$FHTX
Foghorn Therapeutics Inc.

2023 Q2 Form 10-Q Financial Statement

#000162828023016255 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $5.599M $5.309M $3.920M
YoY Change 24.7% 35.43% 1270.63%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.401M $8.641M $7.216M
YoY Change 9.05% 19.75% 53.86%
% of Gross Profit
Research & Development $29.25M $29.99M $24.51M
YoY Change 12.6% 22.35% 30.88%
% of Gross Profit
Depreciation & Amortization $876.0K $900.0K $800.0K
YoY Change 6.96% 12.5% 0.0%
% of Gross Profit
Operating Expenses $37.65M $38.63M $31.72M
YoY Change 11.79% 21.76% 35.48%
Operating Profit -$32.05M -$33.32M -$27.80M
YoY Change 9.81% 19.83% 20.21%
Interest Expense $2.793M $2.669M $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $712.0K $3.389M $890.0K
YoY Change -62.03% 280.79% 518.06%
Pretax Income -$28.55M -$29.93M -$26.91M
YoY Change 4.51% 11.2% 17.07%
Income Tax $942.0K $600.0K $0.00
% Of Pretax Income
Net Earnings -$29.49M -$30.50M -$26.90M
YoY Change 7.96% 13.38% 16.96%
Net Earnings / Revenue -526.65% -574.5% -686.22%
Basic Earnings Per Share -$0.70 -$0.73 -$0.65
Diluted Earnings Per Share -$0.71 -$0.73 -$0.65
COMMON SHARES
Basic Shares Outstanding 41.82M shares 41.80M shares 41.37M shares
Diluted Shares Outstanding 41.83M shares 41.81M shares 41.37M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $284.3M $316.0M $424.7M
YoY Change -27.97% -25.61% 163.95%
Cash & Equivalents $57.70M $50.64M $213.6M
Short-Term Investments $226.6M $265.3M $211.1M
Other Short-Term Assets $6.181M $4.729M $5.086M
YoY Change 15.81% -7.02% 15.59%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $290.5M $320.7M $429.8M
YoY Change -27.39% -25.39% 160.0%
LONG-TERM ASSETS
Property, Plant & Equipment $46.20M $48.11M $54.35M
YoY Change -12.37% -11.47% -11.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.881M $2.364M $2.403M
YoY Change -29.9% -1.62% 49.91%
Total Long-Term Assets $49.08M $52.18M $58.48M
YoY Change -13.64% -10.77% -9.43%
TOTAL ASSETS
Total Short-Term Assets $290.5M $320.7M $429.8M
Total Long-Term Assets $49.08M $52.18M $58.48M
Total Assets $339.6M $372.9M $488.3M
YoY Change -25.68% -23.64% 112.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.933M $7.288M $5.071M
YoY Change 90.73% 43.72% 74.2%
Accrued Expenses $15.71M $8.831M $7.010M
YoY Change 16.46% 25.98% 36.75%
Deferred Revenue $33.90M $33.33M $30.06M
YoY Change 10.89% 1148.82%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $56.64M $55.80M $48.24M
YoY Change 18.08% 15.66% 195.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $332.3M $0.00 $116.0K
YoY Change -8.03% -100.0% -99.83%
Total Long-Term Liabilities $332.3M $0.00 $116.0K
YoY Change -8.03% -100.0% -99.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.64M $55.80M $48.24M
Total Long-Term Liabilities $332.3M $0.00 $116.0K
Total Liabilities $388.9M $397.5M $415.9M
YoY Change -4.97% -4.43% 297.15%
SHAREHOLDERS EQUITY
Retained Earnings -$433.1M -$403.6M -$291.2M
YoY Change 38.6% 56.64%
Common Stock $4.000K $4.000K $4.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$49.35M -$24.59M $72.40M
YoY Change
Total Liabilities & Shareholders Equity $339.6M $372.9M $488.3M
YoY Change -25.68% -23.64% 112.41%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$29.49M -$30.50M -$26.90M
YoY Change 7.96% 13.38% 16.96%
Depreciation, Depletion And Amortization $876.0K $900.0K $800.0K
YoY Change 6.96% 12.5% 0.0%
Cash From Operating Activities -$32.17M -$31.18M $271.5M
YoY Change 10.9% -111.48% -1273.09%
INVESTING ACTIVITIES
Capital Expenditures $469.0K $636.0K $247.0K
YoY Change -228.85% 157.49% -86.23%
Acquisitions
YoY Change
Other Investing Activities $39.60M $30.14M -$159.2M
YoY Change -131.91% -118.94% 10727.35%
Cash From Investing Activities $39.13M $29.51M -$159.4M
YoY Change -131.44% -118.51% 4788.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 103.0K $102.0K $384.0K
YoY Change -90.0% -73.44% 519.35%
NET CHANGE
Cash From Operating Activities -32.17M -$31.18M $271.5M
Cash From Investing Activities 39.13M $29.51M -$159.4M
Cash From Financing Activities 103.0K $102.0K $384.0K
Net Change In Cash 7.062M -$1.573M $112.5M
YoY Change -104.63% -101.4% -527.04%
FREE CASH FLOW
Cash From Operating Activities -$32.17M -$31.18M $271.5M
Capital Expenditures $469.0K $636.0K $247.0K
Free Cash Flow -$32.64M -$31.82M $271.3M
YoY Change 13.95% -111.73% -1187.72%

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CY2023Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
26232000 usd
CY2022Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
212294000 usd
CY2023Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
56373000 usd
CY2022Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
53132000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
29505000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-159409000 usd
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
102000 usd
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
384000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
102000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
384000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1573000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
112509000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
53922000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
102869000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
52349000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
215378000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
298000 usd
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
239000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
50641000 usd
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
213645000 usd
CY2023Q1 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
1708000 usd
CY2022Q1 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
1733000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
52349000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
215378000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-30500000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-26900000 usd
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-403600000 usd
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
268199000 usd
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
13000 usd
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2883000 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
265329000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
297570000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
3992000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
293584000 usd
CY2023Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
24695000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
23922000 usd
CY2023Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
9470000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
8611000 usd
CY2023Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
15225000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
15311000 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
900000 usd
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
800000 usd
CY2023Q1 fhtx Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
5891000 usd
CY2022Q4 fhtx Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
5262000 usd
CY2023Q1 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
560000 usd
CY2022Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
0 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1671000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4743000 usd
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
574000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
678000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
135000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
318000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8831000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11001000 usd
CY2023Q1 fhtx Common Stock Voting Rights Votes
CommonStockVotingRightsVotes
1 vote
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9684756 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7790503 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1184497 shares
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4572000 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3244000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
40600000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M12D
CY2020Q3 fhtx Proceeds From Upfront Payment
ProceedsFromUpfrontPayment
15000000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
600000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0186
CY2023Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
200000 usd

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