Foghorn Therapeutics Inc. (FHTX) Reports $156M in Cash, Runway Into H2 2029

Foghorn Therapeutics reported 3Q 2026 revenue of $83.54M, up year-over-year, due to a $74.1M adjustment from its Lilly collaboration. EPS was $0.8. The company cut 40% of its workforce to focus on proprietary programs, with completion expected in Q4 2026. R&D expenses fell to $18.8M.

Foghorn Therapeutics Inc. (FHTX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Foghorn Therapeutics Provides Third Quarter 2026 Financial and Corporate Update - Advancing a novel oral small molecule in inflammatory bowel disease (IBD), with potential first-in-human trials targeted by end of 2027 - Selective EP300 degrader with potential to trea

Evercore ISI downgraded Foghorn Therapeutics (FHTX) to In Line from Outperform, cutting its price target to $3.00 from $14.00 after the discontinuation of its lead clinical program, FHD-909. The stock is down 64% year-to-date, trading at $1.95. The firm removed FHD-909 from its model, reduced operating expenses, and estimates $131 million in net cash by year-end 2026. Other analysts have also adjusted their ratings and price targets following the drug program's halt.

Foghorn Therapeutics' stock plunged 31.2% to $2.01 after it and Eli Lilly ended their collaboration due to insufficient clinical efficacy in a Phase 1 trial. Analysts downgraded the stock and cut price targets, citing the loss of a key partnership and a 40% workforce reduction. The company's pipeline is now entirely preclinical, raising concerns about its future.

Analysts downgraded several companies: Foghorn Therapeutics (FHTX) to Neutral, First Busey (BUSE) to Neutral with a $30 target, AST SpaceMobile (ASTS) to Neutral with a $65 target, AtriCure (ATRC) to Hold with a $57 target, and Equity Bancshares (EQBK) to Neutral with a $52 target. ASTS closed at $57.04 on Thursday.

Wedbush downgraded Foghorn Therapeutics (FHTX) to Neutral, lowering its price target to $2.00. The move follows the discontinuation of FHD-909, a drug in collaboration with Eli Lilly, due to Phase 1 data. Foghorn is cutting 40% of its workforce and realigning operations. Other analysts have also lowered price targets, though some maintain positive ratings.