Tango Therapeutics(US:TNGX)2025-05-12 11:10Financial 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 collaboration with Gilead, and $123.0 million from common shares and stock offerings [103][104]. - As of March 31, 2025, the company has $216.7 million in cash and equivalents, expected to fund operations into Q1 2027 [105]. - For the three months ended March 31, 2025, the net loss was $39.9 million, compared to $37.9 million for the same period in 2024, with an accumulated deficit of $541.4 million [105]. - The company has not generated any revenue from product sales and does not expect to do so in the next several years [106][109]. - Collaboration revenue recognized from Gilead agreements totaled $142.0 million as of March 31, 2025, with $5.4 million recognized in Q1 2025 [112]. - Collaboration revenue decreased to $5.4 million for the three months ended March 31, 2025, down from $6.5 million in the same period of 2024, a decline of approximately 17% [130]. - Interest income decreased to $1.6 million for the three months ended March 31, 2025, down from $2.2 million in 2024, a decline of about 27% attributed to a decrease in marketable securities [133]. - Net cash used in operating activities was $41.7 million for the three months ended March 31, 2025, compared to $37.9 million in 2024, an increase of $3.8 million [139]. - Net cash provided by investing activities was $30.6 million for the three months ended March 31, 2025, compared to net cash used of $11.2 million in 2024, a change of $41.8 million [140]. - As of March 31, 2025, the company had cash and cash equivalents and marketable securities totaling $216.7 million, expected to fund operations into the first quarter of 2027 [137]. - The company recorded a net loss of $39.9 million for the three months ended March 31, 2025, compared to a net loss of $37.9 million in 2024, an increase of $1.9 million [129]. - Total operating expenses were $47.9 million for the three months ended March 31, 2025, down from $48.7 million in 2024, a decrease of $0.8 million [129]. Research and Development - Research and development expenses for Q1 2025 totaled $36.4 million, a decrease from $38.1 million in Q1 2024 [118]. - The company plans to increase research and development expenses significantly as it advances its product candidates and clinical trials [120]. - Research and development expenses were $36.4 million for the three months ended March 31, 2025, compared to $38.1 million in 2024, reflecting a decrease of $1.6 million primarily due to the discontinuation of certain clinical programs [131]. - TNG462 is currently in a Phase 1/2 trial, with plans for a clinical data update in the second half of 2025 [98]. - TNG456 has received FDA clearance for IND and is set to begin a Phase 1/2 trial in Q2 2025 [100]. - TNG260 is in the dose expansion phase of its trial, with clinical data expected in the second half of 2025 [101]. General and Administrative Expenses - General and administrative expenses increased to $11.5 million for the three months ended March 31, 2025, up from $10.7 million in 2024, an increase of approximately 7.5% [132]. - The company anticipates an increase in general and administrative expenses in the future due to headcount growth and associated costs [124]. Revenue Recognition and Accounting - Revenue from license payments is recognized upon delivery and customer ability to use the license, with significant judgment involved in determining distinct performance obligations [150]. - Milestone payments are included in transaction price only if they are probable to not face significant reversal, with regulatory approval milestones considered constrained until approval is received [151]. - ASC 606 requires allocation of arrangement consideration based on relative standalone selling price for each performance obligation, with key assumptions including forecasted revenues and development timelines [152]. - Revenue is recognized over time for combined performance obligations that include services, using the cost-to-cost input method [153]. - Deferred revenue is recorded as a contract liability for amounts not meeting revenue recognition criteria, with short-term deferred revenue expected to be recognized within the next 12 months [154]. - Estimates of accrued research and development expenses are made based on service levels and costs incurred, with adjustments made as necessary [157]. - The company records expenses related to research and development based on estimates of services received, with potential for uneven payment flows [158]. - Recently adopted accounting pronouncements that may impact financial position are disclosed in the quarterly and annual reports [159]. - There were no material changes to market risks as described in the previous annual report [160].