Free cash flow remains deeply negative with quarterly outflows consistently exceeding $30 million, further exacerbated by stock-based compensation expenses that reached $10.8 million in 2026Q1.
| Cash from Operations | -141.55M | -138.89M | -131.5M | -117.98M | -109.08M | -59.53M | 70.07M | -24.8M |
| Operating CF Margin % | - | -222.63% | -312.58% | -323% | -438.78% | -160.7% | 915.28% | -100.62% |
| Operating CF Growth % | -34.87% | -5.62% | -11.46% | -8.16% | -83.24% | -184.95% | 382.52% | - |
| Net Income | -107.23M | -101.59M | -130.3M | -101.74M | -108.18M | -58.23M | -51.97M | -14.1M |
| Depreciation & Amortization | 2.12M | 2.28M | 2.5M | 2.42M | 1.61M | 897K | 718K | 643K |
| Stock-Based Compensation | 29.97M | 26.43M | 28.9M | 19.08M | 14.23M | 7.83M | 1.76M | 1.69M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 815K | 1.2M | -849K | 234K | 1.75M | 1.32M | 890K | -14.74M |
| Working Capital Changes | -67.23M | -67.2M | -31.75M | -37.97M | -18.49M | -11.35M | 118.67M | 1.7M |
| Change in Receivables | 0 | 0 | 0 | 2M | 0 | 0 | -2M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -670K | -825K | -1.18M | -1.71M | 1.1M | 1.23M | 1.17M | 0 |
| Cash from Investing | -61.83M | -40.87M | 86.13M | 41.43M | 26.4M | -183.43M | -145.47M | 848K |
| Capital Expenditures | -999K | -1.05M | -754K | -1.53M | -7.69M | -1.84M | -1.11M | -1.82M |
| CapEx % of Revenue | 1.75% | 1.68% | 1.79% | 4.18% | 30.94% | 4.96% | 14.45% | 7.37% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | -40K | 2.67M |
| Cash from Financing | 302.34M | 222.5M | 47.66M | 82.41M | 1.61M | 357.32M | 80.88M | 11M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 342.11M | 0 | 0 |
| Equity Issued (Net) | 302.92M | 222.54M | 41.72M | 80.02M | 0 | 29.99M | 80.84M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -573K | -36K | 5.94M | 2.39M | 1.61M | -14.78M | 40K | 11M |
| Net Change in Cash | 98.97M | 42.75M | 2.29M | 5.85M | -81.07M | 114.36M | 5.49M | 25.17M |
| Free Cash Flow | -142.54M | -139.93M | -132.25M | -119.51M | -116.77M | -61.36M | 68.97M | -26.62M |
| FCF Margin % | -250.11% | -224.31% | -314.38% | -327.18% | -469.72% | -165.66% | 900.84% | -108% |
| FCF Growth % | -4.85% | -5.81% | -10.67% | -2.34% | -90.29% | -188.97% | 359.08% | - |
| FCF per Share | -0.99 | -1.20 | -1.21 | -1.26 | -1.33 | -0.99 | 0.79 | -0.30 |
| FCF Conversion (FCF/Net Income) | 1.33x | 1.37x | 1.01x | 1.16x | 1.01x | 1.02x | -1.35x | 1.76x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical milestone dependency risk
According to recent financial disclosures, TNGX exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently hovering near 1.00, suggesting that reported losses are closely tracking actual cash outflows rather than being mitigated by non-cash accounting adjustments or accrual timing.
The tight correlation between net losses and operating cash burn indicates that the company lacks significant non-cash buffers to soften the impact of its R&D-heavy cost structure. Investors should monitor this relationship closely, as it confirms that the firm's financial health is entirely dependent on external capital injections rather than internal cash generation.
As reported in quarterly filings, TNGX's free cash flow trajectory remains deeply negative, with quarterly outflows consistently exceeding $30 million, highlighting the structural inability of the current collaboration-based revenue model to cover the escalating costs of clinical trial advancement and specialized oncology research programs.
The consistent FCF deficit underscores the company's status as a pre-commercial entity that is effectively consuming its cash reserves to fund long-term pipeline development. This trend suggests that without a major milestone payment or equity raise, the current cash runway may face significant pressure within the next several quarters.
Based on TNGX's reported figures, working capital changes have been highly erratic, including a significant $54.4 million outflow in 2025Q3, which suggests that the timing of milestone-related receivables and payables creates substantial, unpredictable swings in the company's quarterly liquidity position and overall cash management efficiency.
These fluctuations appear to be driven by the lumpy nature of collaboration revenue recognition rather than operational efficiency in managing inventory or payables. Such volatility warrants further investigation into the specific contractual terms governing the Gilead partnership, as these terms dictate the timing of cash inflows versus the steady outflow of R&D expenses.
Data from recent SEC filings reveals that stock-based compensation consistently adds $6 million to $10 million per quarter to the company's expense profile, effectively masking the true cash cost of talent retention and diluting existing shareholders to sustain the firm's ongoing research and development operations.
While SBC is a non-cash expense, it represents a real economic cost that should be factored into the company's total burn rate analysis. By relying on equity-based incentives to preserve cash, management is essentially trading future ownership for current operational runway, which may limit long-term upside for investors if clinical milestones are delayed.
Quick answers to the most common questions about buying TNGX stock.
Tango Therapeutics, Inc. (TNGX) generated $-138.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tango Therapeutics, Inc. (TNGX) reported negative free cash flow of $139.9M in 2025, indicating capital requirements exceeded cash from operations.
Tango Therapeutics, Inc. (TNGX) spent $1.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.