Foghorn Therapeutics Inc. (FHTX) Form 8-K — Nov 9, 2026
Foghorn Therapeutics reported Q3 2026 results with collaboration revenue of $83.5 million and net income of $58.2 million, a dramatic swing from a $15.8 million net loss a year earlier. However, the profit was largely driven by a one-time $74.1 million cumulative catch-up revenue adjustment tied to the company's decision not to advance FHD-909 and its SMARCA2 selective degrader, so underlying burn remains pre-revenue-stage. The balance sheet is the key takeaway: $156.2 million in cash and marketable securities provides runway into the second half of 2029, meaningfully de-risking near-term financing needs.
Key figures
- Eps
- $0.81 basic / $0.80 diluted
- Revenue
- $83.5 million collaboration revenue for Q3 2026
- Guidance
- Cash runway into the second half of 2029; EP300 degrader IND targeted in 2027; IBD oral small molecule first-in-human studies targeted by end of 2027; dose-range finding studies beginning Q4 2026
- Net Income
- $58.2 million net income vs $15.8 million net loss year-ago
- Total Debt
- 0
- Revenue Yoy
- $75.4 million increase vs Q3 2025 ($8.2 million)
- Total Assets
- $190.95 million
- Cash Position
- $156.2 million cash, cash equivalents and marketable securities
- Shares Outstanding
- 71,460,569 basic weighted average (~71.8M shares outstanding including pre-funded warrants)
- Ga Expenses
- $5.8 million (vs $6.7 million prior year)
- Rd Expenses
- $18.8 million (vs $20.0 million prior year)
- Restructuring Costs
- $2.3 million
- Stockholders Deficit
- -$14.1 million (improved from -$108.5 million at Dec 31, 2025)
- Cumulative Catch Up Adjustment
- $74.1 million
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