Tango Therapeutics, Inc. (NASDAQ:TNGX) is a leading precision oncology company dedicated to developing innovative therapies that target specific genetic alterations to help patients with cancer. With a robust pipeline of promising drug candidates and a strong financial position, Tango Therapeutics is well-positioned to make a significant impact in the field of oncology.
Business Overview
Tango Therapeutics was founded with a clear mission: to discover the next generation of precision medicines to help patients with cancer by addressing the specific genetic alterations that fuel the cancer. The company leverages its state-of-the-art target discovery platform to identify novel targets and develop new drugs directed at tumor suppressor gene loss in defined patient populations with high unmet medical need.Tango's approach is focused on addressing the challenge of tumor suppressor gene loss, which remains a largely unaddressed target space. The company's novel small molecules are designed to be selectively active in cancer cells with specific tumor suppressor gene loss, killing those cancer cells while sparing normal cells. This unique ability to deliver deep, sustained target inhibition is expected to optimize tumor response and clinical benefit.
Pipeline and Clinical Progress
Tango's lead program, TNG908, is an MTA-cooperative inhibitor of PRMT5 designed to work selectively in cancer cells with an MTAP deletion. MTAP-deletion occurs in approximately 10% to 15% of all human tumors, including glioblastoma, non-small cell lung cancer, and pancreatic cancer. In preclinical studies, TNG908 demonstrated 15-fold greater potency in MTAP-deleted cancer cells versus normal cells and robust efficacy in vitro and in vivo.Tango plans to initiate the dose expansion portion of the phase 1/2 clinical trial for TNG908 in the second quarter of 2024, opening cohorts in glioblastoma, non-small cell lung, and pancreatic cancers at 600 mg twice-daily (BID). Clinical data from the ongoing trial are expected in the second half of 2024.
Tango has also developed a next-generation PRMT5 inhibitor, TNG462, with increased potency, MTAP deletion selectivity, and longer target coverage. The TNG462 IND was cleared by the FDA in the first quarter of 2023, and the company announced the first patient in the Phase 1/2 clinical trial was dosed in July 2023. Patients are actively being enrolled in the dose escalation portion of the trial, and the company expects to initiate the dose expansion portion in the second quarter of 2024. Clinical data from the ongoing trial are expected in the second half of 2024.
Discovered as part of Tango's immune evasion target discovery platform, TNG260 is a first-in-class CoREST inhibitor that reverses the immune evasion effect of STK11 loss-of-function mutations. STK11 loss-of-function mutations are present in approximately 15% of NSCLC, 15% of cervical cancers, 10% of carcinoma of unknown primary, 5% of breast cancers, and 3% of pancreatic cancers. The FDA cleared the TNG260 IND in the first quarter of 2023, and the company announced the first patient in the Phase 1/2 clinical trial was dosed in July 2023.
Tango is also developing TNG348, a novel allosteric inhibitor of USP1 for the treatment of BRCA1, BRCA2-mutant, and other HRD+ cancers. HRD+ cancers, including BRCA 1/2 mutations, represent approximately 50% of ovarian, 25% of breast, 10% of prostate, and 5% of pancreatic cancers. The FDA cleared the TNG348 IND in the third quarter of 2023, and the company announced the first patient in the Phase 1/2 clinical trial was dosed in January 2024.
Financials
Tango Therapeutics has a strong financial position, with $343.6 million in cash, cash equivalents, and marketable securities as of March 31, 2023. This cash position is expected to enable the company to fund its operating expenses and capital expenditure requirements at least into late 2026.For the full year 2023, Tango reported annual revenue of $36.5 million, primarily derived from its collaboration agreement with Gilead Sciences. The company's net loss for the year was $101.7 million, and its annual operating cash flow and free cash flow were -$118.0 million and -$119.5 million, respectively.
In the first quarter of 2023, Tango reported quarterly revenue of $6.5 million, up from $5.8 million in the same period of the prior year. The company's net loss for the quarter was $37.9 million, compared to a net loss of $28.0 million in the first quarter of 2023. Quarterly operating cash flow and free cash flow were -$37.9 million and -$37.9 million, respectively.
Tango has a strong balance sheet, with a current ratio of 8.23 and a quick ratio of 8.23 as of March 31, 2023, indicating a robust liquidity position. The company's debt ratio is 0.09, and its debt-to-equity ratio is 0.14, suggesting a conservative capital structure.