Foghorn Therapeutics, Inc. ( (FHTX) ) has released its Q3 earnings. Here is a breakdown of the information Foghorn Therapeutics, Inc. presented to its investors.
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Foghorn Therapeutics, Inc., based in Cambridge, Massachusetts, is a clinical-stage biotechnology company focused on pioneering novel treatments for serious diseases through the correction of abnormal gene expression, primarily in the oncology sector.
The latest financial and corporate update from Foghorn Therapeutics reflects significant progress in its clinical pipeline, including the dosing of the first patient in a Phase 1 trial of its SMARCA2 selective inhibitor for non-small cell lung cancer, and anticipated data release for its FHD-286 combination therapy in AML by the end of 2024. The company also highlights its strong financial position with a cash runway extending into 2027.
Key financial highlights include collaboration revenues of $7.8 million, a decrease from the previous year, partly due to the end of a Merck collaboration. Research and development expenses decreased slightly to $24.7 million, and general and administrative expenses also saw a reduction. The company ended the quarter with a net loss of $19.1 million. Strategic advancements include ongoing collaborations and the initiation of IND-enabling studies for its Selective CBP degrader program.
Foghorn’s management remains optimistic about future developments, driven by its robust pipeline and strategic collaborations. The company’s strong balance sheet and extended cash runway position it well for continued progress in its clinical and preclinical programs, with several milestones anticipated in the near future.
