Tango Therapeutics posts $68.4M Q3 2026 net loss
Enrollment has begun in a vopimetostat and ERAS-0015 combination study for MTAP-deleted pancreatic cancer and non-small cell lung cancer.
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 Filing Summary
Tango Therapeutics, Inc. reported third-quarter 2026 results and pancreatic cancer data. Among efficacy-evaluable patients with second- or third-line pancreatic ductal adenocarcinoma, vopimetostat plus daraxonrasib showed an 82% objective response rate and 88% nine-month progression-free survival; median progression-free survival was not yet reached. At the August 20, 2026 data cutoff, the combination was generally well-tolerated at the 200 mg/100 mg once-daily dose.
Quarterly collaboration revenue was $0 versus $53.8 million a year earlier. Research and development expense was $48.9 million versus $30.8 million, and general and administrative expense was $29.2 million versus $8.9 million. Net loss was $68.4 million, compared with $15.9 million net income. Cash, cash equivalents and marketable securities totaled $977.5 million as of September 30, 2026; Tango expects this balance to fund its current operating plan.
Tango plans to initiate a randomized Phase 3 study of the combination for front-line MTAP-deleted pancreatic cancer in the first half of 2027. Vopimetostat monotherapy and TNG456 lung cancer data are expected in January 2027.
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.
Positive
- Minor pointPancreatic cancer combination data: 82% ORR and 88% nine-month PFS.
Negative
- Moderate pointCollaboration revenue: $0 in Q3 2026 versus $53.8 million a year earlier.
- Moderate pointQuarterly results: $68.4 million net loss versus $15.9 million net income.
8-K Event Classification
Key Figures
Key Terms
objective response rate medical
progression-free survival medical
MTAP-deleted medical
registrational Phase 3 study medical
molecular glue technical
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were TNGX's pancreatic cancer study results?
How much cash and marketable securities did TNGX have?
What is the planned TNGX Phase 3 pancreatic cancer trial design?
Why was TNGX collaboration revenue $0 in Q3 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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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 November 9, 2026, Tango Therapeutics, Inc. issued a press release relating to its results of operations and financial condition for the quarter ended September 30, 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, as amended (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, as amended, or the Exchange Act, regardless of any general incorporation language in the filing unless specifically stated so therein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 |
Press Release issued by Tango Therapeutics, Inc. on November 9, 2026 relating to its results of operations and financial condition for the quarter ended September 30, 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: November 9, 2026 By: /s/ Matthew Gall
Name: Matthew Gall
Title: Chief Financial Officer
Tango Therapeutics Reports Third Quarter 2026 Financial Results
and Provides Business Highlights
Promising Phase 1/2 data from combination study of vopimetostat plus daraxonrasib presented at 2026 ESMO Congress demonstrated 82% objective response rate (ORR) and 88% 9-month progression-free survival (PFS) rate in patients with 2L/3L pancreatic cancer; combination was generally well-tolerated at go-forward dose
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 $977.5 million as of September 30, 2026
BOSTON, November 9, 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
Corporate Updates
Upcoming Expected Milestones
Financial Results
As of September 30, 2026, the Company held $977.5 million in cash, cash equivalents and marketable securities, which the Company expects to fund its current operating plan.
Collaboration revenue was $0 for the three months ended September 30, 2026, compared to $53.8 million for the same period in 2025, and $0 for the nine months ended September 30, 2026, compared to $62.4 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 in August 2025.
Research and development expenses were $48.9 million for the three months ended September 30, 2026, compared to $30.8 million for the same period in 2025, and $119.7 million for the nine months ended September 30, 2026, compared to $100.1 million for the same period in 2025. The change was primarily due to increased spend related to the advancement of the vopimetostat and TNG456 clinical programs. This increase was partially offset by decreased spend due to the Company's portfolio prioritization efforts.
General and administrative expenses were $29.2 million for the three months ended September 30, 2026, compared to $8.9 million for the same period in 2025, and $67.0 million for the nine months ended September 30, 2026, compared to $31.7 million for the same period in 2025. The increase was primarily due to increased spend on personnel-related costs, including share-based compensation expense which included increases derived from the modification of previously issued equity awards for former executive officers.
Net loss for the three months ended September 30, 2026 was $68.4 million, or $0.39 per share (basic and diluted), compared to a net income of $15.9 million, or $0.14 per share (basic) and $0.13 per share (diluted), in the same period in 2025. Net loss for the nine months ended September 30, 2026 was $169.2 million, or $1.08 per share (basic and diluted), compared to a net loss of $62.8 million, or $0.57 per share(basic and diluted), in the same period in 2025.
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, |
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Nine Months Ended September 30, |
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||||||||||
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2026 |
|
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2025 |
|
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2026 |
|
|
2025 |
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||||
Collaboration revenue |
|
$ |
— |
|
|
$ |
53,811 |
|
|
$ |
— |
|
|
$ |
62,384 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
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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 |
) |
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|
|
|
|
|
|
|
|
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|
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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 |
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|
|
157,176,327 |
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|
|
110,761,673 |
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Unaudited Consolidated Balance Sheets
(In thousands)
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September 30, |
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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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|
|
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Current assets: |
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|
|
|
|
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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 |
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|
|
353,756 |
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Property and equipment, net |
|
|
5,750 |
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|
|
6,868 |
|
Operating lease right-of-use assets |
|
|
32,660 |
|
|
|
35,624 |
|
Restricted cash, net of current portion |
|
|
2,139 |
|
|
|
2,139 |
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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 |
|