Crystal Adam 4

What Happened
Crystal Adam, President of R&D at Tango Therapeutics (TNGX), exercised 27,000 option shares and immediately sold the resulting 27,000 common shares on May 1, 2026. The exercise cost was $5.20 per share (total $140,400). The sales consisted of 25,900 shares at a weighted average price of $21.19 ($548,901) and 1,100 shares at $22.00 ($24,196), for combined sale proceeds of $573,097. Net proceeds before taxes/fees were about $432,697 (sales minus exercise cost). The filing shows the derivative conversion entry related to the exercise.

Key Details

• Transaction date: May 1, 2026; Form 4 filed May 5, 2026 (filed 4 days after transaction; may be later than the typical 2-business-day requirement).
• Exercise: 27,000 shares at $5.20 = $140,400 (code M).
• Sales: 25,900 shares at weighted avg $21.19 = $548,901 (prices ranged $20.79–$21.755 per footnote F3); 1,100 shares at $22.00 = $24,196 (prices ranged $21.80–$22.20 per footnote F4).
• Net cash (sales less exercise cost): ~$432,697 (approximate; excludes fees/taxes).
• Shares owned after the transaction: Not specified in the provided excerpt.
• Notable footnotes: trades were effected pursuant to a Rule 10b5-1 trading plan adopted Oct 27, 2025 (F1); filing notes prior ESPP acquisition of 3,121 shares (F2); sales price ranges provided per F3/F4; option vesting schedule referenced (F5).

Context
This appears to be a cashless exercise (exercise followed by immediate sale of the shares) executed under a prearranged 10b5-1 plan, which is common for insiders who want to automate trades and reduce potential insider-trading timing concerns. Such sales are often routine and do not by themselves indicate the insider’s view of the company’s long-term prospects.