Tango Therapeutics, Inc. reported its financial results for the full year ended December 31, 2024, with collaboration revenue totaling $30.0 million, a slight decrease from $31.5 million in 2023. The company's net loss for the year widened to $130.3 million, or $1.19 per share, compared to a net loss of $101.7 million, or $1.08 per share, in the previous year. Research and development expenses increased to $143.9 million, reflecting continued investment in its clinical programs.
A significant regulatory milestone was achieved with TNG462, which received Orphan Drug Designation from the FDA for the treatment of pancreatic cancer. This designation provides potential incentives, including tax credits for clinical research and market exclusivity upon approval. Additionally, the Investigational New Drug (IND) application for TNG456, a next-generation brain-penetrant MTA-cooperative PRMT5 inhibitor, was cleared by the FDA, with Phase 1/2 enrollment expected to begin in the first half of 2025.
Tango Therapeutics also announced a new clinical collaboration with Eli Lilly to evaluate TNG456 in combination with the CDK4/6 inhibitor Verzenio (abemaciclib). The company plans to disclose a data update from the ongoing TNG462 monotherapy trial in 2025, focusing on pancreatic and lung cancer, with a goal of initiating its first TNG462 monotherapy registrational study in pancreatic cancer in 2026. As of December 31, 2024, the company held $257.9 million in cash, cash equivalents, and marketable securities, expected to fund operations into the third quarter of 2026.
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