Tango Therapeutics, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable changes in revenue, expenses, and overall financial position compared to the previous fiscal period.
For the three months ended September 30, 2024, Tango Therapeutics generated total revenue of $11.6 million, an increase from $10.7 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $37.95 million, up from $31.1 million in the prior year. This growth was primarily driven by collaboration revenue, which amounted to $25.9 million for the nine-month period, slightly down from $26.1 million in 2023. The company recognized $11.6 million in collaboration revenue for the third quarter, compared to $10.7 million in the same quarter of the previous year.
Despite the revenue growth, Tango Therapeutics reported increased operating expenses. For the three months ended September 30, 2024, total operating expenses were $44.5 million, up from $36.4 million in the same quarter of 2023. Research and development expenses rose significantly to $33.3 million for the third quarter, compared to $27.1 million in the prior year, reflecting advancements in clinical programs and increased personnel costs. For the nine-month period, research and development expenses totaled $110 million, an increase from $83.9 million in 2023.
The company reported a net loss of $29.2 million for the third quarter of 2024, compared to a net loss of $22.3 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $92.6 million, an increase from $71 million in the previous year. The net loss per share for the third quarter was $(0.27), compared to $(0.23) in the same quarter of 2023.
As of September 30, 2024, Tango Therapeutics had cash and cash equivalents of $53.1 million, down from $66.4 million at the end of 2023. Marketable securities also decreased to $240.1 million from $270.5 million. Total assets were reported at $352.4 million, down from $402.6 million at the end of 2023, while total stockholders’ equity decreased to $229.2 million from $253.1 million.
In terms of strategic developments, the company continues to focus on its precision oncology mission, with ongoing clinical trials for its drug candidates, including TNG462 and TNG260. Additionally, Tango Therapeutics entered into a Clinical Trial Collaboration and Supply Agreement with Revolution Medicines, Inc. in November 2024, which will support its clinical trials. The company has not generated revenue from product sales and anticipates needing significant additional funding to support its operations and growth strategy.
About Tango Therapeutics, Inc.
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