ABLIS >0.01% achieving MR4, BCR::ABL1IS ≤0.01%; MR4.5, BCR::ABL1IS ≤0.0032%; and MR5, BCR::ABL1IS ≤0.001 2. Included patients with BCR:ABL1 IS >1% at baseline Data cut-off 13Sep2025 75% 100% 80% 36% 62% 0 20 40 60 80 100 Patients, % N=13N=30 N=28N=24 N=6 Achieved MMR 95% CI [53.3, 90.2] Maintained MMR 95% CI [54.1, 100.0] Overall MMR 95% CI [61.4, 92.3] Achieved DMR1 95% CI [18.6, 55.9] Achieved ≥ MR22 95% CI [31.6, 86.1] MMR DMR ≥ MR2
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18 MMR Achieved by 24 weeks Overall MMR by 24 weeks DMR Achieved by 24 weeks 75% (18/24) 80% (24/30) 36% (10/28) MMR: major molecular response; DMR: deep molecular response Data cut-off 13Sep2025 MMR and DMR Achievement Seen Across Full Spectrum of Baseline Transcripts at Doses ≥320 mg Post-treatment BCR::ABL1 Baseline BCR::ABL1 MR5 ≤0.001% (n=0) MR4.5 >0.001 to 0.0032% (n=1) MR4 >0.0032 to 0.01% (n=1) MR3 (MMR) >0.01 to 0.1% (n=4) MR2 >0.1 to 1% (n=11) MR1 >1 to 10% (n=4) >10% (n=9) MR5 ≤0.001% 1 1 1 1 1 1 MR4.5 >0.001 to 0.0032% 3 MR4 >0.0032 to 0.01% 1 1 1 MR3 (MMR) >0.01 to 0.1% 2 6 4 MR2 >0.1 to 1% 1 MR1 >1 to 10% 1 1 >10% 3 MMR achieved 75% (18/24) DMR achieved 36% (10/28)
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TERN-701 MMR Achievement (All Doses) by 24 Weeks Trending Higher Than Asciminib Across All Baseline Transcript Categories 19 45 33 100 64 8 28 48 24 0 20 40 60 80 100 MMR by 24 Weeks, Achievement by Baseline Transcript Level Patients, % Hughes TP, et al. N Engl J Med 2019;381:2315-2326. Data cut-off 13Sep2025 Note: No head-to-head clinical studies have been conducted comparing TERN-701 with marketed or investigational drugs. Differences exist in study designs and conditions, and caution should be exercised when comparing data across studies BCR::ABL1IS Level at Screening TERN-701 MMR achieved Asciminib MMR achieved >10% >1 to 10% >0.1 to 1% Total N=11 N=39 N=6 N=18 N=11 N=23 N=28 N=80
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0.01 0.1 1 10 100 Years BCR::ABL1 transcripts (IS, %) MR4 MMR -4 -3 -2 -1 BL 6 mo ELVN-001 x 9mo CML diagnosis Lack of efficacy/ Intolerance* Lack of efficacy asciminib x 2.5yr TERN-701 40-80mg BID 500mg QD x 6 cycles Intolerance# imatinib x 9mo Lack of efficacy 300-400mg 50-100mg 60mg BID Baseline Patient Characteristics Age 80 Sex Male # of prior TKIs 4 BCR::ABL1 Mutations F317L (100%#) Efficacy >10% to MMR Rapid MMR in Highly Refractory, Elderly Patient with Mutated CML and Lack of Efficacy with Prior Asciminib and ELVN-001 20 #ratio of mutant:natïve BCR::ABL1 on central assessment; *lipase elevation; #pleural effusion BL: baseline; MMR: major molecular response; MR: molecular response; MR4: BCR::ABL1IS ≤ 0.01%; cycle = 28 days Data cut-off 13Sep2025 dasatinib x 1yr F317L Mutation BCR::ABL1 transcripts (IS,%) Years
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0.001 0.01 0.1 1 10 100 Years BCR::ABL1 transcripts (IS, %) -2 -1 BL 3 mo 6 mo MR4 MMR MR4.5 Another Rapid MMR Achievement in Young Patient with Lack of Efficacy on Prior Asciminib 21 BL: baseline; MMR: major molecular response; MR: molecular response; MR4:.BCR::ABL1IS ≤ 0.01%; MR4.5: BCR::ABL1IS ≤ 0.032%, cycle = 28 days Data cut-off 13Sep2025 CML diagnosis Lack of efficacy Lack of efficacy/ Dyspnea 80mg to 40mg imatinib x 3 mo Pulmonary HT 500mg QD x 6 cycles Dyspnea asciminib x1 yrdasatinib x 11 yrimatinib x 10 years 400mg/600mg 100mg TERN-701 400mg Years Baseline Patient Characteristics Age 44 years Sex Male # of prior TKIs 3 BCR::ABL1 Mutations None Efficacy >10% to MMR BCR::ABL1 transcripts (IS,%)
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0 10 20 30 40 50 60 70 80 90 100 Asciminib (Phase 1) Asciminib (Phase 3) TERN-701 All doses TERN-701 ≥320 mg TERN-701’s MMR Achievement (All Doses) Exceeds Asciminib’s with Clearly Separated Confidence Intervals 22 MMR Achievement by 24 Weeks (Error bar: 95% CI) N=28 CI: confidence interval Rea D et al. Blood 2021; 138 (21): 2031–2041. Hughes TP, et al. N Engl J Med 2019;381:2315-2326. Data cut-off 13Sep2025 Note: No head-to-head clinical studies have been conducted comparing TERN-701 with marketed or investigational drugs. Differences exist in study designs and conditions, and caution should be exercised when comparing data across studies N=24 N=28 N=80 75% 64% 24% N=157 25.5% Lower bound of 95% CI for TERN-701’s 24-week MMR rate exceeds MMR rate for asciminib
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As of January 2026, CARDINAL Trial Includes New Mutation Cohort Part 1 Dose Escalation Primary Endpoints: Safety and tolerability (including dose-limiting toxicities) Secondary Endpoints: Efficacy (molecular responses) and pharmacokinetics 160 mg N ≥ 3 320 mg N ≥ 3 400 mg N ≥ 3 500 mg N ≥ 3 TERN-701 QD (N= up to 80) BOIN design with optional backfill cohorts R 500 mg N = 40 RDE Selection 320 mg N = 40 TERN-701 QD (N≈100) Part 2 Dose Expansion 23 CML: chronic myeloid leukemia 1. Excluded mutations: T315I, M244V, E355G, A337V, P465S, V468F, I502L, G463D, G463S, C46W and mutation(s) in the SH2/SH3 contac t sites or C lobe 2. Included mutations: T315I, M244V, H396R, E355G, F359I/C/V and I502L. Other mutations not listed but present in the P -loop, active site, A-loop and C-helix can be considered for inclusion on a case-by-case basis 500 mg N = 20 Part 2Part 2m Randomized dose expansion1 Mutation cohort2
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TERN-701 Data Provides Strong Momentum Towards Pivotal Trials TERN-701 Phase 1/2 2L+ CML patients Phase 3 2L+ CML Study Planned initiation late 2026 / early 2027 Phase 3 Frontline CML Study Planned initiation within 6-12 mos of 2L+ start Potential second approval Potential initial approval Pivotal trials expected to run in parallel 241. Hughes TP, et al. N Engl J Med 2019;381:2315-2326. Mauro M et al. Leukemia 2023; 37:1048-1059. Rea D et al. Blood 2021; 138 (21): 2031–2041 Anticipated 2L+ trial design: • TERN-701 vs dealer’s choice 2G TKI (dasatinib, nilotinib, bosutinib) • Primary endpoint of MMR achievement at 24 weeks • Non-T315Im population 24-week MMR has strong readthrough from Ph.1 to Ph.3 trials in relapsed/refractory CML1 Potential 1L trial design: • TERN-701 vs dealer’s choice TKI (w/wo asciminib control) • Primary endpoint of MMR achievement at 48 weeks • Non-T315Im population
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Worse vs 1G Better vs 2G Better vs 1G Better vs 1G Similar vs 2G Better vs All4 Appetite for CML Innovation Remains Strong: New & Improved Entrants Capture Majority 1L Share Even as Standard Therapies Become Generic 251. Novartis ASCO Investor Event, June, 2024; 2. Projected peak share based on ClearView Market Sizing 2025; 3. Novartis Q3 2025 Quarterly Earnings; 4. Aspirational profile based on TERN-701 data presented at ASH 2025 100% 52%1 ~60%2 25% of NRx by Q3 20253 Efficacy Safety/Tolerability vs. Previous Class Better vs All4 1L Patient Share Reached at Peak imatinib 2G TKIs asciminib TERN-7014 1G TKI imatinib 2G TKI dasatinib, nilotinib, bosutinib Allosteric asciminib TERN-701
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Conclusions
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TERN-701 has Multiple Significant Catalysts Upcoming in 2026 Note: Relative position of expected milestones on illustration does not denote or imply chronological order. EOP2: End of Phase 2 2026 2027 TERN-701 (Allosteric BCR-ABL inhibitor) 27 2H26 Data Update (by 2H26) Pivotal Dose Selection (mid-26) EOP2 Regulatory Interaction (mid-26) 2L+ Pivotal Trial Initiation (late 2026 / early 2027)
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Strong Financial Position Supports Upcoming Milestones * Year-end 2025 unaudited cash, cash equivalents and marketable securities; shares include common stock and prefunded warrants ~$1.0B Cash* Runway into 2031 includes first potential approval and launch of TERN-701 ~115M Shares* 28