On August 7, 2024 Tango Therapeutics, Inc. (NASDAQ: TNGX), a clinical-stage biotechnology company committed to discovering and delivering the next generation of precision cancer medicines, reported its financial results for the second quarter ended June 30, 2024, and provided business highlights (Press release, Tango Therapeutics, AUG 7, 2024, View Source [SID1234645523]).
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"In the second quarter, we continued to advance the dose expansion portions of the TNG908 and TNG462 phase 1/2 clinical trials. We are progressing these molecules with the intent of remaining a leader in developing PRMT5 inhibitors for multiple cancers. We look forward to sharing a comprehensive clinical data update for the PRMT5 program later this year," said Barbara Weber, M.D., President and Chief Executive Officer of Tango Therapeutics. "In addition, we continue to advance TNG260 for cancers with STK11 loss-of-function mutations and patient enrollment is ongoing in the phase 1/2 clinical trial."
Recent Business Highlights
Pipeline Update
TNG908, a blood-brain barrier penetrant, MTA-cooperative PRMT5 inhibitor
Enrollment in the dose expansion portion of the TNG908 phase 1/2 clinical trial is ongoing. Expansion cohorts are being enrolled in MTAP-deleted solid tumors in glioblastoma (GBM), non-small cell lung and pancreatic cancers at 600 mg BID.
MTAP deletions occur in approximately 10%-15% of all human cancers, including 40% of GBM.
TNG462, a potentially best-in-class MTA-cooperative PRMT5 inhibitor
The dose expansion portion of the TNG462 phase 1/2 clinical trial is ongoing. Two doses are being evaluated (200 mg QD and 300 mg QD) in non-small cell lung and pancreatic cancer, as well as a histology-agnostic cohort enriched for cholangiocarcinoma, mesothelioma, sarcoma and bladder cancers.
TNG260, a first-in-class, highly selective CoREST complex inhibitor
The TNG260 phase 1/2 clinical trial is ongoing, evaluating the safety, pharmacokinetics, pharmacodynamics and efficacy of TNG260 in combination with pembrolizumab in patients with locally advanced or metastatic solid tumors with an STK11 loss-of-function mutation. To date, safety, tolerability and pharmacokinetic profiles are favorable.
STK11 mutations occur in approximately 15% of non-small cell lung, 15% of cervical, 10% of carcinoma of unknown primary, 5% of breast and 3% of pancreatic cancers.
Business Highlights
Gilead strategic collaboration
In June, Gilead licensed a drug discovery program for a $12.0 million license fee.
Upcoming Milestones
A comprehensive update of the PRMT5 program, including clinical data from the ongoing phase 1/2 clinical trials of TNG908 and TNG462, is expected in 2H 2024.
Financial Results
As of June 30, 2024, the Company held $322.1 million in cash, cash equivalents and marketable securities, which the Company expects to be sufficient to fund operations into 2027.
Collaboration revenue was $7.8 million for the three months ended June 30, 2024, compared to $9.6 million for the same period in 2023, and $14.2 million for the six months ended June 30, 2024 compared to $15.4 million for the same period in 2023. Research costs incurred under the collaboration were lower during the three months ended June 30, 2024 which resulted in lower collaboration revenue amounts recognized.
License revenue was $12.1 million for the three and six months ended June 30, 2024, compared to $5.0 million for both the three and six months ended June 30, 2023. The increase is primarily due to licensing a drug discovery program to Gilead for $12.0 million during the second quarter of 2024.
Research and development expenses were $38.7 million for the three months ended June 30, 2024, compared to $28.7 million for the same period in 2023, and $76.7 million for the six months ended June 30, 2024 compared to $56.7 million for the same period in 2023. The change is due to increased spend related to the advancement of our clinical and preclinical programs and personnel-related costs to support our research and development activities.
General and administrative expenses were $10.8 million for the three months ended June 30, 2024, compared to $9.2 million for the same period in 2023, and $21.4 million for the six months ended June 30, 2024 compared to $17.2 million for the same period in 2023. The change was primarily due to increases in personnel-related costs.
Net loss for the three months ended June 30, 2024 was $25.6 million, or $0.24 per share, compared to a net loss of $20.7 million, or $0.23 per share, in the same period in 2023. Net loss for the six months ended June 30, 2024 was $63.5 million, or $0.58 per share, compared to a net loss of $48.7 million, or $0.55 per share, in the same period in 2023.