On November 2, 2023, Foghorn Therapeutics Inc (FHTX, Financial), a clinical-stage biotechnology company, released its Q3 2023 financial results and corporate updates. The company's financial position remains strong, with cash, cash equivalents, and marketable securities totaling $259.9 million as of September 30, 2023, providing a cash runway into the first half of 2026.
Financial Highlights
The company's collaboration revenue for Q3 2023 was $17.5 million, a significant increase from $6.6 million for the same period in 2022. This increase was primarily driven by revenue realized upon termination of the Merck collaboration. Research and development expenses were $26.3 million for Q3 2023, compared to $26.9 million for Q3 2022. This decrease was primarily due to costs associated with continued investment in R&D personnel and platform and early-stage research investments, modestly offset by a decline in clinical trial spend. General and administrative expenses were $8.3 million for Q3 2023, compared to $8.0 million for Q3 2022. The net loss for Q3 2023 was $14.3 million, a significant decrease from a net loss of $25.8 million for Q3 2022.
Corporate Updates
During Q3 2023, Foghorn Therapeutics Inc (FHTX, Financial) made significant progress in its clinical trials and collaborations. The first patient was dosed in the FHD-286 combination study in AML, with data expected in the second half of 2024. The company also transitioned the BRM Selective inhibitor program to Loxo@Lilly as part of their ongoing collaboration. Foghorn Therapeutics Inc (FHTX) anticipates the potential for six new investigational new drug (IND) applications in the next four years, expanding its platform and pipeline.
Looking Ahead
Foghorn Therapeutics Inc (FHTX, Financial) continues to focus on its mission of treating serious diseases by correcting abnormal gene expression. With a strong financial position and ongoing progress in its clinical trials and collaborations, the company is well-positioned for future growth and development.
Explore the complete 8-K earnings release (here) from Foghorn Therapeutics Inc for further details.
