Revenue collapsed to zero in 2026Q2 from $53.8M in 2025Q3, a -100% swing, while operating losses widened to -$59.8M as R&D and SG&A grew 12% and 131% respectively, underscoring the absence of recurring revenue.
Tango Therapeutics, Inc. (TNGX) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 53.81M | 62.38M | 42.07M | 36.53M | 24.86M | 37.04M | 7.66M | 24.65M |
| Revenue Growth % | 121.47% | 48.29% | 15.17% | 46.93% | -32.89% | 383.83% | -68.94% | - |
| Cost of Goods Sold | 942K | 2.28M | 0 | 0 | 0 | 0 | 1.63M | 32.27M |
| COGS % of Revenue | - | 3.66% | - | - | - | - | 21.23% | 130.93% |
| Gross Profit | 52.87M | 60.1M | 42.07M | 36.53M | 24.86M | 37.04M | 6.03M | -7.63M |
| Gross Margin % | 98.25% | 96.34% | 100% | 100% | 100% | 100% | 78.77% | -30.93% |
| Gross Profit Growth % | - | 42.87% | 15.17% | 46.93% | -32.89% | 514.19% | 179.1% | - |
| Operating Expenses | 189.22M | 171.39M | 187.66M | 150.7M | 135.93M | 95.23M | 58.23M | 7.54M |
| OpEx % of Revenue | - | 274.74% | 446.09% | 412.57% | 546.79% | 257.09% | 760.59% | 30.58% |
| Selling, General & Admin | 56.51M | 41.51M | 43.75M | 35.5M | 30.02M | 17.6M | 8.24M | 7.54M |
| SG&A % of Revenue | - | 66.54% | 103.99% | 97.19% | 120.78% | 47.5% | 107.63% | 30.58% |
| Research & Development | 134.37M | 132.16M | 143.92M | 115.2M | 105.91M | 77.64M | 49.99M | 32.27M |
| R&D % of Revenue | - | 211.86% | 342.1% | 315.38% | 426.01% | 209.59% | 652.97% | 130.93% |
| Other Operating Expenses | -1000K | -2.28M | 0 | 0 | 0 | 0 | 0 | -32.27M |
| Operating Income | -136.35M | -111.29M | -145.59M | -114.17M | -111.07M | -58.19M | -52.2M | -15.16M |
| Operating Margin % | -253.38% | -178.39% | -346.09% | -312.57% | -446.79% | -157.09% | -681.82% | -61.51% |
| Operating Income Growth % | - | 23.56% | -27.52% | -2.79% | -90.88% | -11.48% | -244.28% | - |
| EBITDA | -134.42M | -109.01M | -143.1M | -111.76M | -109.46M | -57.29M | -51.48M | -14.52M |
| EBITDA Margin % | -249.81% | -174.74% | -340.15% | -305.96% | -440.32% | -154.67% | -672.44% | -58.9% |
| EBITDA Growth % | 13.16% | 23.82% | -28.04% | -2.1% | -91.06% | -11.29% | -254.58% | - |
| D&A (Non-Cash Add-back) | 1.92M | 2.28M | 2.5M | 2.42M | 1.61M | 897K | 718K | 643K |
| EBIT | -123.78M | -101.59M | -130.09M | -101.61M | -108.12M | -57.94M | -51.97M | -15.16M |
| Net Interest Income | 8.68M | 5.63M | 7.89M | 6.62M | 1.46M | 495K | 108K | 684K |
| Interest Income | 8.68M | 5.63M | 7.89M | 6.62M | 1.46M | 495K | 108K | 684K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 12.56M | 9.7M | 15.5M | 12.56M | 2.95M | 247K | 228K | 1.07M |
| Pretax Income | -123.78M | -101.59M | -130.09M | -101.61M | -108.12M | -57.94M | -51.97M | -14.1M |
| Pretax Margin % | -230.03% | -162.85% | -309.24% | -278.18% | -434.92% | -156.43% | -678.84% | -57.18% |
| Income Tax | -63K | 4K | 208K | 134K | 54K | 292K | 0 | 0 |
| Effective Tax Rate % | 0.05% | -0% | -0.16% | -0.13% | -0.05% | -0.5% | 0% | 0% |
| Net Income | -123.72M | -101.59M | -130.3M | -101.74M | -108.18M | -58.23M | -51.97M | -14.1M |
| Net Margin % | -229.92% | -162.85% | -309.73% | -278.54% | -435.14% | -157.21% | -678.84% | -57.18% |
| Net Income Growth % | 15.01% | 22.03% | -28.07% | 5.95% | -85.76% | -12.05% | -268.73% | - |
| Net Income (Continuing) | -123.72M | -101.59M | -130.3M | -101.74M | -108.18M | -58.23M | -51.97M | -14.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.83 | -0.87 | -1.19 | -1.08 | -1.23 | -0.94 | -1.62 | -1.57 |
| EPS Growth % | 35.61% | 26.89% | -10.19% | 12.2% | -30.85% | 41.98% | -3.18% | - |
| EPS (Basic) | - | -0.87 | -1.19 | -1.08 | -1.23 | -0.94 | -1.62 | -1.57 |
| Diluted Shares Outstanding | 149.88M | 116.17M | 109.23M | 94.57M | 87.82M | 62.11M | 87.47M | 87.47M |
| Basic Shares Outstanding | 149.88M | 116.17M | 109.23M | 94.57M | 87.82M | 62.11M | 87.47M | 87.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying TNGX stock.
For fiscal year 2025, Tango Therapeutics, Inc. (TNGX) reported total revenue of $62.4M. This represents a 153.1% increase compared to $24.6M in 2019.
Tango Therapeutics, Inc. (TNGX) reported a net loss of $101.6M for the fiscal year ending 2025.
Tango Therapeutics, Inc. (TNGX) reported an operating income of $-111.3M, resulting in an operating profit margin of -178.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Tango Therapeutics, Inc. (TNGX) generated $60.1M in gross profit for the year, representing a gross profit margin of 96.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue volatility and funding needs
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Trends
TNGX's revenue swung from $53.8M in 2025Q3 to zero in 2026Q2, a -100% growth rate, indicating extreme quarter-to-quarter volatility likely tied to milestone timing.
The $53.8M spike in 2025Q3 appears to be a one-time event, possibly a licensing or collaboration payment, as revenue collapsed to zero in subsequent quarters. This pattern suggests that recurring product revenue is minimal, and the company's top line is heavily dependent on non-repeatable partnership milestones. Investors should monitor the sustainability of such payments, as the underlying business may not yet have a stable revenue stream.
Gross Margin Distorted by Revenue Mix
Gross margin was 100% in most quarters but turned negative in 2026Q1 due to $463K in COGS against zero revenue, highlighting the impact of fixed costs on a minimal revenue base.
When revenue is present, gross margins are at or near 100%, typical for a biotech with licensing revenue. However, the negative gross profit in 2026Q1 and 2025Q4 (when revenue was zero) indicates that COGS includes some fixed costs that cannot be avoided. This underscores that the company's profitability is not yet driven by scalable product sales but by sporadic collaboration income.
Operating Leverage Absent in Pre-Commercial Stage
Operating losses widened to -$59.8M in 2026Q2 from -$41.9M in 2025Q4, as R&D and SG&A expenses grew 12% and 131% respectively, outpacing any revenue growth.
The company is in a heavy investment phase, with R&D expenses consistently above $30M per quarter and SG&A rising sharply in 2026Q2 to $22.6M. This suggests increased spending on clinical trials and corporate infrastructure, but without corresponding revenue, operating leverage is negative. The lack of revenue growth means that any increase in expenses directly widens losses, a trend that is likely to continue until a product is commercialized or a major partnership is secured.
Net Losses Driven by Operating and Non-Operating Items
Net income swung from a $15.9M gain in 2025Q3 to a -$55.3M loss in 2026Q2, with EPS moving from $0.14 to -$0.37, reflecting both operating losses and other income adjustments.
The $15.9M net income in 2025Q3 was an anomaly, likely due to a one-time gain or revaluation of warrants, as operating income was only $14.1M. In contrast, recent quarters show net losses exceeding operating losses (e.g., 2026Q2 net loss of $55.3M vs. operating loss of $59.8M), suggesting non-operating income or tax benefits partially offsetting. Stock-based compensation is significant, averaging ~$7M per quarter, which adds to cash burn but is non-cash. Investors should focus on cash burn rather than GAAP net income, as the latter is distorted by non-cash items.
R&D Dominates Cost Structure, SG&A Rising
R&D expenses have remained elevated at $33-39M per quarter, while SG&A jumped to $22.6M in 2026Q2 from $9.8M in 2025Q4, a 131% increase, signaling expanded corporate spending.
R&D is the primary cost driver, consistently representing over 60% of total operating expenses, which is typical for a clinical-stage biotech. The sharp rise in SG&A in 2026Q2 may indicate increased commercial preparation or general corporate expansion, but it also accelerates cash burn. Management's expense discipline appears to be loosening, as SG&A growth is outpacing R&D growth, which could be a concern if it does not translate into future revenue generation.
2025Q3 Spike: A One-Time Event or Turning Point?
The $53.8M revenue and $15.9M net income in 2025Q3 marked a dramatic inflection, but subsequent quarters reverted to losses, suggesting it was a non-recurring milestone payment.
The 2025Q3 quarter stands out as the only profitable period in the data, with revenue of $53.8M and a net income of $15.9M. This appears to be a one-time collaboration or licensing payment, as revenue dropped to zero in the following quarters. The lasting impact is that it provided a cash infusion, but it did not establish a recurring revenue stream. Investors should not extrapolate this quarter as a new baseline; instead, they should assess the company's ability to secure additional partnerships or advance its pipeline to generate sustainable revenue.
What Could Invalidate the Base Case
The reliance on sporadic milestone payments and escalating SG&A without corresponding revenue growth could lead to persistent cash burn, raising doubts about the sustainability of the current business model.
Short-sellers might argue that the company's revenue is not only volatile but also non-recurring, as evidenced by the zero revenue quarters following the 2025Q3 spike. The rapid increase in SG&A, particularly the 131% jump in 2026Q2, suggests that the company is spending aggressively without a clear path to revenue generation. If future partnerships or clinical milestones fail to materialize, the company may face significant funding challenges, as operating losses are widening and cash reserves could be depleted faster than anticipated. Investors should closely monitor the company's cash position and the timing of any new collaboration announcements.