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Foghorn Therapeutics Inc., a clinical-stage biopharmaceutical company, engages in the discovery and development of medicines targeting genetically determined dependencies within the chromatin regulatory system in the United States. The company uses its proprietary Gene Traffic Control platform to identify, validate, and potentially drug targets within the system. It is developing therapies for mutant; non-small cell lung; endometrial, cervical, ovarian, and bladder cancer; and diffuse large B-cell lymphoma, as well as various acute myeloid leukemia and myelodysplastic syndrome. The company has collaboration agreement with Eli Lilly and Company for developing FHD-909, a selective ATPase inhibitor of BRM. The company was incorporated in 2015 and is headquartered in Watertown, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $31M | $-79M | $-74M | $-86M | 68.5% | 36.8% | -14.2% |
| 2024 | $23M | $-97M | $-87M | $-101M | 190.3% | -33.8% | -12.0% |
| 2023 | $34M | $-104M | $-98M | $-119M | 127.5% | 77.6% | -9.6% |
| 2022 | $19M | $-114M | $-109M | $192M | -97216.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 19.23 | 34.16 | 22.60 | 30.91 |
| Operating Revenue | - | 19.23 | 34.16 | 22.60 | 30.91 |
| Operating Expense | - | 136.36 | 142.06 | 122.89 | 113.02 |
| Research And Development | - | 105.62 | 109.69 | 94.53 | 85.47 |
| Selling General And Administration | - | 30.75 | 32.37 | 28.36 | 27.55 |
| Total Expenses | - | 136.36 | 142.06 | 122.89 | 113.02 |
| Operating Income | - | -117.14 | -107.91 | -100.28 | -82.11 |
| Total Operating Income As Reported | - | -117.14 | -107.91 | -102.68 | -86.39 |
| EBITDA | - | -113.82 | -104.46 | -97.16 | -78.78 |
| Normalized EBITDA | - | -113.82 | -104.46 | -94.77 | -74.49 |
| EBIT | - | -117.14 | -107.91 | -100.28 | -82.11 |
| Interest Income | - | 5.68 | 10.88 | 11.90 | 8.74 |
| Interest Expense | 1.91 | 0 | - | - | - |
| Net Interest Income | - | 5.68 | 10.88 | 11.90 | 8.74 |
| Other Non Operating Income Expenses | - | 2.58 | 2.83 | 4.16 | 3.36 |
| Other Income Expense | - | 2.58 | 2.83 | 1.76 | -0.92 |
| Interest Income Non Operating | - | 5.68 | 10.88 | 11.90 | 8.74 |
| Interest Expense Non Operating | 1.91 | 0 | - | - | - |
| Net Non Operating Interest Income Expense | - | 5.68 | 10.88 | 11.90 | 8.74 |
| Pretax Income | - | -108.88 | -94.20 | -86.62 | -74.28 |
| Tax Provision | - | 0 | 4.23 | 0 | - |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -108.88 | -98.43 | -86.62 | -74.28 |
| Net Income From Continuing And Discontinued Operation | - | -108.88 | -98.43 | -86.62 | -74.28 |
| Net Income From Continuing Operation Net Minority Interest | - | -108.88 | -98.43 | -86.62 | -74.28 |
| Net Income | - | -108.88 | -98.43 | -86.62 | -74.28 |
| Net Income Common Stockholders | - | -108.88 | -98.43 | -86.62 | -74.28 |
| Net Income Including Noncontrolling Interests | - | -108.88 | -98.43 | -86.62 | -74.28 |
| Normalized Income | - | -108.88 | -98.43 | -84.22 | -70 |
| Diluted NI Availto Com Stockholders | - | -108.88 | -98.43 | -86.62 | -74.28 |
| Basic Average Shares | 37.17 | 41.59 | 41.97 | 54.90 | - |
| Diluted Average Shares | 37.17 | 41.59 | 41.97 | 54.90 | - |
| Reconciled Depreciation | - | 3.32 | 3.45 | 3.12 | 3.33 |
| Total Unusual Items | - | 0 | 0 | -2.40 | -4.28 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | -2.40 | -4.28 |
| Special Income Charges | - | 0 | 0 | -2.40 | -4.28 |
| Other Special Charges | 1.23 | - | - | - | -1.63 |
| Write Off | - | - | 0 | 2.40 | 5.91 |
| Impairment Of Capital Assets | - | - | 0 | 2.40 | - |
| General And Administrative Expense | - | 30.75 | 32.37 | 28.36 | 27.55 |
| Other Gand A | - | 12.50 | 11.81 | 11.23 | 10.14 |
| Salaries And Wages | - | 18.24 | 20.57 | 17.12 | 17.42 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Foghorn Therapeutics Inc.this co. | FHTX | $220M | -2.96 | -2.02 | 68.5% | -2.28 |
| LENZ Therapeutics, Inc. | LENZ | $226M | - | 0.79 | -28.9% | - |
| Fulcrum Therapeutics, Inc. | FULC | $225M | - | 0.64 | -21.5% | - |
| Inhibikase Therapeutics, Inc. | IKT | $219M | -4.54 | 1.27 | -27.9% | -1.50 |
| Voyager Therapeutics, Inc. | VYGR | $219M |
| - |
| - |
| - |
| - |
| - |
| - |
| -1.83 |
| 1.12 |
| -61.1% |
| -1.49 |
| Utah Medical Products, Inc. | UTMD | $216M | 19.17 | 1.82 | 9.5% | 9.09 |
| Pro-Dex, Inc. | PDEX | $214M | 23.83 | 5.84 | 24.5% | 16.29 |
| Keros Therapeutics, Inc. | KROS | $213M | 2.45 | 0.70 | 28.7% | -0.83 |
| RxSight, Inc. | RXST | $211M | -5.42 | 0.77 | -14.1% | -5.68 |
| Peer Median | - | 0.31 | 0.95 | -17.8% | -1.16 | |