Executive Summary

Q3 revenue surged to $53.8M, driven by recognition of all remaining deferred revenue from the Gilead collaboration upon truncation of the research term; this flipped results to net income of $15.9M and $0.14 basic EPS (vs. Q2: $3.2M revenue and $(0.35) EPS), a one-time dynamic rather than an operational inflection .
Clinical momentum: vopimetostat (TNG462) delivered mPFS 7.2 months in 2L MTAP-del pancreatic cancer and 49% ORR with mPFS 9.1 months in a histology-selective cohort, supporting a 2026 pivotal start and strengthening the best-in-class narrative .
Balance sheet extended: $225M gross proceeds in October plus $152.8M cash/marketable at Q3-end extend cash runway into 2028, providing funding through key 2026 data milestones .
TNG456 received FDA Orphan Drug Designation for malignant glioma; TNG260 showed early proof-of-concept in a prespecified STK11mut/KRAS WT NSCLC subgroup (mPFS 27 weeks), with SITC presentation slated for Nov 7, 2025 .
No S&P Global (SPGI) consensus for revenue/EPS was available via our tool for Q3; focus turns to 2026 catalysts (pivotal start, combination readouts) as potential stock drivers [functions.GetEstimates returned no data].

What Went Well and What Went Wrong

What Went Well

One-time revenue recognition from the Gilead collaboration (truncated research term) lifted total Q3 revenue to $53.8M and produced positive EPS ($0.14 basic; $0.13 diluted), improving optics and funding flexibility .
Vopimetostat efficacy: 2L pancreatic mPFS of 7.2 months and 49% ORR with mPFS 9.1 months in the histology-selective cohort bolster the best-in-class thesis and justify a 2026 pivotal start; CEO emphasized “significant momentum” and potential for a “turning point” in difficult cancers .
Capital strength: $225M gross proceeds in October 2025 extend runway into 2028, de-risking execution through anticipated 2026 readouts and pivotal initiation .

What Went Wrong

Quality-of-revenue optics: Q3 uplift was primarily a non-recurring accounting event (recognition of deferred Gilead collaboration revenue), not a durable commercialization trend .
TNG260 mixed signal: while early POC emerged in a prespecified STK11mut/KRAS WT NSCLC subgroup, there was “no evidence of activity” in other STK11 mutant cancers, focusing value on a narrower segment .
Histology-agnostic dataset excluded sarcoma due to no activity (0/9 responses), underscoring tumor-type variability and the importance of indication selection .

Financial Results

P&L Snapshot (chronological: oldest → newest)

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Millions)	$11.61	$5.39	$3.18	$53.81
Net Income (Loss) ($USD Millions)	$(29.17)	$(39.88)	$(38.85)	$15.88
EPS - Basic ($)	$(0.27)	$(0.36)	$(0.35)	$0.14
EPS - Diluted ($)	$(0.27)	$(0.36)	$(0.35)	$0.13
R&D Expense ($USD Millions)	$33.26	$36.44	$32.81	$30.82
G&A Expense ($USD Millions)	$11.22	$11.48	$11.34	$8.92

Notes: Q3 revenue reflects recognition of all remaining deferred revenue tied to the Gilead collaboration truncation; agreements for milestones/royalties remain in effect .

Liquidity

Metric	Q1 2025	Q2 2025	Q3 2025
Cash, Cash Equivalents & Marketable Securities ($USD Millions)	$216.7	$180.8	$152.8 (Q3-end)
October 2025 Financing Proceeds	—	—	$225.0 gross; $212.0 net

Estimates vs Actuals

SPGI consensus for revenue and EPS for Q3 2025 (and prior two quarters via our tool) was unavailable; no beat/miss assessment can be made at this time [functions.GetEstimates returned no data].

KPIs (Clinical, Q3 period updates)

KPI	Cohort	Result
mPFS (months)	2L MTAP-del pancreatic (vopimetostat)	7.2
ORR (%)	2L MTAP-del pancreatic (vopimetostat)	25
mPFS (months)	Histology-selective cohort (excluding pancreatic, lung, sarcoma)	9.1
ORR (%)	Histology-selective cohort (excluding pancreatic, lung, sarcoma)	49
Safety	Vopimetostat 250 mg QD	No drug-related discontinuations; ~8% dose reductions; mostly Grade 1 TRAEs
TNG260 mPFS (weeks)	Prespecified STK11mut/KRAS WT NSCLC subgroup	27

Guidance Changes

Metric/Item	Period	Previous Guidance	Current Guidance	Change
Cash runway	Corporate	Into 1Q 2027 (Q1/Q2 updates)	Into 2028 (post-October financing)	Raised
Vopimetostat 2L pancreatic pivotal start	2026	“Registrational study next year” (implying 2026)	Start 2026 confirmed	Maintained/clarified
Vopimetostat + RAS(ON) combo initial data	2026	Not specified in Q1/Q2	2026	Introduced
Vopimetostat lung cancer mono update	2026	Not specified in Q1/Q2	2026	Introduced
TNG456 initial safety/efficacy data	2026	Trial initiation timeline in 2025	2026 data	Introduced
TNG260 clinical data	2H 2025	2H 2025	SITC Nov 7, 2025	Maintained/dated

No revenue, margin, OpEx, OI&E, or tax-rate guidance provided.

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1–Q2 2025)	Current Period (Q3 2025)	Trend
PRMT5 best-in-class ambition	TNG462 emphasized as potential best-in-class; data update expected 2H25	Vopimetostat data (mPFS 7.2 in pancreatic; 49% ORR histology cohort) strengthens claim	Improving evidence base
Combo strategy with RAS(ON)	Trial initiation and first patient dosed with daraxonrasib/zoldonrasib	Ongoing with robust enrollment; initial data 2026	Advancing per plan
Registrational path (pancreatic)	“Next year” registrational study signaled	2026 pivotal start affirmed	Clarified timing
Cash runway	Into 1Q 2027	Into 2028 after $225M gross financing	Extended
Gilead collaboration	Ongoing in prior quarters with deferred revenue	Research truncation; recognition of all remaining deferred revenue; milestones/royalties intact	Transitioned; accounting tailwind in Q3
TNG456 (glioma)	Trial start 2025	Orphan Drug Designation; data expected 2026	Regulatory de-risking
TNG260 (CoREST)	Data 2H 2025 planned	Early POC in prespecified STK11mut/KRAS WT; no activity in other STK11 mutant cancers; SITC 11/7/25	Focused indication refinement

Management Commentary

“We are wrapping up 2025 with significant momentum…supporting the potential of [vopimetostat] to be a turning point for treatment of multiple difficult-to-treat MTAP-del cancers, beginning with pancreatic cancer…our recent $225 million financing…extends our cash runway into 2028.” – Barbara Weber, M.D., President & CEO .
“All remaining deferred revenue from the upfront and research option-extension payments under the Gilead collaboration were recognized…as a result of the truncation…no licensed programs were returned…all ongoing work at Gilead…will continue and agreements for all future milestones and royalties remain in effect.” .
“In [the STK11mut/KRAS WT NSCLC] group (n=5), the mPFS was 27 weeks…There was no evidence of activity in other STK11 mutant cancers.” .
“The data demonstrated a potentially best-in-class safety and tolerability profile at 250 mg QD…There were no drug-related dose discontinuations and ~8% dose reduction rate.” .

Q&A Highlights

No Q3 2025 earnings call transcript was available in our document set; the company did host an October 23, 2025 webcast focused on vopimetostat data, but no Q3 results Q&A transcript was found for review .

Estimates Context

S&P Global (SPGI) consensus for quarterly revenue and EPS for TNGX was unavailable via our tool for Q3 2025 (and the prior two quarters), so we cannot assess beat/miss relative to Street expectations at this time [functions.GetEstimates returned no data].

Key Takeaways for Investors

Q3 profitability was accounting-driven: full recognition of deferred Gilead revenue (research truncation) created a one-time P&L uplift; durable value still hinges on clinical execution rather than recurring revenue .
Clinical risk/reward improved: vopimetostat’s 2L pancreatic mPFS (7.2 months) and histology-cohort ORR (49%) support a 2026 pivotal, with a clean tolerability profile at 250 mg QD .
Funding runway into 2028 meaningfully de-risks the path through 2026 data/catalysts (pivotal initiation; combination readouts), reducing near-term financing overhang .
TNG260 value is more concentrated: early efficacy signal in prespecified STK11mut/KRAS WT NSCLC subgroup but no signal outside that group; SITC data to refine scope .
2026 is the catalyst year: combination data (vopimetostat + RAS(ON)) and monotherapy lung update are targeted for 2026, alongside pivotal start in pancreatic cancer .
Partnership optionality persists: Gilead retains programs and milestones/royalties remain, preserving potential non-dilutive upside despite research truncation .
Near-term trading setup: stock likely trades on clinical narrative (pivotal design/regs, SITC follow-through) and confidence in best-in-class positioning for PRMT5, rather than quarterly revenue prints .

Additional Supporting Documents Read

Q3 2025 Form 8-K and attached press release -.
October 23, 2025 vopimetostat data press release (and webcast notice) -.
Q2 2025 press release -; Q1 2025 press release -.

Tango Therapeutics, Inc. (TNGX)·Q3 2025 Earnings Summary