Foghorn Therapeutics Inc. (FHTX), a clinical-stage biotech developing medicines that correct abnormal gene expression, has outlined its financial results for 2025 and strategic outlook for 2026.
For the full year 2025, the company reported collaboration revenues of $30.9 million, up from $22.6 million in 2024, driven by progress under its partnership with Lilly.Net loss narrowed to $74.3 million, compared with $86.6 million in 2024, reflecting tighter cost management and program prioritization.
The company's pipeline continues to expand across oncology:
--FHD-909 (LY4050784) is under a Phase 1 trial in patients with SMARCA4-mutant non-small cell lung cancer (NSCLC). Enrolment is progressing, with early data supporting potential combination studies with pembrolizumab and KRAS inhibitors. Upcoming milestones include continued dose escalation and potential front-line NSCLC combination trials with Lilly.
--Selective CBP degrader (CBPd-171) is in preclinical development for ER+ breast cancer and EP300-mutated cancers, which include endometrial, cervical, ovarian, bladder, and colorectal cancer. IND-enabling studies are also anticipated in 2026.
-- Selective EP300 degrader is in preclinical development for multiple myeloma (MM) and diffuse large b-cell lymphoma (DLBCL). IND-enabling studies are also anticipated in 2026, with preclinical data showing activity in resistant myeloma models.
--Selective ARID1B degrader is advancing toward in vivo proof-of-concept in 2026 for ARID1A-mutated cancers, including endometrial, gastric, bladder and NSCLC. Early bifunctional degrader designs have demonstrated selective ARID1B degradation.
The company also continues to invest in its chromatin biology and degrader platform, expanding capabilities in induced proximity, oral delivery, and novel ligases.
Foghorn strengthened its balance sheet in January 2026 with a $50 million registered direct financing, backed by BVF Partners, Deerfield Management, founding investor Flagship Pioneering and a leading biotech mutual fund. This financing, combined with year-end cash, cash equivalents, and marketable securities of $158.9 million, extends the company's runway into the first half of 2028.
FHTX has traded between $2.94 and $6.95 over the past year. The stock closed Wednesday's trading session at $5.65, up 2.91%. During overnight trading, the stock fell to $5.61, down 0.71%.
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