On January 13, 2026, Foghorn Therapeutics completed a registered direct offering that raised approximately $50.0 million in gross proceeds. The deal comprised the sale of 2,030,314 common shares at $6.71 each, pre-funded warrants for up to 5,421,250 shares at $6.7099 apiece, and two tranches of series warrants—3,725,782 warrants exercisable at $13.42 (2× issue price) and 3,725,782 warrants exercisable at $20.13 (3× issue price). The common share issue price represented a 30% premium to the Nasdaq Global Market closing price on January 9, 2026. There was no involvement of underwriters or placement agents; existing investors BVF Partners, Deerfield Management, Flagship Pioneering and a leading biotech mutual fund participated in the financing.

Following the financing, Foghorn holds $208.9 million in cash, cash equivalents and marketable securities. Management expects these resources to support operations through the first half of 2028. This extended runway underpins ongoing clinical and preclinical programs, reduces near-term dilution risk and strengthens the company’s balance sheet ahead of anticipated IND filings and trial readouts.

Foghorn’s Phase 1 dose-escalation trial of FHD-909, a selective degrader targeting SMARCA4-mutant cancers (including non-small cell lung cancer), is enrolling patients across multiple sites globally. The company also confirmed that its selective CBP degrader program, aimed at ER-positive breast cancer, remains on schedule to submit an IND in 2026. In parallel, preclinical data for the selective EP300 degrader showed superior anti-tumor efficacy in animal models, bolstering its candidacy for future IND submission.