Estados financieros detallados de Terns Pharmaceuticals, Inc. (TERN): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 0.0%, margen operativo 0.0%, margen neto 0.0%.
Al precio actual de $52.95, TERN presenta beneficios negativos (P/E no significativo) y un ROE del -20.02%. La capitalización bursátil es de $4.8B.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | $1.0M | 0 | 0 | 0 | 0 |
| Coste de Ventas | $65000 | $195000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Bruto | -$65000 | -$195000 | 0 | $1.0M | 0 | 0 | 0 | 0 |
| I+D | $14.6M | $61.5M | $28.0M | $31.3M | $39.6M | $63.5M | $70.1M | $77.9M |
| Generales y Administrativos | $3.9M | $8.7M | $9.0M | $19.5M | $22.4M | $39.1M | $31.8M | $32.2M |
| Gastos Operativos | $18.5M | $70.2M | $37.0M | $50.9M | $62.0M | $102.6M | $101.9M | $110.1M |
| Beneficio Operativo | -$18.5M | -$70.2M | -$37.0M | -$49.9M | -$62.0M | -$102.6M | -$101.9M | -$110.1M |
| EBITDA | -$18.4M | -$68.6M | -$36.6M | -$49.1M | -$59.0M | -$89.1M | -$87.7M | -$95.1M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$18.1M | -$68.8M | -$29.1M | -$49.6M | -$60.0M | -$90.0M | -$88.6M | -$95.6M |
| Impuestos | -$67000 | -$20000 | $813000 | $508000 | $358000 | $239000 | $260000 | $581000 |
| Beneficio Neto | -$17.7M | -$68.8M | -$29.4M | -$50.2M | -$60.3M | -$90.2M | -$88.9M | -$96.2M |
| BPA | $-0.74 | $-2.74 | $-1.61 | $-1.98 | $-1.67 | $-1.27 | $-1.12 | $-1.03 |
| BPA Diluido | $-0.74 | $-2.74 | $-1.61 | $-1.98 | $-1.67 | $-1.27 | $-1.12 | $-1.03 |
| Acciones en Circulación (Diluidas) | $24.0M | $25.1M | $25.1M | $25.3M | $36.0M | $71.3M | $79.5M | $93.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | 0 | -$108000 | 0 | $108000 |
| Beneficio Operativo | -$27.4M | -$27.4M | -$27.7M | -$27.6M |
| EBITDA | -$23.7M | -$23.9M | -$24.6M | -$34.0M |
| Beneficio Neto | -$23.9M | -$24.1M | -$24.6M | -$23.6M |
| BPA | $-0.26 | $-0.26 | $-0.27 | $-0.24 |
| BPA Diluido | $-0.26 | $-0.26 | $-0.27 | $-0.24 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $82.5M | $12.3M | $74.9M | $47.7M | $143.2M | $79.9M | $161.4M | $524.7M |
| Inversiones a Corto | $4.4M | $7.3M | 0 | $118.3M | $139.9M | $183.5M | $196.7M | $494.2M |
| Cuentas por Cobrar | 0 | 0 | $12.7M | 0 | 0 | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $88.5M | $22.2M | $90.9M | $166.9M | $285.2M | $267.4M | $362.1M | $1.02B |
| Inmovilizado Material | $261000 | $961000 | $1.2M | $1.0M | $1.8M | $1.0M | $1.5M | $884000 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $89.1M | $23.9M | $92.3M | $168.1M | $287.0M | $268.5M | $363.9M | $1.03B |
| Cuentas por Pagar | $914000 | $1.6M | $935000 | $2.1M | $1.6M | $2.5M | $2.1M | $1.7M |
| Deuda a Corto | 0 | 0 | $12.9M | 0 | 0 | 0 | $428000 | 0 |
| Pasivos Corrientes | $2.4M | $5.0M | $22.8M | $6.8M | $8.5M | $11.9M | $15.7M | $16.4M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $16.8M | $5.6M | $23.7M | $7.8M | $10.1M | $13.2M | $18.1M | $18.6M |
| Reservas | -$23.3M | -$91.9M | -$131.9M | -$182.1M | -$242.4M | -$332.6M | -$421.5M | -$517.7M |
| Patrimonio Neto | $72.2M | $4.2M | $68.6M | $160.3M | $276.9M | $255.4M | $345.9M | $1.01B |
| Deuda Total | 0 | 0 | $12.9M | 0 | $1.2M | $603000 | $1.3M | $919000 |
| Deuda Neta | -$86.9M | -$19.6M | -$62.0M | -$166.0M | -$281.9M | -$262.8M | -$356.8M | -$1.02B |
| Capital Circulante | $86.1M | $17.3M | $68.0M | $160.1M | $276.7M | $255.5M | $346.5M | $1.01B |
Balance (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Caja y Equivalentes | $139.0M | $146.0M | $150.7M | $524.7M |
| Activos Totales | $339.3M | $320.4M | $301.7M | $1.03B |
| Pasivos Totales | $13.3M | $15.2M | $17.6M | $18.6M |
| Patrimonio Neto | $326.0M | $305.2M | $284.1M | $1.01B |
| Deuda Total | $1.2M | $1.1M | $1.0M | $919000 |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$18.0M | -$68.8M | -$40.6M | -$50.2M | -$60.3M | -$90.2M | -$88.9M | -$96.2M |
| Amortizaciones | $65000 | $195000 | $394000 | $512000 | $1.0M | $881000 | $896000 | $501000 |
| Compensación en Acciones | $234000 | $668000 | $1.7M | $8.1M | $10.8M | $25.5M | $15.6M | $13.4M |
| Cambio en Capital Circulante | -$352000 | $1.9M | $5.1M | -$1.4M | -$1.0M | $1.5M | $4.4M | -$321000 |
| Flujo de Caja Operativo | -$18.1M | -$66.2M | -$29.8M | -$41.8M | -$49.1M | -$67.4M | -$70.0M | -$82.2M |
| Inversiones (CapEx) | -$244000 | -$900000 | -$584000 | -$340000 | -$275000 | -$52000 | -$42000 | 0 |
| Adquisiciones | $12.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$18.3M | -$67.1M | -$30.4M | -$42.2M | -$49.4M | -$67.4M | -$70.1M | -$82.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Flujo de Caja Operativo | -$24.4M | -$18.9M | -$19.8M | -$19.1M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$24.4M | -$18.9M | -$19.8M | -$19.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $3.0M | $3.3M | $3.4M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | -100.0% | | | |
| Crecimiento Beneficio Neto (anual) | | -288.6% | +57.3% | -70.9% | -20.3% | -49.5% | +1.5% | -8.3% |
| Crecimiento BPA (anual) | | -270.3% | +41.2% | -23.0% | +15.7% | +24.0% | +11.8% | +8.0% |
| Cambio en Acciones (anual) | | +4.7% | +0.1% | +0.6% | +42.6% | +97.8% | +11.6% | +17.2% |
| Crecimiento FCF (anual) | | -266.5% | +54.7% | -38.7% | -17.1% | -36.6% | -3.9% | -17.3% |
| Margen Bruto | | | | 100.0% | | | | |
| Margen Operativo | | | | -4986.0% | | | | |
| Margen EBITDA | | | | -4913.8% | | | | |
| Margen Neto | | | | -5015.8% | | | | |
| Margen FCF | | | | -4216.7% | | | | |
| Tasa Impositiva Efectiva | 0.4% | 0.0% | -2.8% | -1.0% | -0.6% | -0.3% | -0.3% | -0.6% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.76 | $-2.67 | $-1.21 | $-1.67 | $-1.37 | $-0.95 | $-0.88 | $-0.88 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $24.0M | $25.1M | $25.1M | $25.3M | $36.0M | $71.3M | $79.5M | $93.2M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -20.02% |
| Rentabilidad sobre capital invertido | -10.91% |
| Rentabilidad sobre activos | -9.39% |
| Margen bruto | 0.00% |
| Margen operativo | 0.00% |
| Margen neto | 0.00% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 62.41 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 121.84 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -24.85 | -6.71 | -11.42 | -3.57 | -6.10 | -5.11 | -4.95 | -39.22 |
| P/VC | 6.10 | 109.70 | 6.74 | 1.11 | 1.32 | 1.81 | 1.27 | 3.74 |
| P/V | 0.00 | 0.00 | 0.00 | 178.65 | 0.00 | 0.00 | 0.00 | 0.00 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | -4986.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Neto | 0.0% | 0.0% | 0.0% | -5015.8% | 0.0% | 0.0% | 0.0% | 0.0% |