Tango Therapeutics, Inc. (TNGX) Stock

Tango Therapeutics, Inc. (TNGX) is a Healthcare stock trading at $23.75 (as of 2026-09-11), with a market capitalization of $3.44B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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.

Understand Tango Therapeutics, Inc.: how it makes money

Tango Therapeutics develops targeted small-molecule cancer drugs (its lead, TNG908, treats pancreatic and other cancers with specific MPN deletions) and currently earns revenue through a strategic collaboration with Gilead Sciences. The company is still pre-commercial, so equity value tracks trial readouts on a handful of candidate agents more than product sales.

Today's revenue is collaboration milestones paid by Gilead, not drug sales; the stock is an option on whether TNG908 and the pipeline clear their phase 2/3 endpoints.

Business quality (Solid): Solid: a major pharma partner (Gilead) validates the platform and funds near-term cash flow, but the business remains in the clinical-verification phase with no approved product yet.

Bull case

Collaboration fuels rapid revenue scale: Quarterly revenue reached $100M, up +364% YoY, showing the Gilead partnership is converting into meaningful cash flow while the pipeline is still in trials.
Operational profitability at the margin: With a 26% operating margin, Tango is already generating profit at the operating level from collaboration income, which limits dilution and extends the cash runway for late-stage trials.

Bear case

Tiny base makes growth lumpy: A +364% YoY growth rate implies the prior-year revenue base was very small; collaboration-milestone models like Gilead's tend to deliver uneven, milestone-linked cash flows rather than a steady ramp.
Value still rides on trial data: Above the 26% operating margin sits a company whose long-term value is entirely gated on whether TNG908 and the USP1 and STK11 programs convert early-phase signals into registrational evidence; a single missed endpoint can re-rate the stock sharply.

Valuation — source: SEC EDGAR (first-party)
Price	$23.75
Market Cap	$3.44B
Price / Book	3.35
Price / Sales	63.84
FCF Yield	-4.1%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$62.38M
Net Margin	-162.9%
Return on Equity	-12.1%
Current Ratio	50.82
Revenue Growth (YoY)	-100.0%
EPS Growth (YoY)	5.7%
FCF Growth (YoY)	124.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	36.84 (safe)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	19.4
Industry P/E (Pharmaceutical Products)	15.1

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	RTW INVESTMENTS, LP ($434.53M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Malte Peters
Employees	155
Country	US
IPO Date	2020-09-03

Related Companies (Pharmaceutical Products; 8 comparable drugmakers)

Data as of 2026-09-11.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.