Tango Therapeutics, Inc. reported its financial results for the third quarter ended September 30, 2024, with collaboration revenue reaching $11.6 million, an increase from $10.7 million in the same period of 2023. The company posted a net loss of $29.2 million, or $0.27 per share, compared to a net loss of $22.3 million, or $0.23 per share, in the prior year's third quarter. Research and development expenses rose to $33.3 million, up from $27.1 million in Q3 2023, reflecting increased investment in advancing its pipeline.
The company announced positive clinical activity for TNG462 from its Phase 1/2 clinical trial, leading to the decision to move the program into full development. This includes plans for multiple combination studies, notably a new clinical collaboration established with Revolution Medicines. This collaboration will evaluate TNG462 in combination with Revolution Medicines’ RAS(ON) multi-selective and G12D-selective inhibitors, targeting a significant patient population.
Tango Therapeutics also provided an update on its next-generation brain-penetrant PRMT5 inhibitor, TNG456, which is planned to enter the clinic in the first half of 2025. Furthermore, Maeve Waldron-Lynch, M.D., is set to join the company as Senior Vice President, Head of Clinical Development later in November, bolstering the clinical leadership team. As of September 30, 2024, the company held $293.3 million in cash, cash equivalents, and marketable securities, providing a cash runway into the third quarter of 2026.
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