Tango Therapeutics (TNGX) Q4 2025 earnings summary

Executive summary

• Initiated pivotal study preparations for vopimetostat in 2L MTAP-deleted pancreatic cancer, with launch expected in 2026.

• Robust enrollment and encouraging early safety/efficacy in vopimetostat + RAS(ON) inhibitor combinations for pancreatic and lung cancer.

• Entered new clinical supply agreement with Erasca to expand vopimetostat combination studies.

• Leadership transitions include new CEO, Chief Regulatory Officer, and expanded Board.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $343.1 million as of December 31, 2025, providing runway into 2028.

• Collaboration revenue was $0 for Q4 2025 (vs. $5.4M Q4 2024); full-year collaboration revenue was $62.4M (vs. $30.0M in 2024), reflecting Gilead agreement truncation.

• Research and development expenses were $32.1M for Q4 2025 (vs. $31.3M Q4 2024) and $132.2M for FY 2025 (vs. $143.9M FY 2024).

• Net loss for Q4 2025 was $38.7M ($0.29/share) vs. $30.8M ($0.32/share) in Q4 2024; FY 2025 net loss was $101.6M ($0.87/share) vs. $130.3M ($1.19/share) in FY 2024.

Outlook and guidance

• Initial phase 1/2 data for vopimetostat + RAS(ON) inhibitor combinations expected in 2026.

• Pivotal study for vopimetostat monotherapy in 2L pancreatic cancer to start in 2026.

• Vopimetostat monotherapy lung cancer data and TNG456 phase 1/2 trial data anticipated in 2026.

• Cash runway projected into 2028, beyond key data inflection points.