Tango Therapeutics (TNGX) AI Stock Analysis

• Market Cap: $2.77B
• Dividend Yield: N/A
• Average Volume (3M): 3.04M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.00
• Revenue Growth: 53.28%
• EPS Growth: 21.77%
• Country: US
• Employees: 155
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.29
• Shares Outstanding: 142,688,860
• 10 Day Avg. Volume: 3,795,201
• 30 Day Avg. Volume: 3,037,748
• PEG Ratio: 0.38
• Price to Book (P/B): 2.97
• Price to Sales (P/S): 16.50
• P/FCF Ratio: -7.36
• Enterprise Value/Market Cap: 0.79
• Enterprise Value/Revenue: 35.20
• Enterprise Value/Gross Profit: 36.16
• Enterprise Value/Ebitda: -20.90
• 1Y Price Target: $20.67
• Price Target Upside: 6.42% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): -1.28
• Revenue Forecast (FY): $7.49M

• Rating: 55 Neutral
• Price Target: $20.00 ▲(2.99% Upside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is held back primarily by weak financial performance driven by large operating losses and substantial cash burn, despite a relatively solid balance sheet. Technicals are a meaningful positive with strong trend and momentum, though the overbought RSI adds near-term risk. Valuation is constrained by unprofitability, while corporate events are supportive but secondary.

Positive Factors

Balance-sheet flexibility

Low leverage and materially higher equity versus 2024 provide durable financial flexibility to fund near-term clinical programs and absorb trial timing variability. Manageable debt reduces refinancing risk and supports execution of registrational studies over the next 2–6 months without immediate liquidity stress.

Very high gross margins

Extremely high gross margins reflect a low-cost revenue base (collaborations/licensing) and imply that incremental revenue would largely flow to cover R&D and SG&A. Structurally, this supports efficient capital deployment into drug development and improves the economics of any future commercial sales or partner royalties.

Leadership & governance upgrade

A seasoned oncology CEO and refreshed governance signal stronger operational capability and oversight as the company shifts toward registrational-stage programs. This structural leadership change increases the likelihood of disciplined trial execution, regulatory strategy alignment, and clearer commercial planning over the medium term.

Negative Factors

High cash burn

Sustained negative operating and free cash flow at this scale materially shortens runway absent new financing or milestone receipts. Persistent cash burn forces reliance on external capital, risking dilution or constrained program pacing and limiting optionality to advance multiple programs simultaneously.

Large operating losses

Deep operating losses reflect heavy R&D and SG&A needed to progress a clinical pipeline. While typical for development-stage biotech, these structural losses mean value depends on successful trials; setbacks would quickly exacerbate funding needs and impair returns on capital over the medium term.

Irregular and declining revenue

Revenue relies on collaboration and milestone timing, producing volatile, irregular receipts and recent year-over-year decline. This structural revenue variability complicates forecasting, increases dependency on financing, and means operational progress—not steady top-line growth—will drive medium-term funding and execution risk.

Tango Therapeutics Business Overview & Revenue Model

Company Description

Tango Therapeutics, Inc., a biotechnology company, discovers and develops drugs for the treatment of cancer. Its lead program is TNG908, a synthetic lethal small molecule inhibitor of protein arginine methyltransferase 5 that is being developed as a treatment for cancers with methylthioadenosine phosphorylase deletions. The company also develops Ubiquitin-specific protease 1, an inhibitor to treat patients with BRCA1 or BRCA2-mutant cancers; and Target 3 for STK11-mutant cancers. Tango Therapeutics, Inc. has a strategic collaboration with Gilead Sciences, Inc. for the discovery, development, and commercialization of a pipeline of therapies for patients with cancer. The company was founded in 2017 and is based in Cambridge, Massachusetts.

How the Company Makes Money

Tango Therapeutics generates revenue primarily through collaboration and licensing arrangements rather than product sales (as it is a clinical-stage company). Under such agreements, the company can earn (i) upfront payments for granting partners rights to research, develop, or commercialize certain targets or drug candidates; (ii) research and development reimbursements or payments tied to performing agreed research activities; (iii) milestone payments contingent on achieving specified development, regulatory, or commercial events (e.g., dosing first patient, successful trial outcomes, approvals, or sales thresholds); and (iv) royalties on future net sales if partnered products reach the market. In addition to collaboration-related revenue, the company typically funds operations through financing activities such as issuing equity and other capital-raising transactions; these provide cash but are not revenue from customers. Because Tango is developing therapies and may not have an approved commercial product, the mix and timing of reported revenue can be irregular and dependent on the structure of its partnerships and whether contractual milestones are achieved.

Tango Therapeutics Financial Statement Overview

Summary

Balance sheet strength (low debt-to-equity ~0.22 and higher equity vs. 2024) is outweighed by weak operating fundamentals: revenue declined (-6.2% YoY), EBIT is deeply negative (-$111.3M), and cash burn is heavy (TTM FCF -$139.9M). Losses improved versus 2024, but profitability and cash flow remain the key constraints.

Income Statement

TTM (Trailing-Twelve-Months) revenue is $62.4M, but growth is negative (-6.2%) versus the prior year, showing uneven top-line momentum. While gross profit is very strong (about 98% gross margin), the company remains deeply unprofitable with large operating losses (TTM EBIT of -$111.3M) and a very weak net margin (about -151%), though losses improved versus 2024 (net loss -$101.6M TTM vs -$130.3M in 2024). Overall: high gross profitability but continued heavy R&D/operating spend keeps earnings materially negative.

Balance Sheet

Leverage looks manageable with $33.6M of total debt against $346.2M of equity (debt-to-equity ~0.22 in TTM), providing balance-sheet flexibility for a development-stage biotech. Equity has strengthened versus 2024 ($346.2M vs $199.5M), supporting the capital base. The key weakness is ongoing losses driving negative returns on equity (TTM return on equity about -61%), meaning the balance sheet is supportive, but profitability is not yet validating the capital employed.

Cash Flow

Cash generation is the biggest pressure point: TTM operating cash flow is -$138.9M and free cash flow is -$139.9M, indicating substantial cash burn to fund operations. Free cash flow deteriorated versus 2024 (growth about -4.7%). A positive note is that free cash flow and net loss are roughly aligned in scale (free cash flow to net income ~1.01), suggesting losses are largely cash-backed rather than driven by large non-cash add-backs—but the absolute burn level remains high.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	62.38M	42.07M	36.53M	24.86M	37.04M
Gross Profit	60.10M	42.07M	36.53M	24.86M	37.04M
EBITDA	-109.01M	-143.10M	-111.76M	-109.46M	-57.29M
Net Income	-101.59M	-130.30M	-101.74M	-108.18M	-58.23M
Balance Sheet
Total Assets	398.69M	316.49M	402.57M	436.47M	500.15M
Cash, Cash Equivalents and Short-Term Investments	343.14M	257.92M	336.88M	366.13M	485.25M
Total Debt	33.57M	36.49M	38.92M	41.13M	1.50M
Total Liabilities	52.51M	116.97M	149.46M	186.99M	155.41M
Stockholders Equity	346.18M	199.52M	253.11M	249.48M	344.75M
Cash Flow
Free Cash Flow	-139.93M	-132.25M	-119.51M	-116.77M	-61.36M
Operating Cash Flow	-138.89M	-131.50M	-117.98M	-109.08M	-59.53M
Investing Cash Flow	-40.87M	86.13M	41.43M	26.40M	-183.43M
Financing Cash Flow	222.50M	47.66M	82.41M	1.61M	357.32M

Tango Therapeutics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 19.42
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TNGX, the sentiment is Positive. The current price of 19.42 is above the 20-day moving average (MA) of 15.42, above the 50-day MA of 13.42, and above the 200-day MA of 8.90, indicating a bullish trend. The MACD of 1.83 indicates Negative momentum. The RSI at 81.23 is Negative, neither overbought nor oversold. The STOCH value of 91.04 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TNGX.

Tango Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TNGX	55 Neutral	$2.77B	-10.13	-50.30%	―	53.28%	21.77%
ORKA	55 Neutral	$1.93B	-13.11	-23.05%	―	―	63.85%
SPRY	53 Neutral	$811.26M	-6.70	-100.29%	―	5459.66%	-59.70%
UPB	52 Neutral	$468.51M	-7.51	-28.71%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IMTX	51 Neutral	$1.26B	-5.79	-39.69%	―	-27.61%	-69.49%
PRME	50 Neutral	$635.54M	-2.57	-178.61%	―	647.13%	26.79%

Tango Therapeutics Corporate Events

Tango Therapeutics appoints new CEO amid leadership transition

On January 8, 2026, Tango Therapeutics announced a planned leadership transition in which founding chief executive Barbara Weber, M.D., retired from the CEO role and became Executive Chair for 2026, moving to non-executive chair in 2027, while remaining involved in strategic priorities and clinical execution; the company emphasized that her departure from the CEO position was not due to any disagreement over operations or policies. Effective the same day, board member and oncology veteran Malte Peters, M.D., was appointed President and Chief Executive Officer with a compensation and equity package designed to align him with long-term shareholder value, as Tango renewed its 2026 clinical guidance for key milestones, including registrational and combination studies of vopimetostat and early-stage data from TNG456, underscoring management’s focus on advancing its precision oncology pipeline into pivotal development and potential commercialization.

The most recent analyst rating on (TNGX) stock is a Hold with a $12.00 price target. To see the full list of analyst forecasts on Tango Therapeutics stock, see the TNGX Stock Forecast page.

Tango Therapeutics Adds Independent Director to Strengthen Governance

On January 2, 2026, Tango Therapeutics, Inc. expanded its Board of Directors from seven to eight members and appointed Sung H. Lee as an independent Class I director, with a term running until the 2028 annual meeting of stockholders. Lee, a seasoned finance executive with more than two decades of leadership experience at biopharmaceutical and technology firms including Cytokinetics, Vir Biotechnology, MorphoSys, Sangamo Therapeutics and Gilead Sciences, received a standard non-employee director compensation package comprising stock options for 60,000 shares, 10,000 restricted stock units vesting over three years, and a $40,000 annual cash retainer, and is expected to enter into the company’s customary director indemnification agreement. Tango’s leadership highlighted that Lee’s background in corporate strategy, investor relations and finance is expected to support the company as it advances its lead cancer program, vopimetostat, into registrational studies and continues to evolve its organization for late-stage clinical development, underscoring a strategic strengthening of its governance and financial oversight as it approaches critical milestones in its pipeline.

The most recent analyst rating on (TNGX) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Tango Therapeutics stock, see the TNGX Stock Forecast page.