Foghorn Therapeutics Inc. Financials
Foghorn Therapeutics Inc. (FHTX) reported $30.9M in revenue for fiscal year 2025, up 36.8% from the prior fiscal year. This page shows its 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).
Foghorn's reported economics are driven by development-stage research spending, with an asset-light cash burn far larger than revenue.
From FY2023 to FY2025, operating cash burn improved from$118.1M to$86.1M . Because FY2025 capex was only$50K , free cash outflow mostly mirrors operating burn; paired with negative equity of-$108.5M , that says the balance-sheet deficit is being created by ongoing research losses rather than by building a capital-heavy operating base.
The net loss narrowed from
Near-term liquidity looks better than the equity line suggests: cash of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Foghorn Therapeutics Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Foghorn Therapeutics Inc. scores -4.30, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($419.9M) relative to total liabilities ($306.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Foghorn Therapeutics Inc. passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Foghorn Therapeutics Inc. reported a net loss of $74.3M while operations used $86.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
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. recorded an outflow of $86.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 15.0% from the prior year.
Foghorn Therapeutics Inc. held $80.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
FHTX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $36.7M | $30.9M+36.8% | $22.6M-33.8% | $34.2M+77.6% | $19.2M+1357.8% | $1.3M+206.7% | $430K | N/A |
| R&D Expenses | $78.8M | $85.5M-9.6% | $94.5M-13.8% | $109.7M+3.9% | $105.6M+31.5% | $80.3M+39.2% | $57.7M+30.1% | $44.4M |
| SG&A Expenses | $26.4M | $27.6M-2.9% | $28.4M-12.4% | $32.4M+5.3% | $30.7M+41.5% | $21.7M+93.2% | $11.2M+67.3% | $6.7M |
| Operating Income | -$72.8M | -$86.4M+15.9% | -$102.7M+4.8% | -$107.9M+7.9% | -$117.1M-16.3% | -$100.7M-47.0% | -$68.5M-34.2% | -$51.1M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $1.9M+94.7% | $979K+81.3% | $540K |
| Income Tax | N/A | $0 | $0-100.0% | $4.2M | $0 | N/A | $0 | $0 |
| Net Income | -$64.6M | -$74.3M+14.2% | -$86.6M+12.0% | -$98.4M+9.6% | -$108.9M-7.5% | -$101.3M-47.3% | -$68.8M-34.6% | -$51.1M |
| EPS (Diluted) | — | -$1.18+25.3% | -$1.58+32.5% | -$2.34+10.7% | -$2.62+4.0% | -$2.73 | -$6.23 | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FHTX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $198.1M-30.2% | $284.0M-0.7% | $285.9M-29.4% | $404.9M-22.1% | $519.8M+103.4% | $255.6M+1044.0% | $22.3M |
| Current Assets | $163.2M-34.6% | $249.6M+3.9% | $240.2M-31.7% | $351.4M-23.5% | $459.6M+141.0% | $190.7M+1029.3% | $16.9M |
| Cash & Equivalents | $80.9M+45.8% | $55.5M-31.0% | $80.3M+53.9% | $52.2M-48.4% | $101.1M+9.0% | $92.8M+519.4% | $15.0M |
| Total Liabilities | $306.6M-7.0% | $329.5M-9.3% | $363.1M-10.3% | $404.8M-4.3% | $422.9M+286.5% | $109.4M-0.9% | $110.4M |
| Current Liabilities | $59.7M-10.8% | $67.0M+14.6% | $58.4M+5.9% | $55.2M+13.4% | $48.7M+158.4% | $18.8M+49.0% | $12.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | $0-100.0% | $19.7M+79.3% | $11.0M |
| Total Equity | -$108.5M-138.3% | -$45.5M+41.0% | -$77.2M-69019.6% | $112K-99.9% | $96.9M-33.7% | $146.2M+266.1% | -$88.0M |
| Retained Earnings | -$632.5M-13.3% | -$558.2M-18.4% | -$471.6M-26.4% | -$373.1M-41.2% | -$264.3M-62.2% | -$162.9M-73.1% | -$94.1M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
FHTX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$84.2M | -$86.1M+14.2% | -$100.4M+15.0% | -$118.1M-161.0% | $193.6M+485.3% | -$50.3M-60.6% | -$31.3M+32.5% | -$46.3M |
| Capital Expenditures | $50K | $50K-94.5% | $906K-26.0% | $1.2M+1.2% | $1.2M-63.5% | $3.3M-79.5% | $16.2M+1571.8% | $968K |
| Free Cash Flow | -$84.3M | -$86.1M+15.0% | -$101.3M+15.1% | -$119.3M-162.0% | $192.4M+459.2% | -$53.6M-12.8% | -$47.5M-0.4% | -$47.3M |
| Investing Cash Flow | $28.1M | $112.0M+474.7% | -$29.9M-120.7% | $144.4M+159.1% | -$244.3M-775.4% | $36.2M+133.2% | -$108.9M-11198.1% | -$964K |
| Financing Cash Flow | $50.4M | $1.0M-99.0% | $105.4M+5829.6% | $1.8M+0.9% | $1.8M-92.1% | $22.4M-89.7% | $217.5M+807.3% | $24.0M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FHTX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -279.5% | -454.3% | -315.9% | -609.2% | -7637.1% | -15937.4% | N/A |
| Net Margin | -240.3% | -383.2% | -288.2% | -566.3% | -7681.6% | -16000.0% | N/A |
| Return on Equity | N/A | N/A | N/A | -97216.1%-97111.5pp | -104.6%-57.5pp | -47.1% | N/A |
| Return on Assets | -37.5%-7.0pp | -30.5%+3.9pp | -34.4%-7.5pp | -26.9%-7.4pp | -19.5%+7.4pp | -26.9%+201.9pp | -228.8% |
| Current Ratio | 2.73-1.0x | 3.73-0.4x | 4.11-2.3x | 6.37-3.1x | 9.44-0.7x | 10.12+8.8x | 1.33 |
| Debt-to-Equity | N/A | N/A | N/A | 3614.03+3614.0x | 0.00-0.1x | 0.13 | N/A |
| FCF Margin | -278.7% | -448.2% | -349.4% | 1000.6% | -4060.9% | -11039.3% | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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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Where Foghorn Therapeutics Inc. Ranks
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.
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 free cash flow?
Foghorn Therapeutics Inc. (FHTX) recorded an outflow of $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) recorded an outflow of $86.1M in operating cash flow during fiscal year 2025, representing cash used by 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 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 not reported?
Foghorn Therapeutics Inc. (FHTX) has negative shareholder equity of -$108.5M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Altman Z-Score?
Foghorn Therapeutics Inc. (FHTX) has an Altman Z-Score of -4.30, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Foghorn Therapeutics Inc.'s Piotroski F-Score?
Foghorn Therapeutics Inc. (FHTX) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $74.3M while operations used $86.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 52 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.