The narrower net loss is a positive headline, but the one-time nature of the revenue catch-up and the CBPd-171 delay create uncertainty. Monitor for updated CBPd-171 guidance and any data readouts from the FHD-909 Phase 1 trial, which are the primary catalysts.
Price Chart
Executive Summary
Foghorn Therapeutics reported Q2 2026 financial results with a net loss of $7.2M, significantly narrower than the $17.9M loss in Q2 2025, driven by a $14.2M cumulative catch-up adjustment in collaboration revenue from the Lilly agreement. The company highlighted its FHD-909 Phase 1 trial advancing as planned and a new immunology/inflammation program, but disclosed a delay in the CBPd-171 timeline due to a CRO operational issue. The narrower net loss is a positive, but the one-time revenue adjustment and the CBPd-171 delay temper the outlook for a pre-revenue biotech.
Key Financial Metrics
Key Facts
- Net loss narrowed to $7.2M in Q2 2026 from $17.9M in Q2 2025, largely due to a $14.2M cumulative catch-up adjustment in collaboration revenue.
- Collaboration revenue surged to $16.1M from $7.6M YoY, driven by the catch-up adjustment tied to the scheduled expiration of the Lilly research term in December 2026.
- Cash, cash equivalents, and marketable securities stood at $167.6M, providing runway into the first half of 2028.
- The CBPd-171 (FHT-171) timeline has been delayed due to an unexpected operational issue at a third-party CRO; updated guidance is pending.
- FHD-909 Phase 1 dose-escalation trial is on track with NSCLC as the primary target population.
- The company is accelerating a novel oral small molecule in immunology and inflammation toward an IND in 2027.
Financial Impact
Net loss improved by $10.7M YoY, but this was driven by a $14.2M non-recurring catch-up adjustment. Cash burn remains significant at ~$7.2M per quarter from operations.
Risk Factors
- CBPd-171 timeline delay could signal broader CRO/operational risks.
- Lilly collaboration research term expires in December 2026, creating a potential revenue cliff.
- Pre-revenue biotech with no approved products; stock is highly sensitive to pipeline updates and cash runway.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-053817 |
| Document: a2026augustfoghorninvest.htm | 0001628280-26-053817 |
| Document: fhtx-20260806.htm | 0001628280-26-053817 |
| Document: 0001628280-26-053817-index-headers.html | 0001628280-26-053817 |
| Document: 0001628280-26-053817-index.html | 0001628280-26-053817 |
| Document: 0001628280-26-053817.txt | 0001628280-26-053817 |
| 8-K Data (Synthetic) | 0001628280-26-053817 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 8w ago | 8-K | $5.57 $4.87 | ▼ −12.57% | ▼ −13.17% | $2.14 (−61.58%) |
May 7, 2026 21w ago | 8-K | $4.20 $3.64 | ▼ −13.33% | ▼ −16.47% | $2.14 (−49.05%) |
Apr 21, 2026 23w ago | Press Release | $5.39 $3.60 | ▼ −33.21% | ▼ −36.38% | $2.14 (−60.30%) |
Apr 21, 2026 23w ago | 8-K | $5.39 $3.60 | ▼ −33.21% | ▼ −36.38% | $2.14 (−60.30%) |
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