Tango Therapeutics reports Q1 EPS (36c), consensus (35c)

Reports Q1 revenue $5.4M, consensus $6.73M. “Accumulating data continue to support TNG462 as the potential best-in-class PRMT5 inhibitor,” said Barbara Weber, M.D., President and CEO of Tango Therapeutics (TNGX). “We anticipate presenting a fulsome efficacy, safety and tolerability data update on TNG462 monotherapy later this year, with a focus on pancreatic and lung cancer, and remain on track with our goal of initiating our first TNG462 monotherapy registrational study in pancreatic cancer next year. We also are moving forward rapidly with key clinical combinations and, based on strong preclinical data, we are focused on combining TNG462 with Revolution Medicine’s RAS(ON) inhibitors daraxonrasib and zoldonrasib in pancreatic and lung cancer. Finally, given market conditions and our strong conviction in TNG462, we have taken steps to extend our cash runway and focus resources on our PRMT5 programs, reducing spend on our preclinical pipeline and deferring some clinical combination studies designed primarily to assess tolerability with standard-of-care regimens.”