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Terns Pharmaceuticals, Inc., a biopharmaceutical company with a market capitalization of $397 million, disclosed the departure of their Chief Financial Officer (CFO), Mark Vignola, Ph.D., effective February 1, 2025. The separation, announced today, is in line with a previously arranged transition agreement and is not due to any disputes regarding the company’s operations, policies, or practices. According to InvestingPro data, the company maintains a strong liquidity position with more cash than debt on its balance sheet, though it’s currently experiencing rapid cash burn.
Following his resignation, Dr. Vignola entered into a consulting agreement with Terns Pharmaceuticals to continue providing services as an independent contractor through July 31, 2025. During the first two months of this agreement, he will receive a monthly fee of $30,000, which will reduce to $15,000 for the third and fourth months. Dr. Vignola will also earn an hourly fee for any additional services beyond the set number of hours during these four months, and any equity awards he has from the company will continue to vest during this period. The company’s stock, currently trading at $4.66, shows an exceptional current ratio of 33, indicating strong short-term financial stability despite ongoing operational challenges.
Simultaneously, Terns Pharmaceuticals has appointed Amy Burroughs, the company’s Chief Executive Officer (CEO), as the interim principal financial officer, while David Strauss, the Vice President of Finance and Controller, will serve as the interim principal accounting officer. Both appointments took effect on the Vignola Separation Date. For deeper insights into the company’s financial health and future prospects, InvestingPro subscribers can access comprehensive analysis, including 8 additional ProTips and detailed financial metrics.
Amy Burroughs, who joined the company’s board and became CEO in February 2024, has a background in leadership roles across various biotechnology firms, including Cleave Therapeutics, Inc. She also holds an MBA from Harvard Business School. David Strauss, with the company since January 2021, has a history of financial leadership roles in the biopharmaceutical industry and holds a bachelor’s degree in business administration.
The company has provided an indemnification agreement to Strauss, aligning with its standard practices for executive appointments. This information is based on a press release statement from Terns Pharmaceuticals, Inc.
In other recent news, Terns Pharmaceuticals has been making significant strides in its drug development. According to analysts from Oppenheimer, the company’s TERN-701 for Chronic Myeloid Leukemia (CML) has shown promising signs of efficacy and safety based on 3-month Phase 1 data. More comprehensive 6-month Phase 1 CARDINAL data for TERN-701 is expected in the fourth quarter of 2025. Similarly, Terns Pharmaceuticals plans to initiate a Phase 2 study for TERN-601, a treatment for obesity, in early 2025.
In addition, Oppenheimer analysts have maintained a positive outlook on Terns Pharmaceuticals, reiterating an Outperform rating and a $20.00 price target. This was followed by H.C. Wainwright raising its target on Terns Pharmaceuticals to $7.50, maintaining a Neutral rating.
In other company news, Terns Pharmaceuticals recently welcomed Heather Turner, J.D., former CEO of Carmot Therapeutics, Inc., to its Board of Directors. Turner’s appointment comes with the departure of Ann E. Taylor, M.D., and is expected to bring valuable insights to the company’s strategic decisions. These are the recent developments in Terns Pharmaceuticals.
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