Quarterly ResultMay 7, 2026, 07:08 AM
Foghorn Therapeutics Raises $50M; Q1 Net Loss $(19.9)M
AI Summary
Foghorn Therapeutics Inc. reported a net loss of $(19.9) million for Q1 2026, an increase from $(18.8) million in Q1 2025. The company successfully completed a direct offering in January 2026, raising approximately $50.0 million through the issuance of common stock and warrants. This financing significantly improved the company's cash position and reduced its stockholders' deficit, providing funding for at least the next 12 months despite continued operating losses.
Key Highlights
- Raised $50.0 million gross proceeds from a direct offering in January 2026.
- Q1 2026 net loss increased to $(19.9) million from $(18.8) million in Q1 2025.
- Collaboration revenue decreased to $3.3 million in Q1 2026 from $6.0 million in Q1 2025.
- Total cash, cash equivalents, and marketable securities reached $183.6 million.
- Stockholders' deficit improved to $(76.4) million from $(108.5) million.
- Net loss per share was $(0.29) in Q1 2026, compared to $(0.30) in Q1 2025.
- Net cash used in operating activities was $(25.3) million in Q1 2026.