Tango Therapeutics Reports 84% Revenue Decline and $38.9 Million Net Loss in Q2 2025

Tango Therapeutics, Inc. reported a significant decline in its financial performance for the second quarter of 2025, as outlined in its latest 10-Q filing. The company generated total revenue of $3.2 million for the three months ended June 30, 2025, a decrease of 84% compared to $19.9 million in the same period last year. This decline was primarily attributed to a drop in collaboration revenue from its partnership with Gilead Sciences, which fell from $7.8 million to $3.2 million, alongside the absence of license revenue, which had previously included a $12.1 million fee from Gilead in 2024.

Operating expenses for Tango Therapeutics also decreased, totaling $44.1 million in the second quarter of 2025, down from $49.4 million in the prior year. The reduction in expenses was largely due to lower research and development costs, which amounted to $32.8 million, compared to $38.7 million in the previous year. This decrease was driven by the discontinuation of certain clinical programs, including TNG908 and TNG348, which contributed to a $5.9 million reduction in R&D expenses. However, general and administrative expenses increased slightly to $11.3 million, reflecting higher costs associated with facilities and IT.

The company reported a net loss of $38.9 million for the second quarter of 2025, compared to a net loss of $25.6 million in the same quarter of 2024. For the first half of 2025, Tango's net loss totaled $78.7 million, up from $63.5 million in the prior year. As of June 30, 2025, the company had an accumulated deficit of $580.3 million and cash, cash equivalents, and marketable securities totaling $180.8 million, which it expects will fund operations into the first quarter of 2027.

In terms of strategic developments, Tango Therapeutics has been actively advancing its clinical programs. The company is currently conducting trials for its lead product candidates, TNG462 and TNG456, with plans to provide clinical data updates in the second half of 2025. Additionally, Tango announced a truncation of its research collaboration agreement with Gilead, reducing the research term from seven to five years, which will allow the company to recognize $53.8 million in deferred revenue in the third quarter of 2025.

Looking ahead, Tango Therapeutics anticipates continued operating losses as it progresses through clinical development and seeks regulatory approvals for its product candidates. The company will need to secure additional funding to support its operations and growth strategy, as it has not yet generated revenue from product sales. The ongoing development of its product candidates remains subject to various risks, including the uncertainties inherent in clinical trials and the regulatory approval process.