BOSTON - Tango Therapeutics, Inc. (NASDAQ: TNGX), a biotechnology firm focusing on precision cancer medicines, has announced the progression of its drug candidate TNG462 into full development after positive early trial results. TNG462 showed promising activity in treating multiple tumor types, including non-small cell lung cancer (NSCLC) and pancreatic cancer, during its phase 1/2 clinical trial.
The company has decided to halt enrollment for TNG908, another drug candidate, to allocate resources to the development of TNG462 and TNG456, a next-generation treatment for glioblastoma, NSCLC, and other solid tumors. TNG456 is expected to enter phase 1/2 clinical trials in the first half of 2025.
TNG462 has demonstrated effectiveness and tolerability, with patients maintaining treatment for a median duration of 24 weeks. The company is planning combination studies with TNG462 and other agents, including RAS(ON) inhibitors and standard chemotherapy, which are slated to begin in the first half of 2025.
In collaboration with Revolution Medicines, Tango Therapeutics will evaluate TNG462 in combination with RAS(ON) multi- and G12D-selective inhibitors. This partnership aims to leverage the potential of TNG462 in treating MTAP-deleted cancers, which often coincide with RAS mutations, particularly in pancreatic cancer.
TNG462's development plan includes preparations for registrational trials in NSCLC and pancreatic cancer, as well as building internal capabilities to bring the drug to a broad patient population in the future.
TNG908 showed activity in non-CNS solid tumors but did not meet the efficacy threshold for glioblastoma due to lower than predicted central nervous system exposure. TNG456, with its enhanced potency and selectivity, is anticipated to provide the necessary CNS exposure for treating glioblastoma and brain metastases.
The company's approach to cancer treatment focuses on leveraging synthetic lethality to discover therapies targeting critical cancer cells while preserving normal cells. Tango Therapeutics emphasizes its commitment to developing effective treatments for patients with glioblastoma and those with MTAP-deleted cancers.
This article is based on a press release statement from Tango Therapeutics.
In other recent news, Tango Therapeutics has experienced notable developments in its drug pipeline. The company's PRMT5 inhibitors, TNG908 and TNG462, continue to be a focus of analysts' optimism. H.C. Wainwright, Leerink Partners, and Piper Sandler have maintained their Buy, Outperform, and Overweight ratings respectively, with price targets ranging from $13 to $19. These ratings come in light of recent data from clinical trials and competitor drugs, such as AMGN's PRMT5 inhibitor, AMG 193.
Despite the cessation of development for TNG348 due to observed liver function abnormalities in trial participants, Tango Therapeutics' cash runway is projected to last until 2027. This allows the company to continue exploring other therapeutic opportunities, particularly within the PRMT5 program. Furthermore, Tango Therapeutics is preparing for year-end clinical updates for its PRMT5 inhibitors, TNG908 and TNG462.
Recently, data from Bristol Myers (NYSE:BMY) Squibb's advanced solid tumor treatment, BMS-986504, demonstrated promising results, with an overall response rate of 21%. This data, along with other developments in the field, have influenced analyst ratings and expectations for Tango Therapeutics.
Finally, analysts anticipate significant data updates for both TNG908 and TNG462 programs in the second half of 2024. These updates are expected to be pivotal for the company's progress and investor confidence.
InvestingPro Insights
As Tango Therapeutics (NASDAQ: TNGX) advances its promising cancer drug candidate TNG462, investors should consider some key financial metrics and insights from InvestingPro.
The company's market capitalization stands at $555.01 million, reflecting its position as a smaller player in the biotechnology sector. Despite the positive news on TNG462, Tango's financial health presents some challenges. An InvestingPro Tip indicates that the company is quickly burning through cash, which is not uncommon for biotech firms in the development stage but warrants attention given the resource-intensive nature of drug development.
Another InvestingPro Tip reveals that Tango Therapeutics holds more cash than debt on its balance sheet. This could provide some financial flexibility as the company progresses its drug candidates through clinical trials. However, with a negative gross profit margin of -218.07% for the last twelve months as of Q2 2024, Tango is operating at a loss, which is typical for early-stage biotech companies focused on research and development.
The stock's recent performance has been challenging, with a 42.51% price decline over the last three months. This downturn aligns with the company's decision to halt enrollment for TNG908 and redirect resources, which may have impacted investor sentiment.
For those interested in a deeper analysis, InvestingPro offers 13 additional tips for Tango Therapeutics, providing a more comprehensive view of the company's financial situation and market position.
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