Tango Therapeutics Reports Third Quarter 2026 Financial Results and Provides Business Highlights
Tango expects its $977.5 million cash and securities position to fund its current operating plan as it advances combination studies.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Tango Therapeutics (NASDAQ: TNGX) reported a third-quarter 2026 net loss of $68.4 million alongside updated pancreatic cancer combination-treatment data. Collaboration revenue fell to zero from $53.8 million a year earlier, when net income was $15.9 million. Cash, cash equivalents and marketable securities totaled $977.5 million at September 30, 2026.
Phase 1/2 vopimetostat plus daraxonrasib data showed an 82% objective response rate and 88% nine-month progression-free survival in efficacy-evaluable patients with previously treated MTAP-deleted, RAS-mutant pancreatic cancer. Median progression-free survival was not reached. Tango expects to start a front-line Phase 3 study in the first half of 2027 and disclose vopimetostat and TNG456 data in January 2027. Enrollment began in a vopimetostat/ERAS-0015 combination study. In October, Tango refocused research and development on PRMT5-targeted therapies.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointVopimetostat/daraxonrasib achieved 82% objective response in efficacy-evaluable second- and third-line MTAP-deleted, RAS-mutant pancreatic cancer patients.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Tango plans a front-line Phase 3 vopimetostat/daraxonrasib study in MTAP-deleted pancreatic cancer in the first half of 2027.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Cash and securities totaled $977.5 million at September 30, 2026; Tango expects this to fund its current operating plan.
- Minor pointCombination nine-month progression-free survival was 88%; median progression-free survival was not yet reached.
- Minor pointCombination safety was generally well-tolerated at vopimetostat 200 mg/daraxonrasib 100 mg once daily.
6 minor points
- Minor pointVopimetostat/ERAS-0015 Phase 1/2 enrollment began in MTAP-deleted pancreatic cancer and MTAP-deleted/RAS-mutant non-small cell lung cancer.
- Minor point. Forward-looking: it has not happened yet and may not happen.Tango plans a roughly 25-patient Phase 1/2 study of vopimetostat/panRAS inhibitors in MTAP-wild type pancreatic cancer in first-half 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.Tango expects January 2027 vopimetostat lung monotherapy and TNG456 lung, glioblastoma and other cancer data, plus its lung strategy.
- Minor point. Forward-looking: it has not happened yet and may not happen.Tango intends regulatory discussions about possible second-line pancreatic cancer approval for vopimetostat/daraxonrasib.
- Minor pointOther income, net rose to $9.722 million in Q3 2026 from $1.802 million a year earlier.
- Minor pointNine-month other income, net rose to $17.424 million in 2026 from $6.639 million a year earlier.
Negative
- Moderate pointNine-month 2026 net loss widened to $169.2 million from $62.8 million a year earlier.
- Moderate pointQ3 2026 collaboration revenue fell to zero from $53.8 million a year earlier.
- Moderate pointNine-month 2026 research and development expenses rose to $119.7 million from $100.1 million a year earlier.
- Moderate pointNine-month 2026 general and administrative expenses rose to $67.0 million from $31.7 million a year earlier.
- Minor pointQ3 2026 net loss was $68.4 million, versus $15.9 million net income in Q3 2025.
5 minor points
- Minor pointQ3 2026 basic loss per share was $0.39, versus basic earnings of $0.14 a year earlier.
- Minor pointNine-month 2026 basic and diluted loss per share widened to $1.08 from $0.57 a year earlier.
- Minor pointNine-month 2026 collaboration revenue fell to zero from $62.4 million a year earlier.
- Minor pointQ3 2026 research and development expenses rose to $48.9 million from $30.8 million a year earlier.
- Minor pointQ3 2026 general and administrative expenses rose to $29.2 million from $8.9 million a year earlier.
News Explained
Tango Therapeutics reported
Key Figures
- Objective response rate
- 82%
- Vopimetostat plus daraxonrasib in efficacy-evaluable 2L/3L pancreatic cancer patients
- 9-month progression-free survival rate
- 88%
- Vopimetostat plus daraxonrasib in efficacy-evaluable 2L/3L pancreatic cancer patients
- Cash, cash equivalents and marketable securities
- $977.5 million
- As of September 30, 2026; expected to fund the current operating plan
- Collaboration revenue
- $0
- Q3 2026, versus $53.8 million in Q3 2025
- Research and development expenses
- $48.9 million
- Q3 2026, versus $30.8 million in Q3 2025
- General and administrative expenses
- $29.2 million
- Q3 2026, versus $8.9 million in Q3 2025
- Net loss
- $68.4 million
- Q3 2026, versus net income of $15.9 million in Q3 2025
- Net loss per share
- $0.39 per share
- Q3 2026, versus net income of $0.14 per basic share in Q3 2025
Key Terms
objective response rate medical
progression-free survival medical
pancreatic ductal adenocarcinoma medical
accelerated approval regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Promising Phase 1/2 data from combination study of vopimetostat plus daraxonrasib presented at 2026 ESMO Congress demonstrated
Registrational Phase 3 study of vopimetostat plus daraxonrasib as front-line treatment for patients with MTAP-deleted pancreatic cancer expected to be initiated in 1H 2027
Data from vopimetostat monotherapy in non-small cell lung cancer (NSCLC) and brain-penetrant TNG456 in NSCLC, glioblastoma and other cancers and development strategy in lung cancer expected to be disclosed in
January 2027
Cash position of
BOSTON, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Tango Therapeutics, Inc. (NASDAQ: TNGX) a clinical-stage biotechnology company committed to delivering breakthrough targeted therapies that extend and improve the lives of patients with cancer, today reported financial results for the third quarter ended September 30, 2026, and provided business highlights.
“In 2026, Tango has made significant strides towards bringing vopimetostat to patients with pancreatic cancer,” said Malte Peters, MD, President and Chief Executive Officer of Tango. “This progress is rooted first in the data. Last month at ESMO, we shared promising data from the combination of vopimetostat plus daraxonrasib that reinforced the potential of this program to raise the bar for patients with MTAP-deleted and RAS-mutant pancreatic cancer. Based on those data, we have engaged with the FDA on our plans for a registrational study in the front-line setting and plan to initiate that study in the first half of next year. In addition, we plan to engage with regulators on the possibility of seeking accelerated approval of this combination in second line pancreatic cancer. Beyond pancreatic cancer, we look forward to sharing our strategy in lung cancer, supported by data from vopimetostat and TNG456, in January of next year. I am grateful to the dedicated Tango team for the progress we have made in 2026 thus far and look forward to advancing our mission of bringing these important therapies to patients with cancer.”
Clinical Pipeline Updates
- ESMO DATA. In October 2026, Tango reported promising updated data from vopimetostat in combination with Revolution Medicines' RAS(ON) inhibitors daraxonrasib or zoldonrasib in patients with MTAP-deleted, RAS-mutant pancreatic cancer. Data demonstrated that vopimetostat in combination with daraxonrasib achieved an
82% objective response rate (ORR) and88% nine-month progression-free survival (PFS) rate in efficacy-evaluable patients with second and third line pancreatic ductal adenocarcinoma (PDAC), and median PFS was not yet reached. Efficacy-evaluable patients are those patients who received their first dose of treatment at least 14 weeks prior to the data cutoff date of August 20, 2026. As of the data cutoff date, the combination had a generally well-tolerated safety profile at dose level one (vopimetostat 200 mg/daraxonrasib 100 mg QD).
- PIVOTAL STUDY PLANS. Based upon the encouraging Phase 1/2 data and discussions with the US Food and Drug Administration (FDA), Tango intends to initiate a pivotal Phase 3 study of the combination of vopimetostat plus daraxonrasib in front-line MTAP-deleted pancreatic cancer. The Company anticipates that this will be a global, randomized study of vopimetostat 200 mg plus daraxonrasib 100 mg, once-daily vs. standard-of-care chemotherapy. The planned study has dual primary endpoints of ORR and PFS, with overall survival as a key secondary endpoint. The Company plans to initiate the study in the first half of 2027. In addition, Tango intends to discuss the possibility of pursuing approval of this combination in patients with second line PDAC with regulatory authorities.
- ERASCA STUDY START. In November 2026, the Company announced that the Phase 1/2 study of oral PRMT5 inhibitor vopimetostat in combination with pan-RAS molecular glue ERAS-0015 in patients with MTAP-deleted PDAC and MTAP-deleted/RAS-mutant non-small cell lung cancer (NSCLC) has initiated enrollment.
- LEADERS IN PRMT5 INHIBITION. In October 2026, the Company announced that it plans to initiate a Phase 1/2 combination study of vopimetostat plus panRAS inhibitors in patients with MTAP-wild type pancreatic cancer in the first half of 2027. This study of approximately 25 patients will explore the Company’s hypothesis, based on a strong biological rationale and emerging clinical and preclinical data, that the synergy observed in MTAP-deleted cancers has the potential to extend to MTAP-wild type cancers.
Corporate Updates
- FOCUS ON PRMT5. In October 2026, Tango disclosed a strategic reprioritization of the Company’s research and development activities to focus on the advancement of PRMT5-targeted therapies.
Upcoming Expected Milestones
- Disclose vopimetostat lung cancer monotherapy data in January 2027
- Disclose TNG456 data in lung cancer, glioblastoma and other cancers in January 2027
- Initiate a Phase 3 randomized-controlled trial of vopimetostat plus daraxonrasib in front-line MTAP-deleted pancreatic cancer in 1H 2027
- Initiate Phase 1/2 vopimetostat plus panRAS inhibitor study in MTAP-wild type pancreatic cancer in 1H 2027
Financial Results
As of September 30, 2026, the Company held
Collaboration revenue was
Research and development expenses were
General and administrative expenses were
Net loss for the three months ended September 30, 2026 was
About Tango Therapeutics
Tango Therapeutics is a clinical-stage biotechnology company dedicated to delivering breakthrough targeted therapies that extend and improve the lives of patients with cancer. Using an approach that focuses on genetic vulnerabilities in cancer, Tango is pursuing PRMT5-targeted therapies designed to address pancreatic and other forms of cancer while sparing healthy normal tissues. For more information, please visit www.tangotx.com.
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding the intent, belief, or current expectation of Tango and members of the Tango senior management team. Forward-looking statements are not purely historical and may be accompanied by words such as “may”, “should”, “expect”, “intend”, “will”, “goal”, “estimate”, “anticipate”, “believe”, “predict”, “designed,” “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. For example, implicit or explicit statements concerning the following include or constitute forward-looking statements: Dr. Peters' statements in this press release and statements regarding: (i) the potential of the Company’s PRMT5 molecules, as both standalone treatments and in combination with RAS(ON)-inhibitors, including the Company’s belief that vopimetostat has the potential to assist in treating patients with MTAP-deleted cancers; (ii) the Company’s expectations around regulatory communications and decisions related to its product candidates and clinical trials (including combination studies); (iii) the Company’s beliefs regarding the timing of upcoming clinical milestones and data disclosures, including its plans to (a) disclose clinical data in lung cancer from vopimetostat monotherapy in January 2027, (b) disclose Phase 1/2 data from the TNG456 clinical trial in January 2027, (c) initiate a Phase 3 randomized-controlled trial of vopimetostat and daraxonrasib in front-line MTAP-deleted pancreatic cancer in the first half of 2027, and (d) initiate a Phase 1/2 vopimetostat and panRAS inhibitor combination study in MTAP-wild type pancreatic cancer in the first half of 2027; (iv) the Company’s development strategy in PRMT5-targeted therapies, including the ability of the Company’s preclinical studies and vopimetostat clinical trials to inform a potential registrational trial in pancreatic cancer and the exploration of a vopimetostat RAS combination in MTAP wild-type tumors; (v) the Company’s plans, study design, doses, endpoints, and timing for combination trials, including the planned Phase 3 clinical trial evaluating vopimetostat with daraxonrasib in front-line MTAP-deleted pancreatic cancer; (vi) the Company’s expectations regarding its ability to secure sufficient clinical supply of daraxonrasib for its planned Phase 3 clinical trial evaluating vopimetostat with daraxonrasib; and (vii) expectations regarding the anticipated benefits of the Company’s molecules, development candidates, and product candidates. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Tango and its management, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the benefits of product candidates, as single agents and/or in combination seen in preclinical tests and analyses and current and future clinical trials may not be evident or may differ materially when tested in later preclinical studies or in clinical trials or when used in broader patient populations (if approved for commercial sale); Tango's effectiveness in managing current and future clinical trials, including maintaining anticipated timelines and reporting clinical trial results in the anticipated timeframe (or at all); the Company's reliance on third parties for conducting clinical trials and supplying and producing drug substance and drug product; expectations regarding the benefits and success of current or future collaborations and combination clinical trials and the Company's ability to enter into additional collaboration and supply agreements and to acquire, license, or otherwise obtain rights to additional products, product candidates, or molecules; Tango’s pipeline products may not be safe and/or effective in humans; the Company's ability to raise capital in the future and the potential delay, scale back or discontinuation of some of the Company’s development programs or future commercialization efforts if such funding is not available on acceptable terms (or at all); the Company’s product candidates may cause adverse or other undesirable side effects (or may not show requisite efficacy) that could, among other things, delay or prevent regulatory approval; government regulation, including inadequate funding for or disruptions at the FDA or other government agencies, may adversely affect the Company’s business. Additional information concerning risks, uncertainties and assumptions can be found in Tango’s filings with the Securities and Exchange Commission (SEC), including the risk factors referenced in Tango’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as other filings the Company makes with the SEC from time to time. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Tango specifically disclaims any duty to update these forward-looking statements.
Investors:
Elizabeth Hickin
ehickin@tangotx.com
Media:
1AB media
Amanda Lazaro
amanda@1abmedia.com
| Unaudited Consolidated Statements of Operations (In thousands, except share and per share data) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Collaboration revenue | $ | — | $ | 53,811 | $ | — | $ | 62,384 | |||||||
| Operating expenses: | |||||||||||||||
| Research and development | 48,929 | 30,815 | 119,663 | 100,064 | |||||||||||
| General and administrative | 29,187 | 8,924 | 67,008 | 31,745 | |||||||||||
| Total operating expenses | 78,116 | 39,739 | 186,671 | 131,809 | |||||||||||
| Loss from operations | (78,116 | ) | 14,072 | (186,671 | ) | (69,425 | ) | ||||||||
| Other income, net | 9,722 | 1,802 | 17,424 | 6,639 | |||||||||||
| Loss before income taxes | (68,394 | ) | 15,874 | (169,247 | ) | (62,786 | ) | ||||||||
| Provision for income taxes | — | 10 | (2 | ) | (59 | ) | |||||||||
| Net loss | $ | (68,394 | ) | $ | 15,884 | $ | (169,249 | ) | $ | (62,845 | ) | ||||
| Net loss per common share – basic and diluted | $ | (0.39 | ) | $ | 0.14 | $ | (1.08 | ) | $ | (0.57 | ) | ||||
| Weighted average number of common shares outstanding – basic and diluted | 173,930,255 | 110,966,345 | 157,176,327 | 110,761,673 | |||||||||||
| Unaudited Consolidated Balance Sheets (In thousands) | ||||||
| September 30, | December 31, | |||||
| 2026 | 2025 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 86,835 | $ | 112,279 | ||
| Marketable securities | 890,668 | 230,859 | ||||
| Restricted cash | — | 428 | ||||
| Prepaid expenses and other current assets | 15,162 | 10,190 | ||||
| Total current assets | 992,665 | 353,756 | ||||
| Property and equipment, net | 5,750 | 6,868 | ||||
| Operating lease right-of-use assets | 32,660 | 35,624 | ||||
| Restricted cash, net of current portion | 2,139 | 2,139 | ||||
| Other assets | 246 | 303 | ||||
| Total assets | $ | 1,033,460 | $ | 398,690 | ||
| Liabilities and Stockholders' Equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 1,650 | $ | 1,182 | ||
| Accrued expenses and other current liabilities | 20,458 | 17,759 | ||||
| Operating lease liabilities | 3,056 | 2,738 | ||||
| Total current liabilities | 25,164 | 21,679 | ||||
| Operating lease liabilities, net of current portion | 28,123 | 30,832 | ||||
| Total liabilities | 53,287 | 52,511 | ||||
| Total stockholders’ equity | 980,173 | 346,179 | ||||
| Total liabilities and stockholders’ equity | $ | 1,033,460 | $ | 398,690 | ||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Tango Therapeutics report for third-quarter 2026 earnings?
Tango reported a $68.4 million net loss for the three months ended September 30, 2026, compared with $15.9 million net income a year earlier. Collaboration revenue was zero, versus $53.8 million in the prior-year quarter.
What did Tango Therapeutics report for vopimetostat plus daraxonrasib in pancreatic cancer?
The Phase 1/2 combination achieved an 82% objective response rate and 88% nine-month progression-free survival in efficacy-evaluable patients with second- and third-line MTAP-deleted, RAS-mutant pancreatic cancer. Objective response measures tumor shrinkage; progression-free survival measures survival without cancer worsening. Median progression-free survival was not yet reached.
How does Tango define efficacy-evaluable patients in its vopimetostat and daraxonrasib study?
Efficacy-evaluable patients received their first treatment dose at least 14 weeks before the August 20, 2026 data cutoff. The reported response and progression-free survival results apply to this group.
How is Tango Therapeutics planning its Phase 3 pancreatic cancer study?
Tango anticipates a global, randomized trial comparing vopimetostat 200 mg plus daraxonrasib 100 mg once daily with standard-of-care chemotherapy in front-line MTAP-deleted pancreatic cancer. The planned dual primary endpoints are objective response rate and progression-free survival, with overall survival as a secondary endpoint.
Why did Tango Therapeutics have no collaboration revenue in 2026?
All remaining deferred revenue from upfront and research option-extension payments under the Gilead collaboration was recognized in 2025. The collaboration agreement was shortened, and all research activities concluded in August 2025.