$TNGX
Tango Therapeutics, Inc.

2022 Q2 Form 10-Q Financial Statement

#000095017022009139 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $5.771M $5.758M $5.716M
YoY Change -76.48% -9.83%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.232M $6.807M $6.066M
YoY Change 1.9% 2459.98% 4970.63%
% of Gross Profit
Research & Development $23.74M $24.33M $21.63M
YoY Change -30.34% 62.2%
% of Gross Profit
Depreciation & Amortization $312.0K $300.0K $256.0K
YoY Change 50.0%
% of Gross Profit
Operating Expenses $30.97M $31.14M $27.70M
YoY Change -24.78% 68.61% 23634.04%
Operating Profit -$25.20M -$25.38M
YoY Change 110.07%
Interest Expense $297.0K $218.0K $196.0K
YoY Change 42.79% 717.4% 267.11%
% of Operating Profit
Other Income/Expense, Net $50.00K $171.0K -$81.00K
YoY Change -142.74% 248.98%
Pretax Income -$24.86M -$25.21M -$21.87M
YoY Change 50.22% 109.51% 34437.27%
Income Tax $3.000K $0.00 $177.0K
% Of Pretax Income
Net Earnings -$24.86M -$25.21M -$22.05M
YoY Change 453.26% 108.23% 31313.51%
Net Earnings / Revenue -430.74% -437.79% -385.69%
Basic Earnings Per Share -$0.28 -$0.29
Diluted Earnings Per Share -$283.0K -$287.5K -$249.8K
COMMON SHARES
Basic Shares Outstanding 87.90M 87.71M 87.55M
Diluted Shares Outstanding 87.84M 87.67M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $416.4M $449.9M $485.3M
YoY Change 71323.47% 35648.85% 154.97%
Cash & Equivalents $104.6M $99.91M $142.7M
Short-Term Investments $311.8M $350.0M $342.5M
Other Short-Term Assets $17.73M $8.769M $5.083M
YoY Change 11613.13% 4447.53% 2670.03%
Inventory
Prepaid Expenses
Receivables $2.000M $2.000M $2.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $436.1M $460.7M $492.3M
YoY Change 59288.66% 31641.22% 154.26%
LONG-TERM ASSETS
Property, Plant & Equipment $8.879M $6.538M $4.832M
YoY Change 26.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.435M $16.00K $19.00K
YoY Change -50.0%
Total Long-Term Assets $12.31M $10.87M $7.817M
YoY Change -92.62% -93.48% -42.61%
TOTAL ASSETS
Total Short-Term Assets $436.1M $460.7M $492.3M
Total Long-Term Assets $12.31M $10.87M $7.817M
Total Assets $448.4M $471.5M $500.2M
YoY Change 167.62% 180.23% 141.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.693M $3.367M $3.226M
YoY Change 6342.16% 4828.28% 75.23%
Accrued Expenses $14.79M $10.77M $11.39M
YoY Change 4403.65% 4659.34% 10496.33%
Deferred Revenue $25.02M $26.02M
YoY Change -18.62%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $44.68M $39.21M $40.69M
YoY Change 12479.6% 12885.49% -0.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $105.0M $112.0M $114.7M
YoY Change 1699.29% 1818.32% 2294260.0%
Total Long-Term Liabilities $105.0M $112.0M $114.7M
YoY Change 1699.29% 1818.32% 2294260.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.68M $39.21M $40.69M
Total Long-Term Liabilities $105.0M $112.0M $114.7M
Total Liabilities $149.7M $151.2M $155.4M
YoY Change 2317.77% 2362.75% -7.85%
SHAREHOLDERS EQUITY
Retained Earnings -$186.5M -$161.3M
YoY Change 56.48%
Common Stock $88.00K $88.00K
YoY Change 120.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $298.7M $320.4M $344.7M
YoY Change
Total Liabilities & Shareholders Equity $448.4M $471.5M $500.2M
YoY Change 167.62% 180.23% 141.33%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$24.86M -$25.21M -$22.05M
YoY Change 453.26% 108.23% 31313.51%
Depreciation, Depletion And Amortization $312.0K $300.0K $256.0K
YoY Change 50.0%
Cash From Operating Activities -$31.54M -$29.67M -$16.90M
YoY Change 4354.33% 117.92% 6997.51%
INVESTING ACTIVITIES
Capital Expenditures -$1.811M $1.561M -$696.0K
YoY Change 846.06%
Acquisitions
YoY Change
Other Investing Activities $37.30M -$10.16M -$44.51M
YoY Change 114646.23%
Cash From Investing Activities $35.49M -$11.72M -$45.21M
YoY Change 109075.64% -156.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 718.0K 257.0K -120.0K
YoY Change -99.15%
NET CHANGE
Cash From Operating Activities -31.54M -29.67M -16.90M
Cash From Investing Activities 35.49M -11.72M -45.21M
Cash From Financing Activities 718.0K 257.0K -120.0K
Net Change In Cash 4.673M -41.13M -62.23M
YoY Change -791.76% -209.93% 26031.27%
FREE CASH FLOW
Cash From Operating Activities -$31.54M -$29.67M -$16.90M
Capital Expenditures -$1.811M $1.561M -$696.0K
Free Cash Flow -$29.73M -$31.23M -$16.21M
YoY Change 126.64%

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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-41125000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
145024000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
30660000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
103899000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
68070000
CY2022Q1 tngx Cash Paid For Leases
CashPaidForLeases
465000
CY2021Q1 tngx Cash Paid For Leases
CashPaidForLeases
452000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
500000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
81000
CY2021Q1 tngx Preferred Stock Issuance Costs Included In Accounts Payable And Accrued Expenses
PreferredStockIssuanceCostsIncludedInAccountsPayableAndAccruedExpenses
8000
CY2021Q1 tngx Non Cash Deferred Offering Costs Included In Accounts Payable And Accrued Expenses
NonCashDeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
347000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of consolidated financial statements requires that the Company make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. Significant estimates and assumptions made in the consolidated financial statements include, but are not limited to, the revenue recognized from collaboration agreements, the valuation of stock-based awards and the accrual for research and development expenses. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenues and expenses. As of the date of issuance of these consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known.</span></p>
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
87474239
CY2021Q3 tngx Stock Issued During Period Shares In Exchange For Unvested Restricted Stock Awards And Unexercised Stock Options
StockIssuedDuringPeriodSharesInExchangeForUnvestedRestrictedStockAwardsAndUnexercisedStockOptions
6406197
CY2021Q3 tngx Merger Recapitalization Exchange Ratio
MergerRecapitalizationExchangeRatio
0.34
CY2022Q1 tngx Merger Recapitalization Exchange Ratio
MergerRecapitalizationExchangeRatio
0.34
CY2022Q1 tngx Merger Recapitalization Exchange Ratio
MergerRecapitalizationExchangeRatio
0.34
CY2022Q1 tngx Merger Recapitalization Exchange Ratio
MergerRecapitalizationExchangeRatio
0.34
CY2021Q1 tngx Merger Recapitalization Exchange Ratio
MergerRecapitalizationExchangeRatio
0.34
CY2021Q1 tngx Weighted Average Recapitalized Common Shares
WeightedAverageRecapitalizedCommonShares
4643802
CY2021Q1 tngx Number Of Days Outstanding
NumberOfDaysOutstanding
P89D
CY2021Q1 tngx Conversion Weightage Percentage
ConversionWeightagePercentage
1
CY2021Q1 tngx Weighted Average Number Of Share Outstanding Basic And Diluted Adjustments
WeightedAverageNumberOfShareOutstandingBasicAndDilutedAdjustments
4643802
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
41575143
CY2022Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P5Y4M24D
CY2022Q1 us-gaap Proceeds From Fees Received
ProceedsFromFeesReceived
4000000.0
CY2022Q1 tngx Receivable Research Extension Fee
ReceivableResearchExtensionFee
12000000.0
CY2022Q1 tngx Accounts Receivable Current Research Extension Fee
AccountsReceivableCurrentResearchExtensionFee
2000000.0
CY2022Q1 tngx Contractassetresearchextensionfee
Contractassetresearchextensionfee
6000000.0
CY2022Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2022Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2022Q1 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2022Q1 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2022Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
353386000
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
3410000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
349976000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
343275000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
766000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
342510000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9368000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7361000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2830000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2529000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6538000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4832000
CY2022Q1 us-gaap Depreciation
Depreciation
300000
CY2021Q1 us-gaap Depreciation
Depreciation
200000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1352000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3688000
CY2022Q1 tngx Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
7441000
CY2021Q4 tngx Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
5533000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
900000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
666000
CY2022Q1 tngx Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
9693000
CY2021Q4 tngx Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
9887000
CY2022Q1 us-gaap Preferred Stock Convertible Conversion Ratio
PreferredStockConvertibleConversionRatio
0.34
CY2022Q1 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
10000000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3205000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
950000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9372993
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.59
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y6M18D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
51415394000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3499675
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
9.31
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
111315
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.39
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
19407
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.84
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12741946
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.64
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y5M26D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
27139806000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2898853
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.84
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y8M4D
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
14120122000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-25208000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-12106000
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
87670653
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
41575143
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.29
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.29
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12741946
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6532871
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.006
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
74000

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