Foghorn Therapeutics Inc.

Listed Company

FHTXCIK 0001822462NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$30.91M

Net Income

$-74.30M

Total Assets

$198.10M

Equity

$-108.50M

Shares Out

58.70M

Op. Cash Flow

$-86.10M

Business

Foghorn Therapeutics Inc. is a clinical-stage precision therapeutics biotechnology company that develops medicines by correcting abnormal gene expression through selective targeting of the chromatin regulatory system. It advances small-molecule modalities including enzymatic inhibitors, targeted protein degraders and transcription factor disruptors as its primary product candidates and research outputs. Its operations center on a proprietary Gene Traffic Control® platform supporting target identification, scalable production of chromatin components, assay development, and discovery-to-clinic translation, and it conducts partnered clinical development programs. It distributes and develops its candidates primarily through clinical trials and strategic collaborations with biopharmaceutical partners globally.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Collaboration revenue	31	23	34	19	1
Research and development	85	95	110	106	80
General and administrative	28	28	32	31	22
Gain on lease modification	−2	0	—	—	—
Impairment of long-lived assets	6	2	0	—	—
Total operating expenses	117	125	142	136	102
Loss from operations	−86	−103	−108	−117	−101
Interest income	9	12	11	6	59,000
Other income, net	3	4	3	3	3
Total other income, net	12	16	14	8	−586,000
Net loss	−74	−87	−98	−109	−101
Net loss per share attributable to common stockholdersbasic (in dollars per share)	−1.18	−1.58	−2.34	−2.62	−2.73
Net loss per share attributable to common stockholdersdiluted (in dollars per share)	−1.18	−1.58	−2.34	−2.62	−2.73
Weighted average common shares outstandingbasic (in shares)	63	55	42	42	37
Weighted average common shares outstandingdiluted (in shares)	63	55	42	42	37
Unrealized gains (losses) on marketable securities	−111,000	961,000	3	−4	−3,000
Total other comprehensive gain (loss)	−111,000	961,000	3	−4	−3,000
Total comprehensive loss	−74	−86	−95	−113	−101

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	81	55	80	52	101
Marketable securities	78	188	154	294	53
Restricted cash	1	0	—	—	—
Prepaid expenses and other current assets	3	6	6	6	5
Total current assets	163	250	240	351	460
Property and equipment, net	2	10	13	15	18
Restricted cash	2	2	2	2	2
Other assets	4,000	68,000	1	2	2
Operating lease right-of-use assets	31	23	30	34	39
Total assets	198	284	286	405	520
Accounts payable	4	4	6	5	4
Accrued expenses and other current liabilities	11	9	9	11	10
Operating lease liabilities	923,000	9	9	6	7
Deferred revenue	43	46	35	33	28
Total current liabilities	60	67	58	55	49
Operating lease liabilities, net of current portion	40	28	37	46	51
Deferred revenue, net of current portion	206	234	268	304	323
Other liabilities	556,000	0	0	29,000	143,000
Total liabilities	307	330	363	405	423
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred stock, $0.0001 par value; 25,000,000 shares authorized as of December 31, 2025 and 2024; no shares issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.0001 par value; 175,000,000 shares authorized at December 31, 2025 and 2024; 56,657,329 shares issued and outstanding at December 31, 2025 and 55,594,131 shares issued and outstanding at December 31, 2024	6,000	6,000	4,000	4,000	4,000
Additional paid-in capital	524	513	395	377	361
Accumulated other comprehensive gain	24,000	135,000	−826,000	−4	−10,000
Accumulated deficit	−633	−558	−472	−373	−264
Total stockholders deficit	−109	−46	−77	112,000	97
Total liabilities and stockholders deficit	198	284	286	405	520

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	10	12	16	14	—
Depreciation and amortization expense	3	3	4	3	3
Loss on disposal of property and equipment	31,000	0	3,000	6,000	0
Noncash lease expense	4	6	—	—	—
Accretion of discount on marketable securities	−2	−5	−3	−1	179,000
Prepaid expenses and other current assets	3	1	741,000	−307,000	−2
Accounts payable	481,000	−2	846,000	2	135,000
Accrued expenses and other liabilities	2	−564,000	−2	1	3
Operating lease liabilities	−7	−8	−8	—	—
Deferred revenue	−31	−23	−34	−14	336
Net cash used in operating activities	−86	−100	−118	194	−50
Purchases of property and equipment	−50,000	−906,000	−1	−1	−3
Purchases of marketable securities	−131	−261	−74	−409	−100
Proceeds from maturities of marketable securities	243	232	220	166	139
Net cash provided by (used in) investing activities	112	−30	144	−244	36
Payments of public offering costs	0	−585,000	0	—	—
Proceeds from issuance of common stock upon exercise of stock options and employee stock purchase plan	483,000	3	2	2	1
Net cash provided by financing activities	1	105	2	2	22
Net increase (decrease) in cash, cash equivalents and restricted cash	27	−25	28	−49	8
Cash paid for taxes	9,000	860,000	4	—	—
Purchases of property and equipment included in accounts payable and accrued expenses	0	22,000	35,000	160,000	295,000
Asset acquired in finance lease	1	0	—	—	—

Filings

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