TNGX

MKT CAP:$3B

Tango Therapeutics, Inc.

Market Cap

$3B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$26.00+$17.07 (+191.15%)

Apr 24, 2026

Company Details

Tango Therapeutics, Inc., a biotechnology company, discovers and develops drugs for the treatment of cancer. Its lead program is TNG908, a synthetic lethal small molecule inhibitor of protein arginine methyltransferase 5 that is being devel...

CEO

Malte Peters

IPO Date

Sep 3, 2020

Website

www.tangotx.com

Key Metrics TTM

Revenue

$62M

+48.3% YoY

Net Income

-$102M

EPS (Diluted)

-$0.87

Free Cash Flow

-$140M

Revenue / Share

$0.54

Gross Margin

97.3%

Operating Margin

-178.4%

Net Margin

-162.9%

FCF Margin

-224.3%

P/S

47.8x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 5, 2026

$62M+48.3%EPS -$0.87

Q4 2025

Mar 5, 2026

$0-100.0%EPS -$0.30

Q3 2025

Nov 4, 2025

$54M+363.6%EPS $0.14

Q2 2025

Aug 5, 2025

$3M-84.0%EPS -$0.35

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$6M	$5M	-$25M
Q2 22	$6M	$5M	-$25M
Q3 22	$7M	$6M	-$30M
Q4 22	$6M	$5M	-$31M
Q1 23	$6M	$4M	-$30M
Q2 23	$15M	$13M	-$23M
Q3 23	$11M	$10M	-$26M
Q4 23	$5M	$5M	-$35M
Q1 24	$6M	$6M	-$42M
Q2 24	$20M	$20M	-$30M
Q3 24	$12M	$12M	-$33M
Q4 24	$4M	$4M	-$41M
Q1 25	$5M	$5M	-$43M
Q2 25	$3M	$3M	-$41M
Q3 25	$54M	$53M	$14M
Q4 25	$0	-$479.0K	-$42M

Valuation

Quarter	P/S	P/E
Q1 22	81.9x	—
Q2 22	124.1x	—
Q3 22	123.5x	—
Q4 22	120.0x	—
Q1 23	120.0x	—
Q2 23	88.5x	—
Q3 23	79.5x	—
Q4 23	81.7x	—
Q1 24	80.1x	—
Q2 24	70.2x	—
Q3 24	68.8x	—
Q4 24	70.9x	—
Q1 25	72.8x	—
Q2 25	122.8x	—
Q3 25	44.9x	—
Q4 25	47.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$30M	-$31M
Q2 22	-$32M	-$33M
Q3 22	-$20M	-$23M
Q4 22	-$28M	-$29M
Q1 23	-$35M	-$36M
Q2 23	-$24M	-$25M
Q3 23	-$31M	-$31M
Q4 23	-$27M	-$28M
Q1 24	-$38M	-$38M
Q2 24	-$24M	-$24M
Q3 24	-$33M	-$34M
Q4 24	-$37M	-$37M
Q1 25	-$42M	-$42M
Q2 25	-$37M	-$37M
Q3 25	-$31M	-$31M
Q4 25	-$30M	-$30M

Capital Expenditures

Quarter	CapEx
Q1 22	$2M
Q2 22	$2M
Q3 22	$3M
Q4 22	$1M
Q1 23	$620.0K
Q2 23	$664.0K
Q3 23	$16.0K
Q4 23	$226.0K
Q1 24	$195.0K
Q2 24	$320.0K
Q3 24	$115.0K
Q4 24	$124.0K
Q1 25	$51.0K
Q2 25	$624.0K
Q3 25	$151.0K
Q4 25	$222.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-9.8%	+68.6%
Q2 22	-68.2%	+36.4%
Q3 22	+2.0%	+39.8%
Q4 22	+12.2%	+33.5%
Q1 23	+0.1%	+15.8%
Q2 23	+153.0%	+22.2%
Q3 23	+55.1%	-1.3%
Q4 23	-15.3%	+9.4%
Q1 24	+12.2%	+35.2%
Q2 24	+36.1%	+30.6%
Q3 24	+8.2%	+22.4%
Q4 24	-24.2%	+11.3%
Q1 25	-16.7%	-1.7%
Q2 25	-84.0%	-10.7%
Q3 25	+363.6%	-10.7%
Q4 25	-100.0%	-7.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	55.7%
Q2 22	$3M	59.3%
Q3 22	$4M	55.1%
Q4 22	$4M	59.0%
Q1 23	$4M	73.2%
Q2 23	$5M	35.1%
Q3 23	$5M	45.3%
Q4 23	$5M	89.8%
Q1 24	$7M	103.8%
Q2 24	$8M	37.9%
Q3 24	$7M	61.8%
Q4 24	$7M	181.2%
Q1 25	$7M	134.6%
Q2 25	$7M	206.5%
Q3 25	$7M	12.3%
Q4 25	$6M	—

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$24M	—	$6M
Q2 22	$24M	—	$7M
Q3 22	$29M	—	$7M
Q4 22	$29M	—	$6M
Q1 23	$28M	—	$7M
Q2 23	$29M	—	$8M
Q3 23	$27M	—	$9M
Q4 23	$31M	$9M	—
Q1 24	$38M	$11M	—
Q2 24	$39M	$11M	—
Q3 24	$33M	$11M	—
Q4 24	$34M	$11M	—
Q1 25	$36M	$11M	—
Q2 25	$32M	$11M	—
Q3 25	$30M	—	$9M
Q4 25	$33M	$10M	—

Revenue Segments

Quarter	Collaboration Revenue	License Revenue
Q2 22	$6M	—
Q3 22	$7M	—
Q4 22	$6M	—
Q2 23	$10M	$5M
Q2 24	$8M	$12M
Q1 25	$5M	—
Q2 25	$3M	—
Q3 25	$54M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$100M	$350M	$450M
Q2 22	$105M	$312M	$416M
Q3 22	$100M	$293M	$393M
Q4 22	$60M	$306M	$366M
Q1 23	$57M	$276M	$334M
Q2 23	$66M	$245M	$311M
Q3 23	$59M	$301M	$360M
Q4 23	$66M	$271M	$337M
Q1 24	$61M	$282M	$344M
Q2 24	$52M	$271M	$322M
Q3 24	$53M	$240M	$293M
Q4 24	$70M	$188M	$258M
Q1 25	$58M	$158M	$217M
Q2 25	$39M	$142M	$181M
Q3 25	$58M	$94M	$153M
Q4 25	$112M	$231M	$343M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	88M	+0.1%	+0.2%
Q2 22	88M	+0.2%	+0.4%
Q3 22	88M	+0.1%	+25.3%
Q4 22	88M	+0.1%	+0.5%
Q1 23	88M	+0.3%	+0.6%
Q2 23	88M	+0.2%	+0.6%
Q3 23	97M	+9.8%	+10.4%
Q4 23	96M	-1.3%	+8.9%
Q1 24	108M	+12.9%	+22.7%
Q2 24	108M	+0.1%	+22.6%
Q3 24	109M	+0.2%	+11.8%
Q4 24	109M	+0.2%	+13.4%
Q1 25	110M	+1.5%	+2.0%
Q2 25	111M	+0.2%	+2.1%
Q3 25	111M	+0.4%	+2.3%
Q4 25	116M	+4.7%	+6.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$63.3K	91
Q2 22	$63.4K	91
Q3 22	$76.0K	91
Q4 22	$58.3K	110
Q1 23	$52.4K	110
Q2 23	$132.7K	110
Q3 23	$97.6K	110
Q4 23	$38.8K	140
Q1 24	$46.2K	140
Q2 24	$142.0K	140
Q3 24	$82.9K	140
Q4 24	$26.6K	155
Q1 25	$34.8K	155
Q2 25	$20.5K	155
Q3 25	$347.2K	155
Q4 25	$0	200K

Revenue / Employee