Tango Therapeutics, Inc.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
TNGX$21.50+3.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0000950170-25-102392
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001193125-25-263680
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 118 previous paragraphs and 123 current paragraphs.
83 unchanged; 28 reworded; 12 added; 5 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
In October 2025, we reported positive data from the ongoing Phase 1/2 clinical trial of vopimetostat in patients with MTAP-deleted selective cancers, demonstrating clinical activity across multiple cancer types with a favorable safety and tolerability profile to date. The cutoff date for the analysis was September 1, 2025 and included all evaluable patients at active doses (200 mg QD and above). Overall response rates were calculated in all tumor-evaluable patients enrolled more than 6 months prior to the efficacy analysis. Median progression free survival (mPFS) was calculated in all patients who received a first scan (~8 weeks).
Current report
Across all MTAP-deleted tumor types, there were 94 tumor evaluable patients. We observed an ORR (objective response rate) of 27% and mPFS of 6.4 months. In the 29 patients with second line (2L) MTAP-deleted pancreatic cancer, mPFS was 7.2 months. In patients with 2L pancreatic cancer that were enrolled more than 6 months prior to the data cutoff and were tumor evaluable (n=8), the ORR was 25%, more than double that observed in historical chemotherapy studies (~10%), supporting the planned initiation of a pivotal trial in this patient population in 2026. In the histology selective cohort with 37 evaluable late line patients, we observed a 49% ORR and mPFS of 9.1 months. The histology selective cohort excludes pancreatic and lung cancer patients, as those indications were enrolled in separate cohorts and are being developed independently. Sarcoma patients are also excluded from this analysis, as no activity was observed in this indication (ORR 0%), which will not be pursued in future development. As of September 1, 2025, 41 patients with 2L+ lung cancer were enrolled in the Phase 1/2 clinical trial at active doses, 12 of whom were enrolled more than 6 months prior to the analysis. Emerging data from the lung cohort are consistent with expectations, and we anticipate providing a safety and efficacy update in 2026.
Current report
Additionally, vopimetostat demonstrated a favorable safety and tolerability profile with no drug-related dose discontinuations and ~8% dose reduction in patients dosed at 250 mg QD as of the data cutoff date. We have FDA agreement on 250 mg QD as the go-forward dose.
Current report
The company has engaged Malte Peters, M.D., Mark Winderlich, Ph.D., and Philippe Serrano, Pharm.D., as consultants to support the company on key initiatives related to initiation of the planned pivotal study in second line pancreatic cancer, anticipated to start in 2026, and advancing our late-stage development capabilities. Dr. Peters, who also serves on the Tango Board of Directors, Dr. Winderlich and Mr. Serrano have significant late-stage clinical development, biostatistics and regulatory expertise, having brought multiple oncology products to market. They will aid the company in its upcoming engagement with the U.S. FDA and future regulatory strategy.
Current report
In August 2025, the Company and Gilead mutually agreed to truncate the research term of the collaboration and license agreement from seven to five years, concluding the research portion of the collaboration. There is no financial penalty to the Company as a result, no licensed programs are being returned to the Company, all ongoing work at Gilead on licensed programs will continue and agreements for all future milestones and royalties remain in effect. The Company has no future research obligations and the remaining unrecognized deferred revenue balance as of June 30, 2025 of $53.8 million has been recognized as revenue in the third quarter of 2025.
Current report
Benefit from (provision for) Income Taxes
Current report
Benefit from (provision for) Income Taxes
Current report
Comparison of the nine months ended September 30, 2025 and 2024
Current report
General and administrative expense was $31.7 million for the nine months ended September 30, 2025 compared to $32.7 million for the nine months ended September 30, 2024. The decrease of $1.0 million was primarily due to a decrease in personnel-related costs, including share-based compensation expense.
Current report
Provision for Income Taxes
Current report
On October 23, 2025, we announced the pricing of an underwritten offering and a concurrent private placement with a select group of institutional and accredited healthcare specialist investors for the issuance of a total of 22,755,438 shares of common stock at a price of $8.66 per share and pre-funded warrants to purchase 3,226,458 shares of common stock at a purchase price of $8.659 per pre-funded warrant, resulting in aggregate gross proceeds of $225.0 million. The pre-funded warrants have an exercise price of $0.001 per share of common stock, are immediately exercisable and will remain exercisable until exercised in full. After deducting expenses related to the offering and private placement of $13.0 million, net proceeds were $212.0 million. Both transactions closed on October 24, 2025. Net proceeds will be used to advance our pipeline and for working capital and other general corporate purposes.
Current report
Comparison of the nine months ended September 30, 2025 and 2024
Removed paragraphs (5)
Previous report
In November 2024, we reported positive early data from the ongoing Phase 1/2 clinical trial of TNG462, demonstrating durable clinical activity across multiple cancer types with a good safety and tolerability profile. The TNG462 Phase 1/2 monotherapy clinical trial is ongoing. We plan to provide a clinical data update on this Phase 1/2 clinical trial of TNG462 in the second half of 2025.
Previous report
General and administrative expense was $11.3 million for the three months ended June 30, 2025 compared to $10.8 million for the three months ended June 30, 2024. The increase of $0.6 million was primarily due to increases in facilities and IT-related costs.
Previous report
Comparison of the six months ended June 30, 2025 and 2024
Previous report
License Revenue
Previous report
Comparison of the six months ended June 30, 2025 and 2024
Reworded paragraphs (28)
Previous wording
We are currently developing two MTA-cooperative PRMT5 inhibitors: TNG462 for non-CNS cancers, including pancreatic and lung cancer, and TNG456, our next-generation, brain-penetrant PRMT5 inhibitor, for CNS cancers, including GBM.
Current wording
We are currently developing two MTAP-deleted selective PRMT5 inhibitors: vopimetostat (TNG462) for non-CNS cancers, including pancreatic and lung cancer, and TNG456, our next-generation, brain-penetrant PRMT5 inhibitor, for CNS cancers, including GBM.
Previous wording
In June 2025, the first patient was treated in the combination clinical trial that is evaluating TNG462 with each of RAS(ON) multi-selective inhibitor, daraxonrasib, and RAS(ON) G12D-selective inhibitor, zoldonrasib (Revolution Medicines). The combination of TNG462 with each of these molecules generated deep, durable tumor responses in preclinical models.
Current wording
In June 2025, the first patient was treated in the combination clinical trial that is evaluating vopimetostat with the RAS(ON) multi-selective inhibitor, daraxonrasib, and RAS(ON) G12D-selective inhibitor, zoldonrasib (Revolution Medicines). In the first cohort in the trial (n=7), both combinations have been well-tolerated to date with exposures in the active range for all compounds and early signs of activity. We believe this ongoing clinical trial has the potential to support a first line pancreatic cancer pivotal study in MTAP-deleted/RAS mutated patients.
Previous wording
TNG260 is a first-in-class CoREST inhibitor, which in preclinical studies reversed the immune evasion effect of STK11 loss-of-function mutations. TNG260 had a favorable safety, tolerability and pharmacokinetic profile in dose escalation, and clinical proof-of-mechanism has now been established based on pharmacodynamic data from on-treatment patient biopsies. We are enrolling patients in the dose expansion portion of the Phase 1/2 clinical trial in STK11-mut/RAS WT lung cancer (~10% of lung adenocarcinoma). We plan to provide clinical data for TNG260 in the second half of 2025.
Current wording
TNG260 is a first-in-class CoREST inhibitor, which in preclinical studies reversed the immune evasion effect of STK11 loss-of-function mutations. TNG260 had a favorable safety, tolerability and pharmacokinetic profile in dose escalation. In November 2025, we announced that forty-one patients with STK11-mutant, locally advanced or metastatic solid tumors were enrolled in three dose escalation cohorts of the Phase 1/2 clinical trial. 21/41 patients were evaluable at active doses. The maximum tolerated dose (MTD) was 80 mg QD. Patients with checkpoint inhibitor resistant STK11 mutant/KRAS wild-type NSCLC receiving clinically active doses of TNG260 plus pembrolizumab had a mPFS of 27 weeks (n=5), more than double the standard of care PFS of ~10 weeks. There was no evidence of activity in other STK11 mutant cancers. 80 mg QD TNG260 was selected for dose optimization, which is ongoing for patients with advanced STK11 mutant/KRAS wild type NSCLC, representing ~10% of lung adenocarcinoma annually in the US (~10,000 patients).
Previous wording
Since the Company's inception, we have focused primarily on organizing and staffing our company, business planning, raising capital, discovering product candidates, securing related intellectual property, and conducting research and development activities for our programs. To date, we have funded our operations primarily through equity financings and from the proceeds received from our collaboration agreement with Gilead. Since inception, we have raised an aggregate of $166.9 million of gross proceeds from the sale of our preferred shares, $342.1 million in gross proceeds through the closing of the Business Combination and simultaneous financing transactions, $237.1 million through our collaboration with Gilead and $123.0 million of gross proceeds through (i) $80.0 million from the private placement of common shares and pre-funded warrants to purchase common shares in August 2023 and (ii) $43.0 million from our "at-the-market" stock offering program in January 2024.
Current wording
Since the Company's inception, we have focused primarily on organizing and staffing our company, business planning, raising capital, discovering product candidates, securing related intellectual property, and conducting research and development activities for our programs. To date, we have funded our operations primarily through equity financings and from the proceeds received from our collaboration agreement with Gilead. Since inception, we have raised an aggregate of $166.9 million of gross proceeds from the sale of our preferred shares, $342.1 million in gross proceeds through the closing of the Business Combination and simultaneous financing transactions, $237.1 million through our collaboration with Gilead, and $348.0 million of gross proceeds through (i) $80.0 million from the private placement of common shares and pre-funded warrants to purchase common shares in August 2023, (ii) $43.0 million from our "at-the-market" stock offering program in January 2024 and (iii) $225.0 million in aggregate gross proceeds from the underwritten offering and concurrent private placement of common shares and pre-funded warrants to purchase common shares in October 2025.
Previous wording
We expect that our existing cash, cash equivalents and marketable securities on hand as of June 30, 2025 of $180.8 million will enable us to fund our operating expenses and capital expenditure requirements into the first quarter of 2027. Since inception, we have incurred significant operating losses. For the six months ended June 30, 2025 and 2024, our net losses were $78.7 million and $63.5 million, respectively. We had an accumulated deficit of $580.3 million as of June 30, 2025. We expect to continue to incur significant and increasing expenses and operating losses for the foreseeable future, as we advance our product candidates through preclinical and clinical development and seek regulatory approvals, manufacture drug product and drug supply, and maintain and expand our intellectual property portfolio. We also expect to hire additional personnel, pay for accounting, audit, legal, regulatory and consulting services, and pay costs associated with maintaining compliance with Nasdaq listing rules and the requirements of the U.S. Securities and Exchange Commission, director and officer liability insurance, investor and public relations activities and other expenses associated with operating as a public company. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our preclinical studies, our clinical trials, and our expenditures on other research and development activities.
Current wording
We expect that our existing cash, cash equivalents and marketable securities on hand as of September 30, 2025 of $152.8 million, in addition to $212.0 million in aggregate net proceeds from our underwritten offering and concurrent private placement of common shares and pre-funded warrants to purchase common shares in October 2025, will enable us to fund our operating expenses and capital expenditure requirements into 2028. Since inception, we have incurred significant operating losses. For the nine months ended September 30, 2025 and 2024, our net losses were $62.8 million and $92.6 million, respectively. We had an accumulated deficit of $564.4 million as of September 30, 2025. We expect to continue to incur significant and increasing expenses and operating losses for the foreseeable future, as we advance our product candidates through preclinical and clinical development and seek regulatory approvals, manufacture drug product and drug supply, and maintain and expand our intellectual property portfolio. We also expect to hire additional personnel, pay for accounting, audit, legal, regulatory and consulting services, and pay costs associated with maintaining compliance with Nasdaq listing rules and the requirements of the U.S. Securities and Exchange Commission, director and officer liability insurance, investor and public relations activities and other expenses associated with operating as a public company. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our preclinical studies, our clinical trials, and our expenditures on other research and development activities.
Previous wording
As of June 30, 2025, $145.2 million has been recognized as collaboration revenue related to the upfront and research option-extension payments from the Gilead Agreements.
Current wording
As of September 30, 2025, all $199.0 million has been recognized as collaboration revenue related to the upfront and research option-extension payments from the Gilead Agreements.
Previous wording
During the three months ended June 30, 2025 and 2024, we recognized $3.2 million and $7.8 million, respectively, and during the six months ended June 30, 2025 and 2024, we recognized $8.6 million and $14.2 million, respectively, of collaboration revenue associated with the Gilead agreements based on performance completed during each period.
Current wording
During the three months ended September 30, 2025 and 2024, we recognized $53.8 million and $11.6 million, respectively, and during the nine months ended September 30, 2025 and 2024, we recognized $62.4 million and $25.9 million, respectively, of collaboration revenue associated with the Gilead agreements based on performance completed during each period.
Previous wording
costs to fulfill our obligations under the collaboration with Gilead;
Current wording
costs to fulfill our obligations under the collaboration with Gilead through August 2025;
Previous wording
Our provision for income tax consists of an estimate for U.S. federal and state income taxes based on enacted rates, as adjusted for allowable credits, deductions, uncertain tax positions, changes in deferred tax assets and liabilities and changes in tax law. We recorded an insignificant provision for income taxes for each of the three and six months ended June 30, 2025 and 2024.
Current wording
Our benefit from (provision for) income tax consists of an estimate for U.S. federal and state income taxes based on enacted rates, as adjusted for allowable credits, deductions, uncertain tax positions, changes in deferred tax assets and liabilities and changes in tax law. We recorded an insignificant benefit from (provision for) income taxes for each of the three and nine months ended September 30, 2025 and 2024.
Previous wording
Collaboration revenue of $3.2 million and $7.8 million for the three months ended June 30, 2025 and 2024, respectively, was derived from the Gilead collaboration. Research costs incurred under the collaboration were lower during the three months ended June 30, 2025, which resulted in lower collaboration revenue amounts recognized.
Current wording
Collaboration revenue of $53.8 million and $11.6 million for the three months ended September 30, 2025 and 2024, respectively, was derived from the Gilead collaboration. All remaining deferred revenue from the upfront and research option-extension payments under the Gilead collaboration were recognized as collaboration revenue during the three months ended September 30, 2025 as a result of the truncation of the collaboration agreement, which concluded all research activities.
Previous wording
Research and development expense was $32.8 million for the three months ended June 30, 2025 compared to $38.7 million for the three months ended June 30, 2024. The decrease of $5.9 million was primarily driven by a $3.7 million decrease due to the discontinuation of the TNG908 and TNG348 clinical programs, a $2.0 million decrease in TNG260 clinical trial costs and lower discovery program expenses. This decrease was partially offset by increased spend related to the advancement of TNG462.
Current wording
Research and development expense was $30.8 million for the three months ended September 30, 2025 compared to $33.3 million for the three months ended September 30, 2024. The decrease of $2.5 million was primarily driven by a $2.0 million decrease due to the discontinuation of the TNG908 clinical program and lower discovery program expenses. This decrease was partially offset by increased spend related to the advancement of the vopimetostat and TNG456 clinical programs.
Previous wording
General and administrative expense was $22.8 million for the six months ended June 30, 2025 compared to $21.4 million for the six months ended June 30, 2024. The increase of $1.4 million was primarily due to $0.8 million in personnel-related costs, including share-based compensation expense and additional headcount, as well as an increase in facilities and IT-related costs.
Current wording
General and administrative expense was $8.9 million for the three months ended September 30, 2025 compared to $11.2 million for the three months ended September 30, 2024. The decrease of $2.3 million was primarily due to decreases in personnel-related costs, including share-based compensation expense, as well as a decrease in external legal and patent costs.
Previous wording
Interest income was $1.2 million for the three months ended June 30, 2025 compared to $2.1 million for the three months ended June 30, 2024, with the decrease attributed to a decrease in our marketable securities balance in 2025 as compared to 2024.
Current wording
Interest income was $1.1 million for the three months ended September 30, 2025 compared to $1.8 million for the three months ended September 30, 2024, with the decrease primarily attributable to a decrease in our marketable securities balance in 2025 as compared to 2024.
Previous wording
Other income, net was $0.9 million for the three months ended June 30, 2025 compared to other income, net of $2.0 million for the three months ended June 30, 2024, with the decrease attributed to lower accretion from investments purchased at a discount.
Current wording
Other income, net was $0.7 million for the three months ended September 30, 2025 compared to other income, net of $2.0 million for the three months ended September 30, 2024, with the decrease attributed to lower accretion from investments purchased at a discount.
Previous wording
Provision for income taxes was less than $0.1 million for both the three months ended June 30, 2025 and 2024. The tax provision is insignificant in each of the periods ended June 30, 2025 and 2024.
Current wording
Benefit from income taxes was less than $0.1 million for the three months ended September 30, 2025 compared to a provision for income taxes of less than $0.1 million for the three months ended September 30, 2024. The tax benefit and provision are insignificant in each of the periods ended September 30, 2025 and 2024.
Previous wording
The following table summarizes our results of operations for the six months ended June 30, 2025 and 2024:
Current wording
The following table summarizes our results of operations for the nine months ended September 30, 2025 and 2024:
Previous wording
Collaboration revenue of $8.6 million and $14.2 million for the six months ended June 30, 2025 and 2024, respectively, was derived from the Gilead collaboration. Research costs incurred under the collaboration were lower during the six months ended June 30, 2025, which resulted in lower collaboration revenue amounts recognized.
Current wording
Collaboration revenue of $62.4 million and $25.9 million for the nine months ended September 30, 2025 and 2024, respectively, was derived from the Gilead collaboration. All remaining deferred revenue from the upfront and research option-extension payments under the collaboration were recognized as collaboration revenue during the nine months ended September 30, 2025 as a result of the truncation of the collaboration agreement which concluded all research activities.
Previous wording
License revenue was $0 and $12.1 million for the six months ended June 30, 2025 and 2024, respectively. The revenue recognized during the second quarter of 2024 was primarily due to licensing a program to Gilead for $12.0 million during the period.
Current wording
License revenue was $0 and $12.1 million for the nine months ended September 30, 2025 and 2024, respectively. The revenue recognized during the second quarter of 2024 was primarily due to licensing a program to Gilead for $12.0 million during the period.
Previous wording
Research and development expense was $69.2 million for the six months ended June 30, 2025 compared to $76.7 million for the six months ended June 30, 2024. The decrease of $7.5 million was primarily driven by a $9.5 million decrease due to the discontinuation of the TNG908 and TNG348 clinical programs, a $2.5 million decrease in TNG260 clinical trial costs and lower discovery program expenses. This decrease was partially offset by increased spend related to the advancement of TNG462, TNG456 and TNG961.
Current wording
Research and development expense was $100.1 million for the nine months ended September 30, 2025 compared to $110.0 million for the nine months ended September 30, 2024. The decrease of $9.9 million was primarily driven by a $12.1 million decrease due to the discontinuation of the TNG908 and TNG348 clinical programs, a $2.7 million decrease in TNG260 clinical trial costs and lower discovery program expenses. This decrease was partially offset by increased spend related to the advancement of the vopimetostat, TNG456 and TNG961 clinical programs.
Previous wording
Interest income was $2.9 million for the six months ended June 30, 2025 compared to $4.3 million for the six months ended June 30, 2024, with the decrease attributed to a decrease in our marketable securities balance in 2025 as compared to 2024.
Current wording
Interest income was $4.0 million for the nine months ended September 30, 2025 compared to $6.1 million for the nine months ended September 30, 2024, with the decrease primarily attributable to a decrease in our marketable securities balance in 2025 as compared to 2024.
Previous wording
Other income, net was $2.0 million for the six months ended June 30, 2025 compared to other income, net of $4.2 million for the six months ended June 30, 2024, with the decrease attributed to lower accretion from investments purchased at a discount.
Current wording
Other income, net was $2.7 million for the nine months ended September 30, 2025 compared to other income, net of $6.1 million for the nine months ended September 30, 2024, with the decrease attributed to lower accretion from investments purchased at a discount.
Previous wording
Provision for income taxes was $0.1 million for both the six months ended June 30, 2025 and 2024. The tax provision is insignificant in each of the periods ended June 30, 2025 and 2024.
Current wording
Provision for income taxes was $0.1 million for the nine months ended September 30, 2025 compared to $0.2 million for the nine months ended September 30, 2024. The tax provision is insignificant in each of the periods ended September 30, 2025 and 2024.
Previous wording
Since our inception, we have generated recurring net losses. We have not yet commercialized any products and we do not expect to generate revenue from sales of any products for several years, if at all. To date, we have funded our operations primarily through equity financings and from the proceeds received from our collaboration agreement with Gilead. Since inception, we have raised an aggregate of $166.9 million of gross proceeds from the sale of our preferred shares, $342.1 million in gross proceeds from the Business Combination and simultaneous financing transactions, $123.0 million of gross proceeds through (i) the $80.0 million private placement of common shares and pre-funded warrants to purchase common shares in August 2023, and (ii) the $43.0 million from our "at-the-market" stock offering program in January 2024, and another $237.1 million through our collaboration with Gilead. As of June 30, 2025, we had cash and cash equivalents and marketable securities of $180.8 million.
Current wording
Since our inception, we have generated recurring net losses. We have not yet commercialized any products and we do not expect to generate revenue from sales of any products for several years, if at all. To date, we have funded our operations primarily through equity financings and from the proceeds received from our collaboration agreement with Gilead. Since inception, we have raised an aggregate of $166.9 million of gross proceeds from the sale of our preferred shares, $342.1 million in gross proceeds from the Business Combination and simultaneous financing transactions, $237.1 million through our collaboration with Gilead, and $348.0 million of gross proceeds through (i) the $80.0 million private placement of common shares and pre-funded warrants to purchase common shares in August 2023, (ii) the $43.0 million from our "at-the-market" stock offering program in January 2024 and (iii) $225.0 million in gross proceeds from the underwritten offering and concurrent private placement of common shares and pre-funded warrants to purchase common shares in October 2025. As of September 30, 2025, we had cash and cash equivalents and marketable securities of $152.8 million.
Previous wording
We expect that our existing cash, cash equivalents and marketable securities on hand as of June 30, 2025 of $180.8 million will enable us to fund our operating expenses and capital expenditure requirements into the first quarter of 2027. We have based this estimate on assumptions that may prove to be wrong, and we could expend our capital resources sooner than we expect.
Current wording
We expect that our existing cash, cash equivalents and marketable securities on hand as of September 30, 2025 of $152.8 million, in addition to $212.0 million in aggregate net proceeds from our underwritten offering and concurrent private placement of common shares and pre-funded warrants to purchase common shares in October 2025, will enable us to fund our operating expenses and capital expenditure requirements into 2028. We have based this estimate on assumptions that may prove to be wrong, and we could expend our capital resources sooner than we expect.
Previous wording
The following table summarizes our cash flows for each of the three month periods presented:
Current wording
The following table summarizes our cash flows for each of the nine month periods presented:
Previous wording
Net cash used in operating activities was $78.2 million for the six months ended June 30, 2025 compared to net cash used in operating activities of $61.5 million for the six months ended June 30, 2024. The increase in net cash used in operating activities for the six months ended June 30, 2025 was primarily due to an increase in net loss.
Current wording
Net cash used in operating activities was $109.2 million for the nine months ended September 30, 2025 compared to net cash used in operating activities of $94.9 million for the nine months ended September 30, 2024. The increase in net cash used in operating activities for the nine months ended September 30, 2025 was primarily due to a decrease in operating assets and liabilities, including a deferred revenue decrease driven by the truncation of the Gilead collaboration in August of 2025, which was partially offset by a decrease in net loss.
Previous wording
Net cash provided by investing activities was $47.4 million for the six months ended June 30, 2025 compared to net cash provided by investing activities of $1.5 million for the six months ended June 30, 2024. The change was primarily due to a decrease in purchases of marketable securities as compared to the six months ended June 30, 2024, which was partially offset by a decrease in sales and maturities of marketable securities as compared to the six months ended June 30, 2024.
Current wording
Net cash provided by investing activities was $94.9 million for the nine months ended September 30, 2025 compared to net cash provided by investing activities of $34.1 million for the nine months ended September 30, 2024. The change was primarily due to a decrease in purchases of marketable securities as compared to the nine months ended September 30, 2024, which was partially offset by a decrease in sales and maturities of marketable securities as compared to the nine months ended September 30, 2024.
Previous wording
Net cash provided by financing activities was $0.6 million for the six months ended June 30, 2025 compared to net cash provided by financing activities of $44.3 million for the six months ended June 30, 2024. The cash provided by financing activities for the six months ended June 30, 2025 consisted of $0.6 million in net proceeds received from the exercises of stock options and ESPP purchases. The cash provided by financing activities for the six months ended June 30, 2024 consisted of the $41.7 million in net proceeds received from our "at-the-market" stock offering program in January 2024, as well as the cash provided from the exercises of stock options and ESPP purchases.
Current wording
Net cash provided by financing activities was $3.1 million for the nine months ended September 30, 2025 compared to net cash provided by financing activities of $46.7 million for the nine months ended September 30, 2024. The cash provided by financing activities for the nine months ended September 30, 2025 consisted of $3.1 million in net proceeds received from the exercises of stock options and ESPP purchases. The cash provided by financing activities for the nine months ended September 30, 2024 consisted of the $41.7 million in net proceeds received from our "at-the-market" stock offering program in January 2024, as well as the cash provided from the exercises of stock options and ESPP purchases.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
the progress of our collaboration with Gilead;
Previous report — wording carried elsewhere
License revenue was $0 and $12.1 million for the three months ended June 30, 2025 and 2024, respectively. The revenue recognized during the second quarter of 2024 was due to licensing a program to Gilead for $12.0 million during the period.