Tango Therapeutics, Inc. (NASDAQ: TNGX) announced today an underwritten offering of 21,023,337 shares of its common stock and pre‑funded warrants to purchase up to 3,226,458 shares. The offering price is $8.66 per share and $8.659 per warrant, with gross proceeds of approximately $210 million. The offering is expected to close on or about October 24, 2025, subject to customary closing conditions.
In addition to the public offering, Tango entered into a private investment in public equity (PIPE) for 1,732,101 shares of common stock at the same $8.66 per share price. The PIPE is expected to close on or about October 24, 2025, and is expected to generate gross proceeds of roughly $15 million. The PIPE transaction is being conducted under a shelf registration statement previously filed with the SEC.
The offering and PIPE were led by Leerink Partners and Cantor Fitzgerald, with Farallon Capital Management, TCGX, Balyasny Asset Management, Woodline Partners LP, Invus, Adage Capital Management LP, Boxer Capital, Logos Capital, Nantahala Capital, and accounts advised by T. Rowe Price among the investors. The capital raise is intended to fund Tango’s advancing clinical programs, extend its cash runway into the first quarter of 2027, and support future research and development expenditures.
The press release notes that the securities sold in the PIPE are not registered under the Securities Act of 1933 and will be offered only under an effective registration statement or applicable exemption. The company has agreed to file a registration statement with the SEC to register the resale of the PIPE securities.
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