Foghorn Therapeutics Q3 collaboration revenue jumps on catch-up adjustment
FHTX•Foghorn Therapeutics' Q3 collaboration revenue rose to $83.5 million, including a $74.1 million cumulative catch-up adjustment, and the company posted net income versus a year-earlier loss. It reported EPS of $0.80 and cash and equivalents of $156 million, which it said provide runway into the second half of 2029.
1. Revenue and expenses
Q3 collaboration revenue rose to $83.5 million, driven by a $74.1 million cumulative catch-up adjustment related to updated estimated future costs for discontinued programs. Research and development and general and administrative expenses declined year over year, mainly due to lower partnered program, personnel, professional and facilities costs. The company posted net income for the quarter versus a loss a year earlier and reported EPS of $0.80.
2. Program outlook
Foghorn expects dose-range finding studies for its inflammatory bowel disease program to begin in Q4 2026 and targets first-in-human trials by the end of 2027. It aims to file an investigational new drug application for its EP300 degrader program in 2027. Cash and equivalents of $156 million provide runway into the second half of 2029.
