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what it is
Foghorn is trying to make cancer drugs by controlling how genes get turned on and off.
how it gets paid
Last year Foghorn Therapeutic made $31M in revenue.
why it's growing
Revenue grew 36.8% last year. $22 million matters because a company this small does not get many quarters where revenue grows 166% vs. prior year.
what just happened
Revenue hit $22M, up 166% vs. prior year, but the business still posted a loss.
At a glance
B balance sheet — gets the job done, barely
75/100 earnings predictability — reasonably predictable
-$1.58 fy2024 eps est
$23M fy2024 rev est
n/a operating margin
xvary composite: 49/100 — below average
What they do
Foghorn is trying to make cancer drugs by controlling how genes get turned on and off.
Foghorn's edge is its Gene Traffic Control platform. Platform → a drug-discovery system → so what: you are not betting on one molecule alone. The company has 112 employees and one lead precision oncology program, FHD-909, built to hit SMARCA2 over SMARCA4 with more selectivity.
How they make money
$31M
annual revenue · their business grew +36.8% last year
total revenue
$31M
+36.8%
The products that matter
drug discovery platform
Gene Traffic Control Platform
$30.9M collaboration revenue
this platform produced the company’s reported $30.9M of revenue, but it still sat under a $74M net loss. the science may be real. the business model is still provisional.
platform bet
preclinical oncology program
Selective CBP Degrader Program
2026 IND-enabling work
management points to IND-enabling studies in 2026. in human-speak: this program is still working toward the point where human trials can even begin.
next catalyst
clinical-stage lead asset
FHD-909
lead pipeline asset
this is the lead clinical-stage asset investors will watch for updates. with only $30.9M of total revenue last year, meaningful data here matters more than almost any other line item.
data matters
Key numbers
-279.5%
operating margin
Operating margin → profit after operating costs as a percent of sales → so what: the company is still in heavy burn mode.
$31M
annual revenue
That is tiny against a $288 million market cap, which tells you this stock trades on pipeline hope more than current business results.
$16M
long-term debt
Long-term debt → money owed over many years → so what: debt is only 5% of capital, so financing pressure comes more from dilution than lenders.
$1.58
fy2024 eps
EPS → profit per share → so what: losses narrowed from -$2.34 in 2023, but you still do not own an earnings machine.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $16M (5% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FHTX right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $22M, up 166% vs. prior year, but the business still posted a loss.
The good news was top-line growth. The quiet part is that EPS was still -$0.84 in the latest quarter from EDGAR, even with annual revenue up 36.8% to $31 million.
$22M
revenue
$0.84
eps
166%
revenue growth
the number that mattered
$22 million matters because a company this small does not get many quarters where revenue grows 166% vs. prior year.
source: EDGAR filing and company earnings report, 2026
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What could go wrong
the top risk here is time running slower than cash. Foghorn needs clinical or preclinical progress to keep the financing story from swallowing the science story.
med
the loss profile is still the operating model
Foghorn reported a $74M net loss on $30.9M of revenue, with a -240.33% profit margin. that is not a one-off accounting blemish. it is the current reality of the company.
if spending keeps running at multiples of revenue, more financing is likely. your ownership can get diluted before the science gets validated.
med
the pipeline still has to clear early gates
the Selective CBP Degrader Program is still aiming for IND-enabling work in 2026, and FHD-909 still needs meaningful updates. early-stage biotech timelines slip all the time because biology does not care about your calendar.
a delay or weak data package would hit both sentiment and financing terms at the same time.
med
revenue concentration is absolute
collaboration revenue is 100% of reported sales. that means one category carries the entire top line, and it is not recurring product demand from an approved drug.
if partner funding slows or milestone timing shifts, revenue can look worse fast even before the science changes.
med
small-cap volatility can overwhelm the narrative
with a $288M market cap, 1.8 beta, and price stability of 5 / 100, this stock already trades like uncertainty is the product. thin sponsorship makes that sharper.
good news can squeeze the stock higher fast. bad news can do the opposite. either way, your mark-to-market can move much faster than the underlying science.
with $30.9M of revenue and a $74M loss, the company currently depends on outside capital more than internal cash generation.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
Selective CBP Degrader Program timing
management points to IND-enabling work in 2026. if that slips, the market will notice because there is not much else to underwrite right now.
financial
burn versus collaboration revenue
$74M of losses against $30.9M of revenue is the ratio to watch. if revenue stays partner-funded while losses stay this high, dilution risk stays front and center.
pipeline
FHD-909 clinical updates
this is the lead clinical-stage asset. trend improvement in data quality would matter more than almost any short-term headline.
execution
capital discipline under the new CFO
the February 2026 CFO change matters because capital allocation is part of the thesis. you want science progress without financing becoming the whole story.
Analyst rankings
earnings predictability
75 / 100
in human-speak, the quarterly numbers have been more orderly than you might expect for a small biotech. that does not make the business model safe.
risk rank
3
this balance-sheet score sits around the middle. the financing setup is workable, but it does not cancel pipeline risk.
price stability
5 / 100
translation: the stock is volatile even by small-cap standards. you should expect the quote to move harder than the fundamentals do.
source: institutional data
Institutional activity
institutional ownership data for FHTX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$5
current price
n/a
target midpoint · n/a from current
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