Terns Pharmaceuticals, Inc. [Rocket]

In millions, except per share items	Dec-31-22	Dec-05-22	Dec-31-21	Dec-05-21	Dec-31-20	Dec-31-19	Dec-31-18
	10-K	8-K	10-K	8-K	10-K	10-K	S-1/A
Revenues:
License revenue				1.0
Research and development				31.3
Total revenues [+]	0.0	39.6	1.0	32.3	0.0	61.7
Licensing				1.0
Royalties		39.6		31.3		61.5
Other income						0.2
Revenue growth	-100.0%	22.6%			-100.0%
Cost of goods sold	0.0	62.0	0.0	50.9	0.0	70.2
Gross profit	0.0	-22.4	1.0	-18.5	0.0	-8.5
Gross margin		-56.6%	100.0%	-57.4%		-13.8%
Selling, general and administrative [+]	22.4	22.4	19.5	19.5	9.0	8.7
General and administrative	22.4	22.4	19.5	19.5	9.0	8.7
Research and development	39.6		31.3		28.0
Other operating expenses		17.2		11.8		53.0
EBITDA [+]	-61.5		-49.3		-36.6	-70.0
EBITDA growth	24.7%	24.4%	34.7%		-47.7%
EBITDA margin		-156.6%	-4934.8%	-154.3%		-113.5%
Depreciation and amortization	0.5		0.5		0.4	0.2
EBIT [+]	-62.0	-62.0	-49.9	-49.9	-37.0	-70.2
EBIT growth	24.4%	24.4%	34.7%		-47.3%
EBIT margin		-156.6%	-4986.0%	-154.3%		-113.8%
Interest income	2.1	2.1	0.2	0.2	0.1
Interest income	2.1	2.1	0.2	0.2	0.1
Other income (expense), net [+]	-0.1	-0.1	0.0	0.0	-2.8	1.4
Gain (loss) on debt retirement					10.7
Other	-0.1	-0.1	0.0	0.0	0.1
Pre-tax income	-60.0	-60.0	-49.7	-49.7	-39.8	-68.8
Income taxes	0.4	0.4	0.5	0.5	0.8	0.0
Tax rate						0.0%
Minority interest					-0.5	-0.2
Net income	-60.3	-60.3	-50.2	-50.2	-29.4	-0.1
Net margin		-152.3%	-5015.8%	-155.2%		-0.1%

Basic EPS [+]	($1.67)	($1.67)	($2.21)	($2.21)	($102.93)	($374.39)
Growth	-24.2%	-24.2%	-97.9%		-72.5%
Diluted EPS [+]	($1.67)	($1.67)	($2.21)	($2.21)	($102.93)	($374.39)
Growth	-24.2%	-24.2%	-97.9%		-72.5%

Shares outstanding (basic) [+]	36.0	36.0	22.7	22.7	0.3	0.0
Growth	58.7%	58.7%	7862.5%		155503.5%
Shares outstanding (diluted) [+]	36.0	36.0	22.7	22.7	0.3	0.0
Growth	58.7%	58.7%	7862.5%		155503.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.