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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Foghorn Therapeutics Inc | NASDAQ:FHTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.61 | 4.02 | 8.96 | 0 | 09:16:37 |
“Foghorn made important progress across both our clinical and preclinical pipeline in the second quarter. We successfully resolved the clinical hold for FHD-286 in AML and disclosed the clinical data from the Phase 1 study which suggested that FHD-286 is a potent, broad-based differentiation agent. We are on track to initiate dosing in a combination study of FHD-286 in AML in the third quarter. We continue to advance our selective BRM, selective CBP, selective EP300, and selective ARID1B programs, demonstrating our ability to repeatedly drug important targets in oncology,” said Adrian Gottschalk, President and Chief Executive Officer of Foghorn.
Key Recent Updates and Upcoming Milestones
*In December 2021, Foghorn announced a strategic collaboration with Loxo@Lilly to create novel oncology medicines. The collaboration includes a co-development and co-commercialization agreement for Foghorn’s Selective BRM oncology program and an additional undisclosed oncology target. In addition, the collaboration includes three discovery programs using Foghorn’s proprietary Gene Traffic Control platform.
Second Quarter 2023 Financial Highlights
About FHD-286FHD-286 is a highly potent, selective, allosteric and orally available, small-molecule, enzymatic inhibitor of BRG1 (SMARCA4) and BRM (SMARCA2), two highly similar proteins that are the ATPases, or the catalytic engines of the BAF complex, one of the key regulators within the chromatin regulatory system. In preclinical studies, FHD-286 has shown anti-tumor activity across a broad range of malignancies including both hematologic and solid tumors. FHD-286 is being developed for relapsed and/or refractory AML, and the company plans to commence a Phase 1 study, in combination with decitabine or cytarabine, in the third quarter of 2023.
About AMLAdult acute myeloid leukemia (AML) is a cancer of the blood and bone marrow and the most common type of acute leukemia in adults. AML is a diverse disease associated with multiple genetic mutations. It is diagnosed in about 20,000 people every year in the United States.
About Foghorn TherapeuticsFoghorn® Therapeutics is discovering and developing a novel class of medicines targeting genetically determined dependencies within the chromatin regulatory system. Through its proprietary scalable Gene Traffic Control® platform, Foghorn is systematically studying, identifying and validating potential drug targets within the chromatin regulatory system. The Company is developing multiple product candidates in oncology. Visit our website at www.foghorntx.com for more information on the company, and follow us on Twitter and LinkedIn.
Forward-Looking StatementsThis press release contains “forward-looking statements” regarding the Company’s clinical programs for FHD-286, including its initiation of a Phase 1 study of FHD-286 in combination with decitabine or low-dose cytarabine (LDAC) in relapsed and/or refractory AML patients, its collaborations with Lilly and Merck and its research pipeline, including the status of its Selective BRM program, the filing of INDs, and its protein degrader efforts. Forward-looking statements include statements regarding the Company’s clinical trials, product candidates and research efforts and other statements identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods. Forward-looking statements are based on our current expectations and assumptions regarding capital market conditions, our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, including risks relating to our clinical trials and other factors set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made.
Condensed Consolidated Balance Sheets | |||||||
(In thousands) | |||||||
June 30, | |||||||
2023 | Dec. 31, 2022 | ||||||
Cash, cash equivalents and marketable securities | $ | 284,311 | $ | 345,798 | |||
All other assets | 55,265 | 59,085 | |||||
Total assets | $ | 339,576 | $ | 404,883 | |||
Deferred revenue, total | $ | 325,912 | $ | 336,820 | |||
All other liabilities | 63,014 | 67,951 | |||||
Total liabilities | 388,926 | 404,771 | |||||
Total stockholders’ equity (deficit) | (49,350 | ) | 112 | ||||
Total liabilities and stockholders’ equity | $ | 339,576 | $ | 404,883 |
Condensed Consolidated Statements of Operations | |||||||
(In thousands, except share and per share amounts) | |||||||
Three Months Ended June 30, | |||||||
2023 | 2022 | ||||||
Collaboration revenue | $ | 5,599 | $ | 4,490 | |||
Operating expenses: | |||||||
Research and development | 29,248 | 25,974 | |||||
General and administrative | 8,401 | 7,704 | |||||
Total operating expenses | 37,649 | 33,678 | |||||
Loss from operations | (32,050 | ) | (29,188 | ) | |||
Total other income, net | 3,505 | 1,875 | |||||
Provision for income taxes | (942 | ) | — | ||||
Net loss | $ | (29,487 | ) | $ | (27,313 | ) | |
Net loss per share attributable to common stockholders—basic and diluted | $ | (0.70 | ) | $ | (0.66 | ) | |
Weighted average common shares outstanding—basic and diluted | 41,825,555 | 41,515,305 |
Contact:Ben Strain, Foghorn Therapeutics Inc. (Media and Investors) bstrain@foghorntx.com
Karin Hellsvik, Foghorn Therapeutics Inc. (Media) khellsvik@foghorntx.com
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