TNGXTango Therapeutics, Inc.

Pharmaceutical Preparations

Revenue: $62M; 48% YoY
Operating margin: -178.4%; 48% YoY
EBITDA: −$109M; 24% YoY
Market cap: $3.8B
Employees: 137; $455K revenue each
Net debt / EBITDA: —
AI in 10-K: 3.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
42% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
80% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$455K · 53rd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.6 per 10K words · 75th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$37M	$25M	$37M	$42M	$62M	48%
Operating income	−$58M	−$111M	−$114M	−$146M	−$111M	24%
Net income	−$58M	−$108M	−$102M	−$130M	−$102M	22%
Operating cash flow	−$60M	−$109M	−$118M	−$132M	−$139M	5.6%
Capex	$2M	$8M	$2M	$754K	$1M	39%
Stock-based comp	$8M	$14M	$19M	$29M	$26M	8.5%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 10, 2026	Third Rock Ventures IV, L.P.	SCHEDULE 13D/A	4.7%	Passive
Nov 21, 2025	Third Rock Ventures IV, L.P.	SCHEDULE 13D/A	5.8%	Passive
Nov 14, 2025	Third Rock Ventures IV, L.P.	SCHEDULE 13D/A	7.0%	Passive
Jan 2, 2025	BCTG Holdings, LLC	SCHEDULE 13D/A	10.0%	Passive
Nov 7, 2024	Boxer Capital Management, LLC	SC 13D/A	6.5%	Passive
Oct 28, 2024	Boxer Capital Management, LLC	SC 13D/A	6.5%	Passive
Oct 15, 2024	Boxer Asset Management Inc.	SC 13D/A	0.0%	Passive
Oct 15, 2024	Boxer Capital, LLC	SC 13D/A	14.3%	Passive
Sep 4, 2024	Third Rock Ventures IV, L.P.	SC 13D/A	15.9%	Passive
Oct 18, 2023	BCTG Holdings, LLC	SC 13D/A	6.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $8M · 25
Net: −$8M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	$10M	—	—
FY2024	$7M	−$3M	—	—
FY2023	$3M	$8M	—	—