Why a $4 Billion Cancer Bio Company Lost 220 Billion in a Day

Tango Therapeutics Inc. (NASDAQ: TNGX) closed at $20.34 on May 22, down 5.9%, on a trading volume of about 1.19 million shares. Its market capitalization fell by roughly $164 million—about 220 billion KRW—to approximately $2.94 billion (around 4 trillion KRW).

In its Q1 2026 financial results released on May 13, the company reaffirmed a cash position of $380 million (about 500 billion KRW) and a funding runway extending through 2028. It also updated plans for its lead candidate, vopimetostat, including a pivot into a pancreatic cancer trial and a combination development program with a RAS(ON) inhibitor.

Earlier in January, founder Barbara Weber stepped down as CEO, and clinical development veteran Malte Peters, formerly of Morphosys, took over the role, completing the leadership transition.

Headquartered in Boston, Tango Therapeutics is a clinical-stage precision oncology company advancing PRMT5 inhibitor vopimetostat (development code TNG462) as its core pipeline asset targeting MTAP-deleted cancers. The drug has demonstrated encouraging early efficacy signals in both monotherapy and Phase 1/2 combination trials with Revolution Medicines’ RAS(ON) inhibitor in hard-to-treat cancers such as pancreatic and lung cancer, with additional data expected in 2026.