Tango Therapeutics files for up to $400,000,000 at-the-market stock program

The new program

Tango Therapeutics, Inc. filed a prospectus supplement on August 11, 2026 covering up to $400,000,000 of common stock. The shares would be sold into the open market over time through a sales agent. The agent is Leerink Partners LLC, under a sales agreement dated November 21, 2025.

The company is ending its earlier $100,000,000 supplement from November 21, 2025. It says it has sold about $64,389,566 of shares under that supplement. An 8-K filed the same day says about $35,610,434 of unsold shares under the old supplement are included in the new $400,000,000. Goodwin Procter LLP, the company's counsel, issued a legal opinion on the new shares, filed as Exhibit 5.1 to the 8-K. The prospectus says Cooley LLP of New York represents Leerink Partners.

Terms for the agent

Leerink Partners is entitled to a commission of up to 3.0% of the gross sales price per share sold. The supplement says the agent is not required to sell any specific number or dollar amount of shares and will use commercially reasonable efforts. Tango has agreed to reimburse up to $100,000 of Leerink's outside legal expenses for the offering, plus certain ongoing expenses, and estimates other offering expenses at approximately $0.6 million.

The supplement bases its share count on 168,380,091 shares outstanding as of June 30, 2026. That count excludes 21,806,034 shares issuable on exercise of stock options at a weighted average exercise price of $8.84 and 5,059,853 shares issuable on exercise of pre-funded warrants. The stock trades on the Nasdaq Global Market under TNGX and closed at $27.67 on August 10, 2026.

The clinical picture

Tango describes itself as a precision oncology company with a limited operating history and no approved products. Its two clinical programs are selective PRMT5 inhibitors aimed at cancers with an MTAP deletion. Vopimetostat, also called TNG462, is studied in pancreatic and lung cancer, alone and with RAS inhibitors. TNG456 is a brain-penetrant inhibitor for central nervous system cancers.

The supplement reports response data from a dose-escalation arm combining vopimetostat with daraxonrasib. As of a May 28, 2026 cutoff, 59 patients with previously treated pancreatic or lung cancer had received a vopimetostat-based combination, all with advanced disease. Only 12 pancreatic patients and three lung patients had been evaluated. In the pancreatic group the objective response rate was 92%, or 11 of 12 patients, and nine of the 11 responses were confirmed. The six-month progression-free survival rate was 90%. In the lung group the objective response rate was 100%, with all three responses confirmed.

These are small groups from a dose-escalation study, and the response figures cover only patients with at least 14 weeks of follow-up. In a separate arm combining vopimetostat with zoldonrasib, 27 patients were response evaluable, with an objective response rate of 52% and a 74% six-month progression free survival rate. The supplement also reports grade three adverse events, including thrombocytopenia and acneiform rash, and three dose-limiting toxicities in two patients at the higher dose. The company plans to disclose lung cancer cohort data in 2026 and initial TNG456 Phase 1/2 data in the second half of 2026, and to start a Phase 1/2 combination trial with ERAS-0015 in the second half of 2026.

Losses and cash

The 2025 annual report, filed March 5, 2026, shows revenue of $62.4 million, up from $42.1 million. The net loss was $101.6 million, down from $130.3 million. Research and development expense was $132.2 million, against $143.9 million. Cash used in operations rose to $138.9 million from $131.5 million.

At December 31, 2025, cash and cash equivalents were $112.3 million and short-term investments were $230.9 million. A year earlier the figures were $69.5 million and $188.4 million. At June 30, 2026, cash and cash equivalents were $345.6 million and short-term investments were $668.4 million.

What the filing leaves open

The supplement says the net proceeds will go mainly to general corporate purposes, including working capital, operating expenses and research and development. It does not say how many shares the company expects to sell or at what pace.

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