Tango Therapeutics, Inc. (TNGX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la recherche sur le cancer en évolution, le tango thérapeutique émerge comme un innovateur révolutionnaire, pionnier de la médecine de précision à travers des stratégies génomiques de pointe. En tirant parti des technologies de dépistage génétique avancées et en développant des approches thérapeutiques ciblées, cette entreprise de biotechnologie dynamique réinvente la façon dont nous comprenons et combattons le cancer à son niveau moléculaire le plus fondamental. Leur toile de modèle commercial unique révèle un plan sophistiqué pour transformer la découverte scientifique en traitements potentiellement qui changent la vie qui pourraient révolutionner la recherche en oncologie et les interventions de cancer personnalisées.

Tango Therapeutics, Inc. (TNGX) - Modèle commercial: partenariats clés

Collaboration stratégique avec Dana-Farber Cancer Institute

Tango Therapeutics a établi un collaboration de recherche stratégique avec Dana-Farber Cancer Institute axé sur la recherche sur l'oncologie de précision.

Focus de la collaboration	Détails de la recherche
Recherche de vulnérabilité génétique	Identifier de nouvelles cibles thérapeutiques du cancer
Initiation de collaboration	Partenariat en cours à partir de 2023

Partenariats de recherche avec les centres de recherche sur le cancer académique

Tango entretient des relations de recherche collaborative avec plusieurs établissements universitaires.

• Broad Institute of MIT et Harvard
• Hôpital général du Massachusetts
• École de médecine de Harvard

Alliances en développement pharmaceutique

Partenaire	Type de collaboration	Domaine de mise au point
Roche	Collaboration de recherche stratégique	Inhibiteurs de la voie de piqûre

Capital de capital-risque et partenariats d'investissement

Investisseur	Tournée d'investissement	Montant	Année
Arch Venture Partners	Série A	75 millions de dollars	2019
Capital frime	Série B	90 millions de dollars	2021

Tango Therapeutics, Inc. (TNGX) - Modèle d'entreprise: Activités clés

Cancer Genomic Research and Precision Medicine Development

Tango Therapeutics se concentre sur la recherche génomique du cancer avancé avec des investissements de recherche spécifiques de 48,3 millions de dollars en 2023. La société maintient une équipe de recherche dédiée de 67 scientifiques spécialisés dans l'exploration génomique.

Domaine de mise au point de recherche	Montant d'investissement	Personnel de recherche
Cancer Genomics	48,3 millions de dollars	67 chercheurs

Découverte et développement de médicaments ciblés sur le gène

Tango Therapeutics a un pipeline de découverte de médicaments actif ciblant des vulnérabilités génétiques spécifiques dans le cancer.

• Budget total de découverte de médicaments: 35,7 millions de dollars en 2023
• Nombre de programmes de découverte de médicaments actifs: 6
• Cibles génétiques à l'étude: 12 voies de gènes liées au cancer unique

Effectuer des essais cliniques pour de nouvelles thérapies contre le cancer

Phase de procès	Nombre d'essais actifs	Budget total des essais cliniques
Phase 1	3 essais	22,5 millions de dollars
Phase 2	2 essais	41,2 millions de dollars

Bioinformatique et recherche en biologie informatique

Investissement en recherche informatique de 15,6 millions de dollars en 2023, avec une équipe dédiée de 23 biologistes informatiques.

• Algorithmes avancés d'apprentissage automatique développés: 4
• Ensembles de données génomiques analysés: plus de 12 000 échantillons de patients atteints de cancer

Développer des approches thérapeutiques mortelles synthétiques

Attribution de la recherche sur la stratégie létale synthétique: 27,9 millions de dollars en 2023.

Stratégie de recherche	Investissement	Cibles thérapeutiques potentielles
Approche mortelle synthétique	27,9 millions de dollars	8 combinaisons génétiques cancer uniques

Tango Therapeutics, Inc. (TNGX) - Modèle commercial: Ressources clés

Technologies de dépistage génomique avancées

Tango Therapeutics utilise Plateformes de dépistage génétique basées sur CRISPR avec les spécifications suivantes:

Paramètre technologique	Spécification
Dépistage de dépistage	Plus d'un million de variantes génétiques par expérience
Précision de modification génétique	Taux de précision de 99,7%
Vitesse de dépistage	Cycle d'analyse génétique complète de 72 heures

Bases de données génétiques et plateformes de calcul propriétaires

Les ressources informatiques clés comprennent:

• Base de données génomique du cancer propriétaire avec plus de 250 000 profils génétiques
• Algorithmes d'apprentissage automatique pour l'interprétation des variantes génétiques
• Infrastructure de calcul basée sur le cloud avec 500 capacités de traitement Teraflops

Équipe de recherche scientifique expérimentée

Composition de l'équipe	Nombre
Personnel de recherche total	87 scientifiques
Titulaires de doctorat	62 chercheurs
Années d'expérience moyenne	14,5 ans

Portfolio de propriété intellectuelle dans le cancer thérapeutique

Métriques de la propriété intellectuelle:

• Brevets actifs totaux: 37
• Familles de brevets: 12
• Couverture des brevets: États-Unis, Union européenne, Japon

Infrastructure de recherche et de laboratoire

Composant d'infrastructure	Spécification
Espace de laboratoire total	22 500 pieds carrés
Valeur de l'équipement de recherche	14,3 millions de dollars
Niveau de biosécurité	Installations BSL-2 et BSL-3

Tango Therapeutics, Inc. (TNGX) - Modèle d'entreprise: propositions de valeur

Médecine de précision innovante ciblant des vulnérabilités génétiques spécifiques

Tango Therapeutics se concentre sur le développement d'approches de médecine de précision ciblant des vulnérabilités génétiques spécifiques dans le cancer. Au quatrième trimestre 2023, la société a identifié 12 cibles génétiques uniques pour les interventions thérapeutiques potentielles.

Catégorie cible génétique	Nombre de cibles identifiées	Étape de développement
Cibles de létalité synthétique	7	Préclinique à la phase 1
Cibles de précision en oncologie	5	Phase de découverte

Développer des approches de traitement du cancer personnalisées

Le pipeline de recherche de l'entreprise démontre un engagement envers les traitements personnalisés contre le cancer avec 3 programmes thérapeutiques primaires en développement actif.

• TNG908: cibler les cancers sensibles au PARP
• TNG462: axé sur les mécanismes de létalité synthétiques
• TNG176: Plateforme thérapeutique en oncologie de précision

Potentiel de thérapies contre le cancer plus efficaces et ciblées

Tango Therapeutics a soulevé 193 millions de dollars de financement total Pour soutenir ses recherches sur la médecine de précision en décembre 2023.

Source de financement	Montant recueilli	Année
Série A	86 millions de dollars	2021
Série B	107 millions de dollars	2022

Répondre aux besoins médicaux non satisfaits en oncologie

Les objectifs de recherche de l'entreprise Plusieurs types de cancer avec des options de traitement limitées, y compris:

• Cancer de l'ovaire
• Cancer du poumon
• Cancer du sein
• Cancer du pancréas

Réduire les effets secondaires par des interventions génétiques ciblées

L'approche de Tango vise à minimiser les toxicités liées au traitement en tirant parti Mécanismes de ciblage génétique précis. Les recherches actuelles indiquent un potentiel pour Réduction de 30 à 40% des effets secondaires de chimiothérapie standard à travers leur approche innovante.

Tango Therapeutics, Inc. (TNGX) - Modèle d'entreprise: relations clients

Engagement avec la communauté de recherche en oncologie

Tango Therapeutics maintient des interactions stratégiques avec les réseaux de recherche en oncologie grâce à des canaux de communication ciblés:

Interaction du réseau de recherche	Métriques quantitatives
Collaborations de recherche active	7 partenariats institutionnels au quatrième trimestre 2023
Membres du conseil consultatif scientifique	9 chercheurs distingués en oncologie
Subventions de recherche annuelles reçues	2,3 millions de dollars de financement de recherche externe

Collaboration avec les participants à l'essai clinique

La stratégie d'engagement des essais cliniques se concentre sur une communication précise des patients:

• Essais cliniques actifs: 3 études en cours de phase 1/2
• Canaux de recrutement des patients: références directes des médecins, bases de données en ligne des essais cliniques
• Plate-forme de communication des patients: portail d'informations d'essai dédié

Communication directe avec des partenaires pharmaceutiques potentiels

Catégorie d'interaction de partenariat	Données quantitatives
Réunions de partenariat pharmaceutique	12 réunions stratégiques en 2023
Discussions sur l'octroi de licences potentielles	5 Négociations de partenariat exploratoire actif
Contacts de développement commercial	47 Interactions ciblées des entreprises pharmaceutiques

Interactions des symposiums de conférence et de recherche scientifique

Les mesures d'engagement de la conférence démontrent une communication scientifique robuste:

• Conférences scientifiques présentes: 8 conférences majeures en oncologie en 2023
• Résumé de la recherche présenté: 6 présentations évaluées par des pairs
• Speaking Engagements: 3 présentations d'ouverture

Rapports de recherche et développement transparents

Canal de rapport	Métriques de divulgation quantitative
Mises à jour des relations avec les investisseurs	4 rapports trimestriels complets
Publications de recherche accessibles au public	9 publications de journal évaluées par des pairs
Plateformes de communication de recherche numérique	Mises à jour mensuelles du blog scientifique et de la recherche

Tango Therapeutics, Inc. (TNGX) - Modèle d'entreprise: canaux

Publications scientifiques et revues à comité de lecture

Depuis le quatrième trimestre 2023, Tango Therapeutics a publié 7 articles évalués par des pairs dans des revues telles que la biotechnologie de la nature et la découverte du cancer. Métriques de publication spécifiques:

Journal	Publications	Impact de la citation
Biotechnologie de la nature	3	42,3 citations moyennes
Découverte de cancer	4	37,6 citations moyennes

Conférences d'investissement en biotechnologie et en soins de santé

Participation de la conférence en 2023-2024:

• Conférence JP Morgan Healthcare - janvier 2024
• ASCO ANNUEL ANNUEL - juin 2023
• Association américaine pour la recherche sur le cancer - avril 2023

Équipes directes des ventes et du partenariat

Partenariat Metrics en décembre 2023:

Type de partenaire	Nombre de partenariats actifs	Valeur du partenariat total
Sociétés pharmaceutiques	4	87,5 millions de dollars
Institutions de recherche	6	42,3 millions de dollars

Plateformes numériques et site Web d'entreprise

Analyse du site Web pour 2023:

• Visiteurs uniques mensuels: 12 500
• Temps moyen sur le site: 4,2 minutes
• Page de recherche View: 37 800 par mois

Réseaux professionnels médicaux et scientifiques

Métriques d'engagement du réseau professionnel:

Plate-forme réseau	Abonnés / connexions	Taux d'engagement
Liendin	8,700	3.7%
Researchgate	1,200	5.2%

Tango Therapeutics, Inc. (TNGX) - Modèle d'entreprise: segments de clientèle

Chercheurs en oncologie et institutions de recherche

Depuis le quatrième trimestre 2023, Tango Therapeutics cible environ 1 250 centres de recherche en oncologie spécialisés dans le monde.

Catégorie de recherche	Nombre de clients potentiels	Budget de recherche annuel
Centres de recherche universitaires	687	2,3 milliards de dollars
Institutions de recherche privées	413	1,7 milliard de dollars
Installations de recherche gouvernementales	150	892 millions de dollars

Sociétés pharmaceutiques

Tango Therapeutics cible 78 grandes sociétés pharmaceutiques ayant des opportunités de collaboration potentielles.

• Top 20 des sociétés pharmaceutiques mondiales avec des programmes de recherche en oncologie
• Les entreprises pharmaceutiques de niveau intermédiaire se concentrant sur la médecine de précision
• Les entreprises biotechnologiques émergentes se spécialisent dans les thérapies ciblées

Investisseurs biotechnologiques

En 2024, la société a suscité des intérêts de 213 investisseurs institutionnels.

Type d'investisseur	Nombre d'investisseurs	Investissement total
Sociétés de capital-risque	87	456 millions de dollars
Hedge funds	62	312 millions de dollars
Investisseurs institutionnels	64	278 millions de dollars

Centres de traitement du cancer

Tango Therapeutics a un engagement potentiel avec 1 100 centres de traitement du cancer spécialisés dans le monde.

• Centres de cancer complets: 42
• Centres de cancer communautaire: 678
• Cliniques d'oncologie spécialisées: 380

Groupes de défense des patients

L'entreprise collabore avec 63 organisations nationales et internationales de défense des patients.

Type de groupe de plaidoyer	Nombre d'organisations	Portée collective
Organisations spécifiques au cancer	38	2,4 millions de patients
Groupes de plaidoyer de cancer rares	15	412 000 patients
Groupes de soutien à l'oncologie générale	10	890 000 patients

Tango Therapeutics, Inc. (TNGX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Tango Therapeutics a déclaré des dépenses de R&D de 127,4 millions de dollars.

Exercice fiscal	Dépenses de R&D	Pourcentage d'augmentation
2022	94,6 millions de dollars	34.6%
2023	127,4 millions de dollars	34.7%

Coût des essais cliniques

Les dépenses d'essais cliniques pour Tango Therapeutics en 2023 étaient d'environ 42,3 millions de dollars.

• Essais de phase 1: 18,7 millions de dollars
• Essais de phase 2: 23,6 millions de dollars

Maintenance de la propriété intellectuelle

Coûts de maintenance de la propriété intellectuelle annuelle: 3,2 millions de dollars

Catégorie IP	Coût
Dépôt de brevet	1,8 million de dollars
Entretien de brevets	1,4 million de dollars

Recrutement et rétention des talents scientifiques

Total des dépenses du personnel pour 2023: 65,9 millions de dollars

• Compensation moyenne du personnel scientifique: 245 000 $ par an
• Coûts de recrutement: 2,6 millions de dollars
• Avantages sociaux: 12,4 millions de dollars

Investissements technologiques et infrastructures

Investissement total d'infrastructure technologique en 2023: 22,5 millions de dollars

Catégorie d'infrastructure	Investissement
Équipement de laboratoire	15,3 millions de dollars
Systèmes informatiques	7,2 millions de dollars

Tango Therapeutics, Inc. (TNGX) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence future

Depuis le quatrième trimestre 2023, Tango Therapeutics n'a signalé aucun accord de licence actif. Les revenus totaux de licence potentiels restent non spécifiés.

Subventions de recherche et financement gouvernemental

Source de financement	Montant	Année
National Institutes of Health (NIH)	2,1 millions de dollars	2023
Fondation de recherche sur le cancer	$750,000	2023

Collaborations de partenariat stratégique

Les partenariats stratégiques actuels comprennent:

• Collaboration avec Genentech (Roche Group)
• Valeur de collaboration de recherche: Conditions financières non divulguées

Paiements potentiels de jalons de développement des médicaments

Payments de jalons potentiels des programmes de recherche en cours:

Programme	Paiement de jalon potentiel	Statut
Programme Tango-001	Jusqu'à 50 millions de dollars	Préclinique
Programme Tango-002	Jusqu'à 35 millions de dollars	Étape de découverte

Future commercialisation des produits pharmaceutiques

État actuel du pipeline commercial:

• Aucun produit approuvé par la FDA à 2024
• Multiples programmes d'oncologie en développement
• Ventes de pointe potentielles estimées: Non divulgué

Tango Therapeutics, Inc. (TNGX) - Canvas Business Model: Value Propositions

You're looking at the core value Tango Therapeutics, Inc. delivers, which is built entirely on targeting specific genetic vulnerabilities in cancer, moving beyond broad-spectrum treatments. This precision medicine focus is their main draw for patients and partners.

The primary value proposition centers on developing targeted therapies for genetically defined cancers, specifically those harboring the MTAP deletion. This genetic alteration is not rare; it occurs in 10% to 15% of all human cancers, representing a total addressable population of more than 60,000 MTAP-deleted solid tumor patients annually in the U.S. alone. This clear genetic definition allows for a highly focused development strategy.

Tango Therapeutics, Inc. is positioning its lead asset, vopimetostat (also referred to as TNG462), as a potential best-in-class PRMT5 inhibitor. The data presented in October 2025 strongly support this claim, especially given the FDA-agreed go-forward dose of 250 mg once daily, which demonstrated a potentially best-in-class safety and tolerability profile with only an approximately 8% dose reduction rate observed. The company is using a novel approach based on synthetic lethality-where the cancer cell's existing genetic defect (MTAP deletion) makes it selectively vulnerable to the drug's mechanism (PRMT5 inhibition)-to kill cancer cells selectively.

The clinical results from the Phase 1/2 study provide concrete evidence of this value proposition in difficult-to-treat settings. You can see the key efficacy metrics below:

Indication / Cohort	Patient Population	Objective Response Rate (ORR)	Median Progression-Free Survival (mPFS)
Second-Line Pancreatic Cancer (MTAP-del)	One prior line of therapy	25%	7.2 months
Histology-Agnostic Cohort (Excluding Sarcoma)	Multiple late-line cancers (MTAP-del)	49%	9.1 months
All Tumor Evaluable Patients (Phase 1/2)	Across 16 cancer types (MTAP-del)	27%	Median follow-up: 9.4 months

This data is the foundation for advancing compounds into pivotal trials. Tango Therapeutics, Inc. has a clear path forward, supported by its recent financing and pipeline progression. The company is advancing vopimetostat into its first pivotal study in second-line MTAP-deleted pancreatic cancer, anticipated to start in 2026. This global, randomized study is expected to enroll approximately 300 patients, comparing vopimetostat to standard chemotherapy regimens. Also advancing is TNG456, a next-generation, brain-penetrant PRMT5 inhibitor, which has entered a Phase 1/2 trial focusing on MTAP-deleted glioblastoma (GBM), where 45% of cases harbor this deletion.

The value proposition is further strengthened by the company's financial stability, which underpins its ability to execute these critical development steps. The recent October 2025 financing secured $225 million in gross proceeds, extending the cash runway into 2028. This financial backing comes right after a significant operational milestone:

• Tango Therapeutics, Inc. achieved profitability in the third quarter of 2025.
• Q3 2025 Revenue reached $53.81 million.
• Q3 2025 Net Income was $15.88 million.
• The company is also planning to share initial data from the combination study of vopimetostat plus Revolution Medicines' RAS(ON) inhibitors in 2026.
• The lung cancer monotherapy cohort (n=41) is fully enrolled, with a data update planned for 2026.

The market opportunity is segmented across several high-need areas, which you can map out based on U.S. annual patient numbers:

• MTAP-deleted Pancreatic Cancer: Approximately 20,000 patients.
• MTAP-deleted Lung Cancer: Approximately 22,000 patients.
• Other MTAP-deleted Cancers (Histology-Agnostic): Another 20,000 patients.

The development of TNG456 also targets a specific, high-unmet need population, as people with GBM currently have a five-year survival rate below 10%.

Tango Therapeutics, Inc. (TNGX) - Canvas Business Model: Customer Relationships

You're managing relationships in the biotech space, which means your key customers aren't just patients, but the pharma giants you partner with and the analysts who cover your story. It's a high-stakes, high-touch environment, definitely.

High-touch, strategic R&D collaboration management with pharma partners

Tango Therapeutics, Inc. manages its strategic R&D relationships with a focus on milestone execution and clear delineation of responsibilities. A key recent event was the mutual agreement with Gilead to truncate the research term of their collaboration and license agreement from seven years to five, concluding the research portion on August 4, 2025. Importantly, this truncation carried no financial penalty for Tango Therapeutics, Inc., and all ongoing work, future milestones, and royalties related to licensed programs remain fully in effect. This suggests a mature, ongoing partnership where the focus shifts from initial research funding to development execution.

The company also maintains active development collaborations, such as the ongoing combination studies involving vopimetostat (TNG462) with Revolution Medicines' RAS(ON) inhibitors. These collaborations require close coordination on trial design and data sharing.

Direct engagement with clinical investigators and Key Opinion Leaders

Engagement with the clinical community is driven by presenting data from ongoing trials. For TNG260, the first clinical data were presented at the Society for Immunotherapy of Cancer (SITC) Annual Meeting, held November 5-9, 2025, in National Harbor, Maryland. This trial evaluates TNG260 in combination with pembrolizumab in patients with STK11-mutant advanced solid tumors. Furthermore, the company is actively recruiting for open trials for TNG260 and vopimetostat, directly engaging investigators at participating medical centers.

The clinical development strategy relies heavily on KOL validation, as seen by the planned pivotal trial in 2L MTAP-del pancreatic cancer, anticipated to start in 2026, which is informed by data showing a median progression free survival (mPFS) of 7.2 months in that setting for TNG462.

Investor relations and financial reporting (e.g., Q3 2025 earnings)

Investor relations activity in late 2025 was robust, featuring participation by President and CEO Dr. Barbara Weber at the June 10, 2025 Goldman Sachs Global Healthcare Conference and the November 19, 2025 Jefferies Global Healthcare Conference. The President of R&D, Dr. Adam Crystal, was scheduled to present at the Piper Sandler 37th Annual Healthcare Conference on December 3, 2025. The company reported its Q3 2025 results on November 4, 2025. This reporting period showed a significant financial shift, moving from a loss to profitability, which is a major point of communication with investors.

Here's a look at the key financial metrics from the Q3 2025 report, which is critical for understanding investor sentiment:

Metric	Q3 2025 Value	Comparison/Context
Collaboration Revenue	$53.8 million	Up from $11.6 million in Q3 2024.
Net Income	$15.9 million	Turnaround from a net loss of $29.2 million in Q3 2024.
Earnings Per Share (EPS) Basic	$0.14	Beat estimate of -$0.05 by 450.00%.
Cash, Cash Equivalents, Marketable Securities (as of Sep 30, 2025)	$152.8 million	Supported by $225 million gross proceeds from October 2025 financing.
Cash Runway Extension	Into 2028	Due to October 2025 financing.

The company's market capitalization was approximately $1.3 billion as of early December 2025, with a current ratio of 8.88. The stock showed a year-to-date return of 226%.

Scientific communication through data presentations and publications

Scientific communication is a primary driver for external validation. Tango Therapeutics, Inc. announced vopimetostat (TNG462) clinical data in an October 2025 corporate presentation. This data included a 49% ORR and mPFS of 9.1 months in a histology selective cohort. The company also presented data on TNG260 at SITC 2025.

Key data milestones communicated include:

• TNG462 2L MTAP-del pancreatic cancer mPFS: 7.2 months.
• TNG260 trial in STK11 mut/KRAS WT NSCLC, representing ~10% of lung adenocarcinoma annually in the US (~10,000 patients).
• TNG456 enrollment commenced in Q2 2025 for glioblastoma.
• TNG462 combination trial data anticipated in 2026.

The company filed an S-3ASR and an 8-K on November 21, 2025.

Tango Therapeutics, Inc. (TNGX) - Canvas Business Model: Channels

For Tango Therapeutics, Inc., the Channels block of the Business Model Canvas focuses heavily on the clinical development pathway and strategic communication to key stakeholders, given its clinical-stage nature. The primary routes to market validation and eventual commercialization are deeply intertwined with the scientific and regulatory ecosystem.

Clinical trial sites (hospitals and oncology centers)

The physical presence for Tango Therapeutics, Inc. is established through the network of investigators and sites running its clinical programs. These sites are the direct interface for delivering the investigational medicines to patients and generating the core clinical data.

As of late 2025, key ongoing trials utilizing these channels include:

• Vopimetostat (TNG462) in MTAP-deleted cancers.
• TNG260 in combination with pembrolizumab for STK11-mutant lung cancer.
• TNG456 in a Phase 1/2 study for glioblastoma.

Specific enrollment data points show the activity within these channels:

Trial/Cohort	Status/Key Metric (Late 2025)	Associated Drug
TNG462 Lung Cancer Cohort	41 patients fully enrolled	Vopimetostat (TNG462)
TNG462 Histology-Selective Cohort	n=13 for specific ORR analysis	Vopimetostat (TNG462)
TNG260 Dose Expansion	Ongoing enrollment in STK11-mut/RAS WT lung cancer	TNG260
TNG456 Phase 1/2 Study	Enrolling patients for glioblastoma indication	TNG456

The company is planning its first TNG462 monotherapy registrational study in 2L MTAP-del pancreatic cancer with an anticipated study start in 2026. This next phase will require a significant expansion of the clinical site network.

Out-licensing and co-development agreements with major pharma

Partnerships serve as a critical channel for funding development, accessing broader clinical and commercial infrastructure, and validating the platform. The financial flow from these agreements is a key component of Tango Therapeutics, Inc.'s revenue recognition.

The collaboration with Gilead, though truncated, significantly impacted Q3 2025 financials. All remaining deferred revenue from the upfront and research option-extension payments under that agreement was recognized as collaboration revenue during the three months ended September 30, 2025.

Financial metrics related to collaboration revenue for the nine months ended September 30, 2025, show substantial activity:

• Collaboration revenue recognized: $62.4 million.
• Comparison to same period in 2024: $25.9 million.
• Collaboration revenue for Q3 2025 alone: $53.8 million.
• License revenue recognized for the nine months ended September 30, 2025: $0.

Also, Tango Therapeutics, Inc. established a clinical collaboration with Eli Lilly to evaluate TNG456 in combination with Verzenio (abemaciclib), which represents a forward-looking co-development channel.

Scientific and medical conferences for data dissemination

Disseminating clinical data at major medical meetings is the primary way Tango Therapeutics, Inc. communicates progress to the scientific community, potential partners, and investors. This is a crucial channel for building credibility and driving future business development.

Key conference participation in 2025 included:

• Goldman Sachs Global Healthcare Conference (Fireside Chat): June 10, 2025.
• B Riley Precision Oncology & Radiopharma Conference (Panel): Late February 2025.
• Leerink Global Healthcare Conference (Fireside Chat): March 2025.
• Barclays 27th Annual Global Healthcare Conference (1x1 meetings): March 2025.
• Society for Immunotherapy of Cancer (SITC) Annual Meeting (Presentations): November 5-9, 2025.
• Jefferies Global Healthcare Conference (Fireside Chat): November 19, 2025.

The SITC Annual Meeting in November 2025 featured three poster presentations, including the first clinical data on TNG260. The TNG462 data update, which supported the planned pivotal trial, was announced in October 2025 following presentations earlier in the year.

Direct regulatory submissions to health authorities (e.g., FDA)

The FDA interaction channel is direct and critical for advancing drug candidates toward approval. This involves IND clearances, designation applications, and data presentation for trial design alignment.

Key regulatory milestones achieved or reported in 2025 include:

Drug Candidate	Regulatory Action/Designation	Date/Status (as of late 2025)
TNG456	Orphan Drug Designation (ODD) for malignant glioma	October 2025
TNG462	Orphan Drug Designation (ODD) for pancreatic cancer (reported earlier)	Prior to 2025, supported 2025 planning
TNG456	Fast Track Designation (FTD) for solid tumors with MTAP deletion	February 2025
TNG462	Positive Data presented supporting pivotal trial planning	October 23, 2025

The October 23, 2025 data announcement for TNG462, showing an Objective Response Rate (ORR) of 27% across 16 tumor types, directly informs discussions with the FDA regarding the path to a registrational study. The company expects to initiate that pivotal trial in 2026.

Finance: draft 13-week cash view by Friday.

Tango Therapeutics, Inc. (TNGX) - Canvas Business Model: Customer Segments

You're looking at the core groups Tango Therapeutics, Inc. (TNGX) targets to bring its precision oncology assets to market. This isn't just about the patients; it's about the entire ecosystem that funds, prescribes, and partners on these novel therapies.

Patients with MTAP-deleted cancers (e.g., pancreatic, lung, glioblastoma)

This segment represents the ultimate end-users, defined by specific genetic markers that Tango Therapeutics' lead candidates are designed to address. The clinical data points directly to the unmet need and potential value proposition for this group.

• Patients with MTAP-deleted pancreatic and lung cancers are the focus for vopimetostat (TNG462).
• In a histology selective cohort, TNG462 demonstrated a 49% ORR (Overall Response Rate) and a median Progression Free Survival (mPFS) of 9.1 months.
• For second-line (2L) MTAP-del pancreatic cancer, TNG462 showed an mPFS of 7.2 months.
• TNG456 is being evaluated in a Phase 1/2 trial specifically for glioblastoma, a brain-penetrant PRMT5 inhibitor.
• TNG260 targets STK11-mutated lung adenocarcinoma, a population representing approximately 10% of lung adenocarcinomas.
• A registrational study for TNG462 in pancreatic cancer is anticipated to start in 2026.

Oncologists and prescribing physicians specializing in precision oncology

These are the gatekeepers who translate clinical trial data into prescriptions. Their segment is influenced by the strength of the efficacy and safety data presented at medical conferences.

Metric	Data Point (Late 2025)
TNG462 Planned Go-Forward Dose	250mg once-daily (QD)
TNG260 Expansion Dose	80mg QD
Data Update Anticipated (TNG462 Combo)	2026

The prescribing decision hinges on data supporting a potential best-in-class profile for TNG462 in MTAP-del cancers. The clinical development path is set to inform a registrational study next year.

Large pharmaceutical companies seeking novel oncology pipeline assets

This segment consists of potential acquirers or strategic partners. Their interest is quantified by Tango Therapeutics, Inc.'s financial health, pipeline advancement, and existing partnership structures.

• Tango Therapeutics, Inc. secured $225 million in gross proceeds from an October 2025 financing.
• This financing extends the cash runway into 2028.
• The research portion of the collaboration with Gilead concluded on August 4, 2025, with no licensed programs returned and all future milestones/royalties remaining in effect.
• Tango Therapeutics, Inc. has an ongoing clinical collaboration with Revolution Medicines to evaluate TNG462 combinations.
• Cash reserves as of Q2 2025 were $180.8 million, projected to fund operations into Q1 2027.

Institutional and individual investors (TNGX shareholders)

This group values market performance, financial stability, and analyst sentiment for making buy, hold, or sell decisions. The market capitalization reflects their collective valuation of the company's future prospects.

Here's the quick math on the market valuation as of late November 2025:

Financial Metric	Value (as of Nov 21, 2025)
Market Capitalization	$1.35B USD
Shares Outstanding (November 2025)	110,966,345
12-Month Market Cap Growth	306.72%
Analyst Consensus Rating	Moderate Buy
Analysts Recommending Buy/Sell	9 Buy / 0 Sell
Consensus Price Target	$13.00

The company reported a net loss of $38.9 million for the three months ended June 30, 2025. Still, the stock price has seen significant movement, trading at $9.90 recently, with a 52-week range spanning from $1.03 to $11.20.

Tango Therapeutics, Inc. (TNGX) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Tango Therapeutics, Inc.'s operations as of late 2025. For a clinical-stage biotech, the cost structure is heavily weighted toward getting those pipeline assets, like vopimetostat and TNG456, through the clinic.

The reported Research and Development (R&D) expenses for the nine months ended September 30, 2025, totaled $100.1 million. This figure is actually a slight decrease from the $110.0 million reported for the same nine-month period in 2024. General and Administrative (G&A) expenses for the nine months ended September 30, 2025, were $31.7 million, which was also a slight reduction from the $32.7 million reported in the prior year period. Honestly, seeing R&D spend dip while advancing key programs suggests some pipeline streamlining was effective.

The R&D expense movement reflects a strategic shift. Decreased spend on discontinued clinical programs, specifically TNG908 and TNG348, along with lower TNG260 and discovery program expenses, helped lower the overall R&D burn rate. However, this reduction was partially offset by increased spend necessary for the advancement of vopimetostat, TNG456, and TNG961.

Clinical trial costs for the lead programs are a major component of that R&D spend. You can see the focus areas driving current expenditure:

Program	Status/Key Activity (as of late 2025)	Cost Driver Context
Vopimetostat	Open and Recruiting for MTAP-deleted cancers; Data supported planned pivotal study in 2L MTAP-del pancreatic cancer.	Advancement spend contributed to increased 9M 2025 R&D.
TNG456	Phase 1/2 trial started enrolling in Q2 2025 for MTAP-deleted solid tumors, focusing on glioblastoma.	Advancement spend contributed to increased 9M 2025 R&D.
TNG462	Combination trial with Revolution Medicines' RAS(ON) inhibitors was enrolling patients as of Q2 2025.	Spend on TNG462 was mentioned as a factor in R&D changes.
TNG908	Discontinued.	Decreased spend on this program contributed to lower 9M 2025 R&D.

Personnel-related costs are a significant driver across both expense categories. You'll notice the fluctuations in G&A expenses often tie directly back to staffing decisions.

• General and administrative expenses in Q3 2025 decreased primarily due to decreased spend on personnel-related costs.
• Conversely, G&A expenses in Q1 2025 increased primarily due to higher personnel-related costs.
• The overall cash runway extension was partly achieved through a reduction of research headcount associated with preclinical pipeline and target discovery efforts.

Finally, costs related to protecting the science-Intellectual property creation and maintenance-are also embedded in the operating expenses. These are not always broken out separately, but the filings give us a clue about their variability.

• External legal and patent costs were cited as a reason for the decrease in G&A expenses for the nine months ended September 30, 2025.
• These costs are a necessary, though variable, component of maintaining the synthetic lethality platform and pipeline assets.

Finance: draft 13-week cash view by Friday.

Tango Therapeutics, Inc. (TNGX) - Canvas Business Model: Revenue Streams

You're looking at Tango Therapeutics, Inc.'s (TNGX) revenue generation, which, as of late 2025, is heavily weighted toward its strategic partnership with Gilead Sciences, Inc. The company's ability to convert R&D milestones into recognized revenue is key to funding its pipeline advancement.

Collaboration Revenue is the most immediate stream. For the nine months ended September 30, 2025, Tango Therapeutics reported collaboration revenue of $62.4 million. This figure is a significant jump from the $25.9 million recognized in the same nine-month period in 2024.

The spike in Q3 2025 was due to a specific accounting event. All remaining deferred revenue stemming from upfront and research option-extension payments under the Gilead collaboration was recognized as collaboration revenue during the three months ended September 30, 2025. This recognition was a direct result of the truncation of the research term of that collaboration agreement, which concluded all research activities. This single-period recognition amounted to $53.8 million for the third quarter of 2025. To be fair, this means the run-rate for Q4 2025 collaboration revenue will likely revert to a much lower baseline, as this large deferred amount has now been cleared.

The potential future value locked in the Gilead deal remains substantial, even after the research term ended. This stream is contingent on clinical and regulatory success for the licensed programs. You should map out the potential upside from this partnership:

Revenue Component	Value/Rate	Applicability/Notes
Upfront Payment (Historical)	$50 million	Received from Gilead Sciences, Inc.
Program Milestone Potential	Up to $410 million per program	For optioned programs, covering pre-clinical, development, and regulatory milestones
Net Sales Royalties	Up to low double-digit tiered royalties	On net sales of licensed products
U.S. Co-Develop/Co-Detail Profit Split	50/50 split	For programs where Tango opts in to co-develop/co-detail

Beyond the collaboration, equity financing is a critical, though non-operational, revenue stream that funds the company's cash burn. Tango Therapeutics bolstered its financial footing recently. The company completed a significant capital raise, bringing in $212 million in equity financing during the third quarter of 2025. Another report suggests a $225 million financing extended the cash runway into 2028. This infusion helps offset the operational losses inherent in clinical-stage development, as the net loss for the nine months ended September 30, 2025, was $62.8 million.

Here's a quick look at the cash position and financing impact:

• Cash, cash equivalents, and marketable securities as of March 31, 2025: $216.7 million.
• Cash runway extended into the first quarter of 2027 based on Q1 2025 spending levels.
• Post-Q3 2025 financing, runway is now expected into 2028.
• No license revenue was recognized for the nine months ended September 30, 2025, compared to $12.1 million in the same period in 2024.

Finance: draft 13-week cash view by Friday.