Tango Therapeutics, Inc. (TNGX): Business Model Canvas [Dec-2025 Updated]

You're digging into Tango Therapeutics, Inc. to see if their synthetic lethality science is actually a bankable business, and honestly, that's the right place to start. After a decade leading analysis at places like BlackRock, I look at these models to see where the cash is going versus where the future revenue lives. Right now, Tango Therapeutics, Inc. is running a high-burn R&D engine-spending $100.1 million through Q3 2025-but they've fortified the runway with a recent $212.0 million equity raise in October 2025. The whole game hinges on their proprietary CRISPR platform delivering on the promise of best-in-class therapies for MTAP-deleted tumors, backed by massive potential milestones, like up to $410 million per program from Gilead. This Business Model Canvas lays out the whole operational map, showing you exactly how they plan to capture value from their key partnerships and pipeline advancement; you'll want to see the full breakdown below, defintely.

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

You're looking at the core alliances that fuel Tango Therapeutics, Inc.'s engine, especially as they transition from early-stage discovery to late-stage clinical execution. These partnerships are critical for both funding and advancing their pipeline, so let's break down the numbers and structures as of late 2025.

Gilead Sciences (milestone and royalty agreements remain)

The collaboration with Gilead Sciences has seen a significant structural change, but the financial upside remains intact. The research term was truncated by mutual agreement, concluding research activities on August 4, 2025. This means Tango Therapeutics has no future research obligations under that part of the agreement. Importantly, there was no financial penalty for this truncation, and no licensed programs were returned to Tango Therapeutics. All agreements for future milestones and royalties are explicitly stated to remain in effect. This shift allowed for the recognition of the remaining unrecognized deferred revenue balance of $53.8 million as collaboration revenue in the third quarter of 2025. To give you context on the original structure, the initial expanded agreement included a $125 million upfront payment from Gilead and a $20 million equity investment. Gilead also held the right to option up to 15 programs for up to $410 million per program in total payments.

Here's a quick look at the financial impact of the Gilead relationship around the truncation:

Revolution Medicines (combination trials with RAS(ON) inhibitors)

This is a key operational partnership focused on advancing TNG462, a PRMT5 inhibitor. Tango Therapeutics is actively enrolling patients in a Phase 1/2 combination trial pairing TNG462 with Revolution Medicines' RAS(ON) inhibitors, specifically daraxonrasib and zoldonrasib. The first patient was dosed in this study during the second quarter of 2025. The goal here is to generate data supporting a registrational trial path. Initial data from this combination study are anticipated in 2026. This collaboration is essential for testing TNG462 in the RAS-mutant, MTAP-deleted cancer space.

• TNG462 combination trial dosing started in Q2 2025.
• Combination involves daraxonrasib or zoldonrasib.
• Initial data expected in 2026.

Clinical Research Organizations (CROs) for trial execution

Executing multi-site clinical trials, like the ongoing Phase 1/2 studies for TNG462 and TNG456, requires significant external support. Tango Therapeutics relies on established CROs to manage the logistics, patient recruitment, and data collection across various sites. While specific contract values aren't public, the operational scale dictates substantial, multi-year service agreements. The company's cash position of $180.8 million as of June 30, 2025, supported these ongoing clinical expenditures, which are a major component of their Research and Development spend.

Academic and research institutions for target discovery

Tango Therapeutics' entire premise is built on leveraging the genetic principle of synthetic lethality, which inherently requires deep engagement with academic research. These institutions provide the foundational target validation and early-stage insights that feed the pipeline. This partnership structure is less about large, upfront payments and more about ongoing access to novel biology and scientific expertise, which underpins the value of their wholly owned pipeline programs.

Leerink Partners LLC (At-The-Market stock offering up to $100 million)

To ensure the clinical programs are well-funded, Tango Therapeutics established a new capital-raising mechanism in late 2025. On November 21, 2025, the company entered an agreement with Leerink Partners LLC to establish a new At-The-Market (ATM) offering. This facility allows the company to sell up to an aggregate of $100,000,000 of its common stock over time, at its discretion. This new ATM replaced a prior agreement with Jefferies LLC, which was terminated effective November 21, 2025, and also had a limit of up to $100,000,000. For any shares sold through Leerink Partners, Tango Therapeutics will pay a commission of up to 3.0% of the gross sales price per share. This financing flexibility is supported by a recent $225 million financing that extends the cash runway into 2028. The company was valued at approximately $1.2 billion around the time of this ATM announcement.

The financial flexibility is clear; the company is managing its burn rate while securing capital access.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine driving Tango Therapeutics, Inc. (TNGX) right now-the day-to-day work that translates science into potential revenue. It's all about pushing those clinical candidates through the pipeline and managing the capital required to do it.

Advancing lead clinical candidates (vopimetostat, TNG456, TNG961)

The focus is heavily on vopimetostat, which the company calls TNG462. The data coming out of the Phase 1/2 study is what's driving near-term strategy. We see concrete efficacy metrics that support the next steps for this PRMT5 inhibitor.

Tango Therapeutics is also advancing TNG456, a brain-penetrant MTA-cooperative PRMT5 inhibitor, with the first patient dosed in its Phase 1/2 trial for glioblastoma in the second quarter of 2025. Spend on TNG961 also increased R&D expenses in the first quarter of 2025, showing continued advancement in that program.

The planned go-forward dose for TNG462 is 250 mg once-daily (QD).

Conducting Phase 1/2 clinical trials and preparing for Phase 3

The company is actively running multiple trials, gathering the data needed to transition from Phase 2 to pivotal studies. The enrollment in the combination study for TNG462 is described as robust.

• TNG462 monotherapy Phase 1/2 study in lung cancer cohort is fully enrolled (n=41).
• TNG260 is being evaluated with pembrolizumab in the dose expansion phase of its Phase 1/2 trial.
• The TNG462 pivotal trial in 2L MTAP-del pancreatic cancer is anticipated to start in 2026.
• Initial data from the TNG462 combination study with Revolution Medicines RAS(ON) inhibitors are anticipated in 2026.

Across all cancer types in the TNG462 study, as of September 1, 2025, 179 patients were enrolled, with 154 at active doses, showing an overall ORR of 27% and DCR of 78%.

Proprietary synthetic lethality target discovery using CRISPR

Tango Therapeutics, Inc. leverages the genetic principle of synthetic lethality to discover and develop therapies. This activity is reflected in the pipeline progression, particularly with TNG260, a novel CoREST complex inhibitor, and the investigation into mechanisms like immune evasion.

One key activity here involves understanding resistance mechanisms, as evidenced by the research presented at SITC 2025:

• Poster abstract presented on: Inhibition of MGAT1 overcomes STK11-driven immune evasion in non-small cell lung cancer.
• TNG260 targets the CoREST complex and is being studied in STK11-mutant/RAS wild type lung cancer, which represents approximately ~10% of lung adenocarcinoma.

Regulatory strategy and engagement with the U.S. FDA

Engagement with the U.S. Food and Drug Administration (FDA) is directly tied to advancing the lead candidate. The company has secured alignment on critical development parameters.

The FDA alignment on the go-forward dose of 250 mg QD for vopimetostat (TNG462) supports the planned pivotal trial in 2L MTAP-del pancreatic cancer.

Managing and executing strategic collaboration agreements

Managing existing collaborations is a key activity, impacting both R&D execution and near-term revenue recognition. The company is executing on the combination trial with Revolution Medicines.

Financial reporting shows the revenue flow from these agreements:

The research portion of the Gilead collaboration concluded early, which resulted in lower collaboration revenue recognized in Q2 2025 ($3.2 million for the three months ended June 30, 2025). The company still retains all future milestones and royalties from that agreement.

To fund these activities, Tango Therapeutics, Inc. executed a major financing in October 2025, raising gross proceeds of approximately $210 million from an underwritten offering and an additional $15 million from a concurrent private placement (PIPE).

As of September 30, 2025, the company held $152.8 million in cash, cash equivalents and marketable securities, which, combined with the October 2025 financing net proceeds of $212.0 million, is expected to fund operations into 2028.

Research and development expenses for the nine months ended September 30, 2025, totaled $100.1 million.

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

You're looking at the core assets Tango Therapeutics, Inc. relies on to execute its strategy, which is all about finding the next generation of precision cancer medicines. These aren't just things on a balance sheet; they are the engines of their discovery and development work.

The most immediate, hard resource is the capital base, which has been significantly bolstered recently. This cash position is what funds the entire operation, from the lab bench to clinical trials. Specifically, as of September 30, 2025, Tango Therapeutics, Inc. held $152.8 million in cash, cash equivalents and marketable securities.

This balance sheet strength was recently enhanced by a major capital raise. Tango Therapeutics, Inc. secured net proceeds of $212.0 million from an underwritten public offering and concurrent private placement that closed in October 2025. This financing event is expected to fund operations into 2028. Honestly, for a clinical-stage biotech, that runway is a critical resource.

The true value, however, lies in the proprietary technology and the people who wield it. Here's a quick look at the non-financial assets:

• Proprietary CRISPR-enabled functional genomics platform.
• Intellectual Property (IP) portfolio on novel drug targets.
• Specialized R&D personnel and late-stage development consultants.

The Proprietary CRISPR-enabled functional genomics platform is central. It uses high-throughput CRISPR-based functional genomics screening to pinpoint synthetic lethal vulnerabilities that arise from the loss of tumor suppressor genes in cancer cells. This state-of-the-art platform integrates targets, pathways, genetic context, and functional data to identify these novel targets. It's powerful because it can interrogate tens of thousands of genes at a time with a high level of accuracy.

This platform directly feeds the Intellectual Property (IP) portfolio. The IP covers a growing pipeline of programs aimed at genetically defined subsets of cancers. For example, their work has identified DNA ligase I (LIG1) as a novel synthetic lethal target in BRCA1 mutant cancers. The company's approach is designed to uncover vulnerabilities that other methods can't effectively address.

The human capital is equally vital. Tango Therapeutics, Inc. had approximately 165 employees as of September 2025. They have been actively building out their team, including key hires in clinical development to support the anticipated transition into pivotal trials for TNG462 in 2026. The team includes specialized personnel across R&D and clinical operations, such as the Senior Vice President, Head of Clinical Development, Dr. Maeve Waldron-Lynch, who joined to expand capabilities for TNG462 development.

You can see the pipeline programs that are direct outputs of these key resources:

The financial health, underpinned by the recent financing, supports the ongoing work of this specialized team and the continued advancement of the platform-derived pipeline. Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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.

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:

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:

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:

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.