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TNGX

Tango Therapeutics, Inc.

TNGX

Tango Therapeutics, Inc. • NASDAQ
$10.93 ▲ 1.53% (+0.17)
Market Cap $1.21 B
52w High $11.20
52w Low $1.03
Dividend Yield 0%
P/E -12.01
Volume 1.20M
Outstanding Shares 110.47M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $53.811M ▲ $39.184M ▼ $15.884M ▲ 29.518% ▲ $0.143 ▲ $16.429M ▲
Q2-2025 $3.181M ▼ $43.523M ▼ $-38.853M ▲ -1.221K% ▼ $-0.35 ▲ $-38.193M ▲
Q1-2025 $5.392M ▲ $47.922M ▲ $-39.876M ▼ -739.54% ▲ $-0.36 ▼ $-41.908M ▼
Q4-2024 $4.117M ▼ $45.027M ▲ $-37.67M ▼ -914.987% ▼ $-0.34 ▼ $-40.29M ▼
Q3-2024 $11.607M $44.485M $-29.167M -251.288% $-0.27 $-32.256M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $152.811M ▼ $210.136M ▼ $50.105M ▼ $160.031M ▲
Q2-2025 $180.785M ▼ $237.89M ▼ $102.936M ▼ $134.954M ▼
Q1-2025 $216.724M ▼ $274.306M ▼ $107.55M ▼ $166.756M ▼
Q4-2024 $257.917M ▼ $316.492M ▼ $116.975M ▼ $199.517M ▼
Q3-2024 $293.278M $352.415M $123.245M $229.17M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $15.884M ▲ $-30.952M ▲ $47.477M ▲ $2.541M ▲ $19.066M ▲ $-31.103M ▲
Q2-2025 $-38.853M ▲ $-36.519M ▲ $16.778M ▼ $581K ▲ $-19.16M ▼ $-37.143M ▲
Q1-2025 $-39.876M ▼ $-41.697M ▼ $30.597M ▼ $2K ▼ $-11.098M ▼ $-41.748M ▼
Q4-2024 $-37.67M ▼ $-36.647M ▼ $52.06M ▲ $969K ▼ $16.382M ▲ $-36.771M ▼
Q3-2024 $-29.167M $-33.39M $32.57M $2.402M $1.582M $-33.505M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Collaboration Revenue
Collaboration Revenue
 $20.00M ▲$10.00M ▼$0 ▼$50.00M ▲
License Revenue
License Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Tango looks like a classic early‑stage biotech: almost no recurring revenue and ongoing, meaningful losses driven by research and development and clinical trial spending. Reported revenue is tiny and not yet a true business engine; it likely reflects collaboration or milestone accounting rather than product sales. Operating losses and net losses have been steady to somewhat widening over the past few years as programs move deeper into the clinic. Per‑share losses remain significant, which is normal for a company still years away from potential product approvals. Overall, this is a “spend now for possible future drugs” income statement, not a mature commercial profile.

Balance Sheet

Balance Sheet The balance sheet shows a reasonable cash and asset base for a clinical‑stage biotech, but one that has been gradually drawn down as trials progress. Cash makes up a meaningful slice of total assets, which is good for flexibility, but total assets and equity have both declined from earlier peaks, reflecting ongoing losses. Debt exists but appears modest relative to the overall capital base, so financial leverage does not look like the main risk today. The company still has a solid equity cushion, but it remains dependent on either capital markets or partnership funding over time, especially once the current cash runway is used.

Cash Flow

Cash Flow Cash flow is firmly negative from operations, which is exactly what you would expect for a company investing heavily in R&D without commercial products. Operating and free cash flow are both clearly in the red, and capital spending needs are low, so nearly all cash burn is tied directly to people, labs, and clinical activities. The pattern over several years shows consistent cash consumption rather than sudden spikes, suggesting spending is deliberate rather than uncontrolled. Still, the business model is structurally cash‑hungry; Tango must keep accessing external funding or milestone payments until one or more drugs reach the market. Management’s stated runway into the later part of the decade is an important buffer but not a permanent solution.

Competitive Edge

Competitive Edge Competitively, Tango is trying to own a focused niche in precision oncology, centered on synthetic lethality. Its discovery platform, which combines CRISPR screening with computational biology, is a key differentiator and has already attracted validation from a major partner, Gilead. The pipeline targets genetically defined patient groups, which can support strong differentiation if the data are compelling. An experienced scientific and clinical leadership team and a growing patent estate further strengthen its position. On the other hand, oncology—especially synthetic lethality and targeted therapies—is a crowded field, with many well‑funded rivals and overlapping mechanisms. Tango’s ultimate competitive strength will depend on whether its lead programs deliver clearly better efficacy, safety, or combinability than alternatives as clinical data matures.

Innovation and R&D

Innovation and R&D Innovation and R&D are clearly the heart of Tango’s story. The company is building a systematic engine to discover and validate new synthetic lethal targets, rather than betting on a single drug. Lead programs include PRMT5 inhibitors for cancers with MTAP gene loss, and a CoREST inhibitor aimed at reversing immune resistance in certain lung cancers, all designed for precisely defined patient subsets. Early clinical signals, including in difficult‑to‑treat solid tumors, are encouraging but still preliminary. Tango is also leaning into combination strategies with immunotherapies and RAS inhibitors, which, if successful, could broaden the impact of its drugs. The intent to regularly bring new programs into the clinic underscores a pipeline‑building mindset, but it also locks in a high baseline of R&D spending and scientific risk.

Summary

Overall, Tango Therapeutics is a high‑risk, high‑potential clinical‑stage biotech. Financially, it has minimal revenue, meaningful recurring losses, and steady cash burn, offset by a still‑supportive cash position and a relatively clean balance sheet. Strategically, it stands out for its focus on synthetic lethality, its CRISPR‑enabled discovery platform, and a pipeline of targeted oncology programs that have shown early but not yet definitive promise. The company’s future hinges much more on scientific and clinical outcomes—and on maintaining funding through partnerships and capital markets—than on current financial performance. As with most early oncology developers, the key uncertainties are clinical trial results, regulatory paths, competitive read‑through from similar mechanisms, and how far the current cash runway carries the pipeline toward decisive value‑defining milestones.

NEWS

November 26, 2025 · 7:00 AM UTC

Tango Therapeutics to Participate in the Piper Sandler 37th Annual Healthcare Conference

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October 23, 2025 · 7:20 AM UTC

Tango Therapeutics Announces $225 Million Financing

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October 6, 2025 · 7:00 AM UTC

Tango Therapeutics to Present First Clinical Data from TNG260 at Society for Immunotherapy of Cancer (SITC) Annual Meeting 2025

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