Foghorn Therapeutics Strengthens Financial Leadership with Appointment of Ryan Maynard as Chief Financial Officer

Rhea-AI Summary

Foghorn Therapeutics (Nasdaq: FHTX) appointed Ryan Maynard as Chief Financial Officer effective February 23, 2026. Mr. Maynard brings over 25 years of biopharma financial leadership, has raised over $1 billion, and led financings and commercial launch planning for approved therapies.

The company noted Maynard’s prior roles at Cara Therapeutics, Rigel Pharmaceuticals, LetsGetChecked, and Blade Therapeutics, his recent transactional work including a $37.5M non-dilutive royalty arrangement, and his board seat at Iovance.

Positive

• Experienced CFO hire with over 25 years in biopharma finance
• Capital markets track record: raised over $1 billion
• Transaction experience: led $37.5M non-dilutive royalty deal
• Commercial launch experience including FDA approval planning for TAVALISSE

Negative

• None.

Key Figures

Executive experience: over 25 years Capital raised: over $1 billion Royalty deal: $37.5 million

3 metrics

Executive experience over 25 years Ryan Maynard’s executive tenure across biopharma and healthcare technology

Capital raised over $1 billion Capital raised by Ryan Maynard through public and private financings

Royalty deal $37.5 million Non-dilutive royalty deal executed at Cara Therapeutics

Market Reality Check

Price: $5.75 Vol: Volume 92,683 is at 0.65x...

low vol

$5.75 Last Close

Volume Volume 92,683 is at 0.65x the 20-day average of 142,317, indicating muted trading ahead of this announcement. low

Technical Shares at $5.73 are trading above the 200-day MA of $4.95 and sit 17.55% below the 52-week high of $6.95.

Peers on Argus

FHTX slipped 1.72% while momentum peers showed mixed moves: one up and three dow...

1 Up 3 Down

FHTX slipped 1.72% while momentum peers showed mixed moves: one up and three down (e.g., CAPR -5.33%, MREO -3.26%). This points to broader biotech volatility rather than a company-specific move tied to the CFO news.

Common Catalyst No peer companies reported same-day news; sector moves appear driven by broader biotech dynamics, not shared headlines.

Historical Context

5 past events · Latest: Feb 03 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 03	Conference participation	Neutral	-2.7%	Management participation at Guggenheim Emerging Outlook: Biotech Summit.
Jan 13	Premium financing	Positive	+4.7%	$50M registered direct at 30% premium with warrants issued.
Jan 09	Financing & pipeline	Positive	+23.6%	$50M equity financing, runway into 1H 2028, degrader program progress.
Nov 25	Conference participation	Neutral	+3.5%	Participation in Evercore Healthcare Conference with CEO fireside chat.
Nov 05	Quarterly update	Positive	+13.3%	Q3 2025 update highlighting strong cash and multi-program progress.

Pattern Detected

Recent history shows positive price reactions to financings and corporate updates, including multiple double-digit gains following strategic and financial disclosures.

Recent Company History

Over the past several months, Foghorn has emphasized financing strength and pipeline progress. A $50 million registered direct financing at a 30% premium and a January update highlighting cash runway into 2028 both saw notable positive reactions. Conference participation in November 2025 and February 2026 had more modest effects. The Q3 2025 financial update, with multiple degrader programs advancing, also coincided with a double‑digit gain, underscoring investor focus on capital and clinical execution.

Market Pulse Summary

This announcement marks a significant addition to Foghorn’s leadership, bringing over 25 years of ex...

Analysis

This announcement marks a significant addition to Foghorn’s leadership, bringing over 25 years of executive experience and a track record of raising over $1 billion in capital and closing a $37.5 million non-dilutive royalty deal. Recent history features a premium $50 million financing and strong cash runway, so investors may watch how the new CFO supports capital allocation, partnership execution, and advancement of the Lilly-partnered lead program and selective degrader portfolio.

Key Terms

capital markets, reverse merger, non-dilutive royalty deal, food and drug administration

4 terms

capital markets financial

"driving financial strategy, capital markets execution, and operational performance"

Capital markets are places where people and organizations buy and sell long-term investments like stocks and bonds. They help connect those who need money to grow or fund projects with investors looking to earn returns over time. For investors, capital markets are important because they offer opportunities to invest, save, and grow their wealth through a variety of financial assets.

reverse merger financial

"he successfully executed a reverse merger with Tvardi Therapeutics"

A reverse merger is when a private company becomes publicly traded by combining with an already listed public shell company, allowing the private business to gain a stock market listing without going through a traditional IPO. Investors care because this shortcut can be faster and cheaper than an IPO but often comes with less regulatory vetting and market visibility, so it can mean higher uncertainty about valuation, financial transparency, and future liquidity.

non-dilutive royalty deal financial

"raised $37.5 million through a non-dilutive royalty deal"

A non-dilutive royalty deal is a financing arrangement where a company receives cash up front in exchange for promising to pay a percentage of future product or revenue sales to the funder, rather than issuing new shares. For investors this matters because it raises capital without reducing existing ownership or earnings per share, like taking a loan tied to future sales, but it also creates a long-term payment obligation that can lower future profits.

food and drug administration regulatory

"key role in the Food and Drug Administration (FDA) approval and commercial"

A government agency that reviews and regulates medicines, medical devices, food safety, and related products to ensure they are safe and effective for public use. Investors watch its actions like a referee’s calls: approvals, warnings, inspections or recalls can directly affect a product’s ability to reach the market, a company’s sales and costs, and overall business risk and valuation.

AI-generated analysis. Not financial advice.

WATERTOWN, Mass., Feb. 23, 2026 (GLOBE NEWSWIRE) -- Foghorn® Therapeutics Inc. (Nasdaq: FHTX), a clinical-stage biotechnology company pioneering a new class of medicines that treat serious diseases by correcting abnormal gene expression, today announced that Ryan Maynard will join the company as Chief Financial Officer (CFO) on February 23, 2026. Mr. Maynard joins Foghorn with over 25 years of executive experience driving financial strategy, capital markets execution, and operational performance across public and private biopharmaceutical companies.

“I am delighted to welcome Ryan to Foghorn as our new CFO as we continue to advance our first-in-class pipeline," said Adrian Gottschalk, President and Chief Executive Officer of Foghorn. “Ryan is a seasoned biotech executive who brings proven financial and operational leadership. His experience scaling organizations will accelerate our mission to deliver novel therapies to patients.”

Prior to joining Foghorn, Mr. Maynard was most recently at Cara Therapeutics, Inc., where he successfully led financial strategy and strategic transactions as the Chief Financial Officer.

Ryan Maynard, Chief Financial Officer of Foghorn, added, “I am excited to join Foghorn at this pivotal time as the Company’s lead program advances in dose escalation in partnership with Lilly, and our selective degrader portfolio nears the clinic. I look forward to partnering with the executive team and Board to provide disciplined financial leadership, drive execution, and support long-term growth and value creation.”

Mr. Maynard has over 25 years of executive experience leading both public and private biopharmaceutical and healthcare technology organizations. He has raised over $1 billion through public and private financings, played a key role in the Food and Drug Administration (FDA) approval and commercial launch planning of TAVALISSE^®, and built strong relationships with healthcare-focused investors. Most recently at Cara Therapeutics, Inc., he successfully executed a reverse merger with Tvardi Therapeutics, raised $37.5 million through a non-dilutive royalty deal, and provided executive leadership on commercial manufacturing and launch planning for KORSUVA^®. Mr. Maynard was previously the CFO at Rigel Pharmaceuticals, LetsGetChecked Inc., and Blade Therapeutics. He holds a BS in Commerce with a focus in accounting from Santa Clara University. Mr. Maynard currently serves on the board of Iovance Biotherapeutics, Inc., a commercial biotechnology company.

About Foghorn Therapeutics
Foghorn® Therapeutics is discovering and developing a novel class of medicines targeting genetically determined dependencies within the chromatin regulatory system. Through its proprietary scalable Gene Traffic Control® platform, Foghorn is systematically studying, identifying, and validating potential drug targets within the chromatin regulatory system. The Company is developing multiple product candidates in oncology. Visit our website at www.foghorntx.com for more information on the Company, and follow us on X and LinkedIn.

Forward-Looking Statements
This press release contains “forward-looking statements.” Forward-looking statements include statements regarding the Company’s ongoing Phase 1 trial of FHD-909 in SMARCA4-mutated cancers, pre-clinical product candidates, expected timing of clinical data, expected cash runway, expected timing of regulatory filings, and research efforts and other statements identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods. Forward-looking statements are based on our current expectations and assumptions regarding capital market conditions, our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, including risks relating to our clinical trials and other factors set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made.

Contact:
Karin Hellsvik, Foghorn Therapeutics Inc.
khellsvik@foghorntx.com

FAQ

Who is Ryan Maynard and when did he become CFO of Foghorn (FHTX)?

Ryan Maynard joined as Foghorn’s Chief Financial Officer on February 23, 2026. According to the company, he brings over 25 years of executive experience across public and private biopharma and healthcare technology firms.

What relevant financial experience does Ryan Maynard bring to FHTX?

Maynard has led capital markets and strategic transactions, having raised over $1 billion. According to the company, he also executed financings and commercial planning for approved therapies and strategic deals.

How might Maynard’s appointment affect Foghorn’s financing strategy (FHTX)?

The appointment signals strengthened financial leadership to support capital strategy and execution. According to the company, Maynard’s background includes public and private financings and strategic transactions that can inform future funding plans.

What recent transactions and achievements does Maynard have relevant to FHTX shareholders?

Maynard executed a $37.5M non-dilutive royalty deal and supported FDA approval launch planning. According to the company, he also helped raise over $1 billion in aggregate financing.

Does Ryan Maynard hold any external board roles while serving as CFO of Foghorn (FHTX)?

Yes, Maynard currently serves on the board of Iovance Biotherapeutics. According to the company, he maintains board service at Iovance while joining Foghorn as CFO, reflecting ongoing industry engagement.