Tango Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Highlights

Initial Phase 1/2 trial data of vopimetostat in combination with Revolution Medicines’ RAS(ON) inhibitors in MTAP-deleted pancreatic cancer in 2026 with continued robust patient enrollment

New clinical supply agreement with Erasca, plus ongoing Revolution Medicines collaboration, supports potential of vopimetostat as the preferred PRMT5 inhibitor for combination with RAS targeted therapies in oncology

Cash position of $343 million as of December 31, 2025, with runway into 2028 beyond anticipated key data inflection points

BOSTON, March 05, 2026 (GLOBE NEWSWIRE) -- Tango Therapeutics, Inc. (NASDAQ: TNGX), a clinical-stage biotechnology company committed to discovering and delivering the next generation of precision cancer medicines, today reported financial results for the fourth quarter and full year ended December 31, 2025, and provided business highlights.

“We enter 2026 with a clear focus on execution, building on the significant progress achieved across our development portfolio in 2025,” said Malte Peters, M.D., President and CEO of Tango Therapeutics. “Our lead clinical program, vopimetostat, continues to demonstrate best-in-class potential, and we are on track to launch our first pivotal study in 2L pancreatic cancer this year. Strong enrollment continues in the combination study with Revolution Medicines’ RAS(ON) inhibitors, and we are encouraged by the early safety and efficacy data. Given the differentiated profile of vopimetostat enabling the potential for efficacious and tolerable RAS inhibitor combinations, we have entered into a supply agreement with Erasca for its pan-RAS molecular glue ERAS-0015 to further explore the potential of vopimetostat as the preferred PRMT5 inhibitor for combination therapy in pancreatic cancer and other tumor types. These activities are supported by our robust balance sheet, which provides cash runway into 2028, and plans to allocate capital with discipline in areas where we are best positioned to create significant value for patients.”

Clinical Pipeline Updates

Vopimetostat – MTAP Selective Once-Daily PRMT5 Inhibitor

• Pivotal Study in Pancreatic Cancer. The company is on track to initiate a pivotal study for vopimetostat monotherapy in 2L MTAP-del pancreatic cancer, with initiation anticipated in 2026.
• Phase 1/2 RAS(ON) Inhibitors Combination Study. Robust enrollment in the vopimetostat + RAS(ON) inhibitors combination study in patients with 2L+ MTAP-del, RAS-mut pancreatic and lung cancer is ongoing. Vopimetostat combinations with either daraxonrasib or zoldonrasib have been well-tolerated to date with encouraging early efficacy data. Initial phase 1/2 data are anticipated in 2026 and may inform an innovative development path to a pivotal trial in 1L pancreatic cancer.
• Clinical Supply Agreement. Today, the company announced that it has entered into a clinical trial collaboration and supply agreement to evaluate vopimetostat in combination with ERAS-0015, a pan-RAS molecular glue (Erasca) in a clinical trial.
  
  

Upcoming Expected Milestones

• Initial phase 1/2 safety and efficacy data from combination trial with vopimetostat + daraxonrasib, and vopimetostat + zoldonrasib (Revolution Medicines) in 2026
• Vopimetostat monotherapy phase 1/2 clinical data lung cancer update in 2026
• Vopimetostat monotherapy 2L pancreatic cancer pivotal study start in 2026
• TNG456 monotherapy phase 1/2 trial initial safety and efficacy data in 2026

Corporate Updates

• Bolstered Regulatory Leadership. Today, the company announced the appointment of Philippe Serrano, Pharm.D., as its Chief Regulatory Officer. Mr. Serrano most recently served as SVP, head of global regulatory affairs at MorphoSys and held leadership roles in regulatory affairs at Baxter, Aventis, EMD Serono, Merck KgAA and NicOx and has brought multiple oncology products to market. He will be responsible for overseeing all regulatory activities and agency interactions at Tango.
• CEO Succession. In January 2026, the company announced the retirement of its founding Chief Executive Officer, Dr. Barbara Weber. She was succeeded by Dr. Malte Peters, a distinguished leader with extensive clinical development and leadership experience who has served on the Tango Board of Directors since 2018. Dr. Peters will drive the next phase of company growth. Dr. Weber transitioned to the role of Executive Chair, which she will hold through 2026, after which she will serve as non-executive chair starting in 2027. Alexis Borisy, the former Board Chair, transitioned to Lead Independent Director.
• Expanded Board of Directors. In January 2026, the company announced the appointment of Mr. Sung Lee to the Board of Directors. Mr. Lee has over 20 years of experience in finance leadership in the biopharmaceutical and technology industries and currently serves as Executive Vice President and Chief Financial Officer at Cytokinetics.
  
  

Financial Results

As of December 31, 2025, the Company held $343.1 million in cash, cash equivalents and marketable securities, which the Company expects to fund operations into 2028.

Collaboration revenue was $0 for the three months ended December 31, 2025, compared to $5.4 million for the same period in 2024, and $62.4 million for the twelve months ended December 31, 2025, compared to $30.0 million for the same period in 2024. All remaining deferred revenue under the Gilead collaboration were recognized as collaboration revenue during the third quarter of 2025 as a result of the truncation of the collaboration agreement, which concluded all research activities. Pursuant to the truncation of the collaboration agreement, no licensed programs were returned to the Company, all ongoing work at Gilead on licensed programs will continue and agreements for all future milestones and royalties remain in effect.

There was no license revenue for the three and twelve months ended December 31, 2025, compared to $0 and $12.1 million for the three and twelve months ended December 31, 2024, respectively. The license revenue recognized in the second quarter of 2024 is primarily due to licensing a drug discovery program to Gilead for $12.0 million during the period.

Research and development expenses were $32.1 million for the three months ended December 31, 2025, compared to $31.3 million for the same period in 2024, and $132.2 million for the twelve months ended December 31, 2025, compared to $143.9 million for the same period in 2024. The year-over-year change was due to decreased spend on discontinued clinical programs (TNG908 and TNG348) as well as lower TNG260 and discovery program expenses. This decrease was partially offset by increased spend for the advancement of vopimetostat, TNG456 and TNG961.

General and administrative expenses were $9.8 million for the three months ended December 31, 2025, compared to $9.1 million for the same period in 2024, and $41.5 million for the twelve months ended December 31, 2025, compared to $43.7 million for the same period in 2024. The year-over-year change was primarily due to decreased spend on personnel-related costs.

Net loss for the three months ended December 31, 2025 was $38.7 million, or $0.29 per share, compared to a net loss of $30.8 million, or $0.32 per share, in the same period in 2024. Net loss for the twelve months ended December 31, 2025 was $101.6 million, or $0.87 per share, compared to a net loss of $130.3 million, or $1.19 per share, in the same period in 2024.

About Tango Therapeutics

Tango Therapeutics is a clinical-stage biotechnology company dedicated to discovering novel drug targets and delivering the next generation of precision medicine for the treatment of cancer. Using an approach that starts and ends with patients, Tango leverages the genetic principle of synthetic lethality to discover and develop therapies that take aim at critical targets in cancer. For more information, please visit.

Forward-Looking Statements

Investors and Media:
Elizabeth Hickin
[email protected]
[email protected]

Consolidated Statements of Operations (In thousands, except share and per share data)
		Three Months Ended December 31,								Year Ended December 31,
			2025				2024				2025				2024
Collaboration revenue		$	—			$	5,431			$	62,384			$	29,969
License revenue			—				—				—				12,100
Total revenue			—				5,431				62,384				42,069
Operating expenses:
Research and development			32,101				31,339				132,165				143,918
General and administrative			9,763				9,105				41,508				43,746
Total operating expenses			41,864				40,444				173,673				187,664
Loss from operations			(41,864	)			(35,013	)			(111,289	)			(145,595	)
Other income, net			3,164				4,297				9,699				15,501
Loss before income taxes			(38,700	)			(30,716	)			(101,590	)			(130,094	)
Provision for income taxes			(49	)			(47	)			(4	)			(208	)
Net loss		$	(38,749	)		$	(30,763	)		$	(101,594	)		$	(130,302	)
Net loss per common share – basic and diluted		$	(0.29	)		$	(0.32	)		$	(0.87	)		$	(1.19	)
Weighted average number of common shares outstanding – basic and diluted			131,590,895				97,223,183				116,166,187				109,226,731

Consolidated Balance Sheets (In thousands)
		December 31,
			2025			2024
Assets
Current assets:
Cash and cash equivalents		$	112,279		$	69,530
Marketable securities			230,859			188,387
Restricted cash			428			—
Prepaid expenses and other current assets			10,190			8,426
Total current assets			353,756			266,343
Property and equipment, net			6,868			8,102
Operating lease right-of-use assets			35,624			39,476
Restricted cash, net of current portion			2,139			2,567
Other assets			303			4
Total assets		$	398,690		$	316,492
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$	1,182		$	1,601
Accrued expenses and other current liabilities			17,759			16,497
Operating lease liabilities			2,738			2,454
Deferred revenue			—			17,618
Total current liabilities			21,679			38,170
Operating lease liabilities, net of current portion			30,832			34,039
Deferred revenue, net of current portion			—			44,766
Total liabilities			52,511			116,975
Total stockholders’ equity			346,179			199,517
Total liabilities and stockholders’ equity		$	398,690		$	316,492