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 reported promising clinical data for vopimetostat (TNG462), indicating a median progression-free survival (mPFS) of 7.2 months in patients with second-line MTAP-del pancreatic cancer, supporting the initiation of a pivotal trial in 2026 [1][5] - The company secured $225 million in financing, extending its cash runway into 2028, which will support ongoing clinical studies and development plans [1][2] - The combination studies of vopimetostat with RAS(ON) inhibitors are progressing well, with initial data expected in 2026 [1][2] Clinical Development - Vopimetostat demonstrated a 49% overall response rate (ORR) and a mPFS of 9.1 months in a histology-selective cohort of difficult-to-treat cancers, providing evidence of its strong activity [1][5] - The ongoing combination study of vopimetostat with RAS(ON) inhibitors is well-tolerated, with initial data anticipated in 2026 [5] - TNG456, another candidate, received Orphan Drug Designation (ODD) for malignant glioma, which offers marketing exclusivity and incentives upon regulatory approval [4][5] Financial Performance - As of September 30, 2025, the company reported $152.8 million in cash and equivalents, bolstered by $212 million in net proceeds from a public offering, ensuring operational funding through 2028 [8] - Collaboration revenue increased significantly to $53.8 million for Q3 2025, compared to $11.6 million in Q3 2024, driven by the conclusion of a collaboration agreement with Gilead [9] - The net income for Q3 2025 was $15.9 million, a turnaround from a net loss of $29.2 million in the same period of 2024 [14] Upcoming Milestones - The company plans to initiate a pivotal study for vopimetostat in second-line pancreatic cancer in 2026, alongside updates from ongoing studies [2][6] - Initial safety and efficacy data from the combination trials of vopimetostat with RAS(ON) inhibitors are expected in 2026 [11][12] - The lung cancer cohort of the vopimetostat study is fully enrolled, with updates planned for 2026 [5][11]

Core Viewpoint - Tango Therapeutics, Inc. (TNGX) shares experienced a significant increase of 7.8% to $7.35, driven by optimism surrounding its pipeline candidates and a notable volume of trading [1][2]. Company Summary - The recent share price rally is attributed to growing optimism regarding TNGX's pipeline candidates, TNG462 and TNG456, which are being developed as next-generation precision medicines for cancer treatment [2]. - The company is projected to report a quarterly loss of $0.07 per share, reflecting a year-over-year change of +74.1%, while revenues are expected to reach $37.19 million, marking a substantial increase of 220.4% from the previous year [2]. - Over the last 30 days, the consensus EPS estimate for Tango Therapeutics has been revised 33.7% higher, indicating a positive trend that typically correlates with stock price appreciation [4]. Industry Summary - Tango Therapeutics operates within the Zacks Medical - Biomedical and Genetics industry, where another company, Krystal Biotech, Inc. (KRYS), saw a slight decline of 0.9% in its last trading session [5]. - Krystal Biotech's consensus EPS estimate has remained unchanged at $1.04, representing a year-over-year change of +14.3%, and it currently holds a Zacks Rank of 4 (Sell) [6].

Core Insights - Tango Therapeutics reported a significant decline in GAAP revenue for Q2 2025, with revenue at $3.2 million, which is less than half of the $6.7 million estimate and a 59% decrease from Q2 2024 [1][2] - The company experienced a wider GAAP loss per share of ($0.35), compared to the expected ($0.34) [1][2] - The termination of the Gilead partnership research term a year early has heightened financial risks due to falling collaborative income and increasing net losses [1][6] Company Overview and Focus - Tango Therapeutics specializes in targeted cancer therapies through synthetic lethality, aiming to selectively eliminate cancer cells based on genetic profiles [3] - The company is focused on advancing a clinical-stage pipeline that includes PRMT5 inhibitors (TNG462 and TNG456) and a CoREST inhibitor (TNG260) [4] Quarterly Performance and Developments - Revenue dropped sharply due to the evaporation of license revenue from the prior year, with collaboration revenue approximately 59% lower year-over-year [5] - The Gilead partnership, a key revenue driver, will see its research portion terminate in August 2025, impacting future revenue streams [6] - Operating expenses decreased to $32.8 million, reflecting a shift in R&D focus and a reduction in spending on less promising programs [7] Pipeline Activity - Significant pipeline activity includes TNG462 entering a new combination study and TNG456 beginning a Phase 1/2 trial for glioblastoma [8][10] - TNG260 is progressing in combination with pembrolizumab for lung cancer, with clinical updates expected later this year [9][11] Financial Outlook - The current cash balance of $180.8 million is projected to fund operations into Q1 2027, supported by the recognition of deferred Gilead revenue [12] - Upcoming clinical milestones include Phase 1/2 data readouts for TNG462 and TNG260, which are critical for future funding [13]

Core Insights - Tango Therapeutics has initiated clinical trials for TNG462 and TNG456, focusing on precision cancer therapies for pancreatic and lung cancers, as well as glioblastoma [1][2][4] Pipeline Update - TNG462 is positioned as a best-in-class PRMT5 inhibitor targeting MTAP-deleted pancreatic and lung cancers, with data expected to support its efficacy later this year [2][3] - TNG456 is currently in a Phase 1/2 trial for glioblastoma, with the first patient treated in May 2025 [4] - TNG260, a CoREST complex inhibitor, is also in development, with clinical data expected in the second half of 2025 [8] Corporate Development Update - The collaboration with Gilead has been shortened from seven to five years, with no financial penalties for Tango, and a deferred revenue balance of $53.8 million will be recognized in Q3 2025 [9] - Tango Therapeutics held $180.8 million in cash and equivalents as of June 30, 2025, expected to fund operations into Q1 2027 [10] Financial Results - Collaboration revenue decreased to $3.2 million for Q2 2025 from $7.8 million in Q2 2024, and for the six months ended June 30, 2025, it was $8.6 million compared to $14.2 million in the same period in 2024 [11] - License revenue was absent in Q2 2025, down from $12.1 million in Q2 2024, primarily due to a prior licensing agreement with Gilead [12] - Research and development expenses were $32.8 million for Q2 2025, down from $38.7 million in Q2 2024, attributed to reduced spending on discontinued programs [13] - General and administrative expenses increased to $11.3 million for Q2 2025 from $10.8 million in Q2 2024, mainly due to higher personnel and IT costs [14] - The net loss for Q2 2025 was $38.9 million, or $0.35 per share, compared to a net loss of $25.6 million, or $0.24 per share, in Q2 2024 [15] Upcoming Milestones - Clinical data updates for TNG462 and TNG260 are anticipated in the second half of 2025 [18]

Company Overview - Tango Therapeutics, Inc. (TNGX) shares increased by 7.5% to close at $5.16, with notable trading volume compared to typical sessions, and a total gain of 157.4% over the past four weeks [1][2] Pipeline Developments - The company recently dosed the first patient in the TNG456 phase I/II study targeting MTAP-deleted solid tumors, particularly glioblastoma, which has contributed to positive market sentiment regarding its pipeline of precision cancer medicines [2] Financial Expectations - Tango Therapeutics is projected to report a quarterly loss of $0.36 per share, reflecting a year-over-year decline of 50%, with expected revenues of $5.79 million, down 70.9% from the previous year [3] - The consensus EPS estimate for the quarter has been revised slightly higher in the last 30 days, indicating a potential for price appreciation if the trend continues [4] Industry Context - Tango Therapeutics operates within the Zacks Medical - Biomedical and Genetics industry, where it holds a Zacks Rank of 3 (Hold) [5] - Another company in the same industry, Protagonist Therapeutics (PTGX), experienced a 1.1% decline in its stock price, with a monthly return of 17.5% [5][6]

Core Insights - Tango Therapeutics has initiated the dosing of the first patient in the TNG456 Phase 1/2 trial targeting MTAP-deleted solid tumors, particularly glioblastoma (GBM) [1][2] - TNG456 is a next-generation PRMT5 inhibitor designed to penetrate the brain and is expected to offer a new treatment option for patients with GBM, where current survival rates are below 10% [2] - The trial aims to evaluate the safety, pharmacokinetics, pharmacodynamics, and antitumor activity of TNG456 both as a monotherapy and in combination with abemaciclib [2] Company Overview - Tango Therapeutics is a clinical-stage biotechnology company focused on discovering novel drug targets and developing precision cancer medicines [3] - The company employs the genetic principle of synthetic lethality to create therapies aimed at critical cancer targets [3]

Core Insights - Tango Therapeutics is advancing its clinical-stage pipeline, particularly focusing on TNG462, a PRMT5 inhibitor, with data updates expected in the second half of 2025 [1][6][16] - The company has a strong cash position of $217 million as of March 31, 2025, which is projected to fund operations into the first quarter of 2027 [1][9] - The company is strategically reducing preclinical spending to extend its cash runway while prioritizing its PRMT5 programs [2][9] Pipeline Update - TNG462 is anticipated to show promising efficacy, safety, and tolerability data, particularly in pancreatic and lung cancer, with a registrational study planned for next year [2][6] - TNG456, a next-generation PRMT5 inhibitor, is set to begin a Phase 1/2 trial for glioblastoma in the second quarter of 2025 [4][6] - TNG260 is undergoing a Phase 1/2 trial in combination with pembrolizumab for NSCLC, with updates expected in the second half of 2025 [5][6] Financial Results - Collaboration revenue for the first quarter of 2025 was $5.4 million, down from $6.5 million in the same period of 2024 [10] - Research and development expenses decreased to $36.4 million in Q1 2025 from $38.1 million in Q1 2024, attributed to reduced spending on discontinued programs [11] - The net loss for the first quarter of 2025 was $39.9 million, or $0.36 per share, compared to a net loss of $37.9 million, or $0.35 per share, in Q1 2024 [12][20] Upcoming Milestones - Clinical data updates for TNG462 and TNG260 are expected in the second half of 2025 [16] - Enrollment for the combination trial of TNG462 with RAS(ON) inhibitors is projected to begin in the second quarter of 2025 [1][16]