Summary of Tango Therapeutics FY Conference Call Company Overview - **Company**: Tango Therapeutics (NasdaqGM:TNGX) - **Focus**: Small molecule precision oncology targeting novel cancer pathways - **Key Programs**: Three clinical programs including bopametastat (TNG462), TNG456, and TNG260 [5][8] Key Clinical Programs Bopametastat (TNG462) - **Type**: MTA cooperative PRMT5 inhibitor - **Clinical Data**: - Overall response rate of 27% in over 150 patients, compared to 23% for BMS504 [5][6] - Median progression-free survival (PFS) of 6.4 months [5] - In second-line pancreatic cancer, overall response rate of 25% with median PFS of 7.2 months, significantly better than standard chemotherapy (2-3.5 months) [6][14] - In a selective cohort (excluding certain cancers), overall response rate was 49% with median PFS exceeding 9 months [7] - **Market Potential**: Approximately 60,000 MTAP-deleted cancer patients in the US annually, including 20,000 pancreatic cancer patients [8] TNG456 - **Description**: Brain-penetrant version of TNG462, targeting glioblastoma (GBM) [7] - **Patient Population**: 40% of GBM patients are MTAP-deleted, with about 8,000 new cases annually in the US [7] TNG260 - **Status**: Early proof of concept in non-small cell lung cancer (NSCLC) patients with specific mutations [8] Competitive Landscape - **Main Competitor**: BMS504, with ongoing studies exploring various dose levels [11] - **Differentiators**: Bopametastat shows superior safety profile (less GI toxicity, less rash) and has a defined dose for pivotal studies [11][13] - **Strategic Positioning**: Tango is the first PRMT5 inhibitor to combine with KRAS inhibitors, enhancing its competitive edge [13] Clinical Trial Design and Strategy - **Upcoming Pivotal Study**: - Focused on second-line pancreatic cancer, comparing bopametastat to standard chemotherapy [27] - Approximately 300 patients, utilizing a hierarchical design for statistical efficiency [27][28] - **FDA Alignment**: Successfully completed end-of-phase meeting with FDA, confirming trial design [29] Market Dynamics - **Emerging Treatments**: KRAS inhibitors like Diraxonracib expected to gain approval, with Tango positioning itself for second-line treatment [24] - **Combination Strategies**: Plans to explore combinations of bopametastat with Diraxonracib in both pancreatic and NSCLC [34] Financial Outlook - **Cash Runway**: Sufficient funds to support operations through 2028, covering pivotal studies and ongoing clinical trials [47] Key Takeaways - **Focus for 2026**: Execution of pivotal studies and advancing combination therapies with Revolution Medicines [47] - **Long-term Vision**: Aim to establish a strong position in both second-line and frontline treatment settings for pancreatic cancer and other malignancies [25][47]

Core Insights - Tango Therapeutics, Inc. is participating in the Piper Sandler 37th Annual Healthcare Conference on December 3, 2025, with Adam Crystal, M.D., Ph.D., President of Research & Development, scheduled for a fireside chat [1] Company Overview - Tango Therapeutics is a clinical-stage biotechnology company focused on discovering novel drug targets and advancing precision medicine for cancer treatment [3] - The company utilizes the genetic principle of synthetic lethality to develop therapies targeting critical cancer-related targets [3] - More information about the company can be found on their website [3]

Core Insights - Tango Therapeutics, Inc. (TNGX) is being initiated with a Buy rating due to its successful development of its lead candidate, PRMT5 [2] Company Overview - Tango Therapeutics is focused on the biotechnology sector, particularly in developing innovative therapies [2] - The company has a robust pipeline that includes its lead candidate, which is positioned for potential market success [2] Analyst Background - The analysis is provided by a seasoned investor with extensive experience in the biotech sector, leveraging an Applied Science background to identify long-term value in healthcare investments [2]

Core Insights - Tango Therapeutics, Inc. (TNGX) is being initiated with a Buy rating due to its successful development of its lead candidate, PRMT5 [2] Company Overview - Tango Therapeutics is focused on the biotechnology sector, particularly in developing innovative therapies [2] - The company has a robust pipeline that includes its lead candidate, which shows promise in its therapeutic applications [2] Analyst Background - The analysis is provided by a seasoned investor with extensive experience in the biotech sector, leveraging an Applied Science background to identify long-term value in healthcare investments [2]

Core Viewpoint - Tango Therapeutics, Inc. (TNGX) has seen an 18.2% increase in share price over the past four weeks, closing at $8.9, with a potential upside of 46.1% based on Wall Street analysts' mean price target of $13 [1][11]. Price Targets and Analyst Estimates - The mean estimate consists of eight short-term price targets with a standard deviation of $1.31, indicating variability among analysts [2]. - The lowest price target is $11.00, suggesting a 23.6% increase, while the highest target is $15.00, indicating a potential surge of 68.5% [2]. - A low standard deviation signifies strong agreement among analysts regarding the stock's price direction [9]. Earnings Estimates and Analyst Agreement - Analysts have shown increasing optimism about TNGX's earnings prospects, as evidenced by a strong consensus in revising EPS estimates higher [11]. - Over the last 30 days, the Zacks Consensus Estimate for the current year has risen by 15.1%, with six estimates moving higher and no negative revisions [12]. - TNGX holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors [13]. Conclusion on Price Movement - While the consensus price target may not be a reliable indicator of the stock's potential gain, the implied direction of price movement appears to be a useful guide [14].

Summary of Tango Therapeutics Conference Call Company Overview - **Company**: Tango Therapeutics - **Focus**: Development of drugs based on the concept of synthetic lethality targeting tumor suppressor genes, with a lead program being vopimetostat, an MTAP-selective PRMT5 inhibitor [6][7] Key Points Product Development - **Vopimetostat**: - Developed for MTAP-deleted pancreatic ductal adenocarcinoma (PDAC) and lung cancer - Phase one/two study shows an overall response rate (ORR) of 27% across various difficult-to-treat cancers, with a specific ORR of 25% and median progression-free survival (PFS) of 7.2 months in second-line pancreatic cancer [7][8][13] - Comparison to current standard of care indicates favorable outcomes [7][8] Clinical Trials and FDA Interaction - **Second-line PDAC Pivotal Study**: - Plans to enroll approximately 300 patients, with a hierarchical design approved by the FDA allowing for fewer patients while still assessing PFS and overall survival (OS) [10][11][18] - The study aims to demonstrate a median PFS that is at least double the current range of 2 to 3.5 months [13][15] - The FDA meeting was described as positive, with agreement on the study design [18] Combination Studies - **Combination with RAS Inhibitors**: - Ongoing studies combining vopimetostat with daraxonrasib and zoldonrasib, with rapid enrollment noted [22][23] - The goal is to establish a first-line study in pancreatic cancer based on the combination's efficacy [35] Future Expectations - **Data Updates**: - Anticipated updates on combination studies and lung cancer data in the following year [24][43] - The company aims to show a convincing improvement in ORR for the combination therapies, targeting a response rate of 45-50% [27] Financial Position - **Cash Position**: - Current cash position is $153 million, with a recent raise of $225 million, providing a runway into 2028 for ongoing studies [62] Additional Insights - **Prognostic Factors**: - MTAP deletion linked to poorer prognosis in pancreatic cancer, which may influence study outcomes [13][14] - **Safety Profile**: - Combination therapies are reported to have clean adverse event profiles with minimal overlapping toxicity [46][47] - **Strategic Collaborations**: - Collaboration with Servier for MAT2A combination studies, with data disclosures dependent on Servier [40][41] This summary encapsulates the key aspects of Tango Therapeutics' conference call, highlighting their strategic focus, clinical developments, and financial health.

Core Insights - Tango Therapeutics, Inc. is participating in the 2025 Jefferies Global Healthcare Conference with a presentation by CEO Barbara Weber scheduled for November 19, 2025 [1] - The event will be accessible via a live webcast on the company's website, with a replay available for 90 days post-event [2] - Tango Therapeutics focuses on discovering novel drug targets and developing precision medicine for cancer treatment, utilizing the genetic principle of synthetic lethality [3]

Core Insights - Tango Therapeutics, Inc. reported quarterly earnings of $0.13 per share, significantly exceeding the Zacks Consensus Estimate of $0.01 per share, and showing a substantial improvement from a loss of $0.27 per share a year ago, resulting in an earnings surprise of +1,200.00% [1] - The company generated revenues of $53.81 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 23.20%, compared to revenues of $11.61 million in the same quarter last year [2] - Tango Therapeutics shares have increased approximately 159.2% year-to-date, outperforming the S&P 500's gain of 16.5% [3] Earnings Outlook - The future performance of Tango Therapeutics' stock will largely depend on management's commentary during the earnings call and the company's earnings outlook, which includes current consensus earnings expectations for upcoming quarters [4][6] - The current consensus EPS estimate for the next quarter is -$0.36 on revenues of $4.84 million, and for the current fiscal year, it is -$1.04 on revenues of $52.9 million [7] Industry Context - The Medical - Biomedical and Genetics industry, to which Tango Therapeutics belongs, is currently ranked in the top 39% of over 250 Zacks industries, indicating a favorable outlook for stocks within this sector [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked using tools like the Zacks Rank [5]

Vopimetostat Efficacy and Response Rates - Vopimetostat demonstrates an overall response rate (ORR) of 27% across multiple cancer types, with a median progression-free survival (mPFS) of 7.2 months in 2L MTAP-del pancreatic cancer[11][30][35] - In the histology agnostic cohort, Vopimetostat achieved a 49% ORR and mPFS of 9.1 months, supporting its potential as a best-in-class treatment[11] - Vopimetostat achieved a 49% overall response rate (ORR) in the histology agnostic cohort with a median progression-free survival (mPFS) of 9.1 months[47][50] - The drug demonstrated a strong activity across cancer types, with an ORR of 27% and mPFS of 6.4 months for all histologies, and 25% ORR with 7.2 months mPFS in 2L pancreatic cancer[54] - The median time to RECIST response for Vopimetostat is 3.5 months, indicating a relatively quick onset of efficacy[13] Clinical Trials and Future Studies - The pivotal study for Vopimetostat in 2L pancreatic cancer is planned to start in 2026, targeting 150 patients with MTAP deletion[37][38] - The company anticipates rapid enrollment of ~300 patients for the pivotal study due to high unmet medical need in the target population[38] - Vopimetostat's pivotal trial design is expected to be finalized in an upcoming FDA interaction, focusing on MTAP-del patients[38] - The ongoing combination study of Vopimetostat with RAS inhibitors shows robust enrollment and plans to expand to first-line cohorts[11][40] - The ongoing study has the potential to support a first-line pivotal study with shorter timelines than competitors[43] - Ongoing combination studies of Vopimetostat with daraxonrasib or zoldonrasib may provide a pathway to first-line registration in pancreatic and lung cancer[54] - Enrollment for the Vopimetostat lung cancer cohort is fully completed with 41 patients, and an update is planned for 2026[44] Patient Population and Safety Profile - The patient population for Vopimetostat development includes approximately 60,000 patients per year in the US, with key indications in pancreatic cancer (~20,000 patients/year) and lung cancer (~22,000 patients/year)[5] - Vopimetostat has a favorable safety profile, with 0% discontinuation due to drug-related events and only 8% of patients requiring dose reduction[25][22] - The median follow-up for tumor evaluable patients was 9.5 months, with 21 out of 37 patients ongoing[50] - Vopimetostat has shown durable activity in multiple lines of difficult-to-treat cancers, providing further evidence of single-agent activity[53] Dosage and Administration - The FDA has aligned on a 250 mg QD go-forward dose for Vopimetostat[54]

Financial Overview - Tango Therapeutics has raised an aggregate of $166.9 million from preferred shares, $342.1 million from a Business Combination, $237.1 million from a collaboration with Gilead, and $348.0 million from various financing transactions[118]. - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $152.8 million, which, along with $212.0 million from a recent offering, is expected to fund operations into 2028[119]. - For the nine months ended September 30, 2025, the company reported a net loss of $62.8 million, compared to a net loss of $92.6 million for the same period in 2024, with an accumulated deficit of $564.4 million[119]. - The company has not generated any revenue from product sales and does not expect to do so in the next several years, relying on equity offerings and collaborations for funding[120]. - Total revenue for the nine months ended September 30, 2025, was $62.4 million, up from $25.9 million in 2024, marking a $36.5 million increase[155]. Collaboration Revenue - Tango Therapeutics recognized $53.8 million in collaboration revenue for the three months ended September 30, 2025, compared to $11.6 million for the same period in 2024[128]. - The total collaboration revenue recognized from the Gilead agreements as of September 30, 2025, amounts to $199.0 million, which includes upfront and research option-extension payments[127]. - Collaboration revenue increased to $53.8 million for the three months ended September 30, 2025, compared to $11.6 million for the same period in 2024, reflecting a $42.2 million increase[148]. Clinical Trials and Product Development - The ongoing Phase 1/2 clinical trial of vopimetostat showed an objective response rate (ORR) of 27% and a median progression-free survival (mPFS) of 6.4 months across all MTAP-deleted tumor types[110]. - In the cohort of 29 patients with second-line MTAP-deleted pancreatic cancer, the mPFS was 7.2 months, and the ORR was 25%, significantly higher than historical chemotherapy studies[110]. - TNG260 demonstrated a median progression-free survival of 27 weeks in patients with STK11-mutant, locally advanced or metastatic solid tumors, more than double the standard of care[116]. - The company plans to initiate a pivotal trial in second-line pancreatic cancer in 2026, supported by newly engaged consultants with significant oncology expertise[112]. Expenses and Income - Research and development expenses decreased to $30.8 million for the three months ended September 30, 2025, down from $33.3 million in 2024, a reduction of $2.5 million[149]. - Total operating expenses for the three months ended September 30, 2025, were $39.7 million, a decrease of $4.7 million from $44.5 million in 2024[147]. - Net income for the three months ended September 30, 2025, was $15.9 million, compared to a net loss of $29.2 million in 2024, an improvement of $45.1 million[147]. - Research and development expenses for the nine months ended September 30, 2025, totaled $100.1 million, down from $110.0 million in 2024, a decrease of $9.9 million[157]. - General and administrative expenses for the nine months ended September 30, 2025, were $31.7 million, a slight decrease from $32.7 million in 2024[158]. Cash Flow and Financing Activities - Net cash used in operating activities increased to $109.2 million for the nine months ended September 30, 2025, compared to $94.9 million for the same period in 2024, primarily due to a decrease in operating assets and liabilities[166]. - Net cash provided by investing activities rose to $94.9 million for the nine months ended September 30, 2025, from $34.1 million in 2024, mainly due to a decrease in purchases of marketable securities[167]. - Net cash provided by financing activities was $3.1 million for the nine months ended September 30, 2025, a significant decrease from $46.7 million in the same period of 2024[168]. - The company expects existing cash and net proceeds from the recent offering to fund operating expenses and capital expenditures into 2028, although this estimate is based on assumptions that may prove incorrect[164]. Tax and Other Income - Provision for income taxes was $0.1 million for the nine months ended September 30, 2025, compared to $0.2 million for the same period in 2024, indicating an insignificant tax provision in both periods[161]. - Other income, net decreased to $2.7 million for the nine months ended September 30, 2025, from $6.1 million in the same period of 2024, attributed to lower accretion from investments purchased at a discount[160]. - Interest income for the three months ended September 30, 2025, was $1.1 million, down from $1.8 million in 2024, a decrease of $0.7 million[151]. Accounting and Market Risks - Revenue recognition is based on ASC Topic 606, with revenue recognized when control of promised goods or services is transferred to a customer[175]. - The company estimates accrued research and development expenses based on the level of service performed and associated costs incurred, with adjustments made as necessary[183]. - The company records expenses related to research and development activities based on estimates of services received, considering factors such as progress towards completion and invoicing to date[185]. - There have been no material adjustments to prior estimates of accrued research and development expenses to date[185]. - Recently adopted accounting pronouncements that may impact financial position and cash flows are disclosed in the Quarterly Report on Form 10-Q and the Annual Report on Form 10-K[186]. - There were no material changes to market risks from those described in the Annual Report on Form 10-K for the year ended December 31, 2024[187].