Tango Therapeutics Reports Third Quarter 2021 Financial Results and Provides Business Highlights
09 Novembro 2021 - 9:00AM
Tango Therapeutics, Inc. (NASDAQ: TNGX), a biotechnology company
committed to discovering and delivering the next generation of
precision cancer medicines, reported its financial results for the
third quarter ended September 30, 2021 and provided business
highlights.
“This quarter was highlighted by our transition to a public
company. We are pleased to have successfully completed the business
combination with BCTG Acquisition Corp. (BCTG), and raised
sufficient capital to fund operations into the second half of
2024,” said Barbara Weber, M.D., President and Chief Executive
Officer of Tango Therapeutics. “We are focused on progressing our
pipeline, and in particular, advancing our lead program, an
MTAP-selective PRMT5 inhibitor, TNG908, into the clinic in the
first half of 2022. An additional highlight of this quarter, and in
support of our advancing development programs, we are pleased to
welcome Dr. Marc Rudoltz as Chief Medical Officer.”
Recent Business Highlights
- TNG908, MTA-cooperative PRMT5
inhibitor selective for cancers with MTAP deletion, on track for
filing an IND. The Company plans to file an
investigational new drug (IND) application in the fourth quarter of
2021 and initiate a Phase 1/2 clinical trial in the first half of
2022. Preclinical efficacy data of TNG908 that showed strong
regressions in multiple MTAP deleted solid tumor patient derived
xenograft (PDX) models was presented at AACR-NCI-EORTC.
- Strengthened the management team with the hires of Dr.
Marc Rudoltz as Chief Medical Officer and Doug Barry as General
Counsel. In November, the Company announced the senior
management appointments of Dr. Rudoltz and Mr. Barry. Dr. Rudoltz
brings more than 20 years’ experience leading all phases of
clinical drug development to Tango. Mr. Barry has been practicing
corporate law for more than 20 years, most recently at Alexion and
has extensive experience in public reporting and corporate
governance.
- Presented preclinical data on lead program and
discovery platform at AACR-NCI-EORTC 2021. Last month, the
Company presented five abstracts as virtual posters at the
AACR-NCI-EORTC International Conference on Molecular Targets and
Cancer Therapeutics. The posters highlight the potential
applicability of synthetic lethal drug targeting across a range of
cancer types.
- Closed business combination with BCTG Acquisition
Corp., completing transition to a public company. In
August, the Company closed the business combination with BCTG, a
special purpose acquisition company (SPAC) sponsored by Boxer
Capital, and the private investment in public equity (PIPE)
financing, resulting in gross proceeds of $342 million to
Tango.
Financial Results
At September 30, 2021, the Company held $503.8 million in cash,
cash equivalents and marketable securities, which the company
believes to be sufficient to fund operations into the second half
of 2024.
Collaboration revenue was $6.8 million for the three months
ended September 30, 2021 compared to $(11.3) million for the
same period in 2020, which was derived from the Gilead
collaboration. The increase was primarily due to the charge against
revenue of $11.3 million driven by the amendment to the
collaboration agreement with Gilead during the third quarter of
2020. The amendment resulted in a change to the transaction price
and a cumulative catch-up adjustment to the revenue previously
recognized from the Gilead collaboration.
Research and development expenses were $21.9 million for the
three months ended September 30, 2021 compared to $13.0 million for
the same period in 2020. The increase was primarily due to expenses
relating to our lead product candidate, TNG908, and the advancement
of our other drug discovery programs, as well as personnel-related
costs, including stock-based compensation, consulting and
professional fees.
General and administrative expenses were $4.4 million for the
three months ended September 30, 2021, compared to $2.5 million for
the same period in 2020. The increase was primarily due to
personnel-related costs, including stock-based compensation.
Net loss for the three months ended September 30, 2021, was
$19.6 million, or $0.28 per share, compared to a net loss of $26.8
million, or $0.76 per share, in the same period in 2020.
About Tango Therapeutics
Tango Therapeutics is a biotechnology company dedicated to
discovering novel drug targets and delivering the next generation
of precision medicine for the treatment of cancer. Using an
approach that starts and ends with patients, Tango leverages the
genetic principle of synthetic lethality to discover and develop
therapies that take aim at critical targets in cancer. This
includes expanding the universe of precision oncology targets into
novel areas such as tumor suppressor gene loss and their
contribution to the ability of cancer cells to evade immune cell
killing. For more information, please visit www.tangotx.com.
Forward-Looking Statements
Certain statements in this press release may be considered
forward-looking statements. Forward-looking statements generally
relate to future events, Tango’s future operating performance,
goals, expectations, beliefs and development objectives for Tango’s
product pipeline. In some cases, you can identify forward-looking
statements by terminology such as “may”, “should”, “expect”,
“intend”, “will”, “goal”, “estimate”, “anticipate”, “believe”,
“predict”, “potential” or “continue”, or the negatives of these
terms or variations of them or similar terminology. For example,
statements concerning the following include or constitute
forward-looking statements: : the Company’s strong cash position
(of $504 million) will support clinical and discovery pipeline
advancement, and operations, into second half of 2024; the Company
will make an IND filing in fourth quarter of 2021 (and expects to
commence clinical trials in the first half of 2022) for TNG908, an
MTA-cooperative PRMT5 inhibitor that is synthetic lethal with MTAP
deletion for multiple cancers; the Company will continue to advance
its development programs in the future; and the potential
applicability of synthetic lethal drug targeting across a range of
cancer types, including TNG908.. Such forward-looking statements
are subject to risks, uncertainties, and other factors which could
cause actual results to differ materially from those expressed or
implied by such forward looking statements. These forward-looking
statements are based upon estimates and assumptions that, while
considered reasonable by Tango and its management are inherently
uncertain. New risks and uncertainties may emerge from time to
time, and it is not possible to predict all risks and
uncertainties. Factors that may cause actual results to differ
materially from current expectations include, but are not limited
to: Tango has a limited operating history and has not generated any
revenue to date from drug sales, and may never become profitable;
Tango will need to raise capital in the future and if we are unable
to raise capital when needed or on attractive terms, we would be
forced to delay, scale back or discontinue some of our development
programs or future commercialization efforts; Tango may need to
spend additional cash resources more quickly than expected to
advance our product candidates and conduct clinical trials; we may
be unable to advance our preclinical development programs into and
through the clinic for safety or efficacy reasons or commercialize
our product candidates or we may experience significant delays in
doing so as a result of factors beyond Tango’s control; Tango’s
approach to the discovery and development of product candidates is
novel and unproven, which makes it difficult to predict the time,
cost of development, and likelihood of successfully developing any
products; Tango may not identify or discover additional product
candidates or may expend limited resources to pursue a particular
product candidate or indication and fail to capitalize on product
candidates or indications that may be more profitable or for which
there is a greater likelihood of success; our products candidates
may cause adverse or other undesirable side effects that could,
among other things, delay or prevent regulatory approval; our
dependence on third parties for conducting clinical trials and
producing drug product; our ability to obtain and maintain patent
and other intellectual property protection for our technology and
product candidates or the scope of intellectual property protection
obtained is not sufficiently broad; and delays and other impacts on
product development and clinical trials from the COVID-19 pandemic.
Additional information concerning risks, uncertainties and
assumptions can be found in Tango’s filings with the SEC,
including the risk factors referenced in Tango’s Current Report on
Form 8-K filed with the SEC on August 13, 2021. You should not
place undue reliance on forward-looking statements in this
presentation, which speak only as of the date they are made and are
qualified in their entirety by reference to the cautionary
statements herein. Tango specifically disclaims any duty to update
these forward-looking statements.
Investor Contact:Sam MartinArgot
Partnerstango@argotpartners.com
Media Contact:Joshua R. Mansbach Argot Partners
tango@argotpartners.com
Condensed Consolidated Statement of
Operations(In thousands, except share
data)(Unaudited)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Total revenue |
|
$ |
6,787 |
|
|
$ |
(11,261 |
) |
|
$ |
31,326 |
|
|
$ |
(1,486 |
) |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
21,923 |
|
|
$ |
12,977 |
|
|
$ |
56,002 |
|
|
$ |
34,928 |
|
General and administrative |
|
|
4,433 |
|
|
|
2,518 |
|
|
|
11,530 |
|
|
|
6,849 |
|
Total operating expenses |
|
|
26,356 |
|
|
|
15,495 |
|
|
|
67,532 |
|
|
|
41,777 |
|
Loss from operations |
|
|
(19,569 |
) |
|
|
(26,756 |
) |
|
|
(36,206 |
) |
|
|
(43,263 |
) |
Other income (expense), net |
|
|
41 |
|
|
|
(46 |
) |
|
|
132 |
|
|
|
155 |
|
Loss before income taxes |
|
|
(19,528 |
) |
|
|
(26,802 |
) |
|
|
(36,074 |
) |
|
|
(43,108 |
) |
Provision for income taxes |
|
|
(62 |
) |
|
|
- |
|
|
|
(115 |
) |
|
|
- |
|
Net loss |
|
$ |
(19,590 |
) |
|
$ |
(26,802 |
) |
|
$ |
(36,189 |
) |
|
$ |
(43,108 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share –
basic and diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.76 |
) |
|
$ |
(0.68 |
) |
|
$ |
(1.48 |
) |
Weighted average number of
common shares outstanding – basic and diluted |
|
|
70,160,663 |
|
|
|
35,069,988 |
|
|
|
53,397,557 |
|
|
|
29,176,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance
Sheets(In
thousands)(Unaudited)
|
|
September 30,2021 |
|
|
December 31,2020 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
204,974 |
|
|
$ |
28,381 |
|
Marketable securities |
|
|
298,831 |
|
|
|
161,939 |
|
Accounts receivable |
|
|
8,000 |
|
|
|
2,000 |
|
Prepaid expenses and other current assets |
|
|
4,534 |
|
|
|
1,312 |
|
Total current assets |
|
|
516,339 |
|
|
|
193,632 |
|
Property and equipment,
net |
|
|
4,706 |
|
|
|
3,823 |
|
Operating lease right-of-use
assets |
|
|
6,732 |
|
|
|
7,480 |
|
Restricted cash |
|
|
2,279 |
|
|
|
2,279 |
|
Other assets |
|
|
81 |
|
|
|
38 |
|
Total assets |
|
$ |
530,137 |
|
|
$ |
207,252 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
3,109 |
|
|
$ |
1,841 |
|
Accrued expenses and other current liabilities |
|
|
9,978 |
|
|
|
6,140 |
|
Operating lease liabilities |
|
|
1,092 |
|
|
|
959 |
|
Deferred revenue |
|
|
27,807 |
|
|
|
31,977 |
|
Total current liabilities |
|
|
41,986 |
|
|
|
40,917 |
|
Operating lease liabilities,
net of current portion |
|
|
6,089 |
|
|
|
6,925 |
|
Deferred revenue, net of
current portion |
|
|
116,649 |
|
|
|
120,805 |
|
Other long-term
liabilities |
|
|
- |
|
|
|
5 |
|
Total liabilities |
|
|
164,724 |
|
|
|
168,652 |
|
Total stockholders’ equity |
|
|
365,413 |
|
|
|
38,600 |
|
Total liabilities and stockholders’ equity |
|
$ |
530,137 |
|
|
$ |
207,252 |
|
|
|
|
|
|
|
|
|
|
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