Foghorn Therapeutics (FHTX) investor relations material

Executive summary

• Focused on developing precision therapeutics targeting the chromatin regulatory system, with a proprietary Gene Traffic Control platform and a pipeline of over seven programs, including FHD-909 in Phase 1 for NSCLC with SMARCA4 mutations and robust preclinical results in combination with anti-PD-1 antibody.

• Selective CBP degrader FHT-171 and EP300 degraders are progressing, with INDs anticipated in 2027 for ER+ breast cancer and multiple myeloma.

• Strategic collaboration with Eli Lilly includes co-development and commercialization of SMARCA2 (BRM) programs and three discovery programs, with significant upfront and milestone payments.

• Discontinued independent development of FHD-286 in AML and uveal melanoma in December 2024.

• Raised $50 million in January 2026 through a direct offering of common stock, pre-funded warrants, and series warrants to leading life sciences investors.

Financial highlights

• Collaboration revenue was $3.3 million for Q1 2026, down from $6.0 million in Q1 2025, due to timing of work under the Lilly agreement.

• Net loss for Q1 2026 was $19.9 million, compared to $18.8 million in Q1 2025.

• Research and development expenses decreased to $18.3 million from $21.6 million year-over-year, mainly due to lower costs in partnered programs, discontinued FHD-286 development, and reduced facilities expenses.

• General and administrative expenses were $6.6 million, down from $7.2 million, primarily due to lower facilities and IT costs.

• Cash, cash equivalents, and marketable securities totaled $183.6 million as of March 31, 2026.

Outlook and guidance

• Cash, cash equivalents, and marketable securities are expected to fund operating expenses and capital expenditures for at least 12 months from the reporting date, with runway into the first half of 2028.

• Ongoing need for additional funding through equity, debt, or collaborations to support continued R&D and potential commercialization.

• Expenses expected to increase as clinical and preclinical activities expand, especially for FHD-909 and other Lilly-partnered programs.

• IND-enabling studies for CBP and EP300 degraders anticipated in 2026, with IND filings expected in 2027.

• Advancing ARID1B degrader program toward in vivo proof of concept in 2026.