Quarterly ResultAug 6, 2026, 07:08 AM
Foghorn Therapeutics Q2 Net Loss Narrows to $7.19M; Revenue Up 43%
AI Summary
Foghorn Therapeutics Inc. reported a reduced net loss of $27.1 million for the six months ended June 30, 2026, an improvement from $36.8 million in the prior year period. Collaboration revenue increased by 43% to $19.3 million. The company also successfully completed a direct offering in January 2026, raising approximately $50.0 million in gross proceeds from the issuance of common stock and warrants. As of June 30, 2026, the company held $68.1 million in cash and cash equivalents and expects its current liquidity to fund operations for at least 12 months.
Key Highlights
- Net loss for the six months ended June 30, 2026, was $27.1 million, an improvement from $36.8 million in the prior year.
- Collaboration revenue increased 43% to $19.3 million for the six months ended June 30, 2026.
- Successfully raised approximately $50.0 million gross from a direct offering of common stock and warrants in January 2026.
- Cash and cash equivalents totaled $68.1 million as of June 30, 2026.
- Total stockholders' deficit improved to $(81.0) million as of June 30, 2026, from $(108.5) million at December 31, 2025.
- Net cash used in operating activities for the six months was $43.1 million, compared to $45.0 million in the prior year.
- The aggregate unsatisfied performance obligation related to the Lilly Collaboration Agreement was $229.8 million.
Price Impact
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