On November 8, 2023, Tango Therapeutics Inc (TNGX, Financial), a clinical-stage biotechnology company focused on precision cancer medicines, released its financial results for the third quarter ended September 30, 2023, alongside notable business highlights. The company reported a robust cash position and continued progress in its clinical trials, with significant milestones anticipated in the coming year.
Business and Pipeline Developments
Tango Therapeutics has made strides in its oncology pipeline, with ongoing dose escalations in phase 1/2 trials for its PRMT5 inhibitors TNG908 and TNG462, targeting MTAP-deleted cancers. The company expects to provide additional clinical data for TNG908 in 2024. TNG260, a CoREST inhibitor, is also in phase 1/2 trial in combination with pembrolizumab for STK11 mutant solid tumors. Moreover, TNG348, a USP1 inhibitor for BRCA1/2-mutant breast and ovarian cancer, has received FDA Fast Track designation, with a phase 1/2 clinical trial initiation expected in the first half of 2024.
“We continue to make excellent progress across our precision oncology pipeline, led by our two MTA-cooperative PRMT5 inhibitors for MTAP-deleted cancers," said Barbara Weber, M.D., President and CEO of Tango Therapeutics. "With additional capital resources following our August private placement financing and our dedicated team, we believe we are well-positioned to deliver proof-of-concept data on our four clinical programs."
Financial Performance
Tango Therapeutics reported collaboration revenue of $10.7 million for Q3 2023, up from $6.9 million in the same period in 2022. License revenue was reported at $5.0 million for the nine months ended September 30, 2023, compared to none in the same period the previous year. Research and development expenses saw a slight decrease to $27.1 million for Q3 2023 from $28.7 million in Q3 2022, while general and administrative expenses increased to $9.2 million from $8.1 million. The net loss for Q3 2023 improved to $22.3 million, or $0.23 per share, from a net loss of $29.1 million, or $0.33 per share, in Q3 2022.
The company's balance sheet remains strong with $359.9 million in cash, cash equivalents, and marketable securities, which is expected to fund operations into 2026. This financial health is attributed to disciplined spending and strategic capital raises, including an $80 million private placement financing completed in August 2023.
Looking Forward
Tango Therapeutics continues to advance its clinical programs with a focus on delivering proof-of-concept data. The company's commitment to precision oncology and its strong financial foundation positions it to potentially bring innovative treatments to patients with cancer. As Tango Therapeutics progresses, investors and stakeholders can anticipate further updates on clinical trials and financial performance in the upcoming periods.
For more detailed information about Tango Therapeutics Inc (TNGX, Financial) and its financial results, please visit www.tangotx.com.
Explore the complete 8-K earnings release (here) from Tango Therapeutics Inc for further details.
