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FHTX

Foghorn Therapeutics Inc.

FHTX

Foghorn Therapeutics Inc. • NASDAQ
$4.75 ▼ -1.25% (-0.06)
Market Cap $268.61 M
52w High $8.45
52w Low $2.94
Dividend Yield 0%
P/E -4.17
Volume 39.98K
Outstanding Shares 56.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.153M ▲ $6.652M ▼ $-15.849M ▲ -194.395% ▲ $-0.25 ▲ $-14.997M ▲
Q2-2025 $7.557M ▲ $27.754M ▼ $-17.936M ▲ -237.343% ▲ $-0.28 ▲ $-17.036M ▲
Q1-2025 $5.952M ▲ $28.865M ▲ $-18.834M ▲ -316.431% ▲ $-0.3 ▲ $-22.086M ▲
Q4-2024 $2.856M ▼ $26.861M ▼ $-19.503M ▼ -682.878% ▼ $-0.31 $-23.244M ▼
Q3-2024 $7.808M $31.66M $-19.122M -244.903% $-0.31 $-23.119M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $180.278M ▼ $204.962M ▼ $294.62M ▼ $-89.658M ▼
Q2-2025 $198.665M ▼ $226.236M ▼ $302.895M ▼ $-76.659M ▼
Q1-2025 $220.587M ▼ $258.691M ▼ $320.343M ▼ $-61.652M ▼
Q4-2024 $243.747M ▼ $283.982M ▼ $329.51M ▼ $-45.528M ▼
Q3-2024 $267.397M $308.372M $336.659M $-28.287M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-15.849M ▲ $-18.86M ▲ $35.573M ▲ $49K ▼ $16.762M ▲ $-18.86M ▲
Q2-2025 $-17.936M ▲ $-21M ▲ $33.834M ▲ $254K ▲ $12.796M ▲ $-21.022M ▲
Q1-2025 $-18.834M ▲ $-23.968M ▲ $29.401M ▲ $139K ▲ $5.572M ▲ $-23.996M ▲
Q4-2024 $-19.503M ▼ $-24.519M ▼ $22.291M ▲ $4K ▼ $-2.224M ▲ $-24.998M ▼
Q3-2024 $-19.122M $-21.005M $-61.315M $1.051M $-81.269M $-21.314M

Five-Year Company Overview

Income Statement

Income Statement Foghorn is still essentially a pre‑commercial biotech: revenue is negligible and comes mainly from partnerships rather than product sales. The core story on the income statement is sustained research spending and operating losses every year since the IPO. Losses widened during the build‑out phase and have recently started to narrow a bit, but the company remains firmly in the red with negative earnings per share. The pattern is typical for an early‑stage biotech: the income statement reflects investment in science, not yet any meaningful commercial payoff.

Balance Sheet

Balance Sheet The balance sheet shows a company built around cash and intellectual property rather than factories or heavy assets. Total assets have drifted down from earlier peaks as cash has been used to fund research. Cash remains a key line item, though it is lower than in the past, and financial debt is present but modest relative to the overall size of the company. Shareholders’ equity has recently turned negative, which mainly reflects accumulated losses rather than excessive borrowing. This negative equity highlights that the company has consumed more capital than it has created so far and may need continued access to external funding over time, though management and outside commentary suggest a cash runway that should support operations for several more years.

Cash Flow

Cash Flow Cash flow is dominated by research and development spending, so operating cash flow has been negative in most years, showing steady cash burn. There was one year with a large positive swing in operating cash flow, likely driven by partnership or collaboration payments rather than recurring product cash flows. Free cash flow closely tracks operating cash flow because capital spending is minimal, which is common for a lab‑ and people‑intensive biotech. Overall, the business still consumes cash and depends on past fundraises and potential future deals to sustain its development programs.

Competitive Edge

Competitive Edge Foghorn occupies a specialized niche in oncology by focusing on the chromatin regulatory system, an area that historically has been seen as very complex and hard to target. Its Gene Traffic Control platform and accumulated know‑how give it a first‑mover edge in this specific biology, with proprietary assays and tools that are not easy to copy quickly. The collaboration with a major pharma company (Eli Lilly) validates the science and adds credibility, resources, and potential co‑commercialization support. At the same time, Foghorn competes in a crowded cancer‑drug landscape where many large players are also exploring epigenetics and novel mechanisms. As an early‑stage, single‑platform company with no approved products, its competitive position is promising but fragile, highly dependent on the success of a few key programs and its ability to stay ahead scientifically.

Innovation and R&D

Innovation and R&D Innovation is the core of Foghorn’s identity. The Gene Traffic Control platform is designed to systematically map and drug the chromatin regulatory system, opening up targets that were long viewed as “undruggable.” The company is working on both small‑molecule inhibitors and targeted protein degraders, which gives it multiple technical routes to go after difficult cancer drivers. Its pipeline includes a partnered SMARCA2 inhibitor in human trials and several degrader programs moving toward the clinic, plus legacy assets where it is now exploring partnerships rather than pushing forward alone. This approach shows both ambition and some discipline: doubling down on the strongest platform programs while being willing to pause or out‑license others. The scientific upside is significant, but the R&D path is long, binary, and inherently risky, with many key data readouts still ahead.

Summary

Foghorn Therapeutics is a classic high‑science, high‑risk, early‑stage biotech. Financially, it is pre‑revenue with persistent losses, negative equity, and ongoing cash burn, though it still has a meaningful cash cushion and relatively low debt. Strategically, it has carved out a differentiated space by targeting the chromatin regulatory system through its Gene Traffic Control platform, with a pipeline of first‑in‑class cancer programs and a notable partnership with Eli Lilly. The main strengths are its specialized scientific expertise, proprietary platform, and external validation from a large pharma partner. The main risks are prolonged lack of commercial revenue, dependence on capital markets and deals, and the scientific and clinical uncertainty that is inherent to early oncology R&D. Future value will hinge on clinical data from its lead programs, successful advancement of its degrader pipeline, and its ability to maintain financial flexibility while navigating a competitive and rapidly evolving cancer‑drug field.

NEWS

November 25, 2025 · 7:00 AM UTC

Foghorn Therapeutics to Participate in the 8th Annual Evercore Healthcare Conference

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November 5, 2025 · 7:00 AM UTC

Foghorn Therapeutics Provides Third Quarter 2025 Financial and Corporate Update

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November 3, 2025 · 7:30 AM UTC

Foghorn Therapeutics to Participate in Three Upcoming Investor Conferences

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October 30, 2025 · 7:30 AM UTC

Foghorn Therapeutics Announces Updates for Selective ARID1B, Selective CBP and Selective EP300 Degrader Programs

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October 16, 2025 · 7:00 AM UTC

Foghorn Therapeutics Announces Significant Progress for Selective ARID1B Degrader at the 8th Annual TPD and Induced Proximity Summit

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