Foghorn Therapeutics Inc.
FHTX · Pharmaceutical Preparations · 58.7M shares · +49%/yr ↑ dilution · EDGAR filings ↗
Grade
D44Clinical/early-stage biotech — oncology clinical, heavy burn, funded.
Strengths
- Liquidity — current ratio 2.7 (37th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +49%/yr over 4y (dilution, book value/share -123%)
- Cash burnNegative free cash flow (-86.1M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -240.3%)
- Revenue declineRevenue -64.7% YoY
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-279.5%
Net margin
-240.3%
Return on equity
68.5%
Return on assets
-37.5%
Revenue growth (QoQ)
-64.7%
Current ratio
2.7×
Free cash flow
-$86M
EBITDA
-$83M
Tangible book value
-$108M
Cash & investments
$81M
Cash runway
4q
Stock comp / revenue
33.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-10 | GOTTSCHALK ADRIAN | Gift | 59K | — |
| 2026-04-10 | GOTTSCHALK ADRIAN | Gift | 59K | — |
| 2026-04-09 | GOTTSCHALK ADRIAN | Gift | 47K | — |
| 2026-04-09 | GOTTSCHALK ADRIAN | Gift | 47K | — |
| 2025-04-25 | GOTTSCHALK ADRIAN | Gift | 300K | — |
| 2025-04-25 | GOTTSCHALK ADRIAN | Gift | 300K | — |
| 2025-04-09 | GOTTSCHALK ADRIAN | Gift | 198K | — |
| 2025-04-09 | GOTTSCHALK ADRIAN | Gift | 198K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT04891757 ↗ | FHD-286 as Monotherapy or Combination Therapy in Subjects With Advanced Hematologic Malignancies Advanced Hematologic Malignancy, Relapsed Acute Myeloid Leukemia | PHASE1 | Active Not Recruiting | 2025-09-01 |
| NCT04965753 ↗ | FHD-609 in Subjects With Advanced Synovial Sarcoma or Advanced SMARCB1-Loss Tumors Advanced Synovial Sarcoma | PHASE1 | Terminated | 2023-12-04 |
| NCT04879017 ↗ | FHD-286 in Subjects With Metastatic Uveal Melanoma Metastatic Uveal Melanoma | PHASE1 | Terminated | 2023-11-30 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-24 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-21 | Reg FDOtherExhibits | filing ↗ |
| 2026-03-11 | ResultsReg FDExhibits | filing ↗ |
| 2026-02-23 | Exec/director changeOtherExhibits | filing ↗ |
| 2026-01-12 | ResultsReg FDOtherExhibits | filing ↗ |
| 2025-12-04 | Exec/director change | filing ↗ |
| 2025-11-07 | Reg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-24 | 2026-06-24 | 0001628280-26-045154 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001628280-26-031671 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001628280-26-031669 ↗ |
| 8-K | 2026-04-21 | 2026-04-21 | 0001628280-26-026259 ↗ |
| 10-K | 2026-03-11 | 2025-12-31 | 0001628280-26-016814 ↗ |
| 8-K | 2026-03-11 | 2026-03-11 | 0001628280-26-016805 ↗ |
| 8-K | 2026-02-23 | 2026-02-23 | 0001628280-26-010377 ↗ |
| 8-K | 2026-01-12 | 2026-01-09 | 0001193125-26-009885 ↗ |
| 8-K | 2025-12-04 | 2025-12-03 | 0001628280-25-055215 ↗ |
| 8-K | 2025-11-07 | 2025-11-07 | 0001628280-25-050683 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001628280-25-049236 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001628280-25-049238 ↗ |