Tango Therapeutics, Inc.

Previous wording

Tango Therapeutics was founded with a clear mission: to discover the next wave of targeted therapies in oncology by addressing the specific genetic alterations that drive cancer. We develop new drugs directed at tumor suppressor gene loss in defined patient populations with high unmet medical need. Tumor suppressor gene loss remains a largely unaddressed target space specifically because these genetic events cannot be directly targeted. Our novel small molecules are designed to be selectively active in cancer cells with specific genetic alterations, killing those cancer cells while sparing normal cells. We also are extending this target space beyond the classic, cell-autonomous effects of tumor suppressor gene loss to include the discovery of novel targets that reverse tumor suppressor gene mediated immune evasion which prevents the immune system from recognizing and killing cancer cells. We believe our approach will provide the ability to deliver deep, durable target inhibition with favorable tolerability and safety profiles, thus potentially maximizing clinical benefit.

Current wording

Tango Therapeutics was founded with a clear mission: to discover the next wave of targeted therapies in oncology by addressing the specific genetic alterations that drive cancer. We leverage our state-of-the-art target and drug discovery platforms to identify novel disease-relevant targets and develop medicines tailored to defined patient populations with high unmet medical need. Our novel small molecules are designed to be selectively active in cancer cells with specific genetic alterations, killing those cancer cells while sparing normal cells. We believe our approach will provide the ability to deliver deep, durable target inhibition with favorable tolerability and safety profiles, thus potentially maximizing clinical benefit.

Previous 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.

Current wording

We are currently focused on clinical development of two MTAP-deleted selective PRMT5 inhibitors: vopimetostat (TNG462) for non-CNS cancers, both as a monotherapy and in combination with RAS inhibitors, and TNG456, our next-generation, brain-penetrant PRMT5 inhibitor, for CNS cancers, including glioblastoma (GBM).

Previous wording

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 wording

The Phase 1/2 clinical trial of vopimetostat monotherapy in patients with MTAP-deleted selective cancers is ongoing. Emerging data from the lung cancer cohort are consistent with expectations, and we anticipate providing a safety and efficacy update in 2026.

Previous wording

In May 2025, the first patient was treated with TNG456 in the dose escalation portion of the Phase 1/2 clinical trial to evaluate the safety, pharmacokinetics, pharmacodynamics and antitumor activity of TNG456 as a monotherapy. The trial is currently enrolling patients with MTAP-deleted solid tumors, with a focus on GBM. Preclinical data for TNG456 showed favorable potency and MTAP selectivity and sufficient brain penetrance to potentially have meaningful efficacy in GBM.

Current wording

TNG456 is a brain-penetrant PRMT5 inhibitor. In May 2025, the first patient was treated with TNG456 in the dose escalation portion of the Phase 1/2 clinical trial to evaluate the safety, pharmacokinetics, pharmacodynamics and antitumor activity of TNG456 as a monotherapy. The trial is currently enrolling patients with MTAP-deleted solid tumors, with a focus on GBM. We anticipate providing initial clinical data from this trial in 2026.

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 $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.

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. Through March 31, 2026, we have raised an aggregate of $1.2 billion from such transactions, including $921.4 million in aggregate gross proceeds from the sale of preferred shares, the closing of our Business Combination, follow-on public and private offerings, and through our "at-the-market" stock offering programs, and $237.1 million through our collaboration with Gilead.

Previous 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.

Current wording

We expect that our existing cash, cash equivalents and marketable securities on hand as of March 31, 2026 of $379.8 million, will enable us to fund our operating expenses and capital expenditure requirements into 2028. Since inception, we have incurred significant operating losses. For the three months ended March 31, 2026 and 2025, our net losses were $45.5 million and $39.9 million, respectively. We had an accumulated deficit of $648.7 million as of March 31, 2026. 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

In September 2022, we entered into a sales agreement (the Sales Agreement) with Jefferies LLC (Jefferies), which permits us to sell from time to time, at our option, up to an aggregate of $100.0 million of shares of our common stock through Jefferies, as sales agent. Sales of the common stock, if any, will be made by methods deemed to be "at-the-market" stock offerings. The Sales Agreement will terminate upon the earliest of: (a) the sale of $100.0 million of shares of our common stock or (b) the termination of the Sales Agreement by us or Jefferies. To date, the Company has sold 4,001,200 shares of common stock under this program for gross proceeds of $43.0 million.

Current wording

In November 2025, we entered into a sales agreement (the Leerink Sales Agreement) with Leerink Partners LLC (Leerink), which permitted us to sell from time to time, at our option, up to an aggregate of $100.0 million of shares of its common stock through Leerink, as sales agent. Sales of the common stock are made by methods deemed to be "at-the-market" stock offerings. The Leerink Sales Agreement will terminate upon the earliest of: (a) the sale of $100.0 million of shares of the Company's common stock or (b) the termination of the Leerink Sales Agreement by the Company or Leerink. During the three months ended March 31, 2026, we sold 5,148,151 shares of common stock under this stock offering program for gross proceeds of $64.4 million.

Previous wording

In October 2018, we entered into a collaboration agreement (the 2018 Gilead Agreement) with Gilead Sciences, Inc. (Gilead). Pursuant to the terms of the 2018 Gilead Agreement, we received an initial upfront payment of $50.0 million. The upfront payment was initially recorded as deferred revenue on our balance sheet and is recognized as revenue as or when the performance obligation under the contract is satisfied. In August 2020, the 2018 Gilead Agreement was expanded into a broader collaboration via an amended and restated research collaboration and license agreement (the Gilead Agreement). Pursuant to the terms of the Gilead Agreement, we received an upfront payment of $125.0 million. Consistent with the treatment of the previously received upfront payment, this upfront payment was recorded as deferred revenue on our balance sheet and is recognized as revenue as or when the performance obligation under the contract is satisfied. In 2020 and 2021, Gilead elected to extend two programs for research extension fees totaling $24.0 million, which was added to our estimate of the transaction price to total $199.0 million. In June 2024, Gilead licensed a program for a $12.0 million fee, which was recognized as license revenue in the second quarter of 2024.

Current wording

In October 2018, we entered into a collaboration agreement (the 2018 Gilead Agreement) with Gilead Sciences, Inc. (Gilead), under which we received an initial upfront payment of $50.0 million. In August 2020, the 2018 Gilead Agreement was expanded into a broader collaboration via an amended and restated research collaboration and license agreement (the Gilead Agreement), under which we received an upfront payment of $125.0 million. Upfront payments totaling $175.0 million and subsequent research extension fees totaling $24.0 million were recorded as deferred revenue on our balance sheet and recognized as revenue as or when the performance obligation under the contract was satisfied. In June 2024, Gilead licensed a program for a $12.0 million fee, which was recognized as license revenue in the second quarter of 2024.

Previous wording

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 wording

In August 2025, the Company and Gilead mutually agreed to truncate the research term of the Gilead Agreement from seven to five years, concluding the research portion of the collaboration. There was no financial penalty to the Company as a result, no licensed programs were 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 at the time of truncating the collaboration agreement of $53.8 million was recognized as revenue in the third quarter of 2025.

Previous 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.

Current wording

During the three months ended March 31, 2026 and 2025, we recognized $0 and $5.4 million, respectively, of collaboration revenue associated with the Gilead agreements based on performance completed during each period.

Previous wording

external research and development expenses incurred under agreements with contract research organizations, or CROs, as well as consultants that conduct our preclinical studies and development services;

Current wording

external research and development expenses incurred under agreements with contract research organizations, or CROs, vendors and consultants that conduct our preclinical and clinical studies, as well as other development activities related to our product candidates;

Previous wording

Our direct external research and development expenses consist primarily of fees paid to CROs and outside consultants in connection with our preclinical and clinical development and manufacturing activities. Our direct external research and development expenses also include fees incurred under license agreements. We track these external research and development costs on a program-by-program basis once we have identified a product candidate.

Current wording

Our direct external research and development expenses consist primarily of fees paid to CROs, as well as outside vendors and consultants in connection with our preclinical and clinical development and manufacturing activities. We track these external research and development costs on a program-by-program basis once we have identified a product candidate.

Previous wording

The successful development of our product candidates is highly uncertain. We plan to substantially increase our research and development expenses for the foreseeable future as we continue the development of our product candidates and manufacturing processes and conduct discovery and research activities for our preclinical programs. We cannot determine with certainty the timing of initiation, the duration or the completion costs of current or future preclinical studies and clinical trials of our product candidates or the timing of regulatory filings in connection with clinical trials or regulatory approval, due to the inherently unpredictable nature of preclinical and clinical development. Clinical and preclinical development timelines, the probability of success and development costs can differ materially from expectations. We anticipate that we will make determinations as to which product candidates to pursue and how much funding to direct to each product candidate on an ongoing basis in response to the results of ongoing and future preclinical studies and clinical trials, regulatory developments and our ongoing assessments as to each product candidate’s commercial potential. Our clinical development costs have, and are expected to continue to increase significantly with the commencement and continuation of our current and planned clinical trials, including our planned combination clinical trials. We anticipate that our expenses will increase substantially, particularly due to the numerous risks and uncertainties associated with developing product candidates, including the uncertainty of:

Current wording

The successful development of our product candidates is highly uncertain. We plan to substantially increase our research and development expenses for the foreseeable future as we continue the development of our product candidates and manufacturing processes and conduct discovery and research activities for our preclinical programs. We cannot determine with certainty the timing of initiation, the duration or the completion costs of current or future preclinical studies and clinical trials of our product candidates or the timing of regulatory filings in connection with clinical trials or regulatory approval, due to the inherently unpredictable nature of preclinical and clinical development. Clinical and preclinical development timelines, the probability of success and development costs can differ materially from expectations. We anticipate that we will make determinations as to which product candidates to pursue and how much funding to direct to each product candidate on an ongoing basis in response to the results of ongoing and future preclinical studies and clinical trials, regulatory developments and our ongoing assessments as to each product candidate’s commercial potential. Our clinical development costs have, and are expected to continue to increase significantly with the commencement and continuation of our current and planned clinical trials. We anticipate that our expenses will increase substantially, particularly due to the numerous risks and uncertainties associated with developing product candidates, including the uncertainty of:

Previous 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.

Current 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 months ended March 31, 2026 and 2025.

Previous 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.

Current wording

Collaboration revenue of $0 and $5.4 million for the three months ended March 31, 2026 and 2025, respectively, was derived from the Gilead Agreement. All remaining deferred revenue from the upfront and research option-extension payments under the Gilead Agreement was recognized as collaboration revenue during the year ended December 31, 2025 as a result of the truncation of the collaboration agreement which concluded all research activities.

Previous 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.

Current wording

Research and development expense was $33.5 million for the three months ended March 31, 2026 compared to $36.4 million for the three months ended March 31, 2025. The decrease of $2.9 million was primarily driven by a $1.1 million decrease due to the discontinuation of the TNG908 clinical program, $1.8 million decrease in development costs for TNG961 and lower discovery program expenses. The decrease is also due to lower personnel-related and facilities-related costs. These decreases were partially offset by increased spend related to the advancement of the vopimetostat and TNG456 clinical programs.

Previous wording

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 wording

General and administrative expense was $15.2 million for the three months ended March 31, 2026 compared to $11.5 million for the three months ended March 31, 2025. The increase of $3.8 million was primarily due to an increase in personnel-related costs, including share-based compensation expense.

Previous 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.

Current wording

Interest income was $2.2 million for the three months ended March 31, 2026 compared to $1.6 million for the three months ended March 31, 2025, with the increase primarily attributable to a higher marketable securities balance during the first quarter of 2026 as compared to the same period in the prior year.

Previous 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.

Current wording

Other income, net was $1.1 million for each of the three months ended March 31, 2026 and 2025. In both periods, other income, net, is primarily derived from accretion from investments purchased at a discount.

Previous 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.

Current wording

Provision for income taxes was less than $0.1 million for each of the three months ended March 31, 2026 and 2025. The tax provisions are insignificant in each of the three months ended March 31, 2026 and 2025.

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, $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.

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 the Gilead Agreement. Through March 31, 2026, we have raised an aggregate of $1.2 billion from such transactions, including $921.4 million in aggregate gross proceeds from the sale of pre-public entity preferred shares, the closing of our Business Combination, follow-on public and private offerings, and through our "at-the-market" stock offering programs, and $237.1 million through our former collaboration with Gilead. As of March 31, 2026, we had cash and cash equivalents and marketable securities of $379.8 million.

Previous 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.

Current wording

We expect that our existing cash, cash equivalents and marketable securities on hand as of March 31, 2026 of $379.8 million 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 nine month periods presented:

Current wording

The following table summarizes our cash flows for each of the three month periods presented:

Previous 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.

Current wording

Net cash used in operating activities was $44.4 million for the three months ended March 31, 2026 compared to net cash used in operating activities of $41.7 million for the three months ended March 31, 2025. The increase in net cash used in operating activities for the three months ended March 31, 2026 was primarily due to an increase in the net loss as a result of higher operating expenses related to the advancement of our programs and personnel-related costs. The increase was partially offset by higher non-cash expenses and a decrease in operating assets and liabilities.

Previous 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.

Current wording

Net cash provided by investing activities was $9.6 million for the three months ended March 31, 2026 compared to net cash provided by investing activities of $30.6 million for the three months ended March 31, 2025. The change was primarily due to a decrease in sales and maturities of marketable securities and an increase in purchases of marketable securities as compared to the three months ended March 31, 2025.

Previous 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.

Current wording

Net cash provided by financing activities was $79.8 million for the three months ended March 31, 2026 compared to net cash provided by financing activities of less than $0.1 million for the three months ended March 31, 2025. The cash provided by financing activities for the three months ended March 31, 2026 primarily consisted of $62.8 million in net proceeds received from our "at-the-market" stock offering program during the period, as well as the cash provided from the exercises of stock options of $17.6 million. The cash provided by financing activities for the three months ended March 31, 2025 consisted of the cash provided from the exercises of stock options.