SCHEDULE: Vivo Capital Funds Disclose Passive Stake in Terns Pharma

Vivo Capital entities have filed an Amendment No. 3 to Schedule 13G, disclosing their passive beneficial ownership in Terns Pharmaceuticals, Inc. common stock.

Summary

• Vivo Capital Fund VIII, L.P. beneficially owns 966,461 shares of Terns Pharmaceuticals, Inc. common stock, representing 0.9% of the class.
• Vivo Capital Surplus Fund VIII, L.P. beneficially owns 133,415 shares, representing 0.1% of the class.
• Vivo Capital VIII, LLC, as the general partner for the above two funds, beneficially owns an aggregate of 1,099,876 shares, representing 1.0% of the class.
• Vivo Opportunity Fund Holdings, L.P. beneficially owns 2,700,615 shares, representing 2.5% of the class.
• Vivo Opportunity, LLC, as the general partner for Vivo Opportunity Fund Holdings, L.P., beneficially owns 2,700,615 shares, representing 2.5% of the class.
• Vivo Opportunity Cayman Fund, L.P. beneficially owns 241,652 shares, representing 0.2% of the class.
• Vivo Opportunity Cayman, LLC, as the general partner for Vivo Opportunity Cayman Fund, L.P., beneficially owns 241,652 shares, representing 0.2% of the class.
• All reporting persons collectively hold less than 5% of the class and certify that the securities are not held for the purpose of changing or influencing control of the issuer.
• The percentages are based on 106,198,970 shares of Common Stock outstanding as of December 11, 2025.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it is a standard disclosure of passive beneficial ownership and does not contain information that would inherently be positive or negative for the company's operations or financial performance.

Positives

• NA

Negatives

• NA

Risks

• NA

Future Outlook

NA

Industry Context

StockSavvy.ai notes that Schedule 13G filings are routine disclosures for passive investors holding less than 5% of a company's stock, indicating a continued, non-controlling interest in Terns Pharmaceuticals by the Vivo Capital entities. This type of filing typically does not signal a shift in industry trends or competitive landscape but rather reflects ongoing portfolio management.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: Provides transparency regarding significant passive institutional ownership, confirming that these entities hold less than 5% and are not seeking control.

Key Dates

Keywords

Terns Pharmaceuticals, Vivo Capital, Schedule 13G, Beneficial Ownership, Common Stock, Passive Investment, SEC Filing