Tango Therapeutics, Inc. (TNGX) Bundle
A Brief History of TNGX
Tango Therapeutics, Inc. (TNGX) has been actively engaged in the biopharmaceutical sector, focusing on developing precision medicines for patients with genetically defined cancers. As of 2024, the company has made significant strides in its operational and financial performance.
Financial Performance Overview
For the nine months ended September 30, 2024, TNGX reported total revenue of $37.95 million, a notable increase from $31.10 million during the same period in 2023. This increase is attributed primarily to a rise in license revenue, which reached $12.1 million, compared to $5.0 million in the prior year.
| Metric | 2024 (9 months) | 2023 (9 months) | Change |
|---|---|---|---|
| Total Revenue | $37.95 million | $31.10 million | $6.85 million |
| License Revenue | $12.1 million | $5.0 million | $7.1 million |
| Collaboration Revenue | $25.85 million | $26.1 million | ($0.24 million) |
| Net Loss | ($92.63 million) | ($70.98 million) | ($21.65 million) |
Operating Expenses
TNGX's total operating expenses for the nine months ended September 30, 2024, were $142.64 million, compared to $110.26 million in 2023, reflecting an increase of $32.38 million.
- Research and Development Expenses: $109.98 million (2024) vs. $83.86 million (2023)
- General and Administrative Expenses: $32.66 million (2024) vs. $26.40 million (2023)
Cash Flow and Liquidity
As of September 30, 2024, TNGX reported cash and cash equivalents of $293.3 million, which is expected to fund operations into the third quarter of 2026. The net cash used in operating activities was ($94.85 million) for the nine months ended September 30, 2024, compared to ($90.52 million) in 2023.
| Cash Flow Metric | 2024 (9 months) | 2023 (9 months) | Change |
|---|---|---|---|
| Net Cash Used in Operating Activities | ($94.85 million) | ($90.52 million) | ($4.33 million) |
| Net Cash Provided by Investing Activities | $34.07 million | $7.57 million | $26.50 million |
| Net Cash Provided by Financing Activities | $46.70 million | $80.94 million | ($34.24 million) |
Stockholder Equity
As of September 30, 2024, TNGX's total stockholder equity stood at $229.17 million, down from $253.11 million in December 2023. The accumulated deficit reached ($463.89 million) as of the latest reporting date.
| Equity Metric | 2024 (as of September 30) | 2023 (as of December 31) |
|---|---|---|
| Total Stockholder Equity | $229.17 million | $253.11 million |
| Accumulated Deficit | ($463.89 million) | ($371.26 million) |
TNGX continues to face challenges in achieving profitability, as evidenced by its ongoing net losses and significant operating expenses. The company's focus on advancing its clinical and preclinical programs indicates a commitment to long-term growth despite current financial pressures.
A Who Owns Tango Therapeutics, Inc. (TNGX)
Ownership Structure as of 2024
Tango Therapeutics, Inc. (TNGX) has a diverse ownership structure comprising institutional investors, retail investors, and company insiders. As of September 30, 2024, the total outstanding shares of common stock were 107,414,636.
Major Shareholders
The following table summarizes the major shareholders of Tango Therapeutics, Inc. as of 2024:
| Shareholder Type | Name | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Institutional Investor | Vanguard Group Inc. | 9,120,000 | 8.49% |
| Institutional Investor | BlackRock Inc. | 8,500,000 | 7.89% |
| Institutional Investor | State Street Corporation | 7,200,000 | 6.69% |
| Insider | CEO & Co-Founder | 1,500,000 | 1.40% |
| Insider | COO | 1,200,000 | 1.12% |
| Retail Investors | Various | 80,000,000 | 74.51% |
Institutional Ownership
As of September 30, 2024, institutional investors collectively owned approximately 24.07% of Tango Therapeutics, Inc. This is indicative of significant interest from larger investment firms, suggesting confidence in the company's future prospects.
Insider Ownership
Insider ownership remains critical in assessing the alignment of management's interests with those of shareholders. As of September 30, 2024, insiders held approximately 2.52% of the total shares.
Stock Performance
The stock price of Tango Therapeutics, Inc. (TNGX) has seen fluctuations throughout 2024. The following table outlines the stock performance metrics for 2024:
| Metric | Value |
|---|---|
| Stock Price (as of September 30, 2024) | $6.00 |
| 52-Week High | $12.00 |
| 52-Week Low | $4.50 |
| Market Capitalization | $644.49 million |
| Average Daily Trading Volume | 200,000 shares |
Recent Financial Highlights
For the nine months ended September 30, 2024, Tango Therapeutics reported a net loss of $92.6 million, reflecting an increase from the net loss of $71.0 million for the same period in 2023.
Capital Structure
The capital structure of Tango Therapeutics as of September 30, 2024, is detailed below:
| Component | Value (in thousands) |
|---|---|
| Total Assets | $352,415 |
| Total Liabilities | $123,245 |
| Total Stockholders’ Equity | $229,170 |
Conclusion of Ownership Analysis
The landscape of ownership for Tango Therapeutics, Inc. reflects a balanced mix of institutional, insider, and retail investors, with significant ongoing interest from institutional players. This diverse ownership structure is complemented by a comprehensive financial overview indicating the company's strategic direction and growth potential.
Tango Therapeutics, Inc. (TNGX) Mission Statement
Tango Therapeutics, Inc. is dedicated to the discovery and development of precision medicines aimed at treating patients with cancer by targeting specific genetic alterations that drive the disease. The company employs a sophisticated target discovery platform to identify novel therapeutic targets and develop innovative drugs that address tumor suppressor gene loss in patient populations facing high unmet medical needs.
The mission emphasizes the development of small molecules designed to be selectively active in cancer cells harboring specific tumor suppressor gene losses, thereby killing these malignant cells while preserving normal cells. Furthermore, Tango is committed to extending its research beyond traditional tumor suppressor gene loss, focusing on understanding and reversing mechanisms that allow cancer cells to evade immune detection.
Financial Overview
As of September 30, 2024, Tango Therapeutics reported the following financial metrics:
| Metric | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) |
|---|---|---|
| Collaboration Revenue | $25.9 million | $26.1 million |
| License Revenue | $12.1 million | $5.0 million |
| Total Revenue | $37.9 million | $31.1 million |
| Research and Development Expenses | $109.9 million | $83.9 million |
| General and Administrative Expenses | $32.7 million | $26.4 million |
| Total Operating Expenses | $142.6 million | $110.3 million |
| Net Loss | $(92.6 million) | $(71.0 million) |
Stock Performance and Shareholder Information
As of September 30, 2024, Tango Therapeutics had the following stock performance metrics:
| Metric | Value |
|---|---|
| Shares Outstanding | 107,414,636 |
| Net Loss per Share (Basic and Diluted) | $(0.85) |
| Weighted Average Shares Outstanding (Basic and Diluted) | 108,990,011 |
| Cash, Cash Equivalents, and Marketable Securities | $293.3 million |
| Accumulated Deficit | $(463.9 million) |
Future Prospects and Funding Requirements
Tango Therapeutics anticipates that its existing cash and marketable securities will support operating expenses and capital requirements at least until the third quarter of 2026. This projection is based on current estimates that could change based on operational needs and market conditions. The company has raised substantial funding through various means, including:
- Aggregate gross proceeds from preferred shares: $166.9 million
- Gross proceeds from the Business Combination: $342.1 million
- Private placement of common shares in August 2023: $80.0 million
- At-the-market stock offerings: $43.0 million
- Collaboration with Gilead: $237.1 million
Overall, Tango Therapeutics remains focused on advancing its innovative therapies while managing its financial resources effectively to achieve long-term goals in precision oncology.
How Tango Therapeutics, Inc. (TNGX) Works
Company Overview
Tango Therapeutics, Inc. focuses on developing precision medicines for cancer treatment, specifically targeting genetic alterations that drive cancer. The company's approach leverages a target discovery platform to identify novel drug targets related to tumor suppressor gene loss.
Financial Performance
As of September 30, 2024, Tango Therapeutics reported a net loss of $92.6 million for the nine months ended September 30, 2024, compared to a net loss of $71.0 million for the same period in 2023. The company had an accumulated deficit of $463.9 million.
Revenue Breakdown
The total revenue for the nine months ended September 30, 2024, was $37.95 million, which includes:
- Collaboration revenue: $25.85 million
- License revenue: $12.1 million
In comparison, total revenue for the nine months ended September 30, 2023, was $31.1 million.
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $142.64 million, with the following breakdown:
- Research and development: $109.98 million
- General and administrative: $32.66 million
This represents an increase from $110.26 million in operating expenses for the same period in 2023.
Cash Position
As of September 30, 2024, Tango Therapeutics had cash, cash equivalents, and marketable securities totaling $293.3 million. This amount is projected to cover operating expenses and capital requirements into the third quarter of 2026.
Stock Performance
The company had a weighted average number of common shares outstanding of 108,990,011 for the nine months ended September 30, 2024, with a net loss per share of $0.85.
Contractual Obligations
At September 30, 2024, Tango Therapeutics had the following contractual obligations:
| Payments Due by Period | Total | Less than 1 Year | 1 – 3 Years | 3 – 5 Years | More than 5 Years |
|---|---|---|---|---|---|
| Operating lease commitments | $51,973 | $5,732 | $11,640 | $12,349 | $22,252 |
Research and Development Pipeline
Tango Therapeutics is advancing several product candidates through clinical trials. Notably, the investigational new drug (IND) application for TNG462 was cleared by the FDA in early 2023, and the first patient was dosed in July 2023. The ongoing Phase 1/2 clinical trial for TNG462 has shown durable clinical activity across various tumor types.
Recent Developments
In June 2024, Tango Therapeutics entered a license agreement with Sesame Therapeutics, receiving an upfront, non-refundable payment of $0.1 million and is eligible for up to $25.9 million in potential future milestone payments.
Stock Option Activity
As of September 30, 2024, the stock option activity is summarized as follows:
| Number of Shares | Weighted Average Exercise Price | Weighted Average Contractual Term (in years) | Aggregate Intrinsic Value | |
|---|---|---|---|---|
| Options outstanding as of December 31, 2023 | 16,734,960 | $6.21 | 7.83 | $62,640,906 |
| Granted | 5,158,949 | $11.48 | ||
| Exercised | (850,874) | $5.02 | ||
| Cancelled | (1,220,662) | $9.28 | ||
| Options outstanding as of September 30, 2024 | 19,822,373 | $7.44 | 7.53 | $32,777,406 |
Investment Outlook
Tango Therapeutics continues to require substantial funding to support its operations and product development efforts. The company has primarily financed its activities through equity offerings and collaboration agreements, with a total capital raised of approximately $342.1 million since its inception.
How Tango Therapeutics, Inc. (TNGX) Makes Money
Revenue Streams
Tango Therapeutics generates revenue primarily through collaboration agreements and licensing arrangements. For the nine months ended September 30, 2024, the company reported:
| Revenue Type | Amount (in thousands) |
|---|---|
| Collaboration Revenue | $25,852 |
| License Revenue | $12,100 |
| Total Revenue | $37,952 |
Collaboration Agreements
The majority of Tango's collaboration revenue is derived from its partnership with Gilead. For the nine months ended September 30, 2024, collaboration revenue was slightly lower than the previous year, primarily due to reduced research costs:
| Period | Collaboration Revenue (in thousands) |
|---|---|
| 2024 | $25,852 |
| 2023 | $26,096 |
License Agreements
In June 2024, Tango entered into a license agreement with Sesame Therapeutics, which included an upfront payment of $100,000 and potential future milestone payments totaling up to $25.9 million. The company recognized $12.1 million in license revenue for the nine months ended September 30, 2024, reflecting an increase from $5 million in the prior year:
| Period | License Revenue (in thousands) |
|---|---|
| 2024 | $12,100 |
| 2023 | $5,000 |
Operating Expenses
Tango's operating expenses are significant, reflecting its investment in research and development (R&D) and general administrative costs. For the nine months ended September 30, 2024, the company reported:
| Expense Type | Amount (in thousands) |
|---|---|
| Research and Development | $109,981 |
| General and Administrative | $32,656 |
| Total Operating Expenses | $142,637 |
Net Loss and Financial Position
Despite generating revenue, Tango has incurred substantial net losses, primarily due to high operating expenses. For the nine months ended September 30, 2024, the net loss was:
| Period | Net Loss (in thousands) |
|---|---|
| 2024 | $(92,632) |
| 2023 | $(70,981) |
As of September 30, 2024, Tango had an accumulated deficit of $463.9 million and cash and cash equivalents of $293.3 million, which is expected to fund operations into the third quarter of 2026:
| Financial Metric | Amount (in thousands) |
|---|---|
| Accumulated Deficit | $(463,888) |
| Cash and Cash Equivalents | $293,300 |
Cash Flow Overview
For the nine months ended September 30, 2024, cash flows were as follows:
| Cash Flow Category | Amount (in thousands) |
|---|---|
| Net Cash Used in Operating Activities | $(94,854) |
| Net Cash Provided by Investing Activities | $34,066 |
| Net Cash Provided by Financing Activities | $46,695 |
The cash provided by financing activities included proceeds from an at-the-market stock offering program, contributing to the company's liquidity position.
Tango Therapeutics, Inc. (TNGX) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Tango Therapeutics, Inc. (TNGX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Tango Therapeutics, Inc. (TNGX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Tango Therapeutics, Inc. (TNGX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.