Tango Therapeutics, Inc. (TNGX)

Price$22.52Cached quoteAs of 2026-09-06 07:02 UTC

AI: Overvalued

Price checkThe market already prices in substantial clinical success despite no approved product or recurring revenue.

Using the June 30 share count, the observed market price implies roughly $3.8 billion of equity value. Tango held about $1.014 billion of cash, cash equivalents and marketable securities and about $32 million of debt, leaving roughly $2.85 billion assigned to the drug pipeline after net liquidity. That is demanding for a company with no 2026 first-half revenue and no approved medicine, especially because the headline pancreatic-cancer result came from only 12 response-evaluable patients without a randomized control group. For a conservative value framework, that leaves too little margin for trial failure.

Big pictureA large cash reserve reduces financing risk, but ongoing losses still make the business dependent on trial progress.

Tango ended June with about $1.0 billion in cash and marketable securities, versus only about $49 million of total liabilities. First-half 2026 operating cash outflow was about $83 million, while net loss was about $101 million. The balance sheet therefore provides meaningful runway for development. This is not a normal cyclical business: value changes mainly with clinical data, regulatory feedback and financing conditions, not economic cycles. The key weakness is that cash is being spent before any product has reached approval or generated commercial sales.

Business strengthVopimetostat produced unusually strong early cancer data, but the evidence is still small and unproven.

In previously treated pancreatic cancer, vopimetostat plus daraxonrasib produced responses in 11 of 12 evaluable patients, with 90% progression-free at six months. Those figures are unusually encouraging and support moving toward a randomized Phase 3 program. However, the trial was early-stage, small and uncontrolled, so later results can weaken as more patients are enrolled. Tango also recorded no collaboration revenue in the first half of 2026 after its Gilead research collaboration wound down, making future value increasingly dependent on successful clinical development rather than existing business income.

What could change the storyLarger randomized data could justify today’s premium, while weaker durability would quickly undermine it.

The strongest bull case is that upcoming data confirm durable responses and regulators support a clear registration path for first-line pancreatic cancer; lung-cancer and glioblastoma readouts could add further value. The bear case is that response rates fall materially in larger or randomized studies, delaying approval and eroding the roughly $2.85 billion pipeline value implied after net liquidity. Financing strengthened the balance sheet but diluted owners: shares outstanding rose about 24% from year-end 2025 to June 2026, while first-half stock-based compensation doubled to about $27.7 million.

AI: News

Pancreatic data surgeEarly pancreatic-cancer data were exceptionally strong, sharply raising expectations for vopimetostat and a Phase 3 path.

On June 8, Tango reported that vopimetostat plus daraxonrasib achieved a 92% objective response rate in 12 response-evaluable pancreatic-cancer patients, with 90% progression-free at six months. The combination was generally well tolerated, and Tango said the results supported rapid advancement toward Phase 3. Shares closed 53% higher that day, according to Barron’s. The reaction reflects much higher expectations, but the study was small and lacked a randomized comparison group.

Large equity financingTango quickly raised major new capital, greatly extending runway while materially increasing the share count.

On June 9, Tango priced an upsized offering at $30 per share, initially targeting about $600 million of gross proceeds. After the underwriters exercised their option, the June financing issued 21.17 million common shares plus pre-funded warrants for 1.83 million shares and produced about $690 million of gross proceeds. The cash materially lowers near-term financing risk for late-stage development, but it also increased dilution and means future value creation must outpace the larger ownership base.

Higher spending, no revenueSecond-quarter results confirmed ample cash but no revenue and rising spending as development accelerated.

On August 11, Tango reported $1.0 billion of cash, cash equivalents and marketable securities, zero quarterly collaboration revenue, and a loss of $0.37 per share. Research spending rose to $37.2 million as vopimetostat and TNG456 advanced. The company also confirmed an October ESMO presentation and work toward a Phase 3 design. Shares fell about 4.8% that day; reporting linked the move to the earnings miss and higher costs, though price timing alone cannot prove causation.

Loading local price history

Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$62.4M	$42.1M	$36.5M	$24.9M	$37.0M	$7.7M
Research & development	$132.2M	$143.9M	$115.2M	$105.9M	$77.6M	$50.0M
Operating expenses	$173.7M	$187.7M	$150.7M	$135.9M	$95.2M	$59.9M
Operating income	−$111.3M	−$145.6M	−$114.2M	−$111.1M	−$58.2M	−$52.2M
Operating margin	−178.39%	−346.09%	−312.57%	−446.79%	−157.09%	−681.82%
EBITDA	−$109.0M	−$143.1M	−$111.8M	−$109.5M	−$57.3M	−$51.5M
EBITDA margin	−174.74%	−340.15%	−305.96%	−440.32%	−154.67%	−672.44%
Net income	−$101.6M	−$130.3M	−$101.7M	−$108.2M	−$58.2M	−$52.0M
Net profit margin	−162.85%	−309.73%	−278.54%	−435.14%	−157.21%	−678.84%
Basic EPSper basic share	-$0.87	-$1.19	-$1.08	-$1.23	-$0.94	-$1.63
Diluted EPSper diluted share	-$0.87	-$1.19	-$1.08	-$1.23	-$0.94	-$1.63

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

8.26%of listed shares

RTW INVESTMENTS, LP13.9M shares · Jun 30, 2026

View holders

Top 20 reported holders of TNGX
Holder	% owned
RTW INVESTMENTS, LP	8.26%13.9M shares
BlackRock, Inc.	7.39%12.44M shares
FMR LLC	7.32%12.33M shares
FARALLON CAPITAL MANAGEMENT, L.L.C.	7.29%12.28M shares
Boxer Capital Management, LLC	6.46%10.88M shares
EcoR1 Capital, LLC	≈6.31%10.63M shares
GOLDMAN SACHS GROUP INC	5.93%9.98M shares
TCG Crossover Management, LLC	5.39%9.08M shares
TRV GP IV, LLC	3.79%6.37M shares
Paradigm Biocapital Advisors LP	3.78%6.36M shares
PRICE T ROWE ASSOCIATES INC /MD/	3.77%6.35M shares
Siren, L.L.C.	3.67%6.18M shares
STATE STREET CORP	3.55%5.98M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.54%5.96M shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	3.33%5.6M shares
Jupiter Topco LLC	3.00%5.06M shares
Deep Track Capital, LP	2.49%4.2M shares
DEERFIELD MANAGEMENT COMPANY, L.P.	2.49%4.19M shares
Woodline Partners LP	2.38%4M shares
GEODE CAPITAL MANAGEMENT, LLC	2.22%3.74M shares

Percentages use 168.38M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$74.0K disclosed value

Sells (SEC code S)56$85.36M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 1, 2026Form 4 · 10b5-1	Crystal AdamPresident, R&D	SellCommon Stock	20.9K	$23.06	$481.0K	115.7K
Jun 1, 2026Form 4 · 10b5-1	Crystal AdamPresident, R&D	SellCommon Stock	6.1K	$22.25	$136.6K	136.6K
May 1, 2026Form 4 · 10b5-1	Crystal AdamPresident, R&D	SellCommon Stock	1.1K	$22.00	$24.2K	115.7K
May 1, 2026Form 4 · 10b5-1	Crystal AdamPresident, R&D	SellCommon Stock	25.9K	$21.19	$548.8K	116.8K
Apr 15, 2026Form 4 · 10b5-1	Crystal AdamPresident, R&D	SellCommon Stock	38.5K	$25.00	$961.5K	112.6K