Terns Pharmacuticals - A Case Study On Small Cap Failure to Oncology Turnaround

12 months ago Terns Pharmacuticals was trading at around $2.50 a share. The stock had not done well after their lead weight lost compound TERN-601 failed to produce competitive results and also had some toxicity. In response to this, TERN abandoned their weight loss drug and did a complete pivot to focus on their oncology compound, TERN-701. They then did an equity raise right before they released positive phase 1/2 data on TERN-701 which showed it being possibly best in class by having nearly double the response rate of current standard of care. Then Merck decided to step up and acquire them for $52 a share...all within 12 months.

Anyone else heard of any other biotech companies that have had dismal stock performance after pivoting away from say a biosimilar business to become a pure oncology play with multiple shots on goal at being first-in-class and/or best-in-class with multiple compounds? Maybe that company did an equity raise before they release their results? No? Just me?