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Foghorn Therapeutics (FHTX)

Foghorn Therapeutics is pioneering the discovery and development of a new class of medicines targeting genetically determined dependencies within the chromatin regulatory system, an untapped opportunity for therapeutic intervention. The Company's proprietary Gene Traffic Control® platform gives it an integrated, mechanistic understanding of how the various components of the chromatin regulatory system interact, allowing it to identify, validate and potentially drug targets within the system.

FHTX stock data

Analyst ratings and price targets

Last 3 months

Calendar

8 Aug 22
27 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 62.94M 62.94M 62.94M 62.94M 62.94M 62.94M
Cash burn (monthly) 50.81M 5.33M 9.73M 9.28M 9.67M (no burn)
Cash used (since last report) 149.17M 15.65M 28.56M 27.24M 28.39M n/a
Cash remaining -86.23M 47.29M 34.38M 35.7M 34.55M n/a
Runway (months of cash) -1.7 8.9 3.5 3.8 3.6 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Sep 22 Adrian Gottschalk Common Stock Option exercise Acquire M No No 0.54 40,000 21.6K 186,479
16 Sep 22 Adrian Gottschalk Stock Option Common Stock Option exercise Dispose M No No 0.54 40,000 21.6K 418,925
13 Sep 22 Simba Gill Common Stock Gift Dispose G No No 0 47,939 0 34,061
12 Sep 22 Simba Gill Common Stock Option exercise Acquire M No No 0.73 82,000 59.86K 82,000
12 Sep 22 Simba Gill Stock Options Common Stock Option exercise Dispose M No No 0.73 82,000 59.86K 107,188
16 Aug 22 Parshall B Lynne Stock Options Common Stock Grant Acquire A No No 16.34 32,000 522.88K 32,000
73.8% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 62 63 -1.6%
Opened positions 12 11 +9.1%
Closed positions 13 11 +18.2%
Increased positions 20 17 +17.6%
Reduced positions 13 21 -38.1%
13F shares Current Prev Q Change
Total value 587.31M 607.61M -3.3%
Total shares 40.96M 39.58M +3.5%
Total puts 0 12.4K EXIT
Total calls 0 0
Total put/call ratio Infinity
Largest owners Shares Value Change
Flagship Pioneering 12.67M $172.37M 0.0%
Flagship Ventures Fund V 9.33M $149.29M 0.0%
LLY Lilly(Eli) & Co 4M $47.96M 0.0%
FMR 3.43M $46.7M +7.4%
Klarman Family Foundation 2.14M $43.37M 0.0%
Artal 1.72M $23.4M 0.0%
Euclidean Capital 1.26M $17.15M 0.0%
MS Morgan Stanley 1.22M $16.61M +18.7%
BLK Blackrock 1.08M $14.74M -3.0%
Vanguard 1.01M $13.7M +17.1%
Largest transactions Shares Bought/sold Change
Deerfield Management 777.53K +538.66K +225.5%
Point72 Asset Management 376K +370.8K +7130.8%
FMR 3.43M +238.01K +7.4%
MS Morgan Stanley 1.22M +192.74K +18.7%
Vanguard 1.01M +146.82K +17.1%
Driehaus Capital Management 382.94K +62.94K +19.7%
Citadel Advisors 0 -58.55K EXIT
Kingdon Capital Management, L.L.C. 0 -54.24K EXIT
Nuveen Asset Management 59.6K -53.27K -47.2%
STT State Street 370.03K +51.81K +16.3%

Financial report summary

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Risks
  • Risks Related to Our Financial Position and Need for Additional Capital
  • We have a limited operating history and have no products approved for commercial sale, which may make it difficult for you to evaluate our current business and predict our future success and viability.
  • We have incurred significant losses since inception. We expect to incur losses for the foreseeable future and may never achieve or maintain profitability.
  • We will need substantial additional funding. If we are unable to raise capital when needed, we would be forced to delay, reduce, or eliminate our research and product development programs or future commercialization efforts.
  • We have never generated revenue from product sales and may never be profitable.
  • U.S. federal income tax reform could adversely affect our business and financial condition.
  • Our future ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.
  • Risks Related to Discovery and Development
  • We are heavily dependent on the success of our product candidates, which are in preclinical and Phase 1 clinical development. We may not be successful in our efforts to identify and develop potential product candidates. If these efforts are unsuccessful, or if we experience significant delays, we may never become a commercial stage company or generate any revenues, and our business will be materially harmed.
  • We may not be able to file INDs or IND amendments to commence clinical trials of our product candidates on the timelines we expect, and even if we are able to, the FDA may not permit us to proceed.
  • There is substantial competition in our field, which may result in others developing or commercializing products before we do.
  • Our product candidates utilize novel mechanisms of action, which may result in greater research and development expenses, regulatory issues that could delay or prevent approval, or discovery of unknown or unanticipated adverse effects.
  • Our clinical trials may fail to demonstrate substantial evidence of the safety and efficacy of our product candidates, which would delay or prevent regulatory approval of the product candidates, limit the commercial potential, or result in significant negative consequences following any potential marketing approval.
  • Product development is a lengthy and expensive process with an uncertain outcome. We may incur unexpected costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our product candidates.
  • If we experience delays or difficulties in the enrollment and dosing of patients in our clinical trials, our receipt of necessary regulatory approvals for our product candidates could be delayed or prevented.
  • Any favorable preclinical results may not be predictive of results that may be observed in clinical trials.
  • Our approach to the discovery of product candidates is unproven, and we may not be successful in our efforts to use and expand our platform to build a pipeline of product candidates with commercial value.
  • We rely on third parties to manufacture our preclinical and clinical product supplies, to produce and process clinical quantities of our product candidates and to assist with clinical trials.
  • Disruptions at the FDA and other government agencies caused by funding shortages or global health concerns could hinder their ability to hire, retain or deploy key leadership and other personnel, or otherwise prevent new or modified products from being developed, approved or commercialized in a timely manner or at all, which could negatively impact our business.
  • Risks Related to Employee Matters, Managing Growth and Information Technology
  • We are highly dependent on our key personnel. If we are not successful in attracting and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.
  • We will need to grow the size of our organization, and we may experience difficulties in managing this growth.
  • Our internal computer systems, or those used by our third-party CROs or other contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of the development programs of our product candidates.
  • Business disruptions could seriously harm our future revenue and financial condition and increase our costs and expenses.
  • The continuing outbreak of COVID-19 in the United States and other countries may adversely affect our business and the market price of our common stock.
  • Risks Related to Our Intellectual Property
  • If we are unable to adequately protect our proprietary technology and platform or obtain and maintain patent protection for our technology and products or if the scope of the patent protection obtained is not sufficiently broad, our competitors could develop and commercialize technology and products similar or identical to ours, and our ability to successfully develop and commercialize our technology and products may be impaired.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position may be harmed.
  • Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • The intellectual property landscape around our technology, including our Gene Traffic Control platform, is highly dynamic, and third parties may obtain intellectual property rights that could affect our ability to use our platform or otherwise develop and commercialize product candidates.
  • We may initiate or become involved in legal proceedings involving allegations that we are infringing a third party’s intellectual property rights, the outcome of which would be uncertain and could have a material adverse effect on the success of our business.
  • We may be subject to damages resulting from claims that we or our employees have wrongfully used or disclosed alleged trade secrets of our competitors or are in breach of non-competition or non-solicitation agreements with our competitors.
  • We may become involved in lawsuits to protect or enforce our patents and other intellectual property rights, which could be expensive, time-consuming and unsuccessful.
  • Intellectual property litigation could cause us to spend substantial resources and distract our personnel from their normal responsibilities.
  • We may not be able to effectively enforce our intellectual property rights throughout the world.
  • We may be subject to claims challenging the inventorship or ownership of any intellectual property, including any patents we may own or in-license in the future.
  • If we do not obtain patent term extension and data exclusivity for any product candidates we may develop, our business may be materially harmed.
  • Intellectual property rights do not necessarily address all potential threats.
  • Changes to the patent law in the United States and other jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our product candidates.
  • Risks Related to Our Reliance on Third Parties
  • We rely, and expect to continue to rely, on third parties, including independent clinical investigators, CROs and CDMOs to conduct certain aspects of our discovery and preclinical studies and development, and our clinical trials. If these third parties do not successfully carry out their contractual duties, comply with applicable regulatory requirements or meet expected deadlines, we may not be able to obtain regulatory approval for or commercialize our product candidates and our business could be substantially harmed.
  • We currently rely and expect to rely in the future on the use of manufacturing suites in third-party facilities or third parties to manufacture our product candidates. Our business could be harmed if we are unable to use third-party manufacturing
  • suites or if third-party manufacturers fail to provide us with sufficient quantities of our product candidates or fail to do so at acceptable quality levels or prices.
  • If our third-party manufacturers use hazardous and biological materials in a manner that causes injury or violates applicable law, we may be liable for damages.
  • Risks Related to Regulatory and Other Legal Compliance Matters
  • Our clinical trials may fail to demonstrate adequately the safety and efficacy of any of our product candidates, which would delay or prevent further clinical development of those candidates.
  • We may in the future seek orphan drug status for FHD-286 and FHD-609 and some of our other future product candidates, but we may be unable to obtain such designations or to maintain the benefits associated with orphan drug status, including market exclusivity, which may cause our future revenue, if any, to be reduced.
  • A Breakthrough Therapy designation by the FDA, even if granted for any of our product candidates, may not lead to a faster development or regulatory review or approval process and it does not increase the likelihood that our product candidates will receive marketing approval.
  • Our relationships with healthcare providers, physicians, and third-party payors will be subject to applicable anti-kickback, fraud and abuse, anti-bribery, physician payment transparency and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm, and diminished profits and future earnings.
  • Healthcare legislative reform measures may have a material adverse effect on our business and results of operations.
  • The successful commercialization of our product candidates will depend in part on the extent to which third-party payors establish coverage, adequate reimbursement levels and pricing policies.
  • We are subject to U.S. and international restrictive regulations governing the use, processing and cross-border transfer of data and personal information.
  • The market price of our common stock may be volatile, which could result in substantial losses for our stockholders.
  • If securities analysts cease to publish research or reports about our business or if they publish negative evaluations of our stock, the price of our stock could decline.
  • A significant portion of our total outstanding shares is eligible to be sold into the market in the near future, which could cause the market price of our common stock to drop significantly, even if our business is doing well.
  • Insiders have substantial influence over us, which could limit your ability to affect the outcome of key transactions, including a change of control.
  • We are an “emerging growth company,” and the reduced disclosure requirements applicable to emerging growth companies may make our common stock less attractive to investors.
  • We incur certain costs as a result of operating as a public company, and our management will be required to devote substantial time to compliance initiatives and corporate governance practices.
  • Unfavorable global economic conditions could adversely affect our business, financial condition or results of operations.
  • Provisions in our amended and restated certificate of incorporation, our amended and restated by-laws and Delaware law may have anti-takeover effects that could discourage an acquisition of us by others, even if an acquisition would be beneficial to our stockholders and may prevent attempts by our stockholders to replace or remove our current management.
  • Our amended and restated certificate of incorporation designates the state or federal courts within the State of Delaware as the exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
Management Discussion
  • Collaboration revenue was $4.5 million for the three months ended June 30, 2022, compared to $0.3 million for the three months ended June 30, 2021. The increase is mainly attributed to $4.2 million of collaboration revenue recognized under the Lilly Collaboration Agreement entered into in December 2021.
  • Collaboration revenue was $8.4 million for the six months ended June 30, 2022, compared to $0.6 million for the three months ended June 30, 2021. The increase is mainly attributed to $7.8 million of collaboration revenue recognized under the Lilly Collaboration Agreement entered into in December 2021.
  • Research and development expenses were $26.0 million for the three months ended June 30, 2022, compared to $18.6 million for the three months ended June 30, 2021. The increase is attributed to the following:

Content analysis

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H.S. senior Avg
New words: activity, breakdown, data, database, hold, lifted, lifting, mitigation, recruiting, release, remove, requested, resolution, respond, review, reviewed, safety, subsequently, suffer, treatment, vacate
Removed: clinic, duration, economy, governmental, impacted, invest, outbreak, spread, traded