Tango Therapeutics Reports $130.3 Million Net Loss and $42.1 Million Revenue for Fiscal Year 2024

Tango Therapeutics, Inc. reported a net loss of $130.3 million for the fiscal year ending December 31, 2024, an increase from a loss of $101.7 million in the previous year. The company's total revenue for 2024 was $42.1 million, which included $30.0 million in collaboration revenue and $12.1 million in license revenue, compared to $36.5 million in total revenue for 2023. The increase in license revenue was primarily due to a $12.0 million licensing fee from Gilead Sciences, while collaboration revenue saw a slight decline attributed to lower research costs incurred under the collaboration agreement. Tango's accumulated deficit reached $501.6 million as of the end of 2024, reflecting ongoing investments in research and development.

The company has been actively advancing its clinical programs, particularly focusing on its lead product candidates, TNG462 and TNG456, both of which are MTA-cooperative PRMT5 inhibitors targeting genetically defined cancers. In November 2024, Tango reported positive early data from the Phase 1/2 clinical trial of TNG462, demonstrating durable clinical activity across multiple cancer types. However, the company discontinued the development of TNG908 due to insufficient brain exposure for glioblastoma multiforme (GBM) clinical activity. The FDA cleared the IND for TNG456 in January 2025, with plans to begin patient enrollment in the first half of 2025.

Tango Therapeutics continues to rely on third-party contract manufacturers for the production of its investigational products, which poses risks related to supply chain disruptions and compliance with regulatory standards. The company has emphasized the need for additional funding to support its ongoing clinical trials and operational expenses, projecting that its existing cash and marketable securities of $257.9 million will sustain operations into the third quarter of 2026. However, the company anticipates significant increases in research and development expenses as it progresses through clinical trials and seeks regulatory approvals.

The filing also highlights various material risks associated with Tango's business, including the challenges of conducting clinical trials, the need for substantial additional funding, and the competitive landscape in the oncology sector. The company faces competition from larger pharmaceutical firms and other biotechnology companies developing similar therapies. Additionally, regulatory changes and the evolving landscape of healthcare legislation may impact Tango's ability to commercialize its product candidates effectively.

Looking ahead, Tango Therapeutics remains focused on advancing its clinical development programs and exploring strategic collaborations to enhance its product pipeline. The company plans to provide further clinical data updates in 2025, with the goal of achieving regulatory approvals for its product candidates and ultimately generating revenue from product sales.