0000950170-24-121818 | 10-Q | XBRL Viewer

Commitments and Contingencies	9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies License Agreement In June 2024, the Company and Sesame Therapeutics, Inc. (Sesame) entered into a license agreement pursuant to which the Company granted Sesame a non-exclusive license to certain know-how associated with preclinical research (the Sesame Agreement). Pursuant to the Sesame Agreement, the Company received a $0.1 million upfront, non-refundable payment in June 2024. Under the terms of the Sesame Agreement, the Company is eligible to receive up to $25.9 million in potential future clinical, regulatory, and commercial milestone event payments. The Company is also eligible to receive low single-digit tiered royalties on net sales of any product covered by a licensed patent. The Company evaluated the Sesame Agreement under ASC 606. The Company identified the following promises under the agreement: (1) the non-exclusive license and (2) the initial know-how transfer, and determined that the promises were immaterial as the upfront license payment at contract inception was an inconsequential payment amount. The initial upfront license payment was recorded as license revenue on the consolidated statements of operations and comprehensive loss during the period ended June 30, 2024. All potential future milestone payments are considered to be variable consideration and have been excluded from the transaction price. Revenue for all potential clinical and regulatory milestone achievements will be recognized when the related milestones are achieved or when it becomes probable that a significant reversal in the amount of revenue recognized relating to the milestone event will not occur. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. Additionally, revenue related to potential sales milestones and royalties from the sales of the licensed products will be recognized when the related sales occur. Due to common relationships amongst members of management and the boards of directors, the transaction above with Sesame is a related party transaction. Clinical Trial Collaboration and Supply Agreement In November 2024, the Company and Revolution Medicines, Inc. (RevMed) entered into a Clinical Trial Collaboration and Supply Agreement. The agreement provides that RevMed will supply two of its RAS inhibitors at no cost to the Company for use in trials that will include these combinations. The Company will be the sponsor of any combination trials and bear associated costs. Each company will retain commercial rights to its respective compounds, and the agreement is mutually non-exclusive. Due to common relationships amongst members of management and the boards of directors, this transaction is a related party transaction. Other Funding Commitments As of September 30, 2024, the Company had ongoing preclinical and clinical studies. The Company enters into contracts in the normal course of business with contract research organizations in connection with the preparation and operation of clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other preclinical and clinical services. These contracts are generally cancellable, with notice, at the Company's option and do not have significant cancellation penalties. Guarantees The Company enters into certain agreements with other parties in the ordinary course of business that contain indemnification provisions. These typically include agreements with directors and officers, business partners, contractors, landlords, construction companies, contract research organizations, clinical trial sites, and other parties. Under these provisions, the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party under the terms of the contract, including as a result of the Company’s activities. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. However, to date the Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. As a result, the estimated fair value of these obligations is minimal. Litigation The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings as of September 30, 2024, and no material legal proceedings are currently pending or threatened. Because of uncertainties related to claims, proceedings and litigation, assessments of potential liabilities are based on the Company's best estimates based on information available at the time of the assessment. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation, court decisions or settlement of claims (and offers of settlement), the Company may reassess the potential liability related to these matters and may revise these estimates, which could result in a material adverse effect on the operating results of the Company. Costs associated with involvement in legal proceedings are expensed as incurred. The outcome of any such proceedings, regardless of the merits, is inherently uncertain. If the Company were to be unable to prevail in any such proceedings, the consolidated financial position, results of operations, and future cash flows of the Company may be materially impacted.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

License Agreement

In June 2024, the Company and Sesame Therapeutics, Inc. (Sesame) entered into a license agreement pursuant to which the Company granted Sesame a non-exclusive license to certain know-how associated with preclinical research (the Sesame Agreement). Pursuant to the Sesame Agreement, the Company received a $0.1 million upfront, non-refundable payment in June 2024.

Under the terms of the Sesame Agreement, the Company is eligible to receive up to $25.9 million in potential future clinical, regulatory, and commercial milestone event payments. The Company is also eligible to receive low single-digit tiered royalties on net sales of any product covered by a licensed patent.

The Company evaluated the Sesame Agreement under ASC 606. The Company identified the following promises under the agreement: (1) the non-exclusive license and (2) the initial know-how transfer, and determined that the promises were immaterial as the upfront license payment at contract inception was an inconsequential payment amount. The initial upfront license payment was recorded as license revenue on the consolidated statements of operations and comprehensive loss during the period ended June 30, 2024.

All potential future milestone payments are considered to be variable consideration and have been excluded from the transaction price. Revenue for all potential clinical and regulatory milestone achievements will be recognized when the related milestones are achieved or when it becomes probable that a significant reversal in the amount of revenue recognized relating to the milestone event will not occur. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. Additionally, revenue related to potential sales milestones and royalties from the sales of the licensed products will be recognized when the related sales occur.

Due to common relationships amongst members of management and the boards of directors, the transaction above with Sesame is a related party transaction.

Clinical Trial Collaboration and Supply Agreement

In November 2024, the Company and Revolution Medicines, Inc. (RevMed) entered into a Clinical Trial Collaboration and Supply Agreement. The agreement provides that RevMed will supply two of its RAS inhibitors at no cost to the Company for use in trials that will include these combinations. The Company will be the sponsor of any combination trials and bear associated costs. Each company will retain commercial rights to its respective compounds, and the agreement is mutually non-exclusive. Due to common relationships amongst members of management and the boards of directors, this transaction is a related party transaction.

Other Funding Commitments

As of September 30, 2024, the Company had ongoing preclinical and clinical studies. The Company enters into contracts in the normal course of business with contract research organizations in connection with the preparation and operation of clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other preclinical and clinical services. These contracts are generally cancellable, with notice, at the Company's option and do not have significant cancellation penalties.

Guarantees

The Company enters into certain agreements with other parties in the ordinary course of business that contain indemnification provisions. These typically include agreements with directors and officers, business partners, contractors, landlords, construction companies, contract research organizations, clinical trial sites, and other parties. Under these provisions, the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party under the terms of the contract, including as a result of the Company’s activities. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. However, to date the Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. As a result, the estimated fair value of these obligations is minimal.

Litigation

The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings as of September 30, 2024, and no material legal proceedings are currently pending or threatened. Because of uncertainties related to claims, proceedings and litigation, assessments of potential liabilities are based on the Company's best estimates based on information available at the time of the assessment. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation, court decisions or settlement of claims (and offers of settlement), the Company may reassess the potential liability related to these matters and may revise these estimates, which could result in a material adverse effect on the operating results of the Company. Costs associated with involvement in legal proceedings are expensed as incurred. The outcome of any such proceedings, regardless of the merits, is inherently uncertain. If the Company were to be unable to prevail in any such proceedings, the consolidated financial position, results of operations, and future cash flows of the Company may be materially impacted.

Supplemental Balance Sheet Information (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property, Plant and Equipment

Property and equipment, net consists of the following:


	September 30, 2024			December 31, 2023
	(in thousands)
Laboratory equipment	$	8,905		$	8,788
Computer equipment		2,417			2,312
Computer software		125			125
Furniture and fixtures		1,863			1,777
Leasehold improvements		2,857			2,857
Construction in progress		166			38
		16,333			15,897
Less: Accumulated depreciation		(7,743	)		(5,989	)
Property and equipment, net	$	8,590		$	9,908

Schedule of Accrued Expenses and Other Current Liabilities Current

Accrued expenses and other current liabilities include the following:


	September 30, 2024		December 31, 2023
	(in thousands)
Payroll and employee-related costs	$	6,506	$	7,910
Research and development costs		5,754		6,204
Other		2,746		1,287
Total accrued expenses and other current liabilities	$	15,006	$	15,401

Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash

The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the condensed consolidated statements of cash flows are as follows:


	September 30, 2024		September 30, 2023
	(in thousands)
Cash and cash equivalents	$	53,148	$	58,533
Restricted cash		2,567		3,423
Cash, cash equivalents and restricted cash	$	55,715	$	61,956

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (92,632)	$ (70,981)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation	1,879	1,798
Noncash operating lease expense	2,791	2,692
Stock-based compensation	21,435	14,200
Accretion on marketable securities	(3,761)	(1,030)
Other, net	33	22
Changes in operating assets and liabilities:
Accounts receivable		2,000
Prepaid expenses and other current assets	1,259	(3,582)
Other long-term assets	34	(42)
Accounts payable	1,323	(1,617)
Accrued expenses and other liabilities	(357)	(6,026)
Operating lease liabilities	(1,006)	(1,853)
Deferred revenue	(25,852)	(26,096)
Net cash used in operating activities	(94,854)	(90,515)
Cash flows from investing activities
Purchase of property and equipment	(630)	(1,300)
Sales and maturities of marketable securities	243,035	268,423
Purchases of marketable securities	(208,339)	(259,549)
Net cash provided by investing activities	34,066	7,574
Cash flows from financing activities
Proceeds from at-the-market offerings, net of issuance costs	41,723
Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs		79,839
Proceeds from issuance of common stock upon exercise of stock options and purchase of shares under ESPP	4,972	1,100
Net cash provided by financing activities	46,695	80,939
Net change in cash, cash equivalents and restricted cash	(14,093)	(2,002)
Cash, cash equivalents and restricted cash, beginning of period	69,808	63,958
Cash, cash equivalents and restricted cash, end of period	55,715	61,956
Supplemental cash flow information:
Cash paid for leases	3,731	4,116
Supplemental disclosure of noncash investing and financing activity:
Revaluation of right-of-use asset and lease liability upon to lease remeasurement	497	(228)
Financing offering costs included in accounts payable and accrued expenses		$ 63
Capital expenditures included in accounts payable and accrued expenses	3
Obtain ROA by recognition of lease liability, and lease modification	$ 210

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of estimated useful lives of property and equipment

The estimated useful lives of the Company’s property and equipment are as follows:


Asset		Estimated useful life
Computer equipment		3 years
Computer software		3 years
Furniture and fixtures		5 years
Laboratory equipment		5 years
Leasehold improvements		Shorter of remaining lease term or 10 years

Marketable Securities - Summary of Fair Value and Gross Unrealized Losses on Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Securities Less than twelve months, Fair value	$ 49,908	$ 59,857
Securities Less than twelve months, Unrealized loss	(15)	(34)
Securities Greater than twelve months, Fair value		32,164
Securities Greater than twelve months, Unrealized loss		(161)
Securities, Total Fair value	49,908	92,021
Securities, Total Unrealized loss	(15)	(195)
U.S. Treasury Bills [Member]
Debt Securities, Available-for-Sale [Line Items]
Securities Less than twelve months, Fair value	49,908	18,662
Securities Less than twelve months, Unrealized loss	(15)	(12)
Securities Greater than twelve months, Fair value		14,948
Securities Greater than twelve months, Unrealized loss		(44)
Securities, Total Fair value	49,908	33,610
Securities, Total Unrealized loss	$ (15)	(56)
U.S. Government Agency Bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
Securities Less than twelve months, Fair value		41,195
Securities Less than twelve months, Unrealized loss		(22)
Securities Greater than twelve months, Fair value		17,216
Securities Greater than twelve months, Unrealized loss		(117)
Securities, Total Fair value		58,411
Securities, Total Unrealized loss		$ (139)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

10.

Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	(in thousands, except share and per share data)						(in thousands, except share and per share data)
	2024			2023			2024			2023
Numerator:
Net loss	$	(29,167	)	$	(22,263	)	$	(92,632	)	$	(70,981	)
Denominator:
Weighted-average common stock outstanding – basic and diluted		108,507,390			97,033,273			108,990,011			91,268,133
Net loss per common share – basic and diluted	$	(0.27	)	$	(0.23	)	$	(0.85	)	$	(0.78	)

In August 2023, the Company completed a private placement, in which 13,196,671 shares of common stock were sold together with pre-funded warrants to purchase 2,340,579 shares of common stock with an exercise price of $0.0001 per share. The pre-funded warrants were classified as a component of permanent equity in the Company's condensed consolidated balance sheet as they are freestanding financial instruments that are immediately exercisable, do not embody an obligation for the Company to repurchase its own shares and permit the holders to receive a fixed number of shares of common stock upon exercise. All of the shares underlying the pre-funded warrants have been included in the weighted-average number of shares of common stock used to calculate basic and diluted net loss per common share because the shares may be issued for little or no consideration, are fully vested and are exercisable after the original issuance date of the pre-funded warrants.

The Company’s potential dilutive securities, which include common stock options and unvested restricted common stock units, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	September 30,
	2024		2023
Stock options to purchase common stock		19,822,373		17,095,005
Unvested restricted common stock units		1,199,252		757,647
Total		21,021,625		17,852,652

Redeemable Convertible Preferred Stock - Additional Information (Details) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Redeemable convertible preferred stock shares authorized	10,000,000	10,000,000
Redeemable convertible preferred stock Par or Stated Value Per Share	$ 0.001	$ 0.001
Redeemable convertible preferred stock, issued	0	0
Redeemable convertible preferred stock, outstanding	0	0

Supplemental Balance Sheet Information

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Balance Sheet Information

Property and Equipment

Property and equipment, net consists of the following:


	September 30, 2024			December 31, 2023
	(in thousands)
Laboratory equipment	$	8,905		$	8,788
Computer equipment		2,417			2,312
Computer software		125			125
Furniture and fixtures		1,863			1,777
Leasehold improvements		2,857			2,857
Construction in progress		166			38
		16,333			15,897
Less: Accumulated depreciation		(7,743	)		(5,989	)
Property and equipment, net	$	8,590		$	9,908

Depreciation expense was $1.9 million and $1.8 million for the nine months ended September 30, 2024 and 2023, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities include the following:


	September 30, 2024		December 31, 2023
	(in thousands)
Payroll and employee-related costs	$	6,506	$	7,910
Research and development costs		5,754		6,204
Other		2,746		1,287
Total accrued expenses and other current liabilities	$	15,006	$	15,401

Restricted Cash

As of September 30, 2024 and 2023, the Company maintained a restricted cash balance of $2.6 million and $3.4 million, respectively, all of which was related to a security deposit associated with the Company’s facility lease. The cash will remain restricted in accordance with the lease agreement absent the event of a lease termination or modification. The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the condensed consolidated statements of cash flows are as follows:


	September 30, 2024		September 30, 2023
	(in thousands)
Cash and cash equivalents	$	53,148	$	58,533
Restricted cash		2,567		3,423
Cash, cash equivalents and restricted cash	$	55,715	$	61,956

Collaboration Agreements - Additional Information (Details1)	Sep. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue remaining performance obligations expected remaining contractual term	2 years 10 months 24 days

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended
	Aug. 11, 2023	Jan. 31, 2024	Sep. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of units issued in transaction	13,196,671
At-the-market Stock Offering Program [Member] \| Jefferies LLC [Member] \| Common Stock [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Potential proceeds from shares reserved for future issuance			$ 100.0
Number of units issued in transaction		4,001,200
Gross proceeds		$ 43.0
At-the-market Stock Offering Program [Member] \| Jefferies LLC [Member] \| Common Stock [Member] \| Maximum [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Potential proceeds from shares reserved for future issuance			$ 100.0

Nature of the Business and Basis of Presentation

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

Tango Therapeutics, Inc. is a precision oncology company committed to the discovery and development of novel drugs in defined patient populations with high unmet medical need.

Tango Therapeutics, Inc. (together with its consolidated subsidiaries, Tango or the Company), formerly known as BCTG Acquisition Corp. (BCTG), was incorporated in Delaware on May 21, 2020. BCTG was a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination.

At-the-Market Stock Offering

In September 2022, the Company entered into a sales agreement (the Sales Agreement) with Jefferies LLC (Jefferies), which permitted the Company to sell from time to time, at its option, up to an aggregate of $100.0 million of shares of its common stock through Jefferies, as sales agent. Sales of the common stock, if any, will be made by methods deemed to be "at-the-market" stock offerings. The Sales Agreement will terminate upon the earliest of: (a) the sale of $100.0 million of shares of the Company's common stock or (b) the termination of the Sales Agreement by the Company or Jefferies.

In January 2024, the Company sold 4,001,200 shares of common stock under this program for gross proceeds of $43.0 million.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The accompanying unaudited condensed consolidated financial statements reflect the operations of Tango and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. The functional and reporting currency of the Company and its subsidiaries is the U.S. dollar.

In the opinion of management, all adjustments necessary for a fair statement of the financial information, which are of a normal and recurring nature, have been made for the interim periods reported. Results of operations for the three and nine months ended September 30, 2024 and 2023 are not necessarily indicative of the results for the year ending December 31, 2024, any other interim periods, or any future year or period. The unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2024 and 2023 have been prepared on the same basis as and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on March 18, 2024.

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Options outstanding Beginning balance	16,734,960
Number of Shares Granted	5,158,949
Number of Shares Exercised	(850,874)
Number of Shares Cancelled	(1,220,662)
Number of Shares, Options outstanding Ending balance	19,822,373	16,734,960
Number of Shares Options exercisable	10,608,871
Weighted Average Exercise Price, Options outstanding Beginning balance	$ 6.21
Weighted Average Exercise Price Granted	11.48
Weighted Average Exercise Price Exercised	5.02
Weighted Average Exercise Price Cancelled	9.28
Weighted Average Exercise Price, Options outstanding Ending balance	7.44	$ 6.21
Weighted Average Exercise Price Options exercisable	$ 6.04
Weighted Average Contractual Term, Options outstanding	7 years 6 months 10 days	7 years 9 months 29 days
Weighted Average Contractual Term Options exercisable	6 years 7 months 13 days
Aggregate Intrinsic Value, Options outstanding	$ 32,777,406	$ 62,640,906
Aggregate Intrinsic Value Options exercisable	$ 24,992,010

Marketable Securities - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Marketable securities, Accrued interest	$ 1,200,000	$ 1,800,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Marketable Securities, Current	Marketable Securities, Current
Fair Value	$ 240,130,000	$ 270,500,000
Marketable Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Impairments to marketable securities or reserves for credit losses	0	$ 0
Fair Value	$ 29,600,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) shares
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense \| $	$ 49.8
Weighted-average amortization period	2 years 4 months 24 days
2021 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance	6,941,800
2023 Inducement Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance	2,093,099
2021 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock issued	106,687
Restricted Stock Unit [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense \| $	$ 8.5
Weighted-average amortization period	2 years

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Property and Equipment (Details)	9 Months Ended
	Sep. 30, 2024
Computer Software [Member]
Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	3 years
Computer Equipment [Member]
Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	3 years
Furniture and Fixtures [Member]
Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	5 years
Laboratory Equipment [Member]
Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	5 years
Leasehold Improvements [Member]
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	Shorter of remaining lease term or 10 years

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis:


	Fair Market Value Measurements as of September 30, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	11,145	$	—	$	—	$	11,145
Marketable debt securities:
U.S. Treasury bills		—		230,562		—		230,562
U.S. government agency bonds		—		9,568		—		9,568
Total assets	$	11,145	$	240,130	$	—	$	251,275


	Fair Market Value Measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents
Money market funds	$	14,361	$	—	$	—	$	14,361
U.S. Treasury bills		—		4,710		—		4,710
Marketable debt securities
U.S. Treasury bills		—		194,763		—		194,763
U.S. government agency bonds		—		75,737		—		75,737
Total assets	$	14,361	$	275,210	$	—	$	289,571

There were no transfers between fair value levels during the nine months ended September 30, 2024.

Fair Value Measurements - Summary Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, Type [Extensible Enumeration]	Marketable Debt Securities [Member]	Marketable Debt Securities [Member]
Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Money market funds	$ 11,145	$ 14,361
Cash equivalents, U.S. Treasury bills		4,710
Total assets	251,275	289,571
Fair Value Measurements Recurring [Member] \| U.S. Treasury Bills [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	230,562	194,763
Fair Value Measurements Recurring [Member] \| U.S. Government Agency Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	9,568	75,737
Level 1 [Member] \| Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Money market funds	11,145	14,361
Total assets	11,145	14,361
Level 2 [Member] \| Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, U.S. Treasury bills		4,710
Total assets	240,130	275,210
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| U.S. Treasury Bills [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	230,562	194,763
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| U.S. Government Agency Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	$ 9,568	$ 75,737

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	21,021,625	17,852,652
Stock options to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	19,822,373	17,095,005
Unvested restricted common stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,199,252	757,647

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on a Recurring Basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis:


	Fair Market Value Measurements as of September 30, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	11,145	$	—	$	—	$	11,145
Marketable debt securities:
U.S. Treasury bills		—		230,562		—		230,562
U.S. government agency bonds		—		9,568		—		9,568
Total assets	$	11,145	$	240,130	$	—	$	251,275


	Fair Market Value Measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents
Money market funds	$	14,361	$	—	$	—	$	14,361
U.S. Treasury bills		—		4,710		—		4,710
Marketable debt securities
U.S. Treasury bills		—		194,763		—		194,763
U.S. government agency bonds		—		75,737		—		75,737
Total assets	$	14,361	$	275,210	$	—	$	289,571

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Temporary Equity, Par or Stated Value Per Share	$ 0.001	$ 0.001
Temporary Equity, Shares Authorized	10,000,000	10,000,000
Temporary Equity, Shares Issued	0	0
Temporary Equity, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	107,414,636	102,202,759
Common Stock, Shares, Outstanding	107,414,636	102,202,759

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenue	$ 11,607	$ 10,732	$ 37,952	$ 31,096
Operating expenses:
Research and development	33,263	27,149	109,981	83,859
General and administrative	11,222	9,209	32,656	26,397
Total operating expenses	44,485	36,358	142,637	110,256
Loss from operations	(32,878)	(25,626)	(104,685)	(79,160)
Other income:
Interest income	1,809	1,872	6,077	4,383
Other income, net	1,956	1,514	6,135	3,883
Total other income, net	3,765	3,386	12,212	8,266
Loss before income taxes	(29,113)	(22,240)	(92,473)	(70,894)
Provision for income taxes	(54)	(23)	(159)	(87)
Net loss	$ (29,167)	$ (22,263)	$ (92,632)	$ (70,981)
Net loss per common share - basic	$ (0.27)	$ (0.23)	$ (0.85)	$ (0.78)
Net loss per common share - diluted	$ (0.27)	$ (0.23)	$ (0.85)	$ (0.78)
Weighted average number of common shares outstanding - basic	108,507,390	97,033,273	108,990,011	91,268,133
Weighted average number of common shares outstanding - diluted	108,507,390	97,033,273	108,990,011	91,268,133
Net loss	$ (29,167)	$ (22,263)	$ (92,632)	$ (70,981)
Other comprehensive income:
Unrealized gain on marketable securities	1,084	836	564	3,024
Comprehensive loss	(28,083)	(21,427)	(92,068)	(67,957)
Collaboration Revenue [Member]
Total revenue	$ 11,607	$ 10,732	25,852	26,096
License Revenue [Member]
Total revenue			$ 12,100	$ 5,000

Net Loss Per Share - Additional Information (Details)	Aug. 11, 2023 $ / shares shares
Class of Warrant or Right [Line Items]
Number of shares sold	13,196,671
Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase shares of common stock	2,340,579
Exercise price \| $ / shares	$ 0.0001

Fair Value Measurements - Additional Information (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Fair value assets transfer from Level 1 to Level 2	$ 0
Fair value assets transfer from Level 2 to Level 1	0
Fair value liabilities transfer from Level 1 to Level 2	0
Fair value liabilities transfer from Level 2 to Level 1	$ 0

Supplemental Balance Sheet Information - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 16,333	$ 15,897
Less: Accumulated depreciation	(7,743)	(5,989)
Property and equipment, net	8,590	9,908
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	8,905	8,788
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,417	2,312
Computer Software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	125	125
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,863	1,777
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,857	2,857
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 166	$ 38

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Entity Registrant Name	TANGO THERAPEUTICS, INC.
Trading Symbol	TNGX
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001819133
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39485
Entity Tax Identification Number	85-1195036
Entity Address, Address Line One	201 Brookline Ave.
Entity Address, Address Line Two	Suite 901
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02215
City Area Code	857
Local Phone Number	320-4900
Title of 12(b) Security	Common stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		107,417,818

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Use of Estimates

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 disclosures. 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.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful lives of each asset. Estimated useful lives are periodically assessed to determine if changes are appropriate. The estimated useful lives of the Company’s property and equipment are as follows:


Asset		Estimated useful life
Computer equipment		3 years
Computer software		3 years
Furniture and fixtures		5 years
Laboratory equipment		5 years
Leasehold improvements		Shorter of remaining lease term or 10 years

The Company reviews long-lived assets, such as property and equipment, for impairment when events or changes in circumstances indicate the carrying value of the assets may not be recoverable. If indicators of impairment are present, the assets are tested for recoverability by comparing the carrying amount of the assets to the related estimated future undiscounted cash flows that the assets are expected to generate. If the expected cash flows are less than the carrying value of the asset group, then the asset group is considered to be impaired and its carrying value is written down to fair value, based on the related estimated discounted future cash flows. To date, no such impairment losses have been recorded.

Costs for assets not yet placed into service are capitalized as construction-in-progress and depreciated or amortized in accordance with the above useful lives once placed into service. Upon retirement or sale, the related cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in the consolidated statements of operations. Repairs and maintenance costs are expensed as incurred.

Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on its consolidated financial statements and disclosures.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The standard is intended to improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Upon adoption, the standard should be applied retrospectively to all prior periods presented in the financial statements. The Company is evaluating the potential impact of this adoption on the consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The standard is intended to enhance the existing income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The standard is effective for annual periods beginning after December 15, 2024. Upon adoption, the standard should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted. The Company is evaluating the potential impact of this adoption on the consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." The standard is intended to require more detailed disclosures about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. The Company is evaluating the potential impact of this adoption on the consolidated financial statements and related disclosures.

Redeemable Convertible Preferred Stock

9 Months Ended

Sep. 30, 2024

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

Undesignated Preferred Stock

The Company’s Certificate of Incorporation, as amended and restated, authorizes the Company to issue shares of preferred stock with a par value of $0.001 per share. The number of shares of preferred stock authorized to be issued is 10,000,000 shares as of September 30, 2024. The shares of preferred stock are currently undesignated and no shares are issued or outstanding.

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Marketable Securities [Abstract]

Summary of Debt Securities, Available-for-sale

The following table summarizes the Company’s marketable debt securities, classified as available-for-sale:


	Fair Value Measurements as of September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
	(in thousands)
Marketable debt securities:
U.S. Treasury bills	$	229,836	$	741	$	(15	)	$	230,562
U.S. government agency bonds		9,544		24		—			9,568
	$	239,380	$	765	$	(15	)	$	240,130


	Fair Value Measurements as of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
	(in thousands)
Marketable debt securities:
U.S. Treasury bills	$	194,461	$	358	$	(56	)	$	194,763
U.S. government agency bonds		75,853		23		(139	)		75,737
	$	270,314	$	381	$	(195	)	$	270,500

Summary of Fair value and Gross Unrealized Losses on Securities

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in an unrealized loss position:


	September 30, 2024
	Less than twelve months					Greater than twelve months				Total
	Fair value		Unrealized loss			Fair value		Unrealized loss		Fair value		Unrealized loss
	(in thousands)
U.S. Treasury bills	$	49,908	$	(15	)	$	-	$	-	$	49,908	$	(15	)
	$	49,908	$	(15	)	$	-	$	-	$	49,908	$	(15	)


	December 31, 2023
	Less than twelve months					Greater than twelve months					Total
	Fair value		Unrealized loss			Fair value		Unrealized loss			Fair value		Unrealized loss
	(in thousands)
U.S. Treasury bills	$	18,662	$	(12	)	$	14,948	$	(44	)	$	33,610	$	(56	)
U.S. government agency bonds		41,195		(22	)		17,216		(117	)		58,411		(139	)
	$	59,857	$	(34	)	$	32,164	$	(161	)	$	92,021	$	(195	)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (29,167)	$ (25,551)	$ (37,914)	$ (22,263)	$ (20,710)	$ (28,008)	$ (92,632)	$ (70,981)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Provision for income taxes	$ 54,000	$ 23,000	$ 159,000	$ 87,000
Effective income tax rate	0.20%	0.10%	0.20%	0.10%
Federal statutory rate	21.00%	21.00%	21.00%	21.00%
Forecasting Taxable Loss Position Deferred Tax Assets [Member]
Provision for income taxes			$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Unit [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Stock Units, Unvested and outstanding Beginning balance \| shares	757,514
Number of Stock Units, Granted \| shares	841,409
Number of Stock Units, Vested \| shares	(253,116)
Number of Stock Units, Forfeited \| shares	(146,555)
Number of Stock Units, Unvested and outstanding Ending balance \| shares	1,199,252
Weighted Average Grant Date Fair Value Per Share, Unvested and outstanding Beginning balance \| $ / shares	$ 5.25
Weighted Average Grant Date Fair Value Per Share, Granted \| $ / shares	11.5
Weighted Average Grant Date Fair Value Per Share, Vested \| $ / shares	5.05
Weighted Average Grant Date Fair Value Per Share, Forfeited \| $ / shares	9.52
Weighted Average Grant Date Fair Value Per Share, Unvested and outstanding Ending balance \| $ / shares	$ 9.16

Supplemental Balance Sheet Information - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Depreciation expense	$ 1,879	$ 1,798
Security Deposits [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Restricted cash	$ 2,600	$ 3,400

Marketable Securities - Summary of Debt Securities, Available For Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 239,380	$ 270,314
Gross Unrealized Gains	765	381
Gross Unrealized Loss	(15)	(195)
Fair Value	240,130	270,500
U.S. Treasury Bills [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	229,836	194,461
Gross Unrealized Gains	741	358
Gross Unrealized Loss	(15)	(56)
Fair Value	230,562	194,763
U.S. Government Agency Bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	9,544	75,853
Gross Unrealized Gains	24	23
Gross Unrealized Loss		(139)
Fair Value	$ 9,568	$ 75,737

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 53,148	$ 66,385
Marketable securities	240,130	270,500
Restricted cash		856
Prepaid expenses and other current assets	7,537	8,797
Total current assets	300,815	346,538
Property and equipment, net	8,590	9,908
Operating lease right-of-use assets	40,430	43,508
Restricted cash, net of current portion	2,567	2,567
Other assets	13	46
Total assets	352,415	402,567
Current liabilities:
Accounts payable	4,112	2,785
Accrued expenses and other current liabilities	15,006	15,401
Operating lease liabilities	2,863	2,082
Deferred revenue	15,602	25,670
Total current liabilities	37,583	45,938
Operating lease liabilities, net of current portion	34,763	36,838
Deferred revenue, net of current portion	50,899	66,683
Total liabilities	123,245	149,459
Commitments and contingencies (Note 7)
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
Stockholders' equity:
Common stock, $0.001 par value; 200,000,000 shares authorized at September 30, 2024 and December 31, 2023, respectively; 107,414,636 and 102,202,759 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	107	102
Additional paid-in capital	692,201	624,076
Accumulated other comprehensive income	750	186
Accumulated deficit	(463,888)	(371,256)
Total stockholders' equity	229,170	253,108
Total liabilities and stockholders' equity	$ 352,415	$ 402,567

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 7,178	$ 4,860	$ 21,435	$ 14,200
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	3,727	2,573	11,695	7,516
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,451	$ 2,287	$ 9,740	$ 6,684

Supplemental Balance Sheet Information - Schedule of Accrued Expenses and Other Current Liabilities Current (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Payroll and employee-related costs	$ 6,506	$ 7,910
Research and development costs	5,754	6,204
Other current liabilities	2,746	1,287
Total accrued expenses and other current liabilities	$ 15,006	$ 15,401

Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (29,167)	$ (25,551)	$ (37,914)	$ (22,263)	$ (20,710)	$ (28,008)	$ (92,632)	$ (70,981)
Denominator:
Weighted-average common stock outstanding - basic	108,507,390			97,033,273			108,990,011	91,268,133
Weighted-average common stock outstanding - diluted	108,507,390			97,033,273			108,990,011	91,268,133
Net loss per common share - basic	$ (0.27)			$ (0.23)			$ (0.85)	$ (0.78)
Net loss per common share - diluted	$ (0.27)			$ (0.23)			$ (0.85)	$ (0.78)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Marketable Securities

9 Months Ended

Sep. 30, 2024

Marketable Securities [Abstract]

Marketable Securities

The Company values its marketable securities using independent pricing services which normally derive security prices from recently reported trades for identical or similar securities, making adjustments based on significant observable transactions. At each balance sheet date, observable market inputs may include trade information, broker or dealer quotes, bids, offers or a combination of these data sources.

The following table summarizes the Company’s marketable debt securities, classified as available-for-sale:


	Fair Value Measurements as of September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
	(in thousands)
Marketable debt securities:
U.S. Treasury bills	$	229,836	$	741	$	(15	)	$	230,562
U.S. government agency bonds		9,544		24		—			9,568
	$	239,380	$	765	$	(15	)	$	240,130


	Fair Value Measurements as of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
	(in thousands)
Marketable debt securities:
U.S. Treasury bills	$	194,461	$	358	$	(56	)	$	194,763
U.S. government agency bonds		75,853		23		(139	)		75,737
	$	270,314	$	381	$	(195	)	$	270,500

The Company holds marketable debt securities with an aggregate fair value of $29.6 million as of September 30, 2024 with contractual maturity dates greater than one year.

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in an unrealized loss position:


	September 30, 2024
	Less than twelve months					Greater than twelve months				Total
	Fair value		Unrealized loss			Fair value		Unrealized loss		Fair value		Unrealized loss
	(in thousands)
U.S. Treasury bills	$	49,908	$	(15	)	$	-	$	-	$	49,908	$	(15	)
	$	49,908	$	(15	)	$	-	$	-	$	49,908	$	(15	)


	December 31, 2023
	Less than twelve months					Greater than twelve months					Total
	Fair value		Unrealized loss			Fair value		Unrealized loss			Fair value		Unrealized loss
	(in thousands)
U.S. Treasury bills	$	18,662	$	(12	)	$	14,948	$	(44	)	$	33,610	$	(56	)
U.S. government agency bonds		41,195		(22	)		17,216		(117	)		58,411		(139	)
	$	59,857	$	(34	)	$	32,164	$	(161	)	$	92,021	$	(195	)

The Company holds investment grade marketable securities considered to be in an unrealized loss position. Although these marketable securities are held at an unrealized loss position at September 30, 2024, the Company does not intend to sell the marketable securities prior to the value of the securities being recovered and the Company has concluded that it is more likely than not that the marketable securities cost basis values will be recovered prior to sale of the securities and that there are no conditions or events that might require the Company to sell the securities before recovery of the cost basis occurs. Further, the Company did not record any impairments to marketable securities or reserves for credit losses related to its marketable debt securities during the periods then ended. Marketable securities include $1.2 million and $1.8 million in accrued interest at September 30, 2024 and December 31, 2023, respectively.

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net loss per share attributable to common stockholders was calculated as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	(in thousands, except share and per share data)						(in thousands, except share and per share data)
	2024			2023			2024			2023
Numerator:
Net loss	$	(29,167	)	$	(22,263	)	$	(92,632	)	$	(70,981	)
Denominator:
Weighted-average common stock outstanding – basic and diluted		108,507,390			97,033,273			108,990,011			91,268,133
Net loss per common share – basic and diluted	$	(0.27	)	$	(0.23	)	$	(0.85	)	$	(0.78	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	September 30,
	2024		2023
Stock options to purchase common stock		19,822,373		17,095,005
Unvested restricted common stock units		1,199,252		757,647
Total		21,021,625		17,852,652

Supplemental Balance Sheet Information - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 53,148	$ 66,385	$ 58,533
Restricted cash	2,567		3,423
Cash, cash equivalents and restricted cash	$ 55,715		$ 61,956

Commitments and Contingencies - Additional Information (Details) - Sesame Agreement $ in Millions	Jun. 30, 2024 USD ($)
Commitments And Contingencies Details [Line Items]
Non-refundable upfront payment received	$ 0.1
Milestone payments receivable	$ 25.9

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)				(in thousands)
Research and development	$	3,727	$	2,573	$	11,695	$	7,516
General and administrative		3,451		2,287		9,740		6,684
Total	$	7,178	$	4,860	$	21,435	$	14,200

Schedule of Stock Option Activity

The following table summarizes the stock option activity for the nine months ended September 30, 2024:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Term		Aggregate Intrinsic Value
						(in years)
Options outstanding as of December 31, 2023		16,734,960		$	6.21		7.83	$	62,640,906
Granted		5,158,949		$	11.48
Exercised		(850,874	)	$	5.02
Cancelled		(1,220,662	)	$	9.28
Options outstanding as of September 30, 2024		19,822,373		$	7.44		7.53	$	32,777,406
Options exercisable as of September 30, 2024		10,608,871		$	6.04		6.62	$	24,992,010

Summary of Restricted Stock Unit Activity

The following table summarizes the RSU activity for the nine months ended September 30, 2024:


	Number of Stock Units			Weighted Average Grant Date Fair Value Per Share
Unvested and outstanding as of December 31, 2023		757,514		$	5.25
Granted		841,409			11.50
Vested		(253,116	)		5.05
Forfeited		(146,555	)		9.52
Unvested and outstanding as of September 30, 2024		1,199,252		$	9.16

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

11.

Income Taxes

The Company’s effective income tax rate was -0.2% and -0.1% for the three months ended September 30, 2024 and 2023, respectively, and -0.2% and -0.1% for the nine months ended September 30, 2024 and 2023, respectively. The income tax provision was $0.1 million and $0.1 million for the three months ended September 30, 2024 and 2023, respectively, and the income tax provision was $0.2 million and $0.1 million for the nine months ended September 30, 2024 and 2023, respectively. Consistent with the prior year, for 2024 the Company assessed the requirement to capitalize and amortize research and experimentation expenditures for US tax purposes, which remains effective as of September 30, 2024. The Company is forecasting a taxable loss position in 2024 for which no tax benefit is recorded due to the valuation allowance maintained against the Company’s deferred tax assets.

The effective income tax rate for the three and nine months ended September 30, 2024 and 2023 differed from the 21.0% federal statutory rate primarily due to the valuation allowance maintained against the Company’s deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Collaboration Agreements - Additional Information (Details)	1 Months Ended			3 Months Ended			9 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Aug. 31, 2020 USD ($) Program	Oct. 31, 2018 Program	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
2018 Gilead Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of licensed product \| Program			5
Non-refundable upfront payment received							$ 50,000,000		$ 50,000,000
Amended Gilead Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research term		7 years
Number of licensed product \| Program		15
Non-refundable upfront payment received							125,000,000
Milestone payments receivable		$ 410,000,000
Temporary equity, par value		125,000,000
Research extension fee											$ 24,000,000	$ 24,000,000
Contract with customer liability, revenue recognized					$ 12,000,000
License fee amount	$ 12,000,000
Amended Gilead Agreement [Member] \| Series B-1 Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Temporary equity, par value		$ 20,000,000
Gilead Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price allocated to performance obligation				$ 199,000,000			199,000,000
Short-term deferred revenue				15,600,000			15,600,000			$ 25,700,000
Long-term deferred revenue				50,900,000			50,900,000			$ 66,700,000
Collaboration Revenue [Member] \| Gilead Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract with customer liability, revenue recognized				$ 11,600,000		$ 10,700,000	$ 25,900,000	$ 26,100,000

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Balance at the beginning at Dec. 31, 2022	$ 249,476	$ 88	$ 522,605	$ (3,705)	$ (269,512)
Balance at the beginning (in Shares) at Dec. 31, 2022		88,179,374
Issuance of common stock under stock plans	73		73
Issuance of common stock under stock plans, (in shares)		30,590
Stock based compensation expense	4,219		4,219
Other comprehensive income (loss)	1,504			1,504
Net loss	(28,008)				(28,008)
Balance at the ending at Mar. 31, 2023	227,264	$ 88	526,897	(2,201)	(297,520)
Balance at the ending (in Shares) at Mar. 31, 2023		88,209,964
Balance at the beginning at Dec. 31, 2022	249,476	$ 88	522,605	(3,705)	(269,512)
Balance at the beginning (in Shares) at Dec. 31, 2022		88,179,374
Net loss	(70,981)
Balance at the ending at Sep. 30, 2023	276,595	$ 102	617,667	(681)	(340,493)
Balance at the ending (in Shares) at Sep. 30, 2023		101,847,154
Balance at the beginning at Mar. 31, 2023	227,264	$ 88	526,897	(2,201)	(297,520)
Balance at the beginning (in Shares) at Mar. 31, 2023		88,209,964
Issuance of common stock under stock plans	586		586
Issuance of common stock under stock plans, (in shares)		252,880
Stock based compensation expense	5,121		5,121
Other comprehensive income (loss)	684			684
Net loss	(20,710)				(20,710)
Balance at the ending at Jun. 30, 2023	212,945	$ 88	532,604	(1,517)	(318,230)
Balance at the ending (in Shares) at Jun. 30, 2023		88,462,844
Issuance of common stock under stock plans	441		441
Issuance of common stock under stock plans, (in shares)		187,639
Issuance of common stock from private placement financing, net	79,776	$ 14	79,762
Issuance of common stock from private placement financing, net (in Shares)		13,196,671
Stock based compensation expense	4,860		4,860
Other comprehensive income (loss)	836			836
Net loss	(22,263)				(22,263)
Balance at the ending at Sep. 30, 2023	276,595	$ 102	617,667	(681)	(340,493)
Balance at the ending (in Shares) at Sep. 30, 2023		101,847,154
Balance at the beginning at Dec. 31, 2023	253,108	$ 102	624,076	186	(371,256)
Balance at the beginning (in Shares) at Dec. 31, 2023		102,202,759
Issuance of common stock under stock plans	1,259	$ 1	1,258
Issuance of common stock under stock plans, (in shares)		526,826
At-the-market offerings, net of issuance costs	41,723	$ 4	41,719
At-the-market offerings, net of issuance costs (in shares)		4,001,200
Stock based compensation expense	6,719		6,719
Other comprehensive income (loss)	(443)			(443)
Net loss	(37,914)				(37,914)
Balance at the ending at Mar. 31, 2024	264,452	$ 107	673,772	(257)	(409,170)
Balance at the ending (in Shares) at Mar. 31, 2024		106,730,785
Balance at the beginning at Dec. 31, 2023	253,108	$ 102	624,076	186	(371,256)
Balance at the beginning (in Shares) at Dec. 31, 2023		102,202,759
Net loss	(92,632)
Balance at the ending at Sep. 30, 2024	229,170	$ 107	692,201	750	(463,888)
Balance at the ending (in Shares) at Sep. 30, 2024		107,414,636
Balance at the beginning at Mar. 31, 2024	264,452	$ 107	673,772	(257)	(409,170)
Balance at the beginning (in Shares) at Mar. 31, 2024		106,730,785
Issuance of common stock under stock plans	1,311		1,311
Issuance of common stock under stock plans, (in shares)		313,455
Stock based compensation expense	7,538		7,538
Other comprehensive income (loss)	(77)			(77)
Net loss	(25,551)				(25,551)
Balance at the ending at Jun. 30, 2024	247,673	$ 107	682,621	(334)	(434,721)
Balance at the ending (in Shares) at Jun. 30, 2024		107,044,240
Issuance of common stock under stock plans	2,402		2,402
Issuance of common stock under stock plans, (in shares)		370,396
Stock based compensation expense	7,178		7,178
Other comprehensive income (loss)	1,084			1,084
Net loss	(29,167)				(29,167)
Balance at the ending at Sep. 30, 2024	$ 229,170	$ 107	$ 692,201	$ 750	$ (463,888)
Balance at the ending (in Shares) at Sep. 30, 2024		107,414,636

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

There have been no significant changes from the significant accounting policies disclosed in Note 2, Summary of Significant Accounting Policies, of the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, except as described below.

Use of Estimates

Property and Equipment


Asset		Estimated useful life
Computer equipment		3 years
Computer software		3 years
Furniture and fixtures		5 years
Laboratory equipment		5 years
Leasehold improvements		Shorter of remaining lease term or 10 years

Recently Issued Accounting Pronouncements

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Incentive Plan

In March 2017, the Company’s stockholders approved the 2017 Stock Option and Grant Plan (the 2017 Plan), under which stock options and restricted stock awards were granted to eligible employees, officers, directors, consultants, or other key persons who provide services to the Company. Such issuances under the 2017 Plan were subject to vesting, forfeiture and other restrictions as deemed appropriate by the board of directors at the time of issuance.

In August 2021, the Company's stockholders approved the 2021 Stock Option and Incentive Plan (the 2021 Plan), under which stock options, restricted stock units (RSUs) and other equity-based awards or any combination of these may be granted to eligible employees, officers, directors, consultants, or other key persons who provide services to the Company. Such issuances are subject to vesting, forfeiture and other restrictions as deemed appropriate by the board of directors at the time of issuance. As of September 30, 2024, the Company had 6,941,800 shares available for future issuance under the 2021 Plan.

The 2023 Inducement Plan (the Inducement Plan) became effective upon approval of the Company's board of directors in February 2023. The Inducement Plan allows the Company to make equity and equity-based incentive awards to individuals who were not previously employees or directors of the Company. As of September 30, 2024, the Company had 2,093,099 shares available for future issuance under the Inducement Plan.

The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)				(in thousands)
Research and development	$	3,727	$	2,573	$	11,695	$	7,516
General and administrative		3,451		2,287		9,740		6,684
Total	$	7,178	$	4,860	$	21,435	$	14,200

Stock Option Activity

The following table summarizes the stock option activity for the nine months ended September 30, 2024:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Term		Aggregate Intrinsic Value
						(in years)
Options outstanding as of December 31, 2023		16,734,960		$	6.21		7.83	$	62,640,906
Granted		5,158,949		$	11.48
Exercised		(850,874	)	$	5.02
Cancelled		(1,220,662	)	$	9.28
Options outstanding as of September 30, 2024		19,822,373		$	7.44		7.53	$	32,777,406
Options exercisable as of September 30, 2024		10,608,871		$	6.04		6.62	$	24,992,010

As of September 30, 2024, total unrecognized compensation expense related to stock options was $49.8 million, which the Company expects to recognize over a remaining weighted-average period of 2.4 years.

Restricted Stock Unit Activity

The following table summarizes the RSU activity for the nine months ended September 30, 2024:


	Number of Stock Units			Weighted Average Grant Date Fair Value Per Share
Unvested and outstanding as of December 31, 2023		757,514		$	5.25
Granted		841,409			11.50
Vested		(253,116	)		5.05
Forfeited		(146,555	)		9.52
Unvested and outstanding as of September 30, 2024		1,199,252		$	9.16

As of September 30, 2024, total unrecognized compensation expense related to RSUs was $8.5 million, which the Company expects to recognize over a remaining weighted-average period of 2.0 years.

2021 Employee Stock Purchase Plan

The 2021 Employee Stock Purchase Plan (the 2021 ESPP) was adopted and approved by the Company’s board of directors and by the Company’s stockholders and became effective upon the closing of the Business Combination. During the nine months ended September 30, 2024, the Company issued 106,687 shares of common stock under the 2021 ESPP.

Collaboration Agreements

9 Months Ended

Sep. 30, 2024

Collaboration Agreements [Abstract]

Collaboration Agreements

In October 2018, the Company entered into a Research Collaboration and License Agreement (the 2018 Gilead Agreement) with Gilead Sciences, Inc. (Gilead). Pursuant to the terms of the 2018 Gilead Agreement, the Company received an initial upfront payment of $50.0 million. Gilead had the option to obtain exclusive, worldwide licenses to develop and commercialize up to five validated programs (Gilead Program License).

In August 2020, the Company and Gilead entered into an Amended Research Collaboration and License Agreement (the Gilead Agreement), which superseded and replaced the 2018 Gilead Agreement. The Gilead Agreement represents a continuation of the initial target discovery and validation research and development efforts begun under the 2018 Gilead Agreement. Under the Gilead Agreement:

•

The Company received upfront, non-refundable consideration of $125.0 million from Gilead upon execution of the Gilead Agreement in 2020;

•

The term of the 2018 Gilead Agreement ended on the date the Gilead Agreement was executed. The Gilead Agreement has a research term of seven years;

•

Gilead expanded its option to license up to 15 programs for which Gilead may obtain exclusive, worldwide licenses to develop and commercialize therapies, subject to applicable license fees;

•

Prior to exercising its option to license a program, Gilead may “extend” such program, in which case Gilead will pay research option-extension fees and the Company will continue to collaborate with Gilead to discover and develop programs, potentially through early clinical development;

•

Gilead has the option to “reserve” a target during which Gilead may: (i) license the target, (ii) “extend” the target, or (iii) decline the target, during the designated reserve target period. If, during the reserve target period Tango elects to work on the reserved target, Tango will retain full rights to the target program and Gilead receives a right of first negotiation in connection with any future partnering or licensing of such target by Tango, if any; and

•

For up to five programs licensed by Gilead, the Company has the option to co-develop and co-promote the lead product in the U.S., subject to certain exceptions, and is eligible to receive tiered royalties in the first decile on ex-U.S. sales.

The Company is eligible to receive up to $410.0 million per program in license, research option-extension, and clinical, regulatory, and commercial milestones and royalties on future sales of commercialized products, if any.

In August 2020, Gilead also made an equity investment of $20.0 million into the Company as a participant in the Company’s Series B-1 preferred stock offering. At the time of the original investment, including as of the September 30, 2024 balance sheet date, and based on current ownership of common stock, Gilead is not considered to be a related party to the Company.

Accounting for the Gilead Collaboration

The Gilead Agreement is accounted for under ASC 606. The Company identified a single combined performance obligation under the Gilead Agreement consisting of the research services and continued participation on the joint steering committee during the research term. For research option-extension fees, the Company determined that the additional goods and services relating to the continued research services were not distinct from the early-stage research services already promised to Gilead under the on-going research plan. Consideration pertaining to each of the research option-extensions is paid to the Company in equal quarterly installment payments over an agreed upon payment schedule. The research option-extension consideration are added to the transaction price under the Gilead Agreement. License fees are recognized as revenue immediately as the Company has no continued involvement in the advancement of the program, Gilead can benefit from the license on its own, and the license is separately identifiable from the research services.

Gilead Revenue Recognized

The total transaction price allocated to the combined performance obligation under the Gilead Agreement was $199.0 million at September 30, 2024. The total transaction price was comprised of the $50.0 million upfront payment pursuant to the 2018 Gilead Agreement, the $125.0 million upfront payment pursuant to the Gilead Agreement, and $24.0 million in payment pursuant to research option-extension fees in December 2020 and in September 2021. During the three months ended September 30, 2024 and 2023, the Company recognized $11.6 million and $10.7 million, respectively, and during the nine months ended September 30, 2024 and 2023, the Company recognized $25.9 million and $26.1 million, respectively, of collaboration revenue associated with the Gilead agreements based on performance completed during each period.

The Company reevaluates the transaction price and the total estimated costs expected to be incurred to satisfy the performance obligations at the end of each reporting period and as uncertain events, such as changes to the expected timing and cost of certain research and development activities that the Company is responsible for, are resolved or other changes in circumstances occur. As of September 30, 2024 and December 31, 2023, the Company had short-term deferred revenue of $15.6 million and $25.7 million, respectively, and long-term deferred revenue of $50.9 million and $66.7 million, respectively, related to the Gilead collaboration. The remaining long-term deferred revenue is expected to be recognized proportionally to the completed obligations over an expected remaining contractual term of approximately 2.9 years.

In June 2024, Gilead licensed a drug discovery program for a $12.0 million license fee. The $12.0 million license fee was recognized as revenue in the second quarter of 2024 as the Company has no continued involvement in the advancement of the program, Gilead can benefit from the license on its own, and the license is separately identifiable from the research services.

Amounts due to the Company that have not yet been received are recorded as accounts receivable and amounts received that have not yet been recognized as revenue are recorded as deferred revenue on the Company’s condensed consolidated balance sheets.

Costs incurred pursuant to the Gilead Agreement and the 2018 Gilead Agreement are recorded as research and development expense.