Tango Therapeutics, Inc.

What they do

Tango Therapeutics discovers and develops precision cancer medicines for patients with genetically defined or biomarker-driven cancers. Its lead candidate, vopimetostat, is being studied in combination with Revolution Medicines' RAS(ON) inhibitors daraxonrasib or zoldonrasib in MTAP-deleted, RAS-mutant pancreatic cancer. The company has no products approved for commercial sale and has not generated any revenue from product sales; revenue to date reflects collaboration and licensing arrangements. It operates from Boston, Massachusetts.

Revenue drivers

• Collaboration and license revenue — Annual revenue rose from $24.9M in 2022 to $62.4M in 2025, but the company states it has never generated revenue from product sales; the relationship between reported revenue and specific collaboration agreements is not detailed in the excerpts provided.
• Vopimetostat (MTAP-selective PRMT5 inhibitor) — Lead clinical program; development is directed at MTAP-deleted, RAS-mutant pancreatic cancer in combination with daraxonrasib, and lung cancer monotherapy. It is not yet approved and generates no product revenue.
• Preclinical and earlier-stage pipeline — The company states certain programs remain in preclinical development and may never advance to clinical development; no product revenue is attributed to these programs.
• Companion diagnostic / biomarker screening dependencies — The company relies on third parties for biomarker screening that enables patient selection and target engagement; it flags risk if screening or companion diagnostic tests are not successfully developed.

Recent performance

For second quarter 2026, reported revenue was $0.00 for both the 2026-03-31 and 2026-06-30 quarters, following $0.00 in 2025-12-31 and $53.8M in 2025-09-30. Full-year 2025 revenue was $62.4M with a net loss of $101.6M and diluted EPS of $-0.87, versus a 2024 net loss of $130.3M and EPS of $-1.19. Operating cash flow was negative in every year shown, reaching $-138.9M in 2025. As of 2026-06-30, the company reported total assets of $1.07B, total liabilities of $49.3M, shareholders' equity of $1.02B, and cash and equivalents of $345.6M; the earnings release cites a cash position of $1.0 billion as of June 30, 2026.

Strategy

Tango is preparing to move vopimetostat in combination with daraxonrasib into Phase 3 development for front-line pancreatic cancer, following initial Phase 1/2 data showing a 92% objective response rate and 90% six-month progression-free survival in MTAP-deleted, RAS-mutant pancreatic cancer. The company has initiated dialogue with regulators and collaborator Revolution Medicines toward a registrational plan. It plans to present the Phase 1/2 combination data at the 2026 ESMO Congress in Madrid (October 23-27, 2026), finalize the Phase 3 randomized-controlled trial design in 2H 2026, and disclose vopimetostat lung cancer monotherapy data in 2H 2026. It has added commercialization leadership, appointing Fatma Ocak as Chief Commercialization Officer effective August 17, 2026, and Robert Azelby as Chairman of the Board on August 6, 2026. Management states its cash runway carries it through planned development and commercialization preparation in pancreatic cancer.

Risks

• No approved products; no product revenue — The company has no products approved for commercial sale, has not generated any revenue from product sales, and may never become profitable.
• Need for substantial additional funding — The company states it will need to raise substantial additional funding and that failure to do so could force it to delay, reduce or eliminate product development programs; additional capital may cause dilution or require relinquishing rights.
• Clinical development and trial execution risk — The company has never successfully completed any clinical trials, certain programs remain preclinical, and initial, interim and top-line data may change as more patient data become available and are subject to confirmation, audit and verification.
• Biomarker and companion diagnostic dependence — Failure to successfully validate, develop and obtain regulatory approval for screening and companion diagnostic tests, or delays in doing so, could prevent realization of full commercial potential; the company relies on third parties for biomarker screening.

Outlook

Management expects to finalize the design of a Phase 3 randomized-controlled trial of vopimetostat plus daraxonrasib in front-line pancreatic cancer in 2H 2026, and to present Phase 1/2 combination data at the 2026 ESMO Congress in Madrid from October 23-27, 2026. The company also plans to disclose vopimetostat lung cancer monotherapy data in 2H 2026. Management states its balance sheet supports planned development and commercialization preparation in pancreatic cancer as well as ongoing pipeline work.