Companies /Healthcare

Tango Therapeutics Inc

NASDAQ: TNGX Biotechnology
$24.92
▲ $0.29 (+1.18%) today
Markets closed · 1:29pm ET

Q2 2025 Earnings

Reported Aug 5, 2025, 7:06am ET · SEC source
$-0.35
Miss −1.92%
EPS · est. $-0.34
$3.2M
Miss −52.55%
Revenue · est. $6.7M
−2.6%
Trailing market
TNGX vs S&P since report
2 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
0+4%+8%Aug 5Aug 6report 7:06am ETearnings−0.1%−1.6%
0+4%+8%Aug 5Aug 6earnings−0.1%−1.6%
TNGX −1.6%S&P 500 −0.1%
0+4%+8%Aug 5Aug 6report 7:06am ETearnings−0.1%−1.6%
0+4%+8%Aug 5Aug 6earnings−0.1%−1.6%
TNGX −1.6%NASDAQ −0.1%
−3%0+3%+6%Aug 4Aug 13report 7:06am ETearnings+1.9%+5.8%
−3%0+3%+6%Aug 4Aug 13earnings+1.9%+5.8%
TNGX +5.8%S&P 500 +1.9%
−3%0+3%+6%Aug 4Aug 13report 7:06am ETearnings+2.8%+5.8%
−3%0+3%+6%Aug 4Aug 13earnings+2.8%+5.8%
TNGX +5.8%NASDAQ +2.8%
+4.86%
Day of report
−5.93%
Next session
−2.17%
One week
+0.43%
30 days

S&P 500 over the same 30 days: +3.07%.

Did TNGX Beat Earnings? Q2 2025 Results

Tango Therapeutics delivered a disappointing second quarter, missing on both the top and bottom lines as the absence of licensing revenue left a conspicuous gap in its financials. Revenue collapsed 84.0% year-over-year to $3.18 million, falling well short of the $6.70 million consensus estimate, a 52.55% miss driven primarily by the lack of any license revenue in the period, compared to the $12.10 million Tango recorded in Q2 2024 when it licensed a drug discovery program to Gilead. The net loss widened to $38.85 million, or $0.35 per share, missing the $0.34 consensus estimate by 1.92%. However, a significant one-time tailwind looms: Tango and Gilead mutually agreed to shorten their collaboration's research term, meaning the remaining $53.80 million in deferred revenue will be recognized in Q3 2025. Looking further ahead, a clinical data update for lead asset TNG462 is expected in the second half of 2025, with a registrational trial in pancreatic cancer targeted for 2026, as the company's $180.80 million cash runway extends into Q1 2027.

Key Takeaways
  • Decreased collaboration revenue due to lower research costs incurred under the Gilead collaboration
  • Absence of license revenue compared to $12.1 million in Q2 2024 from licensing a drug discovery program to Gilead
  • Lower R&D expenses from discontinued programs TNG908 and TNG348, partially offset by increased spend on TNG462, TNG456, and TNG961

“TNG462 has the potential to be a best-in-class PRMT5 inhibitor for the treatment of MTAP-del pancreatic and lung cancers, and we look forward to sharing data that support our conviction later this year.”

Tango Therapeutics CEO, on the earnings call

Forward Guidance & Outlook

The remaining $53.8 million in unrecognized deferred revenue from the Gilead collaboration will be recognized as revenue in Q3 2025 following the truncation of the research term. A clinical data update on TNG462 monotherapy is expected in 2H 2025, which is anticipated to inform the initiation of a registrational trial in pancreatic cancer in 2026 and the development strategy for lung cancer. TNG260 clinical data is also expected in 2H 2025. The company expects its $180.8 million in cash, cash equivalents, and marketable securities to fund operations into Q1 2027.

TNGX YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$-90,000,000$-60,000,000$-30,000,000$0$19.9M$3.2MRevenue$-66,754,114$-40,967,000Operating Income$-81,045,056$-38,853,000Net Income
$-90,000,000$-60,000,000$-30,000,000$0RevenueOperating IncomeNet Income

TNGX Revenue by Segment

Gilead Collaboration Revenue
Collaboration Revenue$3.2M

Figures from SEC filings and company reports. Not investment advice.