Foghorn Therapeutics Inc. (FHTX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FHTX SEC filings page.
Foghorn Therapeutics Inc. (FHTX) reported $36.7M in revenue over the twelve months to Jun 30, 2026, up 52.0% from the prior twelve months. 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 remains a development-stage business: R&D spending exceeds revenue, while cash losses are narrowing mainly through lower spending.
Operating cash flow of-$86.1M nearly matched the net loss of$74.3M in FY2025, so reported earnings broadly reflect the cash economics rather than being driven mainly by noncash items. Compared with FY2024, the smaller cash loss coincided with R&D falling to$85.5M while revenue recovered to$30.9M , pointing to spending control as a bigger driver than operating scale.
FY2025 R&D investment was
Total liabilities 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. held $80.9M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $86.1M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Foghorn Therapeutics Inc. scores 32/100 among other emerging companies.
Foghorn Therapeutics Inc. had 59M shares outstanding at the end of fiscal year 2025, against 56M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Foghorn Therapeutics Inc. scores 38/100 among other emerging companies.
Foghorn Therapeutics Inc. spent $85.5M on research and development in fiscal year 2025, which was 72.9% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Foghorn Therapeutics Inc. scores 92/100 among other emerging companies.
Foghorn Therapeutics Inc. reported revenue of $30.9M in fiscal year 2025, against $22.6M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Foghorn Therapeutics Inc. scores 37/100 among other emerging companies.
Foghorn Therapeutics Inc.'s operations used $86.1M of cash in fiscal year 2025, against $100.4M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Foghorn Therapeutics Inc. scores 60/100 among other emerging companies.
Foghorn Therapeutics Inc.'s cash, cash equivalents and investments came to $80.9M at the end of fiscal year 2025, against $306.6M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Foghorn Therapeutics Inc. scores 31/100 among other emerging companies.
Foghorn Therapeutics Inc. scores -4.90, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($117.0M) 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 $16.1M in revenue in Q2 2026. This represents an increase of 112.7% from the same quarter a year earlier. Against the prior quarter it is up 391.9%.
Foghorn Therapeutics Inc.'s EBITDA was -$8.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 57.4% from the same quarter a year earlier. Against the prior quarter it is up 59.7%.
Foghorn Therapeutics Inc. reported -$7.2M in net income in Q2 2026. This represents an increase of 59.9% from the same quarter a year earlier. Against the prior quarter it is up 63.8%.
Foghorn Therapeutics Inc. earned -$0.10 per diluted share (EPS) in Q2 2026. This represents an increase of 64.3% from the same quarter a year earlier. Against the prior quarter it is up 65.5%.
Cash & Balance Sheet
Foghorn Therapeutics Inc. recorded an outflow of $17.9M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 14.9% from the same quarter a year earlier. Against the prior quarter it is up 29.2%.
Foghorn Therapeutics Inc. held $68.1M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Foghorn Therapeutics Inc.'s operating margin was -54.8% in Q2 2026, reflecting core business profitability. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Foghorn Therapeutics Inc.'s net profit margin was -44.7% in Q2 2026, showing the share of revenue converted to profit. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Foghorn Therapeutics Inc. invested $18.5M in research and development in Q2 2026. This represents a decrease of 15.0% from the same quarter a year earlier. Against the prior quarter it is up 1.4%.
Foghorn Therapeutics Inc. invested $50K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 127.3% from the same quarter a year earlier.
Not reported for Q2 2026.
FHTX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $16.1M+112.7% | $3.3M-45.1% | $9.2M+223.8% | $8.2M+4.4% | $7.6M+9.7% | $6.0M+17.9% | $2.9M-50.5% | $7.8M-55.3% |
| R&D Expenses | $18.5M-15.0% | $18.3M-15.6% | $22.0M+7.5% | $20.0M-19.0% | $21.8M-8.4% | $21.6M-15.3% | $20.5M-15.3% | $24.7M-6.0% |
| SG&A Expenses | $6.4M-7.4% | $6.6M-9.1% | $6.8M+7.0% | $6.7M-4.6% | $6.9M-6.3% | $7.2M-6.1% | $6.4M-9.5% | $7.0M-16.1% |
| Operating Income | -$8.8M+58.3% | -$21.6M+5.8% | -$23.9M+0.5% | -$18.5M+22.4% | -$21.1M+20.8% | -$22.9M+18.7% | -$24.0M+5.7% | -$23.9M-39.6% |
| EBITDA | -$8.6M+57.4% | -$21.3M+3.4% | -$23.2M+0.2% | -$17.6M+24.0% | -$20.2M+21.8% | -$22.1M+19.3% | -$23.2M+5.5% | -$23.2M-43.1% |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $0-100.0% |
| Net Income | -$7.2M+59.9% | -$19.9M-5.5% | -$21.7M-11.1% | -$15.8M+17.1% | -$17.9M+21.9% | -$18.8M+24.7% | -$19.5M+19.1% | -$19.1M-33.3% |
| EPS (Basic) | -$0.10+64.3% | -$0.29+3.3% | -$0.34-13.3% | -$0.25+19.4% | -$0.28+37.8% | -$0.30+49.2% | -$0.30+47.4% | -$0.31+8.8% |
| EPS (Diluted) | -$0.10+64.3% | -$0.29+3.3% | -$0.34-13.3% | -$0.25+19.4% | -$0.28+37.8% | -$0.30+49.2% | -$0.30 | -$0.31+8.8% |
| Diluted Shares (Avg) | 71M+12.1% | 70M+10.6% | N/A | 63M+0.7% | 63M+22.1% | 63M+48.1% | N/A | 63M+49.0% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
FHTX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $203.4M-10.1% | $222.2M-14.1% | $198.1M-30.2% | $205.0M-33.5% | $226.2M-31.1% | $258.7M+1.4% | $284.0M-0.7% | $308.4M-1.6% |
| Current Assets | $170.0M-16.6% | $188.1M-16.6% | $163.2M-34.6% | $184.1M-32.1% | $203.8M-29.6% | $225.4M+6.6% | $249.6M+3.9% | $271.2M+2.2% |
| Cash & Equivalents | $68.1M-6.2% | $87.7M+43.6% | $80.9M+45.8% | $89.3M+54.9% | $72.6M-47.8% | $61.0M-23.0% | $55.5M-31.0% | $57.7M-18.0% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $284.4M-6.1% | $298.6M-6.8% | $306.6M-7.0% | $294.6M-12.5% | $302.9M-11.7% | $320.3M-9.1% | $329.5M-9.3% | $336.7M-9.2% |
| Current Liabilities | $50.6M-35.0% | $64.4M-9.7% | $59.7M-10.8% | $85.1M+49.7% | $77.8M+52.9% | $71.3M+37.0% | $67.0M+14.6% | $56.8M+9.3% |
| Non-Current Liabilities | $233.9M+3.9% | $234.2M-6.0% | $246.9M-6.0% | $209.5M-25.1% | $225.1M-22.9% | $249.0M-17.1% | $262.5M-13.8% | $279.8M-12.2% |
| Total Equity | -$81.0M-5.7% | -$76.4M-23.9% | -$108.5M-138.3% | -$89.7M-217.0% | -$76.7M-435.3% | -$61.7M+36.8% | -$45.5M+41.0% | -$28.3M+50.7% |
| Retained Earnings | -$659.5M-10.9% | -$652.3M-13.1% | -$632.5M-13.3% | -$610.8M-13.4% | -$595.0M-14.5% | -$577.0M-16.2% | -$558.2M-18.4% | -$538.7M-20.4% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$17.8M+15.0% | -$25.3M-5.4% | -$22.3M+9.2% | -$18.9M+10.2% | -$21.0M+17.8% | -$24.0M+18.3% | -$24.5M+11.0% | -$21.0M+22.8% |
| Depreciation & Amortization | $200K-77.8% | $238K-71.2% | $802K+5.4% | $900K+28.6% | $900K+12.5% | $827K-1.0% | $761K-10.7% | $700K-22.2% |
| Stock-Based Compensation | $2.5M-6.7% | $2.4M-11.5% | N/A | $2.7M-9.4% | $2.7M-13.7% | $2.7M-16.5% | N/A | $3.0M-26.3% |
| Capital Expenditures | $50K+127.3% | $0-100.0% | $0-100.0% | $0-100.0% | $22K+29.4% | $28K-72.3% | $479K+1194.6% | $309K+276.8% |
| Free Cash Flow | -$17.9M+14.9% | -$25.3M-5.3% | -$22.3M+10.9% | -$18.9M+11.5% | -$21.0M+17.7% | -$24.0M+18.5% | -$25.0M+9.4% | -$21.3M+21.9% |
| Investing Cash Flow | -$3.0M-108.8% | -$17.7M-160.3% | $13.2M-40.6% | $35.6M+158.0% | $33.8M+288.2% | $29.4M+8.5% | $22.3M-40.4% | -$61.3M-259.6% |
| Financing Cash Flow | -$22K-108.7% | $49.8M+35707.2% | $581K+14425.0% | $49K-95.3% | $254K-99.8% | $139K-88.1% | $4K-97.8% | $1.1M-24.2% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
FHTX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -54.8% | -660.3% | -258.2% | -226.9% | -279.2% | -385.0% | -840.5% | -305.5% |
| Net Margin | -44.7% | -608.4% | -234.3% | -194.4% | -237.3% | -316.4% | -682.9% | -244.9% |
| Return on Assets | -3.5%+4.4pp | -8.9%-1.7pp | -10.9%-4.1pp | -7.7%-1.5pp | -7.9%-0.9pp | -7.3%+2.5pp | -6.9%+1.6pp | -6.2%-1.6pp |
| Current Ratio | 3.36+0.7x | 2.92-0.2x | 2.73-1.0x | 2.16-2.6x | 2.62-3.1x | 3.16-0.9x | 3.73-0.4x | 4.77-0.3x |
| Asset Turnover | 0.080.0x | 0.010.0x | 0.050.0x | 0.040.0x | 0.030.0x | 0.020.0x | 0.010.0x | 0.030.0x |
| FCF Margin | -111.3% | -773.4% | -240.9% | -231.3% | -278.2% | -403.2% | -875.3% | -273.0% |
Not reported in any period shown, so not listed: Gross Margin, Return on Equity, Debt-to-Equity.
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Foghorn Therapeutics Inc. FHTX | FY2025 | $30.9M | -$74.3M | N/A | $117.0M | 48/100 |
| Alector, Inc. ALEC | FY2025 | $21.0M | -$143.0M | N/A | $222.2M | 49/100 |
| Omeros Corporation OMER | FY2025 | N/A | N/A | N/A | $1.4B | — |
| Capricor Therapeutics Inc CAPR | FY2025 | $0 | -$105.0M | N/A | $452.3M | — |
| Monopar Therapeutics Inc. MNPR | FY2025 | $0 | -$13.7M | N/A | $525.5M | — |
| Neurogene, Inc. NGNE | FY2025 | $0 | -$90.4M | N/A | $529.7M | — |
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 P/E ratio?
Foghorn Therapeutics Inc. (FHTX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $117.0M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Foghorn Therapeutics Inc.'s price-to-sales ratio?
Foghorn Therapeutics Inc. (FHTX) trades at 3.2x sales, its market capitalization divided by revenue of $36.7M revenue, trailing 12 months to June 30, 2026. The market capitalization is $117.0M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Foghorn Therapeutics Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Foghorn Therapeutics Inc. (FHTX) held $80.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $86.1M over that year. Dividing the one by the other, the reported balance equals about 11 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
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 -4.90, 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 48 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.