Foghorn Therapeutics Inc.
foghorntx.comWhat Do They Do?
Develops precision medicines that target the system controlling gene activity, initially for people with cancer and with potential applications in immunology and inflammation.
10-K for FY2025, filed Mar 11, 2026
How Do They Make Money?
Foghorn earns collaboration revenue from Lilly for licenses and research and development work; research revenue is earned as the work progresses, alongside upfront and milestone payments and sales-based royalties.
10-K for FY2025, filed Mar 11, 2026On December 10, 2021, we entered into a collaboration agreement (the “Lilly Collaboration Agreement”) with Eli Lilly and Company (“Lilly”)…View ↗
The Lilly Collaboration Agreement generally provides that Lilly and Foghorn will co-develop and co-commercialize certain “joint” programs…View ↗
The Company assesses the goods or services promised within each contract and determines those that are performance obligations. The…View ↗
If an arrangement includes development and regulatory milestone payments, the Company evaluates whether the milestones are considered…View ↗
For arrangements with licenses of intellectual property that include sales-based royalties, including milestone payments based on the level…View ↗
$30.9M
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10-K for FY2025, filed Mar 11, 2026
$30.9M ↗
Who Are Their Customers?
Lilly is Foghorn’s collaboration customer: the companies co-develop and co-commercialize some oncology programs in the United States, while Foghorn also conducts discovery programs for Lilly.
10-K for FY2025, filed Mar 11, 2026
Do Revenues Turn Into Profits?
No. It lost $74.3M in FY2025.
10-K for FY2025, filed Mar 11, 2026
−$86.4MView ↗
10-K for FY2025, filed Mar 11, 2026
−$74.3MView ↗
10-K for FY2025, filed Mar 11, 2026
−$86.1MView ↗
How Are They Changing?
Growing. Revenue grew 23.4x in 4 years, from $1.3M in FY2021 to $30.9M in FY2025, about 120% a year.
Clinical development
The earlier report described an inhibitor and a protein degrader in clinical trials; the latest centers clinical development on a program with Lilly, while other candidates remain preclinical.
10-K for FY2022, filed Mar 9, 2023 10-K for FY2025, filed Mar 11, 2026Our two clinical-stage candidates are being studied across multiple indications and are supported by compelling science and preclinical…View ↗
Who Do They Compete With?
Competes with Arvinas, C4 Therapeutics, Kymera Therapeutics, Nurix Therapeutics, Amphista, CellCentric, IDEAYA Biosciences, Novartis, Plexium, Opna Bio, Relay Therapeutics, SK Bio, and Tolremo Therapeutics
10-K for FY2025, filed Mar 11, 2026We face competition from segments of the pharmaceutical, biotechnology and other related markets that pursue the development of therapies…View ↗
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