TNGX · CIK 0001819133
What Tango Therapeutics, Inc. told the SEC could break it.
Tango's supply risk converges on a single, geopolitically exposed source: the active pharmaceutical ingredient for all of its product candidates comes from one supplier, an affiliate of WuXi AppTec located in China (with drug product from two manufacturers), so losing it would significantly harm clinical development. That China dependence also puts it in the path of trade and policy risk — U.S. tariffs on Chinese imports of API and drug product, and the proposed BIOSECURE Act, which could materially restrict its ability to do business with WuXi. Underlying it all, it is pre-revenue with a $603.2 million accumulated deficit and is funded mainly through equity, and the truncation of its Gilead collaboration removed a key non-dilutive funding source, increasing its reliance on capital raises.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- China tariffs and BIOSECURE Act exposure on China-based sole API supplierhigh
Tango's sole API supplier is located in China (a WuXi AppTec affiliate), exposing it to U.S. tariffs on Chinese imports of API/drug product and to the proposed BIOSECURE Act, which could materially restrict its ability to do business with WuXi AppTec.
“on February 1, 2025, the U.S. imposed a 25% tariff on imports from Canada and Mexico, which were subsequently suspended for a period of one month, and a 10% additional tariff on imports from China (we obtain certain drug product and API from vendors in China and our sole supplier of API is located in China).”
Sole-source dependency
- Single-source API (WuXi AppTec affiliate) for all clinical candidateshigh
Tango's API for all product candidates is supplied by a single supplier (an affiliate of WuXi AppTec) and its drug product by two manufacturers; these are its sole sources of supply, and the loss of any could significantly harm clinical development.
“The third parties upon whom we rely for the supply of the active pharmaceutical ingredients and drug product to be used in our product candidates are our sole sources of supply, and the loss of any of these suppliers could significantly harm our business. The API we use and that we may continue to use in all of our product candidates is supplied to us from one supplier.”
SEC filing →As of 2026
Liquidity & debt
- Pre-revenue; $603.2M accumulated deficit; lost Gilead collaboration fundingmedium
Tango has generated no product revenue, had a $603.2M accumulated deficit as of December 31, 2025, and is funded primarily by equity financings; the truncation of its Gilead collaboration removed a key non-dilutive funding source, increasing reliance on capital raises.
“As of December 31, 2025, we had an accumulated deficit of $603.2 million. Substantially all of our net losses have resulted from costs incurred in connection with our research and development programs and from general and administrative costs associated with our operations.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
WuXi AppTec (affiliate)
“We rely on a very limited number of third parties for the supply of the active pharmaceutical ingredients, or API, and drug product to be used in our product candidates (for example, an affiliate of WuXi AppTec is the sole source of API for all of our clinical-stage product candidates)”
Cited →“Collaboration revenue of $62.4 million and $30.0 million for the years ended December 31, 2025 and 2024, respectively, was derived from the Gilead collaboration.”
Cited →
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