Foghorn Therapeutics Inc. (NASDAQ: FHTX) is a clinical-stage biotechnology company that discovers and develops drugs targeting the chromatin regulatory system to treat cancers with specific genetic dependencies. Revenue comes primarily from a collaboration agreement with Eli Lilly and Company, under which Foghorn received a $300.0 million upfront payment and recognized $30.9 million in collaboration revenue for FY2025 and $22.6 million for FY2024, with $249.2 million of deferred revenue remaining on the balance sheet as of December 31, 2025. The company has no approved products and operates entirely in drug discovery and development, with its lead partnered program, FHD-909 (a selective SMARCA2 inhibitor), transitioned to Lilly in Q3 2023 under a 50/50 cost-sharing arrangement through at least registrational trials. Foghorn had 106 full-time employees as of December 31, 2025 and conducts all operations from its facility in Watertown, Massachusetts.

Revenue model

Collaboration revenue recognized over a performance period from the Eli Lilly and Company collaboration agreement, originally including a $300.0 million upfront payment and $37.8 million allocated from a stock purchase agreement. No product sales revenue. Interest income earned on invested cash balances and sublease income are secondary income items.

Products and services

FHD-909: selective SMARCA2 inhibitor, transitioned to Lilly in Q3 2023 with 50/50 cost sharing. Selective EP300 degrader (FHT-EP300d / FHD-EP300d-32) targeting EP300-dependent and CBP-mutant cancers including multiple myeloma, DLBCL, acute myeloid leukemia, and myelodysplastic syndrome. Selective ARID1B degrader targeting ARID1A-mutated cancers. All programs are pre-approval and in discovery or early clinical stages.

Customers and end markets

Primary collaboration partner and revenue source is Eli Lilly and Company. End markets are oncology patients with genetically defined cancers, specifically those driven by mutations in the chromatin regulatory system. Target indications include multiple myeloma, DLBCL, acute myeloid leukemia, myelodysplastic syndrome, and prostate cancer.

Value-chain role

Drug discovery and early-stage clinical development organization. Partners with large pharmaceutical companies for late-stage development and commercialization. No manufacturing, distribution, or commercial sales operations.

Geographic exposure

Operations are entirely in Watertown, Massachusetts as of December 31, 2025. No approved products marketed in any geography.

Source: SEC 10-K, filed 2026-03-11

Industry: Pharmaceutical Preparations Peers: Aldeyra Therapeutics Inc Atara Biotherapeutics Inc BioXcel Therapeutics Inc Kalvista Pharmaceuticals Inc Eiger BioPharmaceuticals, Inc. Prelude Therapeutics Inc Scholar Rock Holding Corp Vigil Neuroscience, Inc. Tyra Biosciences Inc