Foghorn Therapeutics Inc.
FHTXHealthcare|Biotechnology|US
$1.87
-0.04 (-1.84%)
Cash / Share
$2.37
Financials
Financial Snapshot
Market Cap
$111.1M
Enterprise Value
$86.1M
Revenue (TTM)
$36.7M
Net Income (TTM)
-$64.6M
Cash & Investments
$167.6M
Net Cash
$124.5M
Free Cash Flow (TTM)
-$85.3M
Operating CF (TTM)
-$85.3M
Debt/Equity
-0.53
Cash Runway & Burn Rate
Cash on Hand
$167.6M
Quarterly Burn
$21.3M
Monthly Burn
$7.1M
Est. Runway
~7.9 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $40.0M | $15.0M | $185.8M | $154.3M | $345.8M | $234.1M | $243.7M | $158.9M | $167.6M | |
| Operating Cash Flow | -$22.6M | -$46.3M | -$31.3M | -$50.3M | $193.6M | -$118.1M | -$100.4M | -$86.1M | -$85.3M | |
| Free Cash Flow | -$24.2M | -$47.3M | -$47.5M | -$53.6M | $192.4M | -$119.3M | -$101.3M | -$86.1M | -$85.3M | |
| Capital Expenditure | -$1.5M | -$968.0K | -$16.2M | -$3.3M | -$1.2M | -$1.2M | -$906.0K | -$50.0K | -$50.0K | |
| Financing Cash Flow | $51.8M | $24.0M | $217.5M | $22.4M | $1.8M | $1.8M | $105.4M | $1.0M | $608.0K |
R&D Spending
R&D (TTM)
$79.7M
R&D Intensity
217.0%
R&D Growth vs Prior
-6.7%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $430.0K | $1.3M | $19.2M | $34.2M | $22.6M | $30.9M | $36.7M | |
| R&D Expense | $21.2M | $44.4M | $57.7M | $80.3M | $105.6M | $109.7M | $94.5M | $85.5M | $79.7M | |
| R&D % of Revenue | — | — | 13422.1% | 6089.8% | 549.3% | 321.2% | 418.2% | 276.5% | 217.0% | |
| SG&A | $4.8M | $4.9M | $11.2M | $21.7M | $30.7M | $32.4M | $28.4M | $27.6M | $26.4M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $430.0K | $1.3M | $19.2M | $34.2M | $22.6M | $30.9M | $36.7M | |
| Cost of Revenue | $379.0K | $1.8M | $57.7M | $0.00 | $0.00 | $0.00 | $0.00 | $3.3M | $21.0M | |
| Gross Profit | -$379.0K | -$1.8M | -$57.3M | $1.3M | $19.2M | $34.2M | $22.6M | $27.6M | $15.7M | |
| R&D | $21.2M | $44.4M | $57.7M | $80.3M | $105.6M | $109.7M | $94.5M | $85.5M | $79.7M | |
| SG&A | $4.8M | $4.9M | $11.2M | $21.7M | $30.7M | $32.4M | $28.4M | $27.6M | $26.4M | |
| Operating Income | -$26.0M | -$51.1M | -$68.5M | -$100.7M | -$117.1M | -$107.9M | -$102.7M | -$82.1M | -$68.5M | |
| Interest Expense | $371.0K | $540.0K | $979.0K | $1.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$26.3M | -$51.1M | -$68.8M | -$101.3M | -$108.9M | -$94.2M | -$86.6M | -$74.3M | -$64.6M | |
| Net Income | -$26.3M | -$51.1M | -$68.8M | -$101.3M | -$108.9M | -$98.4M | -$86.6M | -$74.3M | -$64.6M | |
| EPS (Diluted) | -1.34 | -1.40 | -1.90 | -2.78 | -2.62 | -2.34 | -1.58 | -1.18 | -0.99 | |
| EBITDA | -$25.6M | -$49.9M | -$67.2M | -$96.2M | -$105.6M | -$90.7M | -$97.2M | -$71.0M | -$62.5M | |
| Shares Out. (M) | 19.63 | 36.82 | 36.79 | 37.17 | 41.59 | 41.97 | 54.90 | 62.98 | 70.63 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $40.0M | $15.0M | $92.8M | $101.1M | $52.2M | $80.3M | $55.5M | $80.9M | $68.1M | |
| Short-Term Investments | $0.00 | $0.00 | $93.0M | $53.2M | $293.6M | $153.7M | $188.3M | $78.0M | $99.5M | |
| Total Current Assets | $40.4M | $16.9M | $190.7M | $459.6M | $351.4M | $240.2M | $249.6M | $163.2M | $170.0M | |
| Total Assets | $43.1M | $22.3M | $255.6M | $519.8M | $404.9M | $285.9M | $284.0M | $198.1M | $203.4M | |
| Total Current Liabilities | $3.5M | $12.7M | $18.8M | $48.7M | $55.2M | $58.4M | $67.0M | $59.7M | $50.6M | |
| Long-Term Debt | $7.0M | $11.0M | $19.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $82.3M | $110.4M | $109.4M | $422.9M | $404.8M | $363.1M | $329.5M | $306.6M | $284.4M | |
| Stockholders' Equity | -$39.3M | -$88.0M | $146.2M | $96.9M | $112.0K | -$77.2M | -$45.5M | -$108.5M | -$81.0M | |
| Retained Earnings | -$43.0M | -$94.1M | -$162.9M | -$264.3M | -$373.1M | -$471.6M | -$558.2M | -$632.5M | -$659.5M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$22.6M | -$46.3M | -$31.3M | -$50.3M | $193.6M | -$118.1M | -$100.4M | -$86.1M | -$85.3M | |
| Capital Expenditure | -$1.5M | -$968.0K | -$16.2M | -$3.3M | -$1.2M | -$1.2M | -$906.0K | -$50.0K | -$50.0K | |
| Free Cash Flow | -$24.2M | -$47.3M | -$47.5M | -$53.6M | $192.4M | -$119.3M | -$101.3M | -$86.1M | -$85.3M | |
| Investing Cash Flow | -$1.5M | -$964.0K | -$108.9M | $36.2M | -$244.3M | $144.4M | -$29.9M | $112.0M | $28.1M | |
| Financing Cash Flow | $51.8M | $24.0M | $217.5M | $22.4M | $1.8M | $1.8M | $105.4M | $1.0M | $608.0K | |
| Issuance of Stock | $40.6M | $0.00 | $122.1M | $42.2M | $1.8M | $0.00 | $103.4M | $1.0M | $50.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$49.8M | |
| Net Debt Issuance | $11.1M | $8.0M | $4.3M | -$21.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $732.0K | $1.7M | $3.0M | $8.4M | $0.00 | $16.2M | $11.9M | $10.4M | $7.2M | |
| Net Change in Cash | $27.6M | -$23.3M | $77.3M | $8.3M | -$48.9M | $28.1M | -$24.9M | $27.0M | -$56.6M |
Dilution Tracker
Shares outstanding grew 71.2% over 5 years — significant dilution
Shares Outstanding
59M
5-Year Share Growth
+71.2%
Stock Issuance (TTM)
$50.6M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 19.63 | 36.82 | 36.79 | 37.17 | 41.59 | 41.97 | 54.90 | 62.98 | 70.63 | |
| Change vs Prior % | — | 87.6% | -0.1% | 1.0% | 11.9% | 0.9% | 30.8% | 14.7% | 12.1% | |
| Stock Issuance | $40.6M | $0.00 | $122.1M | $42.2M | $1.8M | $0.00 | $103.4M | $1.0M | $50.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$49.8M | |
| Stock Based Comp. | $732.0K | $1.7M | $3.0M | $8.4M | $0.00 | $16.2M | $11.9M | $10.4M | $7.2M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | -13322.1% | 100.0% | 100.0% | 100.0% | 100.0% | 89.2% | 42.7% | |
| Operating Margin % | — | — | -15937.4% | -7637.1% | -609.2% | -315.9% | -454.3% | -265.6% | -186.4% | |
| Net Margin % | — | — | -16000.0% | -7681.6% | -566.3% | -288.2% | -383.2% | -240.3% | -175.8% | |
| EBITDA Margin % | — | — | -15628.8% | -7292.4% | -549.0% | -265.7% | -429.9% | -229.5% | -170.0% | |
| FCF Margin % | — | — | -11039.3% | -4060.9% | 1000.6% | -349.4% | -448.2% | -278.7% | -232.3% | |
| ROE % | 67.1% | 58.1% | -47.1% | -104.6% | -97216.1% | 127.5% | 190.3% | 68.5% | 72.6% | |
| ROA % | -61.2% | -228.8% | -26.9% | -19.5% | -26.9% | -34.4% | -30.5% | -37.5% | -31.8% | |
| ROIC % | -65.8% | -336.0% | -28.5% | -21.1% | -32.9% | -45.7% | -45.4% | -58.9% | -44.0% | |
| R&D / Revenue % | — | — | 13422.1% | 6089.8% | 549.3% | 321.2% | 418.2% | 276.5% | 217.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 206.7% | 1357.8% | 77.6% | -33.8% | 36.8% | |
| Gross Profit | 0.0% | -373.1% | -3094.9% | 102.3% | 1357.8% | 77.6% | -33.8% | 22.0% | |
| Operating Income | 0.0% | -96.1% | -34.2% | -47.0% | -16.3% | 7.9% | 4.8% | 20.0% | |
| Net Income | 0.0% | -94.1% | -34.6% | -47.3% | -7.5% | 9.6% | 12.0% | 14.2% | |
| EPS (Diluted) | 0.0% | -4.5% | -35.7% | -46.3% | 5.8% | 10.7% | 32.5% | 25.3% | |
| Operating Cash Flow | 0.0% | -104.6% | 32.5% | -60.6% | 485.3% | -161.0% | 15.0% | 14.2% | |
| Free Cash Flow | 0.0% | -95.6% | -0.4% | -12.8% | 459.2% | -162.0% | 15.1% | 15.0% | |
| R&D Expense | 0.0% | 109.0% | 30.1% | 39.2% | 31.5% | 3.9% | -13.8% | -9.6% | |
| SG&A Expense | 0.0% | 2.2% | 128.2% | 93.2% | 41.5% | 5.3% | -12.4% | -2.9% | |
| Total Assets | 0.0% | -48.1% | 1044.0% | 103.4% | -22.1% | -29.4% | -0.7% | -30.2% | |
| Book Value / Share | 0.0% | -19.5% | 266.2% | -34.4% | -99.9% | -68390.7% | 54.9% | -107.7% | |
| Debt | 0.0% | 136.6% | 393.1% | -28.9% | -11.7% | -12.5% | -17.6% | 11.1% | |
| Diluted Shares | 0.0% | 87.6% | -0.1% | 1.0% | 11.9% | 0.9% | 30.8% | 14.7% |
Valuation
P/E (TTM)At Loss
P/S3.02
10Y Low / Med / High7.93 / 13.80 / 1734.31
P/B-1.63
10Y Low / Med / High5.10 / 8.78 / 2369.23
EV/EBITDAAt Loss
EV/Revenue2.34
10Y Low / Med / High6.89 / 13.76 / 1709.19
P/FCFAt Loss
Intrinsic Value Models (per share)
Cash / Share
$2.37
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -13.52 | -12.94 | -10.67 | -8.23 | -2.44 | -2.76 | -2.99 | -4.58 | -1.89 | |
| P/S Ratio | 0.00 | 0.00 | 1734.31 | 644.51 | 13.80 | 7.93 | 11.46 | 11.00 | 3.02 | |
| P/B Ratio | -9.06 | -7.58 | 5.10 | 8.78 | 2369.23 | -3.51 | -5.69 | -3.13 | -1.63 | |
| EV/EBITDA | -12.61 | -13.40 | -10.94 | -8.39 | -2.51 | -2.59 | -2.48 | -4.24 | -1.38 | |
| EV/Revenue | 0.00 | 0.00 | 1709.19 | 612.05 | 13.76 | 6.89 | 10.65 | 9.72 | 2.34 |
Analyst Estimates & Quality
Altman Z-Score
-4.47
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $29.8M | $6.4M | $25.0M |
| Net Income | -$53.2M | -$66.6M | -$59.2M |
| EPS | $-0.89 | $-0.85 | $-0.71 |
| # Analysts (EPS) | 7 | 7 | 6 |