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Foghorn Therapeutics Inc. (FHTX-1.12%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Foghorn's strategic collaboration with Eli Lilly and Company, which includes a co-development and co-commercialization agreement for the SMARCA2 oncology program and additional discovery programs. Foghorn received an upfront payment of $300 million and an $80 million equity investment from Lilly.
Foghorn reported a net loss of $86.6 million for the year ended December 31, 2024, compared to a net loss of $98.4 million in the prior year. The decrease in net loss is attributed to lower research and development expenses and general and administrative expenses.
Research and development expenses were $94.5 million, down from $109.7 million in the previous year, due to decreased personnel-related costs and external research costs. General and administrative expenses decreased to $28.4 million from $32.4 million, primarily due to reduced personnel-related costs.
The company recognized $22.6 million in revenue from its collaboration with Lilly, which was lower than the $34.2 million recognized in the previous year. The decrease is primarily due to the termination of the Merck collaboration agreement.
As of December 31, 2024, Foghorn had cash, cash equivalents, and marketable securities totaling $243.7 million. The company expects these funds to be sufficient to support its operations for at least the next twelve months.
Foghorn's pipeline includes more than eight programs, with one clinical-stage drug candidate, FHD-909, currently in Phase 1 development. The company is focused on developing therapies targeting the chromatin regulatory system.
The company continues to rely on third-party manufacturers for the production of its product candidates and has subleased a portion of its office space to optimize its operational footprint.
Foghorn's board of directors is divided into three classes, with each class serving staggered three-year terms. The board oversees the company's strategic direction and governance practices.
The filing also discusses the company's risk factors, including its limited operating history, dependence on key personnel, and the need for additional funding to continue its development programs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Foghorn Therapeutics Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.