Tango Therapeutics, Inc. reported its financial results for the second quarter ended June 30, 2025, showing a significant decline in revenue. Collaboration revenue was $3.2 million, down from $7.8 million in Q2 2024, and there was no license revenue compared to $12.1 million in Q2 2024, which included a $12.0 million licensing payment from Gilead. The net loss for the quarter widened to $38.9 million, or $0.35 per share, compared to a net loss of $25.6 million, or $0.24 per share, in the same period of 2024.
A major corporate development announced was the mutual agreement with Gilead to truncate their research collaboration term, effective August 4, 2025. While this concludes the active research portion of the agreement, all ongoing work by Gilead on licensed programs will continue, and agreements for future milestones and royalties remain in effect. The remaining $53.8 million in unrecognized deferred revenue from this collaboration as of June 30, 2025, will be recognized in the third quarter of 2025, providing a temporary revenue boost.
Research and development expenses decreased to $32.8 million for the quarter, down from $38.7 million in Q2 2024, primarily due to decreased spend on discontinued clinical programs TNG908 and TNG348, as well as lower TNG260 and discovery program expenses. This reduction was partially offset by increased investment in the advancing TNG462, TNG456, and TNG961 programs. As of June 30, 2025, the company held $180.8 million in cash, cash equivalents, and marketable securities, which is expected to fund operations into the first quarter of 2027.
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