| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 16.07 | 391.4% | 112.6% |
| Total Income | 16.07 | 391.4% | 112.6% |
| Expenditure | 24.88 | 0.2% | 13.2% |
| PBT | — | ||
| Net Profit | -7.19 | 63.8% | 59.9% |
| OPM | -54.78% | ||
| NPM | -44.74% | ||
| EPS | -0.10 | 65.5% | 64.3% |
Foghorn Therapeutics Provides Second Quarter 2026 Financial and Corporate Update
06 Aug 2026 · 6 Aug, 4:38 pm
Summary
Foghorn Therapeutics reported improved financial results for the second quarter ended June 30, 2026, with a net loss of $7.2 million, significantly down from $17.9 million in the same period last year. Collaboration revenue surged to $16.1 million, more than double the $7.6 million reported in Q2 2025, primarily due to a catch-up adjustment related to the Lilly Collaboration Agreement. Research and development expenses were reduced to $18.5 million from $21.8 million year-over-year. The company maintains a strong financial position with $167.6 million in cash, cash equivalents, and marketable securities, supporting a cash runway into the first half of 2028. Key corporate updates include the advancement of the FHD-909 Phase 1 trial and progress on selective EP300 degraders and an immunology/inflammation program, with INDs targeted for 2027.
Key Highlights
- 1
Foghorn Therapeutics reported a net loss of $7.2 million for the second quarter ended June 30, 2026, an improvement from a net loss of $17.9 million in the prior year period.
- 2
Collaboration revenue increased to $16.1 million for Q2 2026, up from $7.6 million in Q2 2025, driven by a cumulative catch-up adjustment related to the Lilly Collaboration Agreement.
- 3
Research and development expenses decreased to $18.5 million in Q2 2026 from $21.8 million in Q2 2025, attributed to lower Lilly-partnered program costs and other operational efficiencies.
- 4
General and administrative expenses saw a slight decrease to $6.4 million in Q2 2026 from $6.9 million in Q2 2025.
- 5
The Company ended the quarter with approximately $167.6 million in cash, cash equivalents, and marketable securities, providing a cash runway into the first half of 2028.
- 6
The FHD-909 Phase 1 dose-escalation trial is advancing as planned, with non-small cell lung cancer (NSCLC) as the primary target population.
- 7
Selective EP300 degraders and a novel oral small molecule in immunology and inflammation are advancing, with INDs targeted in 2027.
Management Comments
Adrian Gottschalk
Our FHD-909 trial in collaboration with Lilly continues to advance through dose escalation, with an initial focus on SMARCA4-mutant NSCLC, a setting where effective treatment options remain limited and outcomes poor. We are excited to advance our wholly-owned pipeline toward the clinic. Beyond oncology, we are now extending the reach of our platform with an undisclosed program in immunology and inflammation. We are targeting an IND in 2027 for this asset, underscoring the breadth of our platform and demonstrating its potential across multiple therapeutic areas. In oncology, our Selective EP300 degrader program in multiple myeloma has shown improved safety and efficacy versus clinical benchmarks, while our Selective CBP degrader, FHT-171, has demonstrated strong anti-tumor activity and tolerability in heavily pretreated ER+ breast cancer models. Together, these programs reflect the significant opportunity we see to expand our pipeline and create value across multiple therapeutic areas.
Informational and educational content only. Not investment advice.