0001628280-26-031671
SEC filingQ1 revenue declined 45% to $3.3M due to collaboration timing and ended subleases, partially offset by 6% narrower operating loss from cost discipline in facilities and IT, while cash burn remained elevated at -$25.3M amid ongoing R&D investments.
Foghorn Therapeutics reported Q1 FY2026 revenue of $3.3 million, down 45.1% from $6.0 million in the prior year quarter. This decline was primarily due to decreased sublease income following the conclusion of the Company’s subleases in 2025 and reduced interest income from a lower average balance of marketable securities period over period. The decrease in collaboration revenue specifically stemmed from the timing of work performed under the Lilly Collaboration Agreement. These factors highlight the lumpiness inherent in the Company’s revenue model, reliant on milestone-driven partnerships and transient sublease arrangements, which investors should monitor for sustainability as clinical programs advance.
Net income showed a wider loss of $19.9 million versus $18.8 million last year, a 5.5% deterioration driven by the topline drop outweighing expense reductions. Diluted EPS followed suit, improving modestly to -$0.29 from -$0.30 (3.3% better), signaling slight per-share efficiency gains. The Company has incurred significant operating losses since inception, consistent with its clinical-stage biotech profile, and anticipates further public company compliance costs alongside escalating R&D outlays.