Tango Therapeutics Reports First Quarter 2025 Financial Results and Provides Business Highlights

-- Data update from ongoing TNG462 Phase 1/2 monotherapy trial expected 2H 2025 --

-- Combination trial of TNG462 + Revolution Medicines RAS$(ON)$ inhibitors on track for enrollment 2Q 2025 --

-- Cash position of $217 million as of March 31, 2025; cash runway extended into 1Q 2027 with reduction of preclinical spend --

BOSTON, May 12, 2025 (GLOBE NEWSWIRE) -- Tango Therapeutics, Inc. $(TNGX)$, a clinical-stage biotechnology company committed to discovering and delivering the next generation of precision cancer medicines, reported its financial results for the first quarter ended March 31, 2025, and provided business highlights.

"Accumulating data continue to support TNG462 as the potential best-in-class PRMT5 inhibitor," said Barbara Weber, M.D., President and CEO of Tango Therapeutics. "We anticipate presenting a fulsome efficacy, safety and tolerability data update on TNG462 monotherapy later this year, with a focus on pancreatic and lung cancer, and remain on track with our goal of initiating our first TNG462 monotherapy registrational study in pancreatic cancer next year. We also are moving forward rapidly with key clinical combinations and, based on strong preclinical data, we are focused on combining TNG462 with Revolution Medicine's RAS(ON) inhibitors daraxonrasib and zoldonrasib in pancreatic and lung cancer. Finally, given market conditions and our strong conviction in TNG462, we have taken steps to extend our cash runway and focus resources on our PRMT5 programs, reducing spend on our preclinical pipeline and deferring some clinical combination studies designed primarily to assess tolerability with standard-of-care regimens."

Pipeline Update

TNG462, a potentially best-in-class MTA-cooperative PRMT5 inhibitor

   -- Enrollment in dose expansion is ongoing and a clinical data update on the 
      TNG462 Phase 1/2 trial is expected in the second half of this year. This 
      update is anticipated to provide sufficient information to inform a 
      registrational trial in pancreatic cancer next year and determine the 
      next steps for the development path in NSCLC. 
 
   -- Based on promising preclinical data, the Company is on track to initiate 
      a combination trial with TNG462, including RAS(ON) multi-selective 
      inhibitor, daraxonrasib, and RAS(ON) G12D-selective inhibitor, 
      zoldonrasib (Revolution Medicines). This trial is expected to begin 
      enrolling in the second quarter of 2025. 

TNG456, a next-generation brain-penetrant MTA-cooperative PRMT5 inhibitor in development for glioblastoma

   -- Preclinical studies demonstrate TNG456 brain exposure has the potential 
      to be sufficient for meaningful efficacy in glioblastoma. 
 
   -- The Company plans to begin enrolling a Phase 1/2 clinical trial 
      evaluating TNG456 in patients with MTAP-deleted solid tumors, focused on 
      glioblastoma in 2Q 2025. 

TNG260, a first-in-class, highly selective CoREST complex inhibitor

   -- Proof-of-mechanism has been established for TNG260 based on 
      pharmacodynamic data from on-treatment patient biopsies, with favorable 
      safety, tolerability and pharmacokinetic profiles shown at the expansion 
      dose of 80 mg QD (once daily) to date. 
 
   -- The dose expansion cohort of the TNG260 Phase 1/2 trial is ongoing in 
      NSCLC. The study is evaluating the pharmacokinetics, pharmacodynamics, 
      safety and efficacy of TNG260 in combination with pembrolizumab in 
      patients with an STK11 loss-of-function mutation. 
 
   -- The Company plans to provide a clinical update on TNG260 in the second 
      half of 2025. 

TNG961, a first-in-class, potent and selective HBS1L molecular glue degrader for the treatment of cancers with FOCAD deletion

   -- TNG961 is a development candidate targeting HBS1L in FOCAD-deleted solid 
      tumors. FOCAD deletion occurs in 20-40% of all MTAP-deleted cancers and 
      is common in NSCLC, occurring in 7% of these patients. 
 
   -- 20-40% of cancers with MTAP deletion have a coincident FOCAD deletion on 
      chromosome 9, and cancers with FOCAD deletion are dependent on HBS1L 
      for mRNA processing, thus protein synthesis. By degrading HBS1L and 
      disrupting the HBS1L/PELO complex, TNG961 causes tumor regression in 
      FOCAD-deleted preclinical models of multiple histologies. 

Preclinical presentations at AACR

   -- The Company presented five posters at the 2025 American Association for 
      Cancer Research (AACR) Annual Meeting, April 25-30, 2025. These posters 
      highlight preclinical data from our PRMT5 programs and underscore the 
      potential of these molecules as both standalone treatments and as key 
      combination partners in MTAP-deleted cancers, including in combination 
      with KRAS-inhibitors. Preclinical data from TNG961, an HBSL1 molecular 
      glue degrader, also was presented. 

Upcoming Milestones

   -- TNG462 Phase 1/2 clinical data update expected in 2H 2025 
 
   -- TNG456 phase 1/2 trial enrollment expected to begin 2Q 2025 
 
   -- Enrollment in combination trial with TNG462 + RAS(ON) multi-selective 
      inhibitor, daraxonrasib and TNG462 + RAS(ON) G12D-selective inhibitor, 
      zoldonrasib, (Revolution Medicines) expected to begin 2Q 2025 
 
   -- TNG260 clinical data update expected in 2H 2025 

Financial Results

As of March 31, 2025, the Company held $216.7 million in cash, cash equivalents and marketable securities, which the Company now expects to be sufficient to fund operations into the first quarter of 2027. Extension of cash runway was primarily due to reduction of preclinical pipeline, target discovery efforts and the associated research headcount as well as the deferral of clinical combination studies primarily designed to assess tolerability of TNG462 with standard-of-care agents.

Collaboration revenue was $5.4 million for the three months ended March 31, 2025, compared to $6.5 million for the same period in 2024. Research costs incurred under the collaboration were lower during the three months ended March 31, 2025, which resulted in lower collaboration revenue amounts recognized.

Research and development expenses were $36.4 million for the three months ended March 31, 2025, compared to $38.1 million for the same period in 2024. The change is due to decreased spend on discontinued clinical programs (TNG908 and TNG348), partially offset by increased spend on the advancement of TNG961 and TNG456 as well as personnel-related costs to support our research and development activities.

General and administrative expenses were $11.5 million for the three months ended March 31, 2025, compared to $10.7 million for the same period in 2024. The change was primarily due to increases in personnel-related costs.

Net loss for the three months ended March 31, 2025 was $39.9 million, or $0.36 per share, compared to a net loss of $37.9 million, or $0.35 per share, in the same period in 2024.

About Tango Therapeutics

Tango Therapeutics is a clinical-stage biotechnology company dedicated to discovering novel drug targets and delivering the next generation of precision medicine for the treatment of cancer. Using an approach that starts and ends with patients, Tango leverages the genetic principle of synthetic lethality to discover and develop therapies that take aim at critical targets in cancer. For more information, please visit www.tangotx.com.

Forward-Looking Statements

Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events, Tango's future operating performance and goals, the anticipated benefits of therapies and combination therapies (that include a Tango pipeline product), as well as the expectations, beliefs and development objectives for Tango's product pipeline and clinical trials. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "goal", "estimate", "anticipate", "believe", "predict", "designed," "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. For example, implicit or explicit statements concerning the following include or constitute forward-looking statements: Dr. Weber's statements in this press release and statements regarding: (i) the potential of the Company's PRMT5 molecules, as both standalone treatments and in combination with RAS(ON)-inhibitors; (ii) the preclinical research of the Company's PRMT5 inhibitors, as a monotherapy and in combination, and the expectation that they may pave the way for future development opportunities; (iii) expectations regarding the anticipated benefits of our molecules, including in regards to TNG456's potential to have meaningful clinical benefit in glioblastoma; (iv) expectations for TNG462, including our plans to present a fulsome efficacy, safety and tolerability update on TNG462 monotherapy in 2025 (with a focus on pancreatic and lung cancer) and our belief that TNG462 has the potential to be a best-in-class PRMT5 inhibitor; (v) beliefs regarding the ability of the ongoing TNG462 clinical trial to provide sufficient data to inform a registrational trial in pancreatic cancer and determine the next steps for a development path in lung cancer; (vi) our plans and timing for a combination trial with TNG462 and RAS(ON) inhibitors from Revolution Medicines (vii) our expectations and plans regarding TNG961; and (viii) the expected timing of: (a) development candidate declaration for certain targets; (b) initiating IND-enabling studies; (c) filing INDs; (d) clinical trial initiation, enrollment, dose escalation and dose expansion (including for combination studies); (e) disclosing initial, interim, updated, additional and final clinical trial results (including for combination studies), including expectations to present a clinical update for TNG462 and TNG260 in the second half of

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