Foghorn Therapeutics (FHTX) Guggenheim Securities Emerging Outlook: Biotech Summit 2026 summary

Scientific rationale and target selection

• Chromatin regulatory system and BAF complex mutations are implicated in over 50% of cancers, making them high-value but historically challenging targets due to loss-of-function alterations and similarity to healthy cell machinery.

• Advances in understanding have revealed these complexes are central to disease, not just cellular maintenance, opening new therapeutic opportunities.

• Selective targeting is difficult, but the breadth of application and limited competition make these targets attractive.

Pipeline overview and development strategy

• Lead program SMARCA2, in partnership with Eli Lilly, targets cancers with SMARCA4 loss, especially non-small cell lung cancer, using a synthetic lethal approach.

• Additional wholly owned programs focus on CBP (ER-positive breast cancer), EP300 (hematological malignancies), and ARID1B, all pursued via targeted protein degradation.

• Selectivity is achieved by comparing chemical matter against full protein complexes, enabling identification of allosteric binders for SMARCA2.

Clinical progress and market opportunity

• SMARCA2 phase I trial began dosing in October 2024, with global sites open and prioritization of non-small cell lung cancer patients with SMARCA4 loss.

• Approximately 15,000 US patients annually could benefit, with global potential much higher.

• Dose escalation is ongoing, with backfilling in relevant cohorts; decision on dose expansion expected around mid-year.

• Monotherapy efficacy is a key goal before moving to combinations, with plans for combination cohorts (e.g., with pembrolizumab) in expansion phase.