Tango Therapeutics, a biotechnology company, has recently released its 10-K report, showcasing its focus on discovering and developing drugs for the treatment of cancer. The company's lead program, TNG908, is a synthetic lethal small molecule inhibitor of protein arginine methyltransferase 5, which is being developed as a treatment for cancers with methylthioadenosine phosphorylase deletions. Additionally, Tango Therapeutics has developed TNG462, TNG260, TNG348, and Target 3 for STK11-mutant cancers, all of which are undergoing clinical trials.
In the Management’s Discussion and Analysis of Financial Condition and Results of Operations section, Tango Therapeutics reported a net loss of $101.7 million for the year ended December 31, 2023, compared to a net loss of $108.2 million in 2022. The company's accumulated deficit stood at $371.3 million as of December 31, 2023. Tango Therapeutics has primarily funded its operations through equity financings and collaboration agreements, with an aggregate of $166.9 million in gross proceeds from the sale of preferred shares, $342.1 million in gross proceeds through a Business Combination and simultaneous financing transactions, and $225.1 million through a collaboration with Gilead. As of December 31, 2023, the company had $336.9 million in cash, cash equivalents, and marketable securities, and it raised an additional $41.7 million through a "at-the-market" stock offering program in January 2024. Tango Therapeutics believes that these funds will support its operating expenses and capital expenditure requirements until at least late 2026.
The company's financial report also highlighted its private placement of 13,196,671 shares of common stock at a price of $5.15 per share, resulting in gross proceeds of $80.0 million. Additionally, Tango Therapeutics entered into an at-the-market stock offering program with Jefferies LLC, allowing the company to sell up to an aggregate of $100.0 million of shares of its common stock. As of December 31, 2023, the company had not sold any shares under this program, but in January 2024, it sold 4,001,200 shares for net proceeds of $41.7 million.
Regarding revenue, Tango Therapeutics has not recognized any revenue from product sales to date and does not expect to generate any revenue from product sales in the next several years. However, the company's collaboration agreements with Gilead Sciences have provided significant upfront payments, with a total of $199.0 million received through an expanded collaboration agreement as of December 31, 2023. Today the company's shares have moved -5.3% to a price of $8.55. If you want to know more, read the company's complete 10-K report here.
