Tango Therapeutics Q2 2024 Financial Results and Business Highlights

Tango Therapeutics, Inc., a biotechnology firm listed on NASDAQ under the ticker TNGX, has unveiled its financial results for the second quarter ending on June 30, 2024, along with key business updates. The company is focused on developing targeted cancer treatments and shared significant progress across its clinical programs.

During the quarter, Tango Therapeutics continued to advance its TNG908 and TNG462 programs, both of which are part of phase 1/2 clinical trials aimed at treating various cancers. Barbara Weber, M.D., President and CEO, stated that the company is committed to maintaining its leadership in developing PRMT5 inhibitors for multiple cancer types. A detailed clinical data update for this program is anticipated later in the year.

Enrollment is ongoing in the dose expansion phase of the TNG908 trial, which targets glioblastoma (GBM), non-small cell lung cancer, and pancreatic cancer with MTAP deletions. These deletions are present in about 10%-15% of all human cancers, including 40% of GBM cases. TNG462 is also progressing through its phase 1/2 trial, evaluating two doses (200 mg QD and 300 mg QD) in non-small cell lung cancer and pancreatic cancer, as well as other cancer types including cholangiocarcinoma, mesothelioma, sarcoma, and bladder cancers.

Another significant development involves TNG260, a first-in-class CoREST complex inhibitor. The phase 1/2 trial for TNG260 is ongoing, assessing its safety, pharmacokinetics, and efficacy in combination with pembrolizumab for patients with advanced or metastatic solid tumors harboring an STK11 mutation. So far, the safety and tolerability profiles have been favorable. STK11 mutations are found in varying percentages across several cancer types, including non-small cell lung cancer and cervical cancer.

On the business front, Tango Therapeutics announced a strategic collaboration with Gilead in June, which included a $12 million licensing fee for a drug discovery program.

Looking ahead, Tango plans to release comprehensive clinical data on its PRMT5 program, including updates from the ongoing TNG908 and TNG462 trials, in the second half of 2024.

Financially, as of June 30, 2024, Tango held $322.1 million in cash, cash equivalents, and marketable securities. This amount is expected to sustain the company's operations into 2027. Collaboration revenue for the quarter was $7.8 million, down from $9.6 million during the same period in 2023. However, license revenue saw a significant increase to $12.1 million, compared to $5.0 million in the previous year, primarily due to the licensing deal with Gilead.

Research and development expenses rose to $38.7 million for the quarter, up from $28.7 million in the same period the previous year, reflecting increased spending on clinical and preclinical programs and related personnel costs. General and administrative expenses also increased to $10.8 million, up from $9.2 million.

The company reported a net loss of $25.6 million for the quarter, equating to $0.24 per share, compared to a net loss of $20.7 million or $0.23 per share in the same period in 2023. For the first half of 2024, the net loss was $63.5 million, or $0.58 per share, compared to $48.7 million or $0.55 per share in the same period the prior year.

Tango Therapeutics remains dedicated to discovering and developing groundbreaking precision medicines for cancer treatment. The company uses synthetic lethality to identify and target critical areas in cancer biology, expanding the scope of precision oncology to address tumor suppressor gene loss and immune evasion by cancer cells.