Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Tango Therapeutics, Inc. (TNGX)
A forensic read on Tango Therapeutics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
11.3
Distress distance
Watch
Earnings quality
4
Forensic signals
-25.6
P / E (ttm)
-29.3%
ROE
$4.1B
Market cap
0.00%
Dividend yield
48.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Tango Therapeutics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 11.3, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+57.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +57.1% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by payables paid down 26% against +48% in revenue. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 20% of net operating assets, against an accruals ratio of 57.1%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
+10.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +23% over the last 2 years to FY2025 (+10.8%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~10.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~19%.
-$388.4M
FY2023–FY2025
Cash burn vs. reported loss.Over FY2023–FY2025, the company reported a cumulative net loss of $333.6M against operating cash flow of -$388.4M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
42% of rev
FY2025
Key fundamentals
Latest Revenue$62.4M
Revenue Growth YoY+48.3%
Revenue CAGR (2yr)+30.7%
Net Margin-162.9%
Free Cash Flow-$139.9M
Return on Equity-29.3%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Tango Therapeutics, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Tango Therapeutics, Inc. (TNGX) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Stock-based comp load.
Stock-based compensation ran 42% of revenue in FY2025 — about $0.23 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 10.9% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.