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Tango Therapeutics, Inc. (TNGX)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 results were consistent with early-stage biotech profile: collaboration revenue of $5.39M, net loss of $39.88M ($0.36 per share), and operating expenses of $47.92M; cash, cash equivalents and marketable securities totaled $216.7M with runway extended into 1Q 2027 due to reduced preclinical spend .
  • Management emphasized TNG462’s “potential best-in-class” profile and expects a fulsome monotherapy data update in 2H 2025, with pancreatic cancer targeted for first monotherapy registrational study in 2026; combinations with Revolution Medicines’ daraxonrasib and zoldonrasib were prioritized and started enrolling in 2Q 2025 (first patient dosed June 27) .
  • TNG456 progressed to the clinic with first patient dosed May 21, focusing on glioblastoma; proof-of-mechanism and favorable tolerability were reiterated for TNG260 with a clinical update expected in 2H 2025 .
  • There was no earnings conference call in Q1 2025; investor communications were via the 8-K and press release only, limiting real-time Q&A clarification on timelines and resource prioritization .
  • Primary near-term catalyst is the TNG462 Phase 1/2 monotherapy update in 2H 2025; extended cash runway and narrowed focus on PRMT5 programs are key to sustaining execution while deferring some tolerability-focused combination studies with SOC agents .

What Went Well and What Went Wrong

What Went Well

  • “Accumulating data continue to support TNG462 as the potential best-in-class PRMT5 inhibitor,” with monotherapy efficacy and tolerability update planned for 2H 2025 and aim to initiate first registrational monotherapy study in pancreatic cancer next year .
  • Execution on combination strategy: on track to initiate and enroll the TNG462 + RAS(ON) combinations in 2Q 2025; first patient dosed in the Phase 1/2 trial evaluating daraxonrasib or zoldonrasib combinations (June 27) .
  • Cash runway extended into 1Q 2027 via reduced preclinical and target discovery spend and deferral of some SOC tolerability combinations, aligning resources behind PRMT5 programs (TNG462/TNG456) .

What Went Wrong

  • Collaboration revenue declined year-over-year ($5.39M vs. $6.47M), reflecting lower research costs under the collaboration recognized in the quarter, contributing to increased net loss despite OpEx reductions .
  • No earnings call held, limiting opportunity for direct analyst Q&A and granular guidance on registrational design, patient selection criteria, and regulatory interactions .
  • Continued high R&D investment ($36.44M) with elevated G&A ($11.48M), while early clinical programs (e.g., TNG462) remain pre-commercial; license revenue absent in Q1 2025 and overall loss widened vs. prior year ($39.88M vs. $37.91M) .

Financial Results

Income Statement (Quarterly)

MetricQ3 2024Q4 2024Q1 2025
Collaboration Revenue ($USD Millions)$11.61 $4.12 $5.39
License Revenue ($USD Millions)$0.00 $0.00 — (not disclosed)
Total Revenue ($USD Millions)$11.61 $4.12 $5.39
Research & Development Expense ($USD Millions)$33.26 $33.94 $36.44
General & Administrative Expense ($USD Millions)$11.22 $11.09 $11.48
Total Operating Expenses ($USD Millions)$44.49 $45.03 $47.92
Net Loss ($USD Millions)$29.17 $37.67 $39.88
Net Loss per Share ($USD)$0.27 $0.35 $0.36
Weighted Avg Shares (Millions)108.51 108.68 110.30

Year-over-Year Comparison (Q1 2025 vs. Q1 2024)

MetricQ1 2024Q1 2025YoY Change
Collaboration Revenue ($USD Millions)$6.47 $5.39 -$1.08
Research & Development ($USD Millions)$38.07 $36.44 -$1.63
General & Administrative ($USD Millions)$10.66 $11.48 +$0.82
Net Loss ($USD Millions)$37.91 $39.88 +$1.97
Net Loss per Share ($USD)$0.35 $0.36 +$0.01

Balance Sheet Highlights

MetricSep 30, 2024Dec 31, 2024Mar 31, 2025
Cash & Cash Equivalents ($USD Millions)$53.15 $69.53 $58.43
Marketable Securities ($USD Millions)$240.13 $188.39 $158.29
Cash + Securities ($USD Millions)$293.28 $257.92 $216.72
Total Current Assets ($USD Millions)$300.82 $266.34 $224.93
Total Assets ($USD Millions)$352.42 $316.49 $274.31
Deferred Revenue, Current ($USD Millions)$15.60 $17.62 $19.48
Deferred Revenue, Non-current ($USD Millions)$50.90 $44.77 $37.51
Total Liabilities ($USD Millions)$123.25 $116.98 $107.55
Stockholders’ Equity ($USD Millions)$229.17 $199.52 $166.76

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayThroughInto 3Q 2026 (as of Dec 31, 2024) Into 1Q 2027 (as of Mar 31, 2025) Raised runway (extended)
TNG462 Monotherapy Data UpdateTiming2025 (focus on pancreatic & lung) 2H 2025 (focus on pancreatic & lung) Timed window specified (maintained)
TNG462 Monotherapy Registrational Study (Pancreatic)Start“Next year” from Q1 2025 vantage (i.e., 2026) 2026 implied by 2H 2025 update Maintained target
TNG462 + RAS(ON) Combination EnrollmentTimingBegin 1H 2025 On track for 2Q 2025; first patient dosed Jun 27 Maintained; achieved enrollment start
TNG456 Phase 1/2 EnrollmentTimingBegin 1H 2025 Begin 2Q 2025; first patient dosed May 21 Maintained; achieved first dose
TNG260 Clinical UpdateTiming2025 2H 2025 Window specified (maintained)

Earnings Call Themes & Trends

TopicPrevious Mentions (Q-2: Q4 2024)Previous Mentions (Q-1: Q3 2024)Current Period (Q1 2025)Trend
PRMT5 strategy (TNG462 “best-in-class”)ODD for pancreatic; durable responses; plan combinations; 2025 data update Positive early data; moving to full development; detailed activity incl. cholangiocarcinoma ORR 43% Reinforced best-in-class narrative; monotherapy update 2H 2025; registrational study next year Consistent, strengthening execution
Combinations (Revolution Medicines RAS(ON))Plan to initiate in 1H 2025 Collaboration established; enrollment planned 1H 2025 On track for 2Q; first patient dosed in combo trial (Jun 27) Advancing from planning to dosing
TNG456 (brain-penetrant PRMT5)IND cleared; FTD granted; enroll 1H 2025 Announced TNG456 plan; 1H 2025 start First patient dosed May 21; dose escalation in GBM Transitioned into clinic
TNG260 (CoREST inhibitor)POM established; dose expansion ongoing; 2025 update Ongoing; favorable safety/PK Clinical update targeted for 2H 2025 Timelines clarified
Cash runway/resource allocationRunway into 3Q 2026 Runway into 3Q 2026 Runway into 1Q 2027 via reduced preclinical and deferred SOC tolerance studies Improved funding horizon
Regulatory/macro (BIOSECURE Act, government)Risk disclosures highlighted Risk disclosures highlighted Risk disclosures highlighted Ongoing monitoring

Management Commentary

  • Barbara Weber, M.D. (CEO): “Accumulating data continue to support TNG462 as the potential best-in-class PRMT5 inhibitor…[we] remain on track with our goal of initiating our first TNG462 monotherapy registrational study in pancreatic cancer next year.”
  • Barbara Weber, M.D.: “We also are moving forward rapidly with key clinical combinations…combining TNG462 with Revolution Medicine’s RAS(ON) inhibitors daraxonrasib and zoldonrasib in pancreatic and lung cancer.”
  • Barbara Weber, M.D.: “Given market conditions and our strong conviction in TNG462, we have taken steps to extend our cash runway and focus resources on our PRMT5 programs, reducing spend on our preclinical pipeline and deferring some clinical combination studies designed primarily to assess tolerability…”
  • Adam Crystal, M.D., Ph.D. (President, R&D) on TNG456 first dose: “Dosing the first patient…marks a significant step…45% of GBM is MTAP-deleted…preclinical studies demonstrate potency, MTAP-selectivity and brain exposure that has the potential to be sufficient for meaningful efficacy in GBM.”
  • Adam Crystal, M.D., Ph.D. on combos: “Preclinical data show strong combination activity of TNG462 with either daraxonrasib or zoldonrasib…supporting the potential for these combinations to become transformative therapies.”

Q&A Highlights

  • No conference call was held for Q1 2025; therefore, there were no analyst Q&A themes, clarifications, or tone assessment beyond the prepared press release .

Estimates Context

  • Wall Street consensus (S&P Global) for Q1 2025 EPS and revenue was unavailable; no consensus values were returned for TNGX for Q1 2025. Values retrieved from S&P Global.*
  • As such, results cannot be benchmarked vs. consensus for this quarter; future estimate tracking should focus on clinical milestones (TNG462 monotherapy update, combination cohorts progress) rather than near-term P&L variability [GetEstimates returned empty for “Q1 2025”].

Key Takeaways for Investors

  • Cash runway extended into 1Q 2027 reduces near-term financing overhang and supports execution through the 2H 2025 TNG462 monotherapy data update and early combination data generation .
  • The TNG462 program is advancing on two fronts—monotherapy registrational path in pancreatic cancer and RAS(ON) combinations in pancreatic and lung cancers—which broadens potential value creation and regulatory optionality .
  • Clinical risk was reduced by successful first dosing in TNG456 (GBM focus); if early safety/PK signals match preclinical expectations, this program could open CNS indications complementary to TNG462’s non-CNS focus .
  • Collaboration revenue remains variable and tied to research costs recognition; without product revenue, valuation hinges on clinical data quality, durability, and trial design progress rather than near-term financial beats/misses .
  • Near-term trading catalysts: any interim updates on enrollment pace in the RAS(ON) combination trial, AACR/medical meeting visibility, and confirmation of 2H 2025 TNG462 monotherapy dataset timing .
  • Medium-term thesis: PRMT5 synthetic lethality remains validated; Tango’s differentiation depends on clinical durability, tolerability, and combination synergy—particularly in RAS mutant pancreatic cancer, where co-occurring MTAP deletion is prevalent .
  • Risk watch: regulatory/macro (BIOSECURE Act), manufacturing sole sourcing, and need for capital over time; management’s narrowed spend and trial deferrals mitigate near-term cash burn while keeping core value drivers on track .

Appendix: Additional Press Releases Relevant to Q1 2025

  • Tango Therapeutics to Report First Quarter 2025 Financial Results; no conference call planned (May 1, 2025) .
  • AACR 2025 preclinical poster lineup across PRMT5 programs and HBS1L molecular glue degrader (Mar 25, 2025) .
  • First patient dosed in TNG456 Phase 1/2 (May 21, 2025) .
  • First patient dosed in TNG462 + RAS(ON) combination trial (Jun 27, 2025) .

Footnote: *Values retrieved from S&P Global.