Tango Therapeutics (NASDAQ: TNGX) widens Q1 loss but holds $380M cash runway
Rhea-AI Filing Summary
Tango Therapeutics reported first quarter 2026 results and highlighted progress in its oncology pipeline. The company ended March 31, 2026 with $379.8 million in cash, cash equivalents and marketable securities, which it expects will fund operations into 2028.
Collaboration revenue was $0 for the quarter, compared with $5.4 million a year earlier after the Gilead collaboration concluded. Research and development expenses were $33.5 million versus $36.4 million, while general and administrative expenses rose to $15.2 million from $11.5 million.
Net loss was $45.5 million, or $0.32 per share, compared with a net loss of $39.9 million, or $0.36 per share, in the prior-year period. The company reported encouraging early data from vopimetostat combination studies and outlined multiple 2026 clinical milestones. Two directors, Alexis Borisy and Kanishka Pothula, resigned without disagreements, and Sung Lee was appointed Lead Independent Director and chair of the Compensation Committee.
Positive
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Insights
Early-stage R&D spending drives a wider loss, but cash runway into 2028 supports Tango’s clinical plans.
Tango Therapeutics remains firmly in investment mode. Q1 2026 collaboration revenue fell to $0 from $5.4M as the Gilead collaboration wound down, while R&D spending of $33.5M reflects continued focus on vopimetostat and TNG456.
General and administrative expenses increased to $15.2M, mainly from higher personnel and share-based compensation, contributing to a net loss of $45.5M or $0.32 per share. For a clinical-stage company without product revenue, this loss profile is consistent with active pipeline advancement.
The key financial anchor is liquidity: $379.8M in cash, cash equivalents and marketable securities as of March 31, 2026, expected to fund operations into 2028. This runway underpins planned 2026 milestones, including phase 1/2 data for vopimetostat combinations and TNG456. Board changes and new executives appear aligned with moving vopimetostat toward potential pivotal development.
8-K Event Classification
Key Figures
Key Terms
synthetic lethality medical
Phase 1/2 medical
RAS(ON) inhibitors medical
MTAP-deleted pancreatic cancer medical
clinical-stage biotechnology company financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGEACT OF 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 13, 2026, Tango Therapeutics, Inc. (“Tango” or the “Company”) issued a press release relating to its results of operations and financial condition for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The press release, and the information set forth therein (including Exhibit 99.1), is being furnished pursuant to Item 2.02 of this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section. Nor shall such document be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in the filing unless specifically stated so therein.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b)
Resignation of Alexis Borisy
On May 12, 2026, Alexis Borisy resigned from the Company’s Board of Directors (the “Board”), as Lead Independent Director of the Board, and as the Chairperson of the Compensation Committee of the Board (the “Compensation Committee”) and as a member thereof, in each case effective as of May 13, 2026. Mr. Borisy’s resignation was not a result of any disagreement with the Company on any matter relating to the Company’s operations, practices or policies.
Resignation of Kanishka Pothula
Also on May 12, 2026, Kanishka Pothula resigned from the Board and as a member of the Nominating and Corporate Governance Committee of the Board (the “NCG Committee”), in each case effective as of May 13, 2026. Mr. Pothula’s resignation was not a result of any disagreement with the Company on any matter relating to the Company’s operations, practices or policies.
In connection with Mr. Borisy’s and Mr. Pothula’s resignations from the Board, the Board appointed Sung Lee as Lead Independent Director of the Board and the Chairperson of the Compensation Committee and as a member thereof, each effective as of May 13, 2026. The Compensation Committee now consists of Sung Lee, John Ketchum and Mace Rothenberg, M.D. The Board also approved the appointment of Sung Lee as a member of the NCG Committee, effective as of May 13, 2026. The NCG Committee now consists of Mace Rothenberg, Sung Lee and Lesley Ann Calhoun.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 |
Press Release issued by Tango Therapeutics, Inc. on May 13, 2026 relating to its results of operations and financial condition for the quarter ended March 31, 2026. |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TANGO THERAPEUTICS, INC.
Dated: May 13, 2026 By: /s/ Matthew Gall
Name: Matthew Gall
Title: Chief Financial Officer
Tango Therapeutics Reports First Quarter 2026 Financial Results
and Provides Business Highlights
First clinical data from PRMT5/RAS(ON) combination trial to be presented in 2026
Cash position of $380 million as of March 31, 2026, with runway into 2028 beyond anticipated key data inflection points
BOSTON, May 13, 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 first quarter ended March 31, 2026, and provided business highlights.
“We continue to work diligently to advance vopimetostat towards pivotal development in pancreatic cancer and remain highly encouraged by the potential of the ongoing study of vopimetostat in combination with RAS(ON) inhibitors,” said Malte Peters, M.D., Chief Executive Officer. “With a recently strengthened leadership team intended to support the late-stage advancement of vopimetostat, we are focused on the clinical and regulatory work required to initiate a pivotal study in MTAP-deleted pancreatic cancer. We remain committed to evaluating the potential of our broader pipeline, with key inflection points remaining this year, including monotherapy vopimetostat data in lung cancer and initial TNG456 data in glioblastoma.”
Clinical Pipeline Updates
Vopimetostat – MTAP Selective Once-Daily PRMT5 Inhibitor
Corporate Updates
Upcoming Expected Milestones
Financial Results
As of March 31, 2026, the Company held $379.8 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 March 31, 2026, compared to $5.4 million for the same period in 2025. All remaining deferred revenue from the upfront and research option-extension payments under the Gilead collaboration was recognized as collaboration revenue during the year ended December 31, 2025 as a result of the truncation of the collaboration agreement which concluded all research activities.
Research and development expenses were $33.5 million for the three months ended March 31, 2026, compared to $36.4 million for the same period in 2025. The change was primarily due to decreased spend resulting from the discontinuation of the TNG908 clinical program, decreased development costs for TNG961, and lower discovery program, personnel-related and facilities-related costs. This decrease was partially offset by increased spend related to the advancement of the vopimetostat and TNG456 clinical programs.
General and administrative expenses were $15.2 million for the three months ended March 31, 2026, compared to $11.5 million for the same period in 2025. The increase was primarily due to increased spend on personnel-related costs, including share-based compensation expense.
Net loss for the three months ended March 31, 2026 was $45.5 million, or $0.32 per share, compared to a net loss of $39.9 million, or $0.36 per share, in the same period in 2025.
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 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; (ii) our plans to provide details for the registrational strategy for vopimetostat in 2026 and our belief that clinical data from our ongoing phase 1/2 clinical trial of vopimetostat with RAS(ON) inhibitors may inform a path to a pivotal trial in 1L pancreatic cancer; (iii) the anticipated impact of recent management changes; (iv) our expectations around regulatory communications and decisions; (v) our beliefs regarding the timing of upcoming clinical milestones and data disclosures, including our plans to (a) disclose initial phase 1/2 safety and efficacy data from the vopimetostat combination trial in 2026, (b) disclose clinical data in lung cancer from vopimetostat monotherapy in 2026, (c) disclose initial phase 1/2 safety and efficacy data from the TNG456 clinical trial in 2026; and (d) initiate a Phase 1/2 combination clinical trial of vopimetostat and ERAS-0015 (Erasca) in the second half of 2026; and (vi) expectations regarding the anticipated benefits of our molecules. 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 seen in preclinical tests and analyses may not be evident when tested in later preclinical studies or in clinical trials or when used in broader patient populations (if approved for commercial sale); Tango has limited experience conducting clinical trials (and does and will continue to rely on a third party to operate its clinical trials) and may not be able to commence its clinical trials (including opening clinical trial sites, dosing the first patient, and continued enrollment and dosing of an adequate number of clinical trial participants) when expected, may not be able to continue dosing, initiate dose escalation and/or dose expansion on anticipated timelines, and may not generate or report clinical trial results (including final, initial, interim, updated clinical trial results or additional safety and efficacy data and the establishment of
proof-of-mechanism and proof-of-concept) in the anticipated timeframe (or at all); future clinical trial data releases may differ materially from initial or interim data from our current and future clinical trials; Tango’s pipeline products may not be safe and/or effective in humans; the Company will need to raise capital in the future and if we are unable to raise capital when needed or on attractive terms, we would be forced to delay, scale back or discontinue some of our development programs or future commercialization efforts (which may delay filing of INDs, dosing patients, initiation of dose expansion, reporting clinical trial results and filing new drug applications); the expected benefits of our product candidates in patients as single agents and/or in combination may not be realized; the Company may experience delays or difficulties in the initiation, enrollment, or dosing of patients in clinical trials or the announcement of clinical trial results; 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; our dependence on one or a limited number of third parties for conducting clinical trials and supplying and producing drug substance and drug product (including drug substance, which is currently sole sourced); government regulation may negatively impact the Company’s business; inadequate funding for or disruptions at the U.S. Food and Drug Administration or other government agencies may slow the time necessary for new drugs to be reviewed and/or approved or prevent these agencies from performing business functions on which the operation of our business may rely (which could negatively impact our 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. 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
Amanda Lazaro
amanda@1abmedia.com
Consolidated Statements of Operations
(In thousands, except share and per share data)
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Three Months Ended March 31, |
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2026 |
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2025 |
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Collaboration revenue |
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$ |
— |
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$ |
5,392 |
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Operating expenses: |
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||
Research and development |
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33,534 |
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36,442 |
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General and administrative |
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15,235 |
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11,480 |
|
Total operating expenses |
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48,769 |
|
|
|
47,922 |
|
Loss from operations |
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(48,769 |
) |
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(42,530 |
) |
Other income, net |
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3,256 |
|
|
|
2,688 |
|
Loss before income taxes |
|
|
(45,513 |
) |
|
|
(39,842 |
) |
Provision for income taxes |
|
|
(1 |
) |
|
|
(34 |
) |
Net loss |
|
$ |
(45,514 |
) |
|
$ |
(39,876 |
) |
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|
|
|
|
|
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||
Net loss per common share – basic and diluted |
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$ |
(0.32 |
) |
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$ |
(0.36 |
) |
Weighted average number of common shares outstanding – basic and diluted |
|
|
143,576,292 |
|
|
|
110,301,256 |
|
Consolidated Balance Sheets
(In thousands)
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March 31, |
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December 31, |
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2026 |
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2025 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
157,828 |
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$ |
112,279 |
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Marketable securities |
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222,011 |
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230,859 |
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Restricted cash |
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— |
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|
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428 |
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Prepaid expenses and other current assets |
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12,488 |
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10,190 |
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Total current assets |
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392,327 |
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353,756 |
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Property and equipment, net |
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6,381 |
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6,868 |
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Operating lease right-of-use assets |
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34,652 |
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35,624 |
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Restricted cash, net of current portion |
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2,139 |
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|
2,139 |
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Other assets |
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|
293 |
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|
|
303 |
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Total assets |
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$ |
435,792 |
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$ |
398,690 |
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Liabilities and Stockholders' Equity |
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Current liabilities: |
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Accounts payable |
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$ |
2,430 |
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$ |
1,182 |
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Accrued expenses and other current liabilities |
|
|
9,068 |
|
|
|
17,759 |
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Operating lease liabilities |
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2,832 |
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|
2,738 |
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Total current liabilities |
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14,330 |
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21,679 |
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Operating lease liabilities, net of current portion |
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29,956 |
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30,832 |
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Total liabilities |
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44,286 |
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52,511 |
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Total stockholders’ equity |
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391,506 |
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|
346,179 |
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Total liabilities and stockholders’ equity |
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$ |
435,792 |
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|
$ |
398,690 |
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