Revenue: As of FY2026 Q1, the actual value is USD 3.267 M, missing the estimate of USD 7.944 M.

EPS: As of FY2026 Q1, the actual value is USD -0.29, beating the estimate of USD -0.305.

Collaboration Revenue

Collaboration revenue for Foghorn Therapeutics Inc. was $3.3 million for the three months ended March 31, 2026, a decrease from $6.0 million for the three months ended March 31, 2025, driven by the timing of work performed under the Lilly Collaboration Agreement .

Operating Expenses

Research and Development Expenses

Research and development expenses were $18.3 million for the three months ended March 31, 2026, compared to $21.6 million for the three months ended March 31, 2025 . This $3.3 million decrease was due to lower Lilly-partnered program costs, decreases in facilities and IT-related expenses, a decrease in FHD-286 costs, and reductions in personnel-related costs, partially offset by an increase in early development and other external costs .

General and Administrative Expenses

General and administrative expenses were $6.6 million for the three months ended March 31, 2026, compared to $7.2 million for the three months ended March 31, 2025 . This $0.6 million decrease was primarily due to lower facilities and IT-related expenses .

Total Operating Expenses

Total operating expenses were $24.840 million for the three months ended March 31, 2026, compared to $28.865 million for the three months ended March 31, 2025 .

Loss from Operations

Loss from operations was -$21.573 million for the three months ended March 31, 2026, compared to -$22.913 million for the three months ended March 31, 2025 .

Total Other Income, Net

Total other income, net, was $1.698 million for the three months ended March 31, 2026, compared to $4.079 million for the three months ended March 31, 2025 .

Net Loss

Net loss was -$19.9 million for the three months ended March 31, 2026, compared to a net loss of -$18.8 million for the three months ended March 31, 2025 .

Cash, Cash Equivalents, and Marketable Securities

As of March 31, 2026, Foghorn Therapeutics Inc. had $183.6 million in cash, cash equivalents, and marketable securities, an increase from $158.894 million as of December 31, 2025 .

Other Balance Sheet Items

Total assets were $222.167 million as of March 31, 2026, up from $198.103 million as of December 31, 2025 . Deferred revenue, total, was $245.887 million as of March 31, 2026, compared to $249.154 million as of December 31, 2025 . Total liabilities were $298.575 million as of March 31, 2026, compared to $306.603 million as of December 31, 2025 . Total stockholders’ deficit was -$76.408 million as of March 31, 2026, an improvement from -$108.500 million as of December 31, 2025 .

Collaboration Payments and Upfronts

Foghorn Therapeutics Inc. received $300 million in cash and $80 million in its common stock as part of a collaboration agreement with Eli Lilly and Company . This collaboration includes the potential to earn up to $1.3 billion in milestones across three additional programs .

Shares Outstanding

Shares outstanding were approximately 70.6 million as of March 31, 2026 .

Operational Metrics

The FHD-909 (Selective SMARCA2) Phase 1 dose-escalation trial is on track . Preclinical combination data for FHD-909 with an anti-PD-1 antibody demonstrated potential for robust and durable regression with anti-tumor immune memory . The selective CBP degrader FHT-171 is advancing for ER+ breast cancer with an Investigational New Drug (IND) application anticipated in 2027 . Selective EP300 degraders, with potential in multiple myeloma and other hematological malignancies, also have an IND anticipated in 2027 . The selective ARID1B degrader program is advancing towards in vivo proof of concept in 2026 . The collaboration with Eli Lilly and Company involves a ⁵⁰⁄₅₀ U.S. economic split on the SMARCA2-target and another undisclosed program, with tiered ex-U.S. royalties . Foghorn Therapeutics Inc.’s pipeline potentially addresses over 500,000 patients out of an estimated 2.5 million patients impacted by chromatin biology .

Outlook

Foghorn Therapeutics Inc. projects a strong balance sheet with a cash runway into the first half of 2028 . The company anticipates IND filings in 2027 for both its selective CBP degrader FHT-171 and selective EP300 degraders . Foghorn Therapeutics Inc. and Lilly expect to evaluate FHD-909 in combination studies in the front-line setting of NSCLC, pending a decision to move into the dose expansion portion of the trial .