# 🧾 What This Document Is This is a **Schedule 14D-9**, a formal "solicitation/recommendation statement." Think of it as Terns' official letter to its shareholders. Its job? To explain the company's board of directors' recommendation on a **major event**—in this case, an acquisition offer from ph

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Insider trades

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TERN has no reported insider trades in the last 90 days.

Institutional holders

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As of 2025-12-31 · prior 2025-09-30

BlackRock, Inc.$331.0M

8,194,218 sh+47.6%

MORGAN STANLEY$321.0M

7,945,608 sh+4.7%

ADAGE CAPITAL PARTNERS GP, L.L.C.$224.2M

5,550,000 sh+40.9%

VANGUARD GROUP INC$223.2M

5,523,948 sh+21.1%

Vestal Point Capital, LP$181.8M

4,500,000 sh● NEW

Vivo Capital, LLC$216.0M

5,346,928 sh-22.5%

JANUS HENDERSON GROUP PLC$136.5M

3,379,569 sh● NEW

CITADEL ADVISORS LLC$137.4M

3,400,642 sh+104.9%

People at TERN

Quarterly financials

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Revenue trend

03/25

—

NI -$23.9M

06/25

—

NI -$24.1M

09/25

—

NI -$24.6M

RevenueNI = Net Income

EPS trend (diluted)

Latest: $-0.27

Prior: $-0.26

Revenue sparkline