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TANGO therapeutics ™ Tango Therapeutics Reports Third Quarter 2021 Financial Results and Provides Business Highlights November 9 , 2021 - Strong cash position of $ 504 million supports advancing discovery and clinical pipeline into second half of 2024 - - On track for IND filing in fourth quarter of 2021 for TNG908 , an MTA - cooperative PRMT5 inhibitor that is synthetic lethal with MTAP deletion , for multiple cancers - CAMBRIDGE , Mass . , Nov. 09 , 2021 ( GLOBE NEWSWIRE ) -- 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