Clinical Trial Failure Risk: Tango's product candidates are in early to mid-stage clinical development, and there is no guarantee that they will demonstrate sufficient safety or efficacy to achieve regulatory approval, potentially leading to costly program failures or delays.

Regulatory Approval Uncertainty: Even if clinical trials are successful, obtaining necessary regulatory approvals from agencies such as the FDA is a complex, lengthy, and uncertain process that may not be granted, preventing market access for its drug candidates.

Significant Capital Requirements: Developing new drugs is extremely expensive, and Tango will require substantial additional capital to fund its operations, clinical trials, and research, which may not be available on favorable terms or at all, leading to potential dilution for shareholders.