FHTX · Foghorn Therapeutics Inc.

Foghorn Therapeutics' Q1 2026 results reflect a clinical-stage biotech with a strong cash position of $183.6 million, extending runway into the first half of 2028, supporting ongoing pipeline advancement without near-term dilution risk. Collaboration revenue declined $2.7 million year-over-year to $3.3 million, attributed to timing of work under the Lilly agreement, which includes a 50/50 U.S. co-development split for FHD-909 and other programs. R&D expenses decreased $3.3 million to $18.3 million, driven by lower Lilly-partnered program costs, reduced facilities/IT expenses, and decreased FHD-286 and personnel costs, partially offset by higher early development expenses. G&A fell $0.6 million to $6.6 million, mainly from lower facilities/IT costs. Despite lower revenue, net loss widened slightly to $19.9 million from $18.8 million, with other income dropping to $1.7 million from $4.1 million. CEO Adrian Gottschalk highlighted FHD-909's Phase 1 progress in SMARCA4-mutant NSCLC, where patients face poor outcomes, and AACR data showing FHD-909 + anti-PD-1 inducing complete, durable regressions with immune memory in preclinical models. Wholly-owned programs advanced with strong preclinical results: CBPd-171 showed monotherapy activity in ER+ breast cancer PDX models with good tolerability and weekly subcutaneous dosing; EP300 degraders outperformed inobrodib in multiple myeloma with better efficacy/safety; ARID1B degraders demonstrated robust degradation and oral potential. IND-enabling studies for CBP/EP300 programs start 2026, with INDs in 2027. The Investor Presentation reinforces Foghorn's leadership in chromatin biology, targeting synthetic lethalities in oncology with Lilly-backed momentum.