<SEC-DOCUMENT>0001567619-21-002194.txt : 20210204
<SEC-HEADER>0001567619-21-002194.hdr.sgml : 20210204
<ACCEPTANCE-DATETIME>20210204170749
ACCESSION NUMBER:		0001567619-21-002194
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210204
FILED AS OF DATE:		20210204
DATE AS OF CHANGE:		20210204

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GORDON CARL L
		CENTRAL INDEX KEY:			0001282930

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39926
		FILM NUMBER:		21592095

	MAIL ADDRESS:	
		STREET 1:		601 LEXINGTON AVENUE
		STREET 2:		54TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Terns Pharmaceuticals, Inc.
		CENTRAL INDEX KEY:			0001831363
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1065 EAST HILLSDALE BLVD., SUITE 100
		CITY:			FOSTER CITY
		STATE:			CA
		ZIP:			94404
		BUSINESS PHONE:		650-525-5535 EXT.101

	MAIL ADDRESS:	
		STREET 1:		1065 EAST HILLSDALE BLVD., SUITE 100
		CITY:			FOSTER CITY
		STATE:			CA
		ZIP:			94404
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2021-02-04</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001831363</issuerCik>
        <issuerName>Terns Pharmaceuticals, Inc.</issuerName>
        <issuerTradingSymbol>TERN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001282930</rptOwnerCik>
            <rptOwnerName>GORDON CARL L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ORBIMED ADVISORS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>601 LEXINGTON AVENUE, 54TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Series B Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>714285</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Series B Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1071428</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Series C Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F6"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F6"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>612196</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F6"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Series C Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F6"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F6"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>918295</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F6"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each share of Series B Preferred Stock will automatically convert on a 1-for-2.2 basis into Common Stock immediately prior to the closing of the Issuer's initial public offering. Such conversion is reflected in the amount of common stock underlying the security.</footnote>
        <footnote id="F2">Reflects a 1-for-14 reverse stock split of the Issuer's outstanding securities effected prior to the effectiveness of the Issuer's S-1 Registration Statement.</footnote>
        <footnote id="F3">These securities are held of record by OrbiMed Asia Partners III, L.P. (&quot;OAP III&quot;). OrbiMed Asia GP III, L.P. (&quot;Asia GP&quot;) is the general partner of OAP III and OrbiMed Advisors III Limited (&quot;Advisors III&quot;) is the general partner of Asia GP. OrbiMed Advisors LLC (&quot;OrbiMed Advisors&quot;) is the advisory company of OAP III. By virtue of such relationships, Asia GP, Advisors III, and OrbiMed Advisors may be deemed to have voting power and investment power over the securities held by OAP III and as a result, may be deemed to have beneficial ownership over such securities. OrbiMed Advisors exercises voting and investment power through a management committee comprised of the Reporting Person, Sven H. Borho, and Jonathan T. Silverstein, each of whom disclaims beneficial ownership of the shares held by OAP III.</footnote>
        <footnote id="F4">These securities are held of record by OrbiMed Private Investments VII, LP (&quot;OPI VII&quot;). OrbiMed Capital GP VII LLC (&quot;OrbiMed GP&quot;) is the general partner of OPI VII and OrbiMed Advisors LLC (&quot;OrbiMed Advisors&quot;) is the managing member of OrbiMed GP. The Reporting Person is a member of OrbiMed Advisors. By virtue of such relationships, OrbiMed GP and OrbiMed Advisors may be deemed to have voting power and investment power over the securities held by OPI VII and as a result, may be deemed to have beneficial ownership over such securities. OrbiMed Advisors exercises voting and investment power through a management committee comprised of the Reporting Person, Sven H. Borho, and Jonathan T. Silverstein, each of whom disclaims beneficial ownership of the shares held by OPI VII.</footnote>
        <footnote id="F5">Each of OrbiMed Advisors, OrbiMed GP, Advisors III, Asia GP, and the Reporting Person disclaims beneficial ownership of the securities reported herein for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), except to the extent of its pecuniary interest therein, if any. This report on Form 3 shall not be deemed an admission that the Reporting Person is a beneficial owner of such securities for purpose of Section 16 of the Exchange Act, or for any other purpose.</footnote>
        <footnote id="F6">Each share of Series C Preferred Stock will automatically convert on a 1-for-1 basis into Common Stock immediately prior to the closing of the Issuer's initial public offering.</footnote>
    </footnotes>

    <remarks>Exhibit 24.1 - Power of Attorney</remarks>

    <ownerSignature>
        <signatureName>/s/ Bryan Yoon, as Attorney-in-Fact for Carl Gordon</signatureName>
        <signatureDate>2021-02-04</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>2
<FILENAME>poa_gordon.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 7.3.1.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">POWER OF ATTORNEY</div>
    <div style="text-indent: 36pt;">Know all by these presents, that the undersigned hereby constitutes and appoints each of (i) the Chief Executive Officer of Terns
      Pharmaceuticals, Inc., a Delaware corporation (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), who is currently Senthil Sundaram, (ii) the Company&#8217;s Chief Financial Officer, who
      is currently Mark Vignola, (iii) the Company&#8217;s General Counsel, who is currently Bryan Yoon and (iv) the Company&#8217;s Controller, who is currently David Strauss, and their respective successors, signing singly, with full power of substitution, as the
      undersigned&#8217;s true and lawful attorney-in-fact to:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable" id="za2473263d657472db3b1e8bc1bf56925" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
          <td style="width: auto; vertical-align: top;">
            <div>execute for and on behalf of the undersigned, in the undersigned&#8217;s capacity as an officer and/or director of the Company, Forms&#160;3, 4 and 5 (including amendments
              thereto) in accordance with Section&#160;16(a) of the Securities Exchange Act of 1934 and the rules and regulations thereunder and a Form ID, Uniform Application for Access Codes to File on EDGAR;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable" id="z8131ce841dca4dfcb6f57617a1064b88" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
          <td style="width: auto; vertical-align: top;">
            <div>do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Forms 3, 4 or 5 or Form ID and
              timely file such forms (including amendments thereto) and application with the United States Securities and Exchange Commission and any stock exchange or similar authority; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable" id="z20375c71adcc4cf4ad57a326c708ebce" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
          <td style="width: auto; vertical-align: top;">
            <div>take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest
              of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and
              conditions as such attorney-in-fact may approve in such attorney-in-fact&#8217;s discretion.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing
      whatsoever requisite, necessary or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or
      revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted.&#160; The
      undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with Section&#160;16 of the
      Securities Exchange Act of 1934.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">The undersigned agrees that each such attorney-in-fact herein may rely entirely on information furnished orally or in writing by the
      undersigned to such attorney-in-fact.&#160; The undersigned also agrees to indemnify and hold harmless the Company and each such attorney-in-fact against any losses, claims, damages or liabilities (or actions in these respects) that arise out of or are
      based upon any untrue statements or omission of necessary facts in the information provided by the undersigned to such attorney-in fact for purposes of executing, acknowledging, delivering or filing Forms 3, 4 or 5 (including amendments thereto) or
      Form ID and agrees to reimburse the Company and such attorney-in-fact for any legal or other expenses reasonably incurred in connection with investigating or defending against any such loss, claim, damage, liability or action.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">This Power of Attorney supersedes any power of attorney previously executed by the undersigned regarding the purposes outlined in the first
      paragraph hereof (&#8220;<font style="font-weight: bold; font-style: italic;">Prior Powers of Attorney</font>&#8221;), and the authority of the attorneys-in-fact named in any Prior Powers of Attorney
      is hereby revoked.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms&#160;3, 4 or 5 with
      respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier (a)&#160;revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact or (b)&#160;superseded by a new power of attorney
      regarding the purposes outlined in the first paragraph hereof dated as of a later date.</div>
    <div><br>
    </div>
    <div>IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 4th day of February, 2021.</div>
    <div><br>
    </div>
    <div style="margin-left: 279pt; margin-top: 12pt;"><u>/s/ Carl Gordon</u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
    <div style="text-indent: 279pt;">Carl Gordon, Ph.D., C.F.A.</div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
