Tango Therapeutics Q3 2024 Financial Results and Business Highlights

Tango Therapeutics, Inc. (NASDAQ: TNGX), a biotechnology company in the clinical stage, has announced its financial results for the quarter ending on September 30, 2024, along with several business updates.

The company, dedicated to creating precision cancer treatments, has shown significant progress with its PRMT5 development program, particularly with TNG462. The phase 1/2 clinical trial data for TNG462 revealed promising results across various tumor types like pancreatic and non-small cell lung cancers (NSCLC). Highlighting these advancements, Barbara Weber, M.D., the CEO, expressed optimism about the potential impact of TNG462 on cancer treatment, especially when combined with targeted therapies like RAS(ON) tri-complex inhibitors from Revolution Medicines.

As part of its expansion strategy, Tango Therapeutics has appointed Dr. Maeve Waldron-Lynch as Senior Vice President and Head of Clinical Development. Dr. Waldron-Lynch's extensive experience in oncology will be crucial as the company prepares to advance TNG462 towards registration.

In a related update, the clinical trial of TNG462 has demonstrated clinical activity in several tumor types, including an Objective Response Rate (ORR) of 43% in cholangiocarcinoma. The trial has also indicated good safety and tolerability, with the next clinical update expected in 2025. Plans are in place to commence multiple combination trials with TNG462, including those involving RAS(ON) multi-selective and RAS(ON) G12D-selective inhibitors, osimertinib, and pembrolizumab. These studies will begin enrolling in the first half of 2025.

Another PRMT5 inhibitor, TNG908, has shown clinical activity and tolerability in non-CNS cancers. However, it did not demonstrate efficacy in glioblastoma due to insufficient CNS exposure. Consequently, Tango Therapeutics has decided to halt TNG908 enrollment to focus resources on TNG462, which has shown a longer duration of treatment and superior target coverage.

The company's next-generation brain-penetrant PRMT5 inhibitor, TNG456, is significantly selective for MTAP deletion and aims to address glioblastoma and brain metastases. Patient enrollment for the phase 1/2 trial is expected to start in the first half of 2025.

In November 2024, Tango Therapeutics entered into a clinical collaboration with Revolution Medicines. This partnership will evaluate the combination of TNG462 with RMC-6236 and RMC-9805, targeting RAS mutations. Tango will sponsor the trials, and each company will retain commercial rights to their respective compounds.

The ongoing TNG260 phase 1/2 clinical trial assesses the safety and efficacy of TNG260 combined with pembrolizumab in patients with advanced solid tumors exhibiting an STK11 loss-of-function mutation. The mutation appears in various cancers, including non-small cell lung, cervical, and breast cancers. The trial has shown favorable safety and pharmacokinetic profiles so far.

Upcoming milestones for Tango Therapeutics include further clinical data updates and the initiation of combination trial enrollments for TNG462 and TNG456 in 2025. The company also expects to share clinical data for TNG260 in the same year.

Tango Therapeutics has reported its financial status, holding $293.3 million in cash and equivalents as of September 30, 2024. This funding is projected to support operations until the third quarter of 2026, covering additional planned clinical trials. The company saw collaboration revenue of $11.6 million for the quarter, up from $10.7 million in the same period in 2023, with a total revenue of $37.9 million for the first nine months of 2024. Research and development expenses also increased, reflecting the advancement of TNG462 and other programs.

The company's general and administrative expenses rose to $11.2 million for the quarter, mainly due to personnel-related costs. As a result, Tango Therapeutics reported a net loss of $29.2 million for the quarter, compared to $22.3 million in the same period in 2023.

Overall, Tango Therapeutics continues to advance its pipeline of precision cancer medicines, leveraging clinical trials and strategic collaborations to bring new therapies to patients.