Terns Pharmaceuticals, Inc.
US ˙ NasdaqGS ˙ US8808811074
DETTE SYMBOL ER IKKE LÆNGERE AKTIVT

SecurityTERN / Terns Pharmaceuticals, Inc.
InstitutionMorgan Stanley
Latest Disclosed Ownership6,433,964 shares
Ownership 5.60%
Morgan Stanley ownership in TERN / Terns Pharmaceuticals, Inc.

2026-05-12 - Morgan Stanley has filed an SCHEDULE 13G/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 6,433,964 shares of Terns Pharmaceuticals, Inc. (US:TERN). This represents 5.6 percent ownership of the company. In their previous filing dated 2025-05-07 , Morgan Stanley had reported owning 7,099,954 shares, indicating a decrease of -9.38 percent.

Institutional Ownership: 13D/G Filings

This table shows a history of the 13D/G filings made by the investor and/or investor group. Note that the share values in this table are not directly comparable to any numbers shown in the 13F table (if any).

File
Date		Effective
Date		Form Prev
Shares		 Latest
Shares		 ΔShares
(Percent)		 Ownership
(Percent)		 ΔOwnership
(Percent)
2026-05-12 2026-05-12 13G/A 7,099,954 6,433,964 -9.38 5.60 -30.86
2025-05-07 2025-05-07 13G 7,099,954 8.10

Important Note: One of the primary uses of the 13D/G filings is to evaluate the ability of a firm to control a company (ie, the "beneficial ownership"). To that end, firms are required to report not just direct holdings in companies, but indirect holdings that they control. For investment firms, these indirect holdings can include shares in funds they manage, advisory accounts, and in the case of activist campaigns, pledged votes. Therefore, share counts listed in 13D/G filings can differ significantly than share counts listed in 13F filings.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F TERNS PHARMACEUTICALS COM 880881107 6,449,140 -1,496,468 -18.83 339,999 5.92 0.0205
2026-05-27 2025-12-31 13F/A-1 TERNS PHARMACEUTICALS COM 880881107 7,945,608 356,513 4.70 321,003 463.22 0.0192
2026-02-13 2025-12-31 13F TERNS PHARMACEUTICALS COM 880881107 7,945,608 356,513 321,003
2026-05-27 2025-09-30 13F/A-1 TERNS PHARMACEUTICALS COM 880881107 7,589,095 335,626 4.63 56,994 110.66 0.0035
2025-11-14 2025-09-30 13F TERNS PHARMACEUTICALS COM 880881107 7,589,095 335,626 56,994 0.0035
2025-08-15 2025-06-30 13F TERNS PHARMACEUTICALS COM 880881107 7,253,469 143,364 2.02 27,055 37.87 0.0018
2025-05-15 2025-03-31 13F TERNS PHARMACEUTICALS COM 880881107 7,110,105 3,762,298 112.38 19,624 5.81 0.0014
2025-05-15 2024-12-31 13F/A-1 TERNS PHARMACEUTICALS COM 880881107 3,347,807 2,564,875 327.60 18,547 184.06 0.0013
2025-02-14 2024-12-31 13F TERNS PHARMACEUTICALS COM 880881107 3,347,807 2,564,875 18,547 0.0013
2025-05-14 2024-09-30 13F/A-2 TERNS PHARMACEUTICALS COM 880881107 782,932 449,314 134.68 6,530 187.49 0.0005
2025-02-14 2024-09-30 13F/A-1 TERNS PHARMACEUTICALS COM 880881107 782,932 449,314 6,530 0.0005
2024-11-14 2024-09-30 13F TERNS PHARMACEUTICALS COM 880881107 782,932 449,314 6,530 0.0001
2025-05-14 2024-06-30 13F/A-2 TERNS PHARMACEUTICALS COM 880881107 333,618 -253,175 -43.15 2,272 -41.00 0.0002
2024-10-17 2024-06-30 13F/A-1 TERNS PHARMACEUTICALS COM 880881107 333,618 -253,175 2,272 0.0002
2024-08-14 2024-06-30 13F TERNS PHARMACEUTICALS COM 880881107 333,618 -253,175 2,272 0.0002
2024-10-17 2024-03-31 13F/A-2 TERNS PHARMACEUTICALS COM 880881107 586,793 -1,137,913 -65.98 3,849 -65.61 0.0003
2024-08-16 2024-03-31 13F/A-1 TERNS PHARMACEUTICALS COM 880881107 586,793 -1,137,913 3,849 0.0000
2024-05-15 2024-03-31 13F TERNS PHARMACEUTICALS COM 880881107 586,793 -1,137,913 3,849 0.0003
2024-08-16 2023-12-31 13F/A-1 TERNS PHARMACEUTICALS COM 880881107 1,724,706 726,946 72.86 11,193 123.06 0.0010
2024-02-13 2023-12-31 13F TERNS PHARMACEUTICALS COM 880881107 1,724,706 726,946 11,193 0.0010
2023-11-15 2023-09-30 13F TERNS PHARMACEUTICALS COM 880881107 997,760 858,170 614.78 5,019 310.97 0.0005
2023-08-14 2023-06-30 13F TERNS PHARMACEUTICALS COM 880881107 139,590 -2,346 -1.65 1,221 -27.32 0.0001
2023-05-15 2023-03-31 13F TERNS PHARMACEUTICALS COM 880881107 141,936 123,878 686.00 1,681 818.03 0.0002
2023-02-14 2022-12-31 13F TERNS PHARMACEUTICALS COM 880881107 18,058 10,815 149.32 184 335.71 0.0000
2022-11-14 2022-09-30 13F TERNS PHARMACEUTICALS COM 880881107 7,243 -11,428 -61.21 42 -8.70 0.0000
2022-10-27 2022-06-30 13F/A-1 TERNS PHARMACEUTICALS COM 880881107 18,671 10,180 119.89 46 84.00 0.0000
2022-08-15 2022-06-30 13F TERNS PHARMACEUTICALS COM 880881107 18,671 10,180 46 0.0000
2022-10-27 2022-03-31 13F/A-1 TERNS PHARMACEUTICALS COM 880881107 8,491 -80,965 -90.51 25 -96.04 0.0000
2022-05-13 2022-03-31 13F TERNS PHARMACEUTICALS COM 880881107 8,491 -80,965 25 0.0000
2022-02-14 2021-12-31 13F TERNS PHARMACEUTICALS COM 880881107 89,456 63,412 243.48 632 133.21 0.0001
2021-11-15 2021-09-30 13F TERNS PHARMACEUTICALS COM 880881107 26,044 -787 -2.93 271 -17.63 0.0000
2021-08-23 2021-06-30 13F/A-1 TERNS PHARMACEUTICALS COM 880881107 26,831 26,831 329 0.0000
2021-08-16 2021-06-30 13F TERNS PHARMACEUTICALS COM 880881107 26,831 26,831 329 0.0000
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.