Foghorn Therapeutics Provides Third Quarter 2026 Financial and Corporate Update

(NASDAQ:FHTX) Foghorn Therapeutics Inc. provided a financial and corporate update in conjunction with its 10-Q filing for the third quarter ended September 30, 2026. Adrian Gottschalk, President and Chief Executive Officer, stated the company is focused on advancing its wholly owned portfolio, including a novel, oral immunology and inflammation (I&I) program in inflammatory bowel disease (IBD), with potential for first-in-human trials by the end of 2027, and a Selective EP300 degrader with an IND targeted for 2027. The company is also progressing a novel induced-proximity approach (ERIP) to degrade secreted and transmembrane proteins, aiming for antibody-like efficacy through small molecules. Preclinical data for the oral I&I program showed robust suppression of disease activity in T-cell transfer colitis and IL-10 knock-out models, with efficacy comparable to an anti-IL-12/23p40 antibody positive control. Dose-range finding studies for this program are expected to begin in the fourth quarter of 2026. The Selective EP300 degrader program demonstrated superior anti-tumor activity and safety in preclinical models, including complete responses in multiple myeloma (MM) and tumor regression in a xenograft model of acquired pomalidomide resistance, outperforming the clinical benchmark dual CBP/EP300 inhibitor inobrodib. Collaboration revenue for the three months ended September 30, 2026, was $83.5 million, compared to $8.2 million for the same period in 2025, with the $75.4 million increase driven by a $74.1 million cumulative catch-up adjustment related to updated estimated future costs for the decision not to advance FHD-909 and the SMARCA2 selective degrader. Research and development expenses were $18.8 million for the quarter, down from $20.0 million in the prior year, primarily due to decreased Lilly-partnered program costs, facilities, IT, and personnel-related expenses, partially offset by increased early development and external costs. General and administrative expenses were $5.8 million, compared to $6.7 million in the prior year, with the $0.9 million decrease attributed to lower personnel, professional, consulting, facilities, and IT-related costs. Net income for the quarter was $58.2 million, compared to a net loss of $15.8 million for the same period in 2025. As of September 30, 2026, Foghorn had $156.2 million in cash, cash equivalents, and marketable securities, providing a cash runway into the second half of 2029. Deferred revenue as of September 30, 2026, was $146.3 million, and total assets were $191.0 million. Total liabilities were $205.0 million, and total stockholders’ deficit was $14.1 million. Weighted average common shares outstanding—basic for the quarter were 71,460,569, and diluted were 72,590,923. Net income per share attributable to common stockholders was $0.81 basic and $0.80 diluted for the quarter.