Tango Therapeutics Q1 2024 Financial Results and Business Highlights

Tango Therapeutics, Inc. (NASDAQ: TNGX), a clinical-stage biotechnology company focused on pioneering precision cancer treatments, has announced its financial results for the first quarter ending March 31, 2024, alongside notable business milestones.

In a significant development, Tango is advancing both TNG908 and TNG462 into dose expansion phases to expedite clinical progress. Barbara Weber, M.D., President and CEO, stated that a comprehensive clinical data update on their PRMT5 program is anticipated in the latter half of 2024. She emphasized the ongoing progress in their other programs, particularly the phase 1/2 clinical trials of TNG260 and TNG348, which are progressing through dose escalation stages. Additionally, the company welcomed Julie Carretero as Chief Human Resources Officer, who will be vital in fostering the company's growth and maintaining its culture.

Recent Business Highlights

Pipeline Update:
- TNG908: This compound has opened expansion cohorts for MTAP-deleted tumors such as glioblastoma (GBM), non-small cell lung cancer, and pancreatic cancer at a dose of 600 mg BID. These expansions target MTAP deletions found in approximately 10%-15% of all human cancers and 40% of GBM.
- TNG462: Expected to initiate dose expansion in its phase 1/2 clinical trial by the second quarter of 2024, this MTA-cooperative PRMT5 inhibitor has shown favorable safety, tolerability, and pharmacokinetic profiles.
- TNG260: Currently in dose escalation within a phase 1/2 trial, this CoREST complex inhibitor is being evaluated for safety and efficacy in combination with pembrolizumab for patients with solid tumors exhibiting STK11 loss-of-function mutations, which are present in various cancers, including 15% of NSCLC and cervical cancers.
- TNG348: A USP1 inhibitor undergoing single-agent dose escalation. It is being tested for effectiveness as a standalone treatment and in combination with olaparib, a PARP inhibitor, in patients with BRCA1/2-mutant and other HRD+ cancers. Preliminary data supports switching to once-a-day dosing and the opening of combination cohorts in the second quarter of 2024.

Upcoming Milestones
- TNG462 Phase 1/2 Clinical Trial: Dose expansion is set to start in the second quarter of 2024.
- PRMT5 Program Update: A comprehensive update, including clinical data from TNG908 and TNG462 trials, is expected in the second half of 2024.

Scientific Publications
- Tango's research on TNG908, titled "Discovery of TNG908: A Selective, Brain Penetrant, MTA-Cooperative PRMT5 Inhibitor That Is Synthetically Lethal with MTAP-Deleted Cancers," was recently published in the Journal of Medicinal Chemistry.

Leadership Update
- Julie Carretero: Appointed as Chief Human Resources Officer in March, bringing over 25 years of experience in biopharmaceutical and human resources sectors, previously serving as Chief People Officer at Evelo Biosciences.

Financial Results
As of March 31, 2024, Tango Therapeutics held $343.6 million in cash, cash equivalents, and marketable securities, projected to sustain operations into late 2026. Collaboration revenue increased to $6.5 million for the first quarter of 2024, up from $5.8 million in the same period the previous year. Research and development expenses rose to $38.1 million, reflecting increased investment in clinical programs and related personnel costs. General and administrative expenses also increased to $10.7 million. Consequently, the net loss for the first quarter of 2024 was $37.9 million, or $0.35 per share, compared to a net loss of $28.0 million, or $0.32 per share, in the same period of 2023.

Tango Therapeutics continues to make strides in developing novel cancer treatments, leveraging synthetic lethality to target and combat cancer cells effectively.

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