Foghorn Therapeutics Inc. Financials
This page shows Foghorn Therapeutics Inc. (FHTX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Foghorn Therapeutics Inc. has an operating margin of -279.5%, meaning the company retains $-279 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -454.3% the prior year.
Foghorn Therapeutics Inc.'s revenue surged 36.8% year-over-year to $30.9M, reflecting rapid business expansion. This strong growth earns a score of 95/100.
Foghorn Therapeutics Inc.'s current ratio of 2.73 indicates adequate short-term liquidity, earning a score of 52/100. The company can meet its near-term obligations, though with limited headroom.
While Foghorn Therapeutics Inc. generated -$86.1M in operating cash flow, capex of $50K consumed most of it, leaving -$86.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Foghorn Therapeutics Inc. passes 1 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Foghorn Therapeutics Inc. generates $1.16 in operating cash flow (-$86.1M OCF vs -$74.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Foghorn Therapeutics Inc. generated $30.9M in revenue in fiscal year 2025. This represents an increase of 36.8% from the prior year.
Foghorn Therapeutics Inc.'s EBITDA was -$83.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.6% from the prior year.
Foghorn Therapeutics Inc. reported -$74.3M in net income in fiscal year 2025. This represents an increase of 14.2% from the prior year.
Foghorn Therapeutics Inc. earned $-1.18 per diluted share (EPS) in fiscal year 2025. This represents an increase of 25.3% from the prior year.
Cash & Balance Sheet
Foghorn Therapeutics Inc. generated -$86.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 15.0% from the prior year.
Foghorn Therapeutics Inc. held $80.9M in cash against $0 in long-term debt as of fiscal year 2025.
Foghorn Therapeutics Inc. had 57M shares outstanding in fiscal year 2025. This represents an increase of 1.9% from the prior year.
Margins & Returns
Foghorn Therapeutics Inc.'s operating margin was -279.5% in fiscal year 2025, reflecting core business profitability. This is up 174.8 percentage points from the prior year.
Foghorn Therapeutics Inc.'s net profit margin was -240.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 142.9 percentage points from the prior year.
Capital Allocation
Foghorn Therapeutics Inc. invested $85.5M in research and development in fiscal year 2025. This represents a decrease of 9.6% from the prior year.
Foghorn Therapeutics Inc. invested $50K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 94.5% from the prior year.
FHTX Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.2M+13.4% | $8.2M+7.9% | $7.6M+27.0% | $6.0M+108.4% | $2.9M-63.4% | $7.8M+13.4% | $6.9M+36.4% | $5.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $22.0M+10.2% | $20.0M-8.2% | $21.8M+0.8% | $21.6M+5.5% | $20.5M-16.9% | $24.7M+3.7% | $23.8M-6.8% | $25.5M |
| SG&A Expenses | $6.8M+2.2% | $6.7M-3.1% | $6.9M-5.2% | $7.2M+13.9% | $6.4M-8.9% | $7.0M-4.8% | $7.3M-5.0% | $7.7M |
| Operating Income | -$23.9M-29.1% | -$18.5M+12.3% | -$21.1M+7.9% | -$22.9M+4.5% | -$24.0M-0.6% | -$23.9M+10.4% | -$26.6M+5.5% | -$28.2M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | $0 | $0 | $0 | $0 |
| Net Income | -$21.7M-36.7% | -$15.8M+11.6% | -$17.9M+4.8% | -$18.8M+3.4% | -$19.5M-2.0% | -$19.1M+16.8% | -$23.0M+8.1% | -$25.0M |
| EPS (Diluted) | N/A | $-0.25+10.7% | $-0.28+6.7% | $-0.30 | N/A | $-0.31+31.1% | $-0.45+23.7% | $-0.59 |
FHTX Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $198.1M-3.3% | $205.0M-9.4% | $226.2M-12.5% | $258.7M-8.9% | $284.0M-7.9% | $308.4M-6.2% | $328.6M+28.9% | $255.0M |
| Current Assets | $163.2M-11.3% | $184.1M-9.7% | $203.8M-9.6% | $225.4M-9.7% | $249.6M-8.0% | $271.2M-6.3% | $289.6M+36.9% | $211.5M |
| Cash & Equivalents | $80.9M-9.5% | $89.3M+23.1% | $72.6M+18.9% | $61.0M+10.0% | $55.5M-3.9% | $57.7M-58.5% | $138.9M+75.3% | $79.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $306.6M+4.1% | $294.6M-2.7% | $302.9M-5.4% | $320.3M-2.8% | $329.5M-2.1% | $336.7M-1.8% | $342.9M-2.7% | $352.5M |
| Current Liabilities | $59.7M-29.8% | $85.1M+9.4% | $77.8M+9.1% | $71.3M+6.4% | $67.0M+17.9% | $56.8M+11.7% | $50.9M-2.3% | $52.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$108.5M-21.0% | -$89.7M-17.0% | -$76.7M-24.3% | -$61.7M-35.4% | -$45.5M-61.0% | -$28.3M-97.5% | -$14.3M+85.3% | -$97.5M |
| Retained Earnings | -$632.5M-3.5% | -$610.8M-2.7% | -$595.0M-3.1% | -$577.0M-3.4% | -$558.2M-3.6% | -$538.7M-3.7% | -$519.6M-4.6% | -$496.6M |
FHTX Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$22.3M-18.1% | -$18.9M+10.2% | -$21.0M+12.4% | -$24.0M+2.2% | -$24.5M-16.7% | -$21.0M+17.7% | -$25.5M+13.0% | -$29.3M |
| Capital Expenditures | $0 | $0-100.0% | $22K-21.4% | $28K-94.2% | $479K+55.0% | $309K+1717.6% | $17K-83.2% | $101K |
| Free Cash Flow | -$22.3M-18.1% | -$18.9M+10.3% | -$21.0M+12.4% | -$24.0M+4.0% | -$25.0M-17.3% | -$21.3M+16.6% | -$25.6M+13.2% | -$29.4M |
| Investing Cash Flow | $13.2M-62.8% | $35.6M+5.1% | $33.8M+15.1% | $29.4M+31.9% | $22.3M+136.4% | -$61.3M-241.1% | -$18.0M-166.3% | $27.1M |
| Financing Cash Flow | $581K+1085.7% | $49K-80.7% | $254K+82.7% | $139K+3375.0% | $4K-99.6% | $1.1M-99.0% | $103.2M+8743.7% | $1.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
FHTX Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -258.2%-31.3pp | -226.9%+52.3pp | -279.2%+105.8pp | -385.0%+455.5pp | -840.5%-535.0pp | -305.5%+81.2pp | -386.6%+171.7pp | -558.3% |
| Net Margin | -234.3%-39.9pp | -194.4%+43.0pp | -237.3%+79.1pp | -316.4%+366.5pp | -682.9%-438.0pp | -244.9%+88.7pp | -333.6%+161.8pp | -495.4% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -10.9%-3.2pp | -7.7%+0.2pp | -7.9%-0.6pp | -7.3%-0.4pp | -6.9%-0.7pp | -6.2%+0.8pp | -7.0%+2.8pp | -9.8% |
| Current Ratio | 2.73+0.6 | 2.16-0.5 | 2.62-0.5 | 3.16-0.6 | 3.73-1.0 | 4.77-0.9 | 5.69+1.6 | 4.06 |
| Debt-to-Equity | -2.83+0.5 | -3.29+0.7 | -3.95+1.2 | -5.20+2.0 | -7.24+4.7 | -11.90+12.0 | -23.94-20.3 | -3.62 |
| FCF Margin | -240.9%-9.5pp | -231.3%+46.9pp | -278.2%+125.0pp | -403.2%+472.1pp | -875.3%-602.3pp | -273.0%+98.0pp | -371.0%+212.1pp | -583.1% |
Note: Shareholder equity is negative (-$108.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Foghorn Therapeutics Inc.'s annual revenue?
Foghorn Therapeutics Inc. (FHTX) reported $30.9M in total revenue for fiscal year 2025. This represents a 36.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Foghorn Therapeutics Inc.'s revenue growing?
Foghorn Therapeutics Inc. (FHTX) revenue grew by 36.8% year-over-year, from $22.6M to $30.9M in fiscal year 2025.
Is Foghorn Therapeutics Inc. profitable?
No, Foghorn Therapeutics Inc. (FHTX) reported a net income of -$74.3M in fiscal year 2025, with a net profit margin of -240.3%.
What is Foghorn Therapeutics Inc.'s EBITDA?
Foghorn Therapeutics Inc. (FHTX) had EBITDA of -$83.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Foghorn Therapeutics Inc.'s operating margin?
Foghorn Therapeutics Inc. (FHTX) had an operating margin of -279.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Foghorn Therapeutics Inc.'s net profit margin?
Foghorn Therapeutics Inc. (FHTX) had a net profit margin of -240.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Foghorn Therapeutics Inc.'s free cash flow?
Foghorn Therapeutics Inc. (FHTX) generated -$86.1M in free cash flow during fiscal year 2025. This represents a 15.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Foghorn Therapeutics Inc.'s operating cash flow?
Foghorn Therapeutics Inc. (FHTX) generated -$86.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Foghorn Therapeutics Inc.'s total assets?
Foghorn Therapeutics Inc. (FHTX) had $198.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Foghorn Therapeutics Inc.'s capital expenditures?
Foghorn Therapeutics Inc. (FHTX) invested $50K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Foghorn Therapeutics Inc. spend on research and development?
Foghorn Therapeutics Inc. (FHTX) invested $85.5M in research and development during fiscal year 2025.
What is Foghorn Therapeutics Inc.'s current ratio?
Foghorn Therapeutics Inc. (FHTX) had a current ratio of 2.73 as of fiscal year 2025, which is generally considered healthy.
What is Foghorn Therapeutics Inc.'s debt-to-equity ratio?
Foghorn Therapeutics Inc. (FHTX) had a debt-to-equity ratio of -2.83 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Foghorn Therapeutics Inc.'s return on assets (ROA)?
Foghorn Therapeutics Inc. (FHTX) had a return on assets of -37.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Foghorn Therapeutics Inc.'s cash runway?
Based on fiscal year 2025 data, Foghorn Therapeutics Inc. (FHTX) had $80.9M in cash against an annual operating cash burn of $86.1M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Foghorn Therapeutics Inc.'s debt-to-equity ratio negative or unusual?
Foghorn Therapeutics Inc. (FHTX) has negative shareholder equity of -$108.5M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Foghorn Therapeutics Inc.'s Piotroski F-Score?
Foghorn Therapeutics Inc. (FHTX) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Foghorn Therapeutics Inc.'s earnings high quality?
Foghorn Therapeutics Inc. (FHTX) has an earnings quality ratio of 1.16x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Foghorn Therapeutics Inc.?
Foghorn Therapeutics Inc. (FHTX) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.