Foghorn Therapeutics (FHTX) Q4 2025 earnings summary

Executive summary

• Advanced FHD-909 Phase 1 dose-escalation trial for SMARCA4-mutant cancers, focusing on NSCLC, with enrollment progressing as planned since October 2024.

• Selective CBP and EP300 degrader programs are on track for IND-enabling studies in 2026, targeting ER+ breast cancer, multiple myeloma, and DLBCL.

• Completed $50 million direct financing in January 2026, extending cash runway into the first half of 2028.

• Strengthened executive team with the appointment of a new CFO in February 2026.

Financial highlights

• Collaboration revenues rose to $30.9 million for 2025, up from $22.6 million in 2024, driven by the Lilly collaboration.

• Research and development expenses decreased to $85.5 million in 2025 from $94.5 million in 2024, mainly due to lower FHD-286 and personnel costs.

• General and administrative expenses fell to $27.6 million in 2025 from $28.4 million in 2024.

• Net loss narrowed to $74.3 million in 2025 from $86.6 million in 2024.

• Cash, cash equivalents, and marketable securities totaled $158.9 million as of December 31, 2025.

Outlook and guidance

• Cash runway expected into the first half of 2028, supported by recent financing.

• IND-enabling studies for CBP and EP300 degrader programs anticipated in 2026.

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

• Potential combination studies for FHD-909 in NSCLC pending Phase 1 results.