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Tango Therapeutics (TNGX) Financials

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$26.35 +2.05 (+8.44%)
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Annual Income Statements for Tango Therapeutics

Annual Income Statements for Tango Therapeutics

This table shows Tango Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -52 -59 -111 -98 -130 -102
Consolidated Net Income / (Loss)		 -52 -58 -108 -102 -130 -102
Net Income / (Loss) Continuing Operations		 -52 -58 -108 -102 -130 -102
Total Pre-Tax Income 		-52 -58 -108 -102 -130 -102
Total Operating Income		 -52 -58 -111 -114 -146 -111
Total Gross Profit		 7.66 37 25 37 42 62
Total Revenue		 7.66 37 25 37 42 62
Operating Revenue		 7.66 37 25 37 42 62
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 60 95 136 151 188 174
Selling, General & Admin Expense		 9.87 18 30 36 44 42
Research & Development Expense		 50 78 106 115 144 132
Total Other Income / (Expense), net		 0.23 0.25 2.95 13 16 9.70
Interest Expense		 -0.11 -0.50 -1.46 -6.62 -7.89 -5.63
Other Income / (Expense), net		 0.12 -0.25 1.49 5.94 7.61 4.07
Income Tax Expense		 0.00 0.29 0.05 0.13 0.21 0.00
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 -0.01 0.78 2.94 -3.89 -0.15 0.11
Basic Earnings per Share		 ($1.63) ($0.94) ($1.23) ($1.08) ($1.19) ($0.87)
Weighted Average Basic Shares Outstanding		 31.93M 62.11M 87.82M 94.57M 109.23M 116.17M
Diluted Earnings per Share		 ($1.63) ($0.94) ($1.23) ($1.08) ($1.19) ($0.87)
Weighted Average Diluted Shares Outstanding		 31.93M 62.11M 87.82M 94.57M 109.23M 116.17M
Weighted Average Basic & Diluted Shares Outstanding		 31.93M 62.11M 88.20M 106.72M 108.11M 142.69M

Quarterly Income Statements for Tango Therapeutics

This table shows Tango Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -38 -26 -28 -38 -40 -39 16 -39 -46 -56 -72
Consolidated Net Income / (Loss)		 -38 -26 -29 -38 -40 -39 16 -39 -46 -55 -68
Net Income / (Loss) Continuing Operations		 -38 -26 -29 -38 -40 -39 16 -39 -46 -55 -68
Total Pre-Tax Income 		-38 -25 -29 -38 -40 -39 16 -39 -46 -55 -68
Total Operating Income		 -42 -30 -33 -41 -43 -41 14 -42 -49 -60 -78
Total Gross Profit		 6.47 20 12 4.12 5.39 3.18 54 - 0.00 0.00 0.00
Total Revenue		 6.47 20 12 4.12 5.39 3.18 54 - 0.00 0.00 0.00
Operating Revenue		 6.47 20 12 - 5.39 3.18 54 - 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00
Total Operating Expenses		 49 49 44 45 48 44 40 42 49 60 78
Selling, General & Admin Expense		 11 11 11 11 11 11 8.92 9.76 15 23 29
Research & Development Expense		 38 39 33 34 36 33 31 32 34 37 49
Total Other Income / (Expense), net		 4.38 4.07 3.77 3.29 2.69 2.15 1.80 3.06 3.26 4.45 9.72
Interest Expense		 -2.20 -2.07 -1.81 -1.81 -1.61 -1.24 -1.10 -1.68 -2.18 -3.72 -7.15
Other Income / (Expense), net		 2.18 2.00 1.96 1.48 1.07 0.91 0.71 1.38 1.08 0.72 2.57
Income Tax Expense		 0.04 0.07 0.05 0.05 0.03 0.04 -0.01 -0.06 0.00 0.00 0.00
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 0.44 0.08 -1.08 0.41 0.14 0.10 -0.03 -0.10 0.34 0.52 3.88
Basic Earnings per Share		 ($0.35) ($0.24) ($0.27) ($0.33) ($0.36) ($0.35) $0.14 ($0.30) ($0.32) ($0.37) ($0.39)
Weighted Average Basic Shares Outstanding		 108.17M 108.31M 108.51M 109.23M 110.30M 110.54M 110.97M 116.17M 143.58M 149.88M 173.93M
Diluted Earnings per Share		 ($0.35) ($0.24) ($0.27) ($0.33) ($0.36) ($0.35) $0.13 ($0.29) ($0.32) ($0.37) ($0.39)
Weighted Average Diluted Shares Outstanding		 108.17M 108.31M 108.51M 109.23M 110.30M 110.54M 117.78M 116.17M 143.58M 149.88M 173.93M
Weighted Average Basic & Diluted Shares Outstanding		 - 107.14M 107.42M 108.11M 108.39M 111.26M 134.59M 142.69M 144.65M 168.61M 169.46M

Annual Cash Flow Statements for Tango Therapeutics

This table details how cash moves in and out of Tango Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 5.49 114 -81 5.85 2.29 43
Net Cash From Operating Activities		 70 -60 -109 -118 -132 -139
Net Cash From Continuing Operating Activities		 70 -60 -109 -118 -132 -139
Net Income / (Loss) Continuing Operations		 -52 -58 -108 -102 -130 -102
Consolidated Net Income / (Loss)		 -52 -58 -108 -102 -130 -102
Depreciation Expense		 0.72 0.90 1.61 2.42 2.50 2.28
Non-Cash Adjustments To Reconcile Net Income		 2.65 9.16 5.86 19 28 28
Changes in Operating Assets and Liabilities, net		 119 -11 -8.37 -38 -32 -67
Net Cash From Investing Activities		 -145 -183 26 41 86 -41
Net Cash From Continuing Investing Activities		 -145 -183 26 41 86 -41
Purchase of Property, Plant & Equipment		 -1.11 -1.84 -7.69 -1.53 -0.75 -1.05
Purchase of Investments		 -208 -372 -209 -311 -241 -264
Sale and/or Maturity of Investments		 63 191 243 354 328 225
Net Cash From Financing Activities		 81 357 1.62 82 48 223
Net Cash From Continuing Financing Activities		 81 357 1.62 82 48 223
Repurchase of Common Equity		 - - -0.01 -0.24 0.00 -0.04
Issuance of Common Equity		 0.04 1.06 1.62 82 48 223
Other Financing Activities, net		 0.00 326 0.00 0.69 0.00 0.00

Quarterly Cash Flow Statements for Tango Therapeutics

This table details how cash moves in and out of Tango Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
Net Change in Cash & Equivalents		 -6.08 -9.60 1.58 16 -11 -19 19 54 45 188 -259
Net Cash From Operating Activities		 -38 -24 -33 -37 -42 -37 -31 -30 -44 -39 -37
Net Cash From Continuing Operating Activities		 -38 -24 -33 -37 -42 -37 -31 -30 -44 -39 -37
Net Income / (Loss) Continuing Operations		 -38 -26 -29 -38 -40 -39 16 -39 -46 -55 -68
Consolidated Net Income / (Loss)		 -38 -26 -29 -38 -40 -39 16 -39 -46 -55 -68
Depreciation Expense		 0.63 0.63 0.62 0.62 0.62 0.63 0.56 0.48 0.46 0.43 0.42
Non-Cash Adjustments To Reconcile Net Income		 6.26 7.30 6.93 7.55 7.57 6.87 7.04 6.15 11 17 24
Changes in Operating Assets and Liabilities, net		 -6.83 -5.99 -12 -7.15 -10 -5.16 -54 2.40 -9.98 -0.87 7.12
Net Cash From Investing Activities		 -11 13 33 52 31 17 47 -136 9.64 -446 -224
Net Cash From Continuing Investing Activities		 -11 13 33 52 31 17 47 -136 9.64 -446 -224
Purchase of Property, Plant & Equipment		 -0.20 -0.32 -0.12 -0.12 -0.05 -0.62 -0.15 -0.22 0.00 0.02 -0.08
Purchase of Investments		 -120 -49 -39 -33 -47 -24 -18 -175 -54 -519 -301
Sale and/or Maturity of Investments		 109 62 72 85 78 41 66 40 64 73 78
Net Cash From Financing Activities		 43 1.31 2.40 0.97 0.00 0.58 2.54 219 80 673 2.40
Net Cash From Continuing Financing Activities		 43 1.31 2.40 0.97 0.00 0.58 2.54 219 80 673 2.40
Repurchase of Common Equity		 - - - - 0.00 - - - -0.54 -0.10 -0.64
Issuance of Common Equity		 43 1.31 2.40 0.97 0.00 0.58 2.54 219 80 673 3.05

Annual Balance Sheets for Tango Therapeutics

This table presents Tango Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 207 500 436 403 316 399
Total Current Assets		 194 492 375 347 266 354
Cash & Equivalents		 28 143 60 66 70 112
Restricted Cash		 0.00 0.57 0.57 0.86 0.90 0.43
Short-Term Investments		 162 343 306 271 188 231
Prepaid Expenses		 1.31 4.52 6.57 8.80 8.43 10
Plant, Property, & Equipment, net		 3.82 4.83 11 9.91 8.10 6.87
Total Noncurrent Assets		 9.80 2.99 50 46 42 38
Other Noncurrent Operating Assets		 9.80 2.99 50 46 42 38
Total Liabilities & Shareholders' Equity		 207 500 436 403 316 399
Total Liabilities		 169 155 187 149 117 53
Total Current Liabilities		 41 41 56 46 38 22
Accounts Payable		 1.84 3.23 4.45 2.79 1.60 1.18
Accrued Expenses		 6.14 9.89 17 15 16 18
Current Deferred Revenue		 32 26 32 26 18 0.00
Other Current Liabilities		 0.96 1.50 1.77 2.08 2.45 2.74
Total Noncurrent Liabilities		 128 115 131 104 79 31
Noncurrent Deferred Revenue		 121 115 92 67 45 0.00
Other Noncurrent Operating Liabilities		 6.93 0.00 39 37 34 31
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 39 345 249 253 200 346
Total Preferred & Common Equity		 39 345 249 253 200 346
Total Common Equity		 39 345 249 253 200 346
Common Stock		 142 507 523 624 701 949
Retained Earnings		 -103 -161 -270 -371 -502 -603
Accumulated Other Comprehensive Income / (Loss)		 0.02 -0.77 -3.71 0.19 0.34 0.22

Quarterly Balance Sheets for Tango Therapeutics

This table presents Tango Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026 9/30/2026
Total Assets		 379 428 406 381 352 274 238 210 436 1,074 1,033
Total Current Assets		 321 371 352 328 301 225 190 164 392 1,032 993
Cash & Equivalents		 66 59 61 52 53 58 39 58 158 346 87
Restricted Cash		 0.86 0.86 0.00 0.00 0.00 0.43 0.43 0.43 0.00 0.00 0.00
Short-Term Investments		 245 301 282 271 240 158 142 94 222 668 891
Prepaid Expenses		 9.04 10 8.44 6.30 7.54 7.78 8.89 11 12 18 15
Plant, Property, & Equipment, net		 11 10 9.52 9.10 8.59 7.54 7.79 7.35 6.38 6.09 5.75
Total Noncurrent Assets		 48 47 45 44 43 42 40 39 37 36 35
Other Noncurrent Operating Assets		 48 47 45 44 43 42 40 39 37 36 35
Total Liabilities & Shareholders' Equity		 379 428 406 381 352 274 238 210 436 1,074 1,033
Total Liabilities		 166 152 142 134 123 108 103 50 44 49 53
Total Current Liabilities		 54 43 43 44 38 36 40 18 14 20 25
Accounts Payable		 4.79 2.84 3.90 1.06 4.11 3.24 2.61 2.23 2.43 1.81 1.65
Accrued Expenses		 13 11 14 17 15 10 12 13 9.07 16 20
Current Deferred Revenue		 34 27 23 24 16 19 23 0.00 0.00 0.00 0.00
Other Current Liabilities		 1.81 2.04 2.07 2.36 2.86 2.82 2.53 3.10 2.83 2.94 3.06
Total Noncurrent Liabilities		 113 108 99 90 86 72 63 32 30 29 28
Noncurrent Deferred Revenue		 75 71 63 54 51 38 30 0.00 0.00 0.00 0.00
Other Noncurrent Operating Liabilities		 38 37 36 35 35 34 32 32 30 29 28
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 213 277 264 248 229 167 135 160 392 1,025 980
Total Preferred & Common Equity		 213 277 264 248 229 167 135 160 392 1,025 980
Total Common Equity		 213 277 264 248 229 167 135 160 392 1,025 980
Common Stock		 533 618 674 683 692 708 715 724 1,040 1,729 1,757
Retained Earnings		 -318 -340 -409 -435 -464 -541 -580 -564 -649 -704 -772
Accumulated Other Comprehensive Income / (Loss)		 -1.52 -0.68 -0.26 -0.33 0.75 0.19 0.09 0.12 -0.12 -0.63 -4.51

Annual Metrics And Ratios for Tango Therapeutics

This table displays calculated financial ratios and metrics derived from Tango Therapeutics' official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 21,377,250.00 87,546,430.00 88,177,354.00 88,467,269.00 - 134,593,998.00
DEI Adjusted Shares Outstanding		 21,377,250.00 87,546,430.00 88,177,354.00 88,467,269.00 - 134,593,998.00
DEI Earnings Per Adjusted Shares Outstanding		 -2.43 -0.67 -1.26 -1.11 - -0.76
Growth Metrics		 - - - - - -
Profitability Metrics		 - - - - - -
Net Operating Profit after Tax (NOPAT)		 -37 -41 -78 -80 -102 -78
Return On Investment Capital (ROIC_SIMPLE)		 - - -31.17% -31.58% -51.08% -22.50%
Earnings before Interest and Taxes (EBIT)		 -52 -58 -110 -108 -138 -107
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -51 -58 -108 -106 -135 -105
Valuation Ratios		 - - - - - -
Leverage & Solvency		 - - - - - -
Liquidity Ratios		 - - - - - -
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -51 -102 -113 -128 -139
Efficiency Ratios		 - - - - - -
Capital & Investment Metrics		 - - - - - -
Invested Capital		 -152 -141 -117 -85 -58 2.61
Increase / (Decrease) in Invested Capital		 0.00 11 24 33 26 61
Book Value per Share		 $1.81 $3.94 $2.83 $2.68 $1.86 $2.57
Tangible Book Value per Share		 $1.81 $3.94 $2.83 $2.68 $1.86 $2.57
Total Capital		 39 345 249 253 200 346
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -190 -486 -367 -338 -258 -344
Capital Expenditures (CapEx)		 1.11 1.84 7.69 1.53 0.75 1.05
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -38 -34 -47 -37 -30 -11
Debt-free Net Working Capital (DFNWC)		 153 452 320 301 228 332
Net Working Capital (NWC)		 153 452 320 301 228 332
Net Nonoperating Expense (NNE)		 15 18 30 22 28 24
Net Nonoperating Obligations (NNO)		 -190 -486 -367 -338 -258 -344
Total Depreciation and Amortization (D&A)		 0.72 0.90 1.61 2.42 2.50 2.28
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.94) ($1.23) ($1.08) ($1.19) ($0.87)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 87.71M 87.82M 94.57M 109.23M 116.17M
Adjusted Diluted Earnings per Share		 $0.00 ($0.94) ($1.23) ($1.08) ($1.19) ($0.87)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 87.71M 87.82M 94.57M 109.23M 116.17M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($0.94) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 62.11M 88.20M 106.72M 108.11M 142.69M
Normalized Net Operating Profit after Tax (NOPAT)		 -37 -41 -78 -80 -102 -78
Debt Service Ratios		 - - - - - -
Payout Ratios		 - - - - - -

Quarterly Metrics And Ratios for Tango Therapeutics

This table displays calculated financial ratios and metrics derived from Tango Therapeutics' official financial filings.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
DEI Shares Outstanding		 106,718,315.00 106,718,315.00 107,144,465.00 - 108,107,890.00 108,394,190.00 111,260,247.00 134,593,998.00 142,688,851.00 144,647,982.00 168,610,367.00
DEI Adjusted Shares Outstanding		 106,718,315.00 106,718,315.00 107,144,465.00 - 108,107,890.00 108,394,190.00 111,260,247.00 134,593,998.00 142,688,851.00 144,647,982.00 168,610,367.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.36 -0.24 -0.26 - -0.37 -0.36 0.14 -0.29 -0.32 -0.39 -0.43
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 12.23% 36.15% 8.15% -24.21% -16.67% -84.00% 363.61% - -100.00% -100.00% -100.00%
EBITDA Growth		 -38.47% -25.28% -28.94% -20.04% -3.52% -46.45% 150.60% - -15.66% -48.71% -589.99%
EBIT Growth		 -37.85% -24.71% -28.24% -19.67% -3.46% -45.36% 147.79% - -15.04% -47.45% -611.23%
NOPAT Growth		 -39.52% -27.12% -28.30% -16.84% -0.65% -38.63% 161.18% - -14.67% -45.93% -488.34%
Net Income Growth		 -35.37% -23.38% -31.01% -22.45% -5.17% -52.06% 154.46% - -14.14% -42.44% -530.58%
EPS Growth		 -9.38% -4.35% -17.39% -10.00% -2.86% -45.83% 148.15% - 11.11% -5.71% -400.00%
Operating Cash Flow Growth		 -8.45% 3.54% -7.24% -33.42% -10.14% -54.70% 7.30% - -6.39% -6.43% -20.00%
Free Cash Flow Firm Growth		 -26.46% -24.72% 21.14% 3.91% -3.02% -26.88% -31.99% - -64.38% -73.51% 11.02%
Invested Capital Growth		 25.60% 24.48% 23.81% 31.00% 36.33% 37.86% 110.59% - 123.15% 122.79% -60.69%
Revenue Q/Q Growth		 19.15% 207.14% -41.60% -64.54% 31.00% -41.01% 1,591.64% - 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 -21.99% 31.74% -12.53% -28.10% -5.20% 3.43% 138.88% - -18.05% -24.16% -28.12%
EBIT Q/Q Growth		 -21.60% 31.23% -12.21% -27.53% -5.13% 3.37% 136.89% - -17.80% -23.85% -27.91%
NOPAT Q/Q Growth		 -20.68% 30.06% -11.25% -24.43% -3.96% 3.68% 149.10% - -16.49% -22.59% -30.66%
Net Income Q/Q Growth		 -23.25% 32.61% -14.15% -29.15% -5.86% 2.57% 140.88% - -17.46% -21.59% -23.59%
EPS Q/Q Growth		 -16.67% 31.43% -12.50% -22.22% -9.09% 2.78% 137.14% - -10.34% -15.63% -5.41%
Operating Cash Flow Q/Q Growth		 -37.83% 37.64% -41.44% -9.75% -13.78% 12.42% 15.24% - -49.27% 12.39% 4.43%
Free Cash Flow Firm Q/Q Growth		 0.52% 21.12% 3.94% -27.46% -6.66% 2.85% 0.06% - -6.51% -2.55% 48.75%
Invested Capital Q/Q Growth		 6.48% 5.95% 13.88% 8.90% 13.71% 8.21% 114.68% - 346.50% -9.64% -74.67%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 0.00% 0.00% 0.00%
EBITDA Margin		 -609.58% -135.47% -261.05% -943.00% -757.31% -1,239.61% 28.49% - 0.00% 0.00% 0.00%
Operating Margin		 -652.99% -148.69% -283.26% -993.93% -788.76% -1,287.87% 26.15% - 0.00% 0.00% 0.00%
EBIT Margin		 -619.24% -138.65% -266.41% -958.07% -768.84% -1,259.26% 27.46% - 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 -585.91% -128.56% -251.29% -915.21% -739.54% -1,221.41% 29.52% - 0.00% 0.00% 0.00%
Tax Burden Percent		 100.11% 100.26% 100.19% 100.13% 100.09% 100.09% 100.06% - 100.00% 100.00% 100.00%
Interest Burden Percent		 94.52% 92.48% 94.15% 95.40% 96.11% 96.91% 107.42% - 95.44% 93.70% 90.53%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.06% - 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -45.41% -50.58% -48.80% -57.58% -61.35% -76.09% -51.65% - -38.42% -21.34% -36.48%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -2,181.01% - -1,237.10% -1,444.16% -3,294.27%
Operating Return on Assets (OROA)		 -56.93% -15.49% -29.61% -112.10% -92.62% -98.80% 6.49% - 0.00% 0.00% 0.00%
Return on Assets (ROA)		 -53.86% -14.37% -27.93% -107.09% -89.09% -95.83% 6.98% - 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 -45.41% -50.58% -48.80% -57.58% -61.35% -76.09% -51.65% - -38.42% -21.34% -36.48%
Return on Equity Simple (ROE_SIMPLE)		 -42.22% 0.00% 0.00% 0.00% -79.32% 0.00% 0.00% - 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -30 -21 -23 -29 -30 -29 14 -29 -34 -42 -55
NOPAT Margin		 -457.09% -104.08% -198.28% -695.75% -552.13% -901.51% 26.17% - 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -2.46% -1.54% -1.88% -3.03% -3.60% -4.04% 0.81% - -3.81% -2.26% -2.43%
Return On Investment Capital (ROIC_SIMPLE)		 -11.18% -8.35% -10.04% -14.35% -17.85% -21.25% 8.80% -8.47% -8.72% -4.08% -5.58%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 164.75% 54.20% 96.68% 269.44% 212.91% 356.52% 16.58% - 0.00% 0.00% 0.00%
R&D to Revenue		 588.24% 194.49% 286.58% 824.49% 675.85% 1,031.34% 57.27% - 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 752.99% 248.69% 383.26% 1,093.93% 888.76% 1,387.87% 73.85% - 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -40 -28 -31 -39 -41 -40 15 -40 -48 -59 -76
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -39 -27 -30 -39 -41 -39 15 -40 -47 -59 -75
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.20 3.70 3.60 1.66 0.89 4.11 5.84 - 7.62 4.41 4.29
Price to Tangible Book Value (P/TBV)		 3.20 3.70 3.60 1.66 0.89 4.11 5.84 - 7.62 4.41 4.29
Price to Revenue (P/Rev)		 22.76 21.54 19.02 7.89 3.61 22.84 14.05 - 52.38 84.03 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 115.04 - 223.30 332.74 1,209.49
Enterprise Value to Revenue (EV/Rev)		 13.53 13.96 12.26 1.76 0.00 15.38 11.75 - 45.71 65.19 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Financial Leverage		 -1.38 -1.38 -1.29 -1.32 -1.30 -1.32 -1.15 - -1.07 -1.03 -0.99
Leverage Ratio		 1.65 1.65 1.54 1.59 1.58 1.62 1.45 - 1.27 1.13 1.09
Compound Leverage Factor		 1.56 1.53 1.45 1.52 1.52 1.57 1.55 - 1.21 1.06 0.99
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Altman Z-Score		 2.86 3.28 2.90 0.07 -1.46 0.12 8.81 - 39.17 55.06 47.20
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 8.23 7.49 8.00 6.98 6.26 4.75 8.88 - 27.38 50.82 39.45
Quick Ratio		 8.03 7.34 7.80 6.76 6.03 4.52 8.29 - 26.51 49.95 38.85
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -57 -45 -43 -55 -59 -57 -57 -90 -96 -99 -51
Operating Cash Flow to CapEx		 -19,413.85% -7,377.19% -29,034.78% -29,554.03% -81,758.82% -5,852.40% -20,498.01% - 0.00% 0.00% -48,237.66%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.09 0.11 0.11 0.12 0.12 0.08 0.24 - 0.16 0.08 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Fixed Asset Turnover		 3.61 4.26 4.60 4.67 4.81 2.88 8.35 - 8.19 7.75 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -79 -74 -64 -58 -50 -46 6.79 2.61 12 11 2.67
Invested Capital Turnover		 -0.40 -0.49 -0.59 -0.59 -0.63 -0.40 -2.32 - -2.94 -3.01 0.00
Increase / (Decrease) in Invested Capital		 27 24 20 26 29 28 71 61 62 57 -4.12
Enterprise Value (EV)		 504 594 532 74 -69 374 781 - 2,605 3,508 3,229
Market Capitalization		 847 916 825 332 148 555 935 - 2,985 4,522 4,207
Book Value per Share		 $2.48 $2.29 $2.14 $1.86 $1.54 $1.25 $1.44 $2.57 $2.74 $7.08 $5.81
Tangible Book Value per Share		 $2.48 $2.29 $2.14 $1.86 $1.54 $1.25 $1.44 $2.57 $2.74 $7.08 $5.81
Total Capital		 264 248 229 200 167 135 160 346 392 1,025 980
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -344 -322 -293 -258 -217 -181 -153 -344 -380 -1,014 -978
Capital Expenditures (CapEx)		 0.20 0.32 0.12 0.12 0.05 0.62 0.15 0.22 -0.00 -0.02 0.08
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -34 -38 -30 -30 -28 -31 -7.90 -11 -1.84 -2.62 -10
Debt-free Net Working Capital (DFNWC)		 309 285 263 228 189 150 145 332 378 1,011 968
Net Working Capital (NWC)		 309 285 263 228 189 150 145 332 378 1,011 968
Net Nonoperating Expense (NNE)		 8.34 4.86 6.15 9.03 10 10 -1.80 9.44 11 13 14
Net Nonoperating Obligations (NNO)		 -344 -322 -293 -258 -217 -181 -153 -344 -380 -1,014 -978
Total Depreciation and Amortization (D&A)		 0.63 0.63 0.62 0.62 0.62 0.63 0.56 0.48 0.46 0.43 0.42
Debt-free, Cash-free Net Working Capital to Revenue		 -92.26% -88.38% -69.26% -70.70% -68.65% -128.16% -11.89% - -3.23% -4.87% 0.00%
Debt-free Net Working Capital to Revenue		 830.59% 669.37% 606.75% 542.38% 461.12% 617.69% 218.55% - 663.25% 1,879.49% 0.00%
Net Working Capital to Revenue		 830.59% 669.37% 606.75% 542.38% 461.12% 617.69% 218.55% - 663.25% 1,879.49% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.35) ($0.24) ($0.27) ($0.33) ($0.36) ($0.35) $0.14 ($0.30) ($0.32) ($0.37) ($0.39)
Adjusted Weighted Average Basic Shares Outstanding		 108.17M 108.31M 108.51M 109.23M 110.30M 110.54M 110.97M 116.17M 143.58M 149.88M 173.93M
Adjusted Diluted Earnings per Share		 ($0.35) ($0.24) ($0.27) ($0.33) ($0.36) ($0.35) $0.13 ($0.29) ($0.32) ($0.37) ($0.39)
Adjusted Weighted Average Diluted Shares Outstanding		 108.17M 108.31M 108.51M 109.23M 110.30M 110.54M 117.78M 116.17M 143.58M 149.88M 173.93M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 107.14M 107.42M 108.11M 108.39M 111.26M 134.59M 142.69M 144.65M 168.61M 169.46M
Normalized Net Operating Profit after Tax (NOPAT)		 -30 -21 -23 -29 -30 -29 9.85 -29 -34 -42 -55
Normalized NOPAT Margin		 -457.09% -104.08% -198.28% -695.75% -552.13% -901.51% 18.31% - 0.00% 0.00% 0.00%
Pre Tax Income Margin		 -585.29% -128.23% -250.82% -914.02% -738.91% -1,220.31% 29.50% - 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - -0.53% -0.54% -0.63%

Financials Breakdown Chart

Key Financial Trends

Tango Therapeutics’ Q2 2026 statements show a much stronger balance sheet, but also continued operating losses and rising dependence on equity financing. The company reported no revenue in Q2 2026, compared with $3.2 million in Q2 2025 and $19.9 million in Q2 2024. Revenue has been volatile, including a $53.8 million quarter in Q3 2025, which appears to have been nonrecurring. This makes Tango’s pipeline progress and potential future partnership or product revenue especially important to investors.

  • Liquidity increased substantially. Cash and equivalents rose to $345.6 million at June 30, 2026, from $157.8 million at the end of Q1 2026. Including short-term investments, Tango held approximately $1.01 billion in liquid assets.
  • The capital raise significantly strengthened the company. Q2 financing activities provided $672.6 million, primarily from issuing common equity. Total assets increased to $1.07 billion from $435.8 million at the end of Q1, while total equity rose to $1.02 billion.
  • Balance-sheet leverage remains low. Total liabilities were $49.3 million, or less than 5% of total assets. Current assets of $1.03 billion substantially exceeded current liabilities of $20.3 million, providing considerable financial flexibility.
  • Quarterly operating cash burn improved sequentially. Net cash used in operating activities declined to $38.9 million in Q2 2026 from $44.4 million in Q1 2026, although it remained higher than the $29.7 million used in Q4 2025.
  • Research spending remains focused on the pipeline. Research and development expense was $37.2 million in Q2 2026, up from $33.5 million in Q1 2026 and $32.8 million in Q2 2025. The higher investment could support clinical progress, but it has not yet produced recurring revenue.
  • Short-term investments are being actively managed. Tango purchased $519.1 million of investments and sold or received maturities of $73.1 million during Q2. This produced negative investing cash flow of $446.0 million, but much of the activity reflects moving cash into investment securities rather than a comparable operating loss.
  • Losses continue to widen. Net loss attributable to common shareholders was $55.9 million, or $0.37 per share, in Q2 2026, compared with losses of $45.9 million, or $0.32 per share, in Q1 and $39.0 million, or $0.35 per share, in Q2 2025.
  • Operating expenses are rising without revenue support. Total operating expenses increased to $59.8 million in Q2 2026 from $48.8 million in Q1 and $44.1 million in Q2 2025. Selling, general and administrative expense was particularly elevated at $22.6 million, compared with $15.2 million in Q1.
  • Shareholder dilution is a significant risk. Weighted-average basic shares outstanding increased to 149.9 million in Q2 2026 from 143.6 million in Q1 and 110.5 million in Q2 2025. The $672.7 million equity issuance improved liquidity but increased the number of shares competing for future earnings.
  • Cash generation remains dependent on financing. Tango has reported negative operating cash flow in each provided quarter from Q2 2024 through Q2 2026. The company’s approximately $38.9 million quarterly operating burn implies substantial runway based on current liquid assets, but that runway could shorten if research spending accelerates or additional capital is needed before commercialization.

At the current Q2 operating cash-burn rate, Tango’s cash and short-term investments could support operations for several years on a simple run-rate basis. However, this estimate does not account for clinical-trial expansion, milestone payments, acquisitions, working-capital changes, or future capital expenditures. The company’s financial position is therefore materially stronger than it was in 2024 and 2025, but the investment case remains dependent on converting research programs into durable partnership, milestone, or product revenue.

11/11/26 12:50 PM ETAI Generated. May Contain Errors.

Tango Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tango Therapeutics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Tango Therapeutics' net income appears to be on a downward trend, with a most recent value of -$101.59 million in 2025, falling from -$51.97 million in 2020. The previous period was -$130.30 million in 2024. See Tango Therapeutics' forecast for analyst expectations on what's next for the company.

Tango Therapeutics' total operating income in 2025 was -$111.29 million, based on the following breakdown:
  • Total Gross Profit: $62.38 million
  • Total Operating Expenses: $173.67 million

Over the last 5 years, Tango Therapeutics' total revenue changed from $7.66 million in 2020 to $62.38 million in 2025, a change of 714.8%.

In the past 13 quarters, Tango Therapeutics' cash and equivalents has ranged from $39.27 million in Q2 2025 to $345.56 million in Q2 2026, and is currently $86.84 million as of their latest financial filing in Q3 2026.

Tango Therapeutics had total debt of $0.00 at the end of 2025, compared with none in 2024, and none in 2020.

Over the last 5 years, Tango Therapeutics' book value per share changed from 1.81 in 2020 to 2.57 in 2025, a change of 42.4%.


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Financial statements for NASDAQ:TNGX last updated on 11/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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