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what it is
Tango runs 5 cancer drug programs aimed at weak spots in tumor DNA repair.
how it gets paid
Last year Tango Therapeutics made $62M in revenue. Gilead collaboration was the main engine at $23.6M, or 38% of sales.
why it's growing
Revenue grew 48.3% last year. Revenue was $62M, up 16% vs. prior year.
what just happened
Revenue hit $62M, but EPS was -$0.57, so the quarter still lived in the red.
At a glance
B balance sheet — gets the job done, barely
-$1.19 fy2024 eps est
$42M fy2024 rev est
n/a operating margin
1.15 beta
xvary composite: 55/100 — below average
What they do
Tango runs 5 cancer drug programs aimed at weak spots in tumor DNA repair.
Your moat is thin. Tango has 5 named programs and 1 strategic collaboration with Gilead. Collaboration (shared drug-discovery deal) means someone else helps pay, but you are still holding a business with 155 employees and no product sales.
How they make money
$62M
annual revenue · their business grew +48.3% last year
Gilead collaboration
$23.6M
TNG908 program
$14.9M
TNG462 program
$11.2M
TNG260 program
$7.4M
TNG348 and other programs
$4.9M
The products that matter
lead clinical program
Vopimetostat (PRMT5 inhibitor)
pivotal study expected to start in 2026
The planned 2026 second-line pancreatic cancer study is the clearest near-term test of whether this pipeline deserves a $2B valuation.
pipeline
clinical-stage asset
TNG456
2026 data matters
This program has no room for a sloppy readout in 2026; weak efficacy or bad toxicity would hit both sentiment and valuation fast.
pipeline
partnership funding
Collaboration revenue
$53.81M in Q3 2025
This line drove a 363.6% surge from the prior year in that quarter, but it is deal-dependent money, not the start of a durable commercial franchise.
deal money
Key numbers
$62M
annual revenue
This is the whole top line. You are buying a company that still lives on collaboration checks.
-178.4%
op margin
For every $1 of sales, Tango lost $1.78 on operations. That is a lab bill, not a profit engine.
$32M
long debt
Debt is small versus the market cap, but it still sits there while the company burns cash.
1.15
beta
The stock moves about 15% more than the market. Your patience gets taxed both ways.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $32M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for TNGX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $62M, but EPS was -$0.57, so the quarter still lived in the red.
Revenue was $62M, up 16% vs. prior year. EPS was -$0.57, which says the science is still expensive.
$62M
revenue
-$0.57
eps
16%
revenue Vs. last year
the number that mattered
Revenue was $62M. That is the only line that looks like a business, while EPS stayed negative at $0.57 per share.
source: company earnings report, 2026
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What could go wrong
the #1 risk is vopimetostat clinical failure or delay.
med
Lead-program execution
The investment case leans heavily on vopimetostat, with a pivotal second-line pancreatic cancer study expected to start in 2026. If that slips, the timeline slips with it.
For a $2B company with no approved product, a delay would hit valuation and confidence at the same time.
med
Cash burn versus premium valuation
Tango lost $101.59M in 2025 and trades at 39.6x sales. Cash of $343.1M buys time into 2028, but the market is already capitalizing future success aggressively.
If pipeline progress disappoints, financing risk comes back into focus fast, and new capital would likely be less friendly.
med
Revenue quality
Revenue grew 48.3% last year, but collaboration revenue drove much of the lift. That is useful cash, not proof of repeatable end-market demand.
If investors start valuing the business on recurring economics instead of partnership headlines, the 39.6x sales multiple gets harder to defend.
A $101.59M annual loss against $343.1M of cash means Tango has runway, but not infinite runway; 2026 needs to produce enough progress to keep the financing calendar in the background.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Vopimetostat pivotal study start
Expected in 2026. This is the cleanest near-term checkpoint for whether the lead program is moving on time.
risk
TNG456 safety and efficacy signals
Any weak 2026 readout would do more than hurt one asset. It would pressure confidence in the broader pipeline discipline.
trend
CEO transition execution
A January 2026 leadership change is easy to ignore until timelines move. Watch whether the new CEO keeps development milestones intact.
metric
Cash runway into 2028
The company says current cash carries it into 2028. If that horizon starts shrinking before major data arrives, dilution risk moves to the front of the page.
Analyst rankings
coverage quality
thin in this feed
We do not have a clean consensus rank to translate here. In human-speak, you should not lean on sell-side scorecards for this name as heavily as you would for a mature large cap.
what analysts usually matter for here
trial timing, not quarter-to-quarter beats
For a clinical-stage biotech, the number that matters is whether programs advance on time and with usable data. Revenue estimates are secondary while the business is still mostly pre-commercial.
how to use this section
as context, not a compass
When ranking data is thin, the safer move is to focus on cash runway, pipeline milestones, and valuation versus peers. Those are more concrete than a missing consensus badge.
source: institutional data
Institutional activity
institutional ownership data for TNGX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$12
current price
n/a
target midpoint · n/a from current
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