Foghorn Therapeutics (FHTX)
Market Price (7/20/2026): $5.0 | Market Cap: $347.7 MilSector: Health Care | Industry: Biotechnology
Foghorn Therapeutics (FHTX)
Market Price (7/20/2026): $5.0Market Cap: $347.7 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -39% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. | Weak multi-year price returns2Y Excs Rtn is -49%, 3Y Excs Rtn is -100% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -81 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -286% Weak revenue growthRev Chg QQuarterly Revenue Change % is -45% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 36% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -310%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -310% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -25% Key risksFHTX key risks include [1] the potential for severe clinical development setbacks, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -39% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -49%, 3Y Excs Rtn is -100% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -81 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -286% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -45% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 36% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -310%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -310% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -25% |
| Key risksFHTX key risks include [1] the potential for severe clinical development setbacks, Show more. |
Qualitative Assessment
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Foghorn Therapeutics (FHTX) stock has gained about 10% since 3/31/2026 because of the following key factors:
1. Strong Financial Position and Better-than-Expected Fiscal Q1 2026 Performance.
Foghorn Therapeutics maintained a solid financial footing, reporting approximately $183.6 million in cash, cash equivalents, and marketable securities as of March 31, 2026, extending its cash runway into the first half of 2028. Concurrently, the company announced a net loss of $0.29 per share for fiscal Q1 2026, which surpassed analyst consensus estimates by 6.78%, contributing to investor optimism and an immediate 2.47% increase in the stock price following the announcement.
2. Positive Clinical Pipeline Advancement and Preclinical Data.
The company provided encouraging updates on the progression of its clinical pipeline, particularly for its lead candidate, FHD-909, which continued to advance in its Phase 1 dose-escalation trial. New preclinical data presented at the American Association for Cancer Research (AACR) Annual Meeting in April 2026 demonstrated the compelling potential of FHD-909 in combination with an anti-PD-1 antibody, showcasing robust and durable tumor regression with anti-tumor immune memory. Additionally, progress was highlighted for its selective CBP and EP300 degrader programs, with Investigational New Drug (IND)-enabling studies anticipated in 2026 and IND filings expected in 2027.
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Foghorn Therapeutics (FHTX) stock has gained about 10% since 3/31/2026 because of the following key factors:
1. Strong Financial Position and Better-than-Expected Fiscal Q1 2026 Performance.
Foghorn Therapeutics maintained a solid financial footing, reporting approximately $183.6 million in cash, cash equivalents, and marketable securities as of March 31, 2026, extending its cash runway into the first half of 2028. Concurrently, the company announced a net loss of $0.29 per share for fiscal Q1 2026, which surpassed analyst consensus estimates by 6.78%, contributing to investor optimism and an immediate 2.47% increase in the stock price following the announcement.
2. Positive Clinical Pipeline Advancement and Preclinical Data.
The company provided encouraging updates on the progression of its clinical pipeline, particularly for its lead candidate, FHD-909, which continued to advance in its Phase 1 dose-escalation trial. New preclinical data presented at the American Association for Cancer Research (AACR) Annual Meeting in April 2026 demonstrated the compelling potential of FHD-909 in combination with an anti-PD-1 antibody, showcasing robust and durable tumor regression with anti-tumor immune memory. Additionally, progress was highlighted for its selective CBP and EP300 degrader programs, with Investigational New Drug (IND)-enabling studies anticipated in 2026 and IND filings expected in 2027.
3. Favorable Analyst Sentiment and Price Target Upside.
Foghorn Therapeutics garnered consistent positive sentiment from Wall Street analysts, with several reiterating "Buy" or "Strong Buy" ratings for the stock during the period. As of May and July 2026, the average 12-month price target among covering analysts reached approximately $11.75. This average target implied a significant upside potential of roughly 115.60% from the stock's price of $5.45, thereby fostering positive investor confidence.
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Stock Movement Drivers
Fundamental Drivers
The 8.6% change in FHTX stock from 3/31/2026 to 7/19/2026 was primarily driven by a 31.1% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.78 | 5.19 | 8.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 31 | 28 | -8.7% |
| P/S Multiple | 9.8 | 12.8 | 31.1% |
| Shares Outstanding (Mil) | 63 | 70 | -9.3% |
| Cumulative Contribution | 8.6% |
Market Drivers
3/31/2026 to 7/19/2026| Return | Correlation | |
|---|---|---|
| FHTX | 8.6% | |
| Market (SPY) | 14.3% | 24.5% |
| Sector (XLV) | 9.9% | 24.2% |
Fundamental Drivers
The -3.9% change in FHTX stock from 12/31/2025 to 7/19/2026 was primarily driven by a -9.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 12312025 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.40 | 5.19 | -3.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25 | 28 | 15.1% |
| P/S Multiple | 13.9 | 12.8 | -7.9% |
| Shares Outstanding (Mil) | 63 | 70 | -9.4% |
| Cumulative Contribution | -3.9% |
Market Drivers
12/31/2025 to 7/19/2026| Return | Correlation | |
|---|---|---|
| FHTX | -3.9% | |
| Market (SPY) | 9.3% | 34.6% |
| Sector (XLV) | 4.5% | 30.0% |
Fundamental Drivers
The 10.4% change in FHTX stock from 6/30/2025 to 7/19/2026 was primarily driven by a 20.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.70 | 5.19 | 10.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24 | 28 | 20.1% |
| P/S Multiple | 12.6 | 12.8 | 1.7% |
| Shares Outstanding (Mil) | 63 | 70 | -9.6% |
| Cumulative Contribution | 10.4% |
Market Drivers
6/30/2025 to 7/19/2026| Return | Correlation | |
|---|---|---|
| FHTX | 10.4% | |
| Market (SPY) | 21.3% | 34.0% |
| Sector (XLV) | 21.1% | 27.3% |
Fundamental Drivers
The -26.3% change in FHTX stock from 6/30/2023 to 7/19/2026 was primarily driven by a -39.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302023 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.04 | 5.19 | -26.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 21 | 28 | 36.9% |
| P/S Multiple | 14.3 | 12.8 | -10.4% |
| Shares Outstanding (Mil) | 42 | 70 | -39.9% |
| Cumulative Contribution | -26.3% |
Market Drivers
6/30/2023 to 7/19/2026| Return | Correlation | |
|---|---|---|
| FHTX | -26.3% | |
| Market (SPY) | 73.6% | 30.0% |
| Sector (XLV) | 27.1% | 20.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FHTX Return | 13% | -72% | 1% | -27% | 14% | -6% | -75% |
| Peers Return | -4% | -60% | 5% | 29% | 19% | 12% | -31% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| FHTX Win Rate | 33% | 42% | 58% | 50% | 50% | 43% | |
| Peers Win Rate | 56% | 33% | 36% | 50% | 56% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| FHTX Max Drawdown | -64% | -76% | -70% | -56% | -49% | -46% | |
| Peers Max Drawdown | -52% | -71% | -67% | -44% | -61% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARVN, KYMR, NRIX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/17/2026 (YTD)
How Low Can It Go
| Event | FHTX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -46.3% | -18.8% |
| % Gain to Breakeven | 86.3% | 23.1% |
| Time to Breakeven | 102 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -62.1% | -9.5% |
| % Gain to Breakeven | 163.9% | 10.5% |
| Time to Breakeven | 131 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.8% | -6.7% |
| % Gain to Breakeven | 46.6% | 7.1% |
| Time to Breakeven | 22 days | 31 days |
In The Past
Foghorn Therapeutics's stock fell -46.3% during the 2025 US Tariff Shock. Such a loss loss requires a 86.3% gain to breakeven.
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| Event | FHTX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -46.3% | -18.8% |
| % Gain to Breakeven | 86.3% | 23.1% |
| Time to Breakeven | 102 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -62.1% | -9.5% |
| % Gain to Breakeven | 163.9% | 10.5% |
| Time to Breakeven | 131 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.8% | -6.7% |
| % Gain to Breakeven | 46.6% | 7.1% |
| Time to Breakeven | 22 days | 31 days |
In The Past
Foghorn Therapeutics's stock fell -46.3% during the 2025 US Tariff Shock. Such a loss loss requires a 86.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Foghorn Therapeutics (FHTX)
Foghorn Therapeutics Inc. (FHTX) is a clinical-stage biopharmaceutical company dedicated to discovering and developing innovative medicines for cancer. The company's core scientific approach involves targeting genetically determined dependencies within the chromatin regulatory system, which controls gene expression. Foghorn utilizes its proprietary "Gene Traffic Control platform" to identify and validate novel drug targets within this complex biological system.
The company's primary product pipeline consists of several oncology drug candidates. Its lead assets include FHD-286, a small molecule inhibitor of BRG1 and BRM enzymes, which is currently in clinical trials for metastatic uveal melanoma, as well as relapsed and/or refractory acute myeloid leukemia and myelodysplastic syndrome. Another key candidate is FHD-609, a small molecule protein degrader targeting BRD9, developed to treat synovial sarcoma. Additionally, Foghorn is advancing earlier-stage programs, including selective modulators for BRM and ARID1B, to address a variety of other solid tumors such as ovarian, endometrial, and colorectal cancers.
Foghorn Therapeutics primarily serves the oncology market, focusing on patients with specific, often difficult-to-treat, and genetically defined cancers where current treatments may be limited. Beyond its internal pipeline, the company expands its reach and capabilities through strategic research collaborations and licensing agreements with major pharmaceutical partners, including Merck Sharp & Dohme Corp. and Loxo Oncology, to develop novel oncology therapeutics.
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Think of it as an early-stage Moderna, but instead of using an mRNA platform for vaccines and therapeutics, Foghorn Therapeutics uses its 'Gene Traffic Control' platform to discover novel small molecule drugs specifically for cancer.
It's like an emerging Vertex Pharmaceuticals that leverages a unique genetic-targeting platform to develop treatments, but with a sole focus on fighting various cancers.
A specialized cancer drug discovery company, similar to how Loxo Oncology (now part of Eli Lilly) became known for precision oncology, but Foghorn employs its proprietary 'Gene Traffic Control' platform to find therapies for genetically-driven tumors.
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- FHD-286: A small molecule inhibitor of BRG1 and BRM for the treatment of metastatic uveal melanoma, relapsed and/or refractory acute myeloid leukemia, and myelodysplastic syndrome.
- FHD-609: A small molecule protein degrader for BRD9 designed to treat patients with synovial sarcoma.
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Foghorn Therapeutics (FHTX) sells primarily to other companies, specifically through research collaboration and licensing agreements.
Its major customer companies are:
- Merck Sharp & Dohme Corp. (Public symbol: MRK)
- Loxo Oncology (a subsidiary of Eli Lilly and Company, public symbol: LLY)
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Adrian Gottschalk, President & Chief Executive Officer
Adrian Gottschalk joined Foghorn Therapeutics as President and Chief Executive Officer in May 2017. Prior to his role at Foghorn, he spent 13 years at Biogen, where he served as Senior Vice President and head of the neurodegeneration therapeutic area, overseeing the late-stage development and commercialization of treatments for Alzheimer's disease, Parkinson's disease, and amyotrophic lateral sclerosis (ALS). His tenure at Biogen also included leadership positions such as head of corporate strategy, head of global commercial strategy, and head of the Japan, Australia, and Emerging Markets geographies. Earlier in his career, he worked as a consultant for Price Waterhouse. Mr. Gottschalk holds a BS in biochemistry from Texas A&M University, an MBA from the Sloan School of Management at MIT, and an ScM from the joint Harvard Medical School/MIT Biomedical Enterprise Program. Foghorn Therapeutics was founded and launched by Flagship Pioneering, a biotech company builder and venture capital firm, in 2018, with Mr. Gottschalk at the helm, indicating his involvement with a private equity-backed company from its inception.
Ryan Maynard, Chief Financial Officer
Ryan Maynard was appointed Chief Financial Officer of Foghorn Therapeutics, effective February 23, 2026. He brings over 25 years of executive experience in financial strategy, capital markets execution, and operational performance across both public and private biopharmaceutical companies. Most recently, he served as CFO at Cara Therapeutics, Inc., where he was responsible for financial strategy and strategic transactions, including executing a reverse merger with Tvardi Therapeutics and raising $37.5 million through a non-dilutive royalty deal. Mr. Maynard's previous CFO roles include positions at Rigel Pharmaceuticals, LetsGetChecked Inc., and Blade Therapeutics. He has a strong track record of raising over $1 billion through public and private financings. He also played a key role in the FDA approval and commercial launch planning for TAVALISSE® and KORSUVA®. Mr. Maynard holds a BS in Commerce with a focus in accounting from Santa Clara University and currently serves on the board of Iovance Biotherapeutics, Inc. His extensive experience across numerous biopharmaceutical companies, coupled with his proven ability to raise significant capital for both public and private entities, demonstrates a pattern of managing companies, some of which have been backed by private equity or venture capital firms.
Alfonso Quintás-Cardama, MD, Chief Medical Officer
Dr. Alfonso Quintás-Cardama joined Foghorn Therapeutics as Chief Medical Officer in 2023. Prior to Foghorn, he served as CMO at TCR2, where he led the development of the company's cell therapy platform since 2017. From 2014 to 2016, he was the global clinical leader at Novartis, a role in which he spearheaded the development of tisagenlecleucel (Kymriah™), the first FDA-approved CAR T-cell therapy. Dr. Quintás-Cardama also held the position of head of clinical development for cell therapies at GSK, where he was instrumental in establishing GSK's cell therapies unit. From 2009 to 2014, he was a faculty member of the Department of Leukemia at MD Anderson Cancer Center, where he developed multiple FDA-approved targeted agents for the treatment of myeloid malignancies. He earned his doctorate degree from the University of Santiago de Compostela.
Anna Rivkin, PhD, Chief Business Officer
Dr. Anna Rivkin joined Foghorn Therapeutics as Chief Business Officer in September 2024. She brings over two decades of experience in a wide range of complex business transactions, including establishing strategic alliances, R&D partnerships, in-licensing, and mergers and acquisitions (M&A). Before joining Foghorn, Dr. Rivkin held leadership roles at Bristol Myers Squibb (BMS), most recently as Vice President of Business Development, where she oversaw strategic transactions across immunology, neuroscience, and cardiovascular disease. She has spearheaded transactions with a cumulative value exceeding $35 billion, notably leading the $14 billion acquisition of Karuna Therapeutics and the $13 billion acquisition of MyoKardia Therapeutics. Earlier in her career, she worked at Merck & Co. in various roles within business development and clinical research. Dr. Rivkin holds a PhD in Neuroscience from Case Western Reserve University and a B.A. from Johns Hopkins University.
Steven Bellon, PhD, Chief Scientific Officer
Dr. Steven Bellon joined Foghorn Therapeutics in 2016 as head of drug discovery and was promoted to Chief Scientific Officer effective January 10, 2022. He brings over 20 years of drug discovery experience across various target classes and has been instrumental in developing Foghorn's proprietary Gene Traffic Control® platform and advancing its therapeutic pipeline. Prior to Foghorn, Dr. Bellon served as Executive Director and Head of Structural Biology, as well as lead in discovery and project management at Constellation Pharmaceuticals. In this role, he established the structural biology group and co-led bromodomain platform efforts in collaboration with Genentech. His previous experience includes positions of increasing responsibility at Amgen and Vertex Pharmaceuticals. Dr. Bellon earned a PhD in physical chemistry from MIT and completed postdoctoral training at Yale University.
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Key Risks to Foghorn Therapeutics (FHTX)
Foghorn Therapeutics Inc. (FHTX), a clinical-stage biopharmaceutical company, faces inherent risks associated with its early-stage development and operating model. The key risks to its business include:- Clinical Trial Outcomes and Regulatory Approval: As a company with no approved products for sale, Foghorn Therapeutics' success is heavily dependent on the successful outcome of its clinical trials and subsequent regulatory approvals for its drug candidates. The clinical trial process is inherently uncertain, with potential for setbacks, adverse events, or lack of efficacy, which could lead to delays, increased costs, or program termination. For instance, the company has previously faced clinical holds and program abandonment (e.g., FHD-286 for uveal melanoma). The advancement of lead candidates like FHD-909 through clinical development is critical.
- Funding Needs and Cash Burn: Foghorn Therapeutics is a pre-commercial entity that is actively burning cash to fund its research and development pipeline. While the company recently completed a $50 million registered direct financing in January 2026, extending its cash runway into the first half of 2028, the ongoing requirement for substantial additional capital is a critical risk. Any delay or failure to raise necessary funds could materially impact the company's ability to advance its programs or continue operations.
- Competition and Intellectual Property Protection: The biotechnology sector in which Foghorn Therapeutics operates is highly competitive, featuring larger pharmaceutical companies with significantly greater financial and operational resources. Foghorn relies on its proprietary Gene Traffic Control platform and the ability to secure and enforce its intellectual property. The inability to obtain and maintain patent protection for its product candidates or defend its proprietary technology against challenges could erode its competitive advantage and negatively affect its market position.
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The addressable markets for Foghorn Therapeutics' main products are as follows:
- FHD-286 for Metastatic Uveal Melanoma (mUM): The global metastatic uveal melanoma therapeutics market was valued at approximately USD 400 million in 2025 and is projected to grow to USD 750 million by 2033, exhibiting a compound annual growth rate (CAGR) of 5.5% from 2026 to 2033.
- FHD-286 for Relapsed and/or Refractory Acute Myeloid Leukemia (AML): The global acute myeloid leukemia treatment market was estimated at approximately USD 3.47 billion in 2024 and is projected to reach USD 6.29 billion by 2030, growing at a CAGR of 10.6% from 2025 to 2030. The North American market for acute myeloid leukemia treatment held a 37.6% share of the global market in 2024, with the U.S. market accounting for 90.9% of the North American market.
- FHD-286 for Myelodysplastic Syndrome (MDS): The global myelodysplastic syndrome drugs market was valued at approximately USD 2.8 billion in 2023 and is estimated to grow to USD 5.5 billion by 2032, at a CAGR of 8% from 2024 to 2032. In 2023, North America dominated the global MDS treatment market, holding approximately 35.44% of the revenue share, and the U.S. market accounted for a 29.4% share of the global market.
- FHD-609 for Synovial Sarcoma: The global synovial sarcoma treatment market is estimated to be valued at approximately USD 715 million in 2025 and is expected to reach USD 1.25 billion by 2032, exhibiting a CAGR of 8.5% from 2025 to 2032. North America held the largest market share, accounting for 41% in 2023.
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- Advancement of the Strategic Collaboration with Lilly: Foghorn's collaboration with Eli Lilly and Company is a key driver, with current collaboration revenues increasing due to the advancement of partnered programs. This partnership includes a 50/50 U.S. co-development and co-commercialization agreement for its selective SMARCA2 oncology program, FHD-909, as well as an undisclosed oncology target and three discovery programs. Future revenue growth is anticipated through additional milestone payments as these programs progress through clinical development.
- Clinical Progress and Potential Commercialization of FHD-909: The selective SMARCA2 inhibitor, FHD-909 (LY4050784), which is partnered with Lilly, is currently in Phase 1 dose-escalation trials. This program specifically targets SMARCA4-mutant cancers, with a particular focus on non-small cell lung cancer (NSCLC). Positive clinical trial data for FHD-909, especially if it demonstrates best-in-class potential, could lead to significant future milestone payments and eventually generate product revenue upon successful development and commercialization. Positive data is expected by late 2026, which could serve as a significant milestone.
- Progression of Wholly-Owned Preclinical Programs into Clinical Development: Foghorn is actively advancing several wholly-owned preclinical programs, including selective CBP, EP300, and ARID1B degrader candidates. These programs are tracking towards Investigational New Drug (IND)-enabling studies in 2026. Successful progression of these assets into clinical trials could attract new collaboration opportunities or form the basis for future wholly-owned product revenue, addressing cancers such as ER+ breast cancer, multiple myeloma, diffuse large B-cell lymphoma, and various gynecological and gastrointestinal cancers.
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Share Issuance
- In May 2024, Foghorn Therapeutics priced a registered direct offering of common stock and pre-funded warrants, anticipating gross proceeds of approximately $110 million.
- The company closed a $50 million registered direct financing in January 2026, which included the sale of common stock and pre-funded warrants at a 30% premium over the Nasdaq Global Market price on January 9, 2026.
- As part of a strategic collaboration in December 2021, Eli Lilly made an $80 million equity investment in Foghorn common shares at $20 per share.
Inbound Investments
- Foghorn Therapeutics received an upfront payment of $300 million in cash from Eli Lilly in January 2022 as part of a strategic collaboration agreement, with potential for up to $1.3 billion in development and commercialization milestones.
- In July 2020, Foghorn received a $15 million upfront payment from Merck under a collaboration agreement, followed by a $5 million research milestone payment in the third quarter of 2022.
- In May 2024, Flagship Pioneering and its related funds acquired over $20 million in pre-funded warrants.
Capital Expenditures
- Capital expenditures were approximately -$529,000 for the last 12 months as of the latest available data.
- For the third quarter of 2025, capital expenditures were $0, marking a 100% decrease from the previous quarter.
- The company projects its cash, cash equivalents, and marketable securities, inclusive of the January 2026 financing, will fund operating expenses and capital expenditures into the first half of 2028.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Foghorn Therapeutics Earnings Notes | 12/16/2025 | |
| Can Foghorn Therapeutics Stock Hold Up When Markets Turn? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 15.57 |
| Mkt Cap | 1.5 |
| Rev LTM | 44 |
| Op Inc LTM | -304 |
| FCF LTM | -250 |
| FCF 3Y Avg | -209 |
| CFO LTM | -248 |
| CFO 3Y Avg | -197 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -35.5% |
| Rev Chg 3Y Avg | 14.3% |
| Rev Chg Q | -62.3% |
| QoQ Delta Rev Chg LTM | -28.7% |
| Op Inc Chg LTM | -42.2% |
| Op Inc Chg 3Y Avg | -30.7% |
| Op Mgn LTM | -488.2% |
| Op Mgn 3Y Avg | -395.7% |
| QoQ Delta Op Mgn LTM | -129.6% |
| CFO/Rev LTM | -390.5% |
| CFO/Rev 3Y Avg | -341.6% |
| FCF/Rev LTM | -391.9% |
| FCF/Rev 3Y Avg | -352.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Pioneering the discovery and development of a new class of medicines targeting genetically | 31 | 23 | 34 | 19 | 1 |
| Total | 31 | 23 | 34 | 19 | 1 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Pioneering the discovery and development of a new class of medicines targeting genetically | -74 | -87 | -98 |
| Total | -74 | -87 | -98 |
| $ Mil | 2020 | 2019 |
|---|---|---|
| Pioneering the discovery and development of a new class of medicines targeting genetically | 256 | 22 |
| Total | 256 | 22 |
Price Behavior
| Market Price | $5.19 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 10/23/2020 | |
| Distance from 52W High | -22.3% | |
| 50 Days | 200 Days | |
| DMA Price | $4.43 | $4.86 |
| DMA Trend | down | down |
| Distance from DMA | 17.2% | 6.9% |
| 3M | 1YR | |
| Volatility | 80.3% | 76.3% |
| Downside Capture | 125.97 | 204.35 |
| Upside Capture | 91.34 | 142.31 |
| Correlation (SPY) | 28.2% | 34.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.28 | 1.88 | 1.95 | 2.09 | 2.19 | 1.87 |
| Up Beta | 6.05 | 5.09 | 2.97 | 2.57 | 2.65 | 1.61 |
| Down Beta | 0.61 | -0.34 | -0.71 | 1.40 | 2.13 | 1.46 |
| Up Capture | 96% | 169% | 182% | 231% | 260% | 1201% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 20 | 31 | 57 | 120 | 359 |
| Down Capture | -58% | 178% | 253% | 191% | 162% | 112% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 20 | 31 | 66 | 125 | 375 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FHTX | |
|---|---|---|---|---|
| FHTX | -11.8% | 75.9% | 0.15 | - |
| Sector ETF (XLV) | 21.6% | 15.8% | 1.05 | 27.5% |
| Equity (SPY) | 20.2% | 12.6% | 1.18 | 33.8% |
| Gold (GLD) | 19.6% | 28.0% | 0.63 | 16.9% |
| Commodities (DBC) | 30.0% | 19.0% | 1.25 | -10.8% |
| Real Estate (VNQ) | 15.7% | 14.0% | 0.81 | 22.7% |
| Bitcoin (BTCUSD) | -46.3% | 42.8% | -1.33 | 32.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FHTX | |
|---|---|---|---|---|
| FHTX | -12.3% | 92.3% | 0.26 | - |
| Sector ETF (XLV) | 6.2% | 15.0% | 0.23 | 24.4% |
| Equity (SPY) | 12.8% | 17.1% | 0.57 | 29.1% |
| Gold (GLD) | 16.9% | 18.4% | 0.74 | 9.5% |
| Commodities (DBC) | 8.7% | 19.5% | 0.34 | 3.9% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 26.9% |
| Bitcoin (BTCUSD) | 13.6% | 53.5% | 0.44 | 22.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FHTX | |
|---|---|---|---|---|
| FHTX | -11.4% | 92.0% | 0.17 | - |
| Sector ETF (XLV) | 10.1% | 16.6% | 0.49 | 23.4% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 27.8% |
| Gold (GLD) | 11.0% | 16.1% | 0.55 | 9.3% |
| Commodities (DBC) | 7.0% | 17.9% | 0.31 | 4.1% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 25.2% |
| Bitcoin (BTCUSD) | 58.5% | 66.2% | 0.99 | 18.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -10.3% | -10.9% | -20.3% |
| 3/11/2026 | -12.9% | -13.6% | -18.8% |
| 1/12/2026 | 23.6% | 16.7% | 5.6% |
| 11/5/2025 | 13.3% | 25.8% | 23.5% |
| 8/5/2025 | -2.7% | -8.4% | 2.5% |
| 5/14/2025 | -5.1% | -4.4% | 4.8% |
| 3/6/2025 | 0.4% | -0.4% | -23.6% |
| 1/13/2025 | 1.6% | 0.2% | 24.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 13 |
| # Negative | 12 | 11 | 11 |
| Median Positive | 2.9% | 11.1% | 22.5% |
| Median Negative | -3.3% | -6.8% | -16.2% |
| Max Positive | 23.6% | 25.8% | 77.3% |
| Max Negative | -12.9% | -13.6% | -38.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -10.3% | -10.9% | -20.3% |
| 3/11/2026 | -12.9% | -13.6% | -18.8% |
| 1/12/2026 | 23.6% | 16.7% | 5.6% |
| 11/5/2025 | 13.3% | 25.8% | 23.5% |
| 8/5/2025 | -2.7% | -8.4% | 2.5% |
| 5/14/2025 | -5.1% | -4.4% | 4.8% |
| 3/6/2025 | 0.4% | -0.4% | -23.6% |
| 1/13/2025 | 1.6% | 0.2% | 24.9% |
| 11/4/2024 | 8.5% | 12.6% | -10.4% |
| 8/8/2024 | 4.0% | 11.1% | 49.4% |
| 5/6/2024 | -2.7% | -7.2% | -5.2% |
| 3/7/2024 | 0.6% | -0.4% | 4.6% |
| 11/2/2023 | 7.1% | -5.4% | 22.0% |
| 8/4/2023 | -0.5% | 2.7% | -16.2% |
| 5/8/2023 | -10.2% | 4.8% | 22.5% |
| 3/9/2023 | -3.8% | -10.2% | 7.1% |
| 11/8/2022 | 1.3% | -5.3% | -28.3% |
| 8/9/2022 | 1.0% | 2.6% | -38.5% |
| 5/9/2022 | -8.6% | -6.8% | 36.3% |
| 3/10/2022 | 1.9% | 24.0% | 77.3% |
| 11/9/2021 | -0.1% | 1.3% | -14.2% |
| 8/10/2021 | -0.7% | 13.1% | 52.6% |
| 3/18/2021 | -2.6% | 7.3% | -5.1% |
| 12/4/2020 | 8.8% | 13.8% | -5.7% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 13 |
| # Negative | 12 | 11 | 11 |
| Median Positive | 2.9% | 11.1% | 22.5% |
| Median Negative | -3.3% | -6.8% | -16.2% |
| Max Positive | 23.6% | 25.8% | 77.3% |
| Max Negative | -12.9% | -13.6% | -38.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/11/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 03/07/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/11/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 03/07/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 03/10/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/10/2021 | 10-Q |
| 03/31/2021 | 05/11/2021 | 10-Q |
| 12/31/2020 | 03/18/2021 | 10-K |
| 09/30/2020 | 12/04/2020 | 10-Q |
| 06/30/2020 | 10/23/2020 | 424B4 |
Investor Activity (13F)
Updated Jul 20, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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