Foghorn Therapeutics Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial position compared to the previous fiscal period.
As of September 30, 2024, the company had cash and cash equivalents of $57.7 million, down from $80.3 million at the end of 2023. However, marketable securities increased to $209.7 million from $153.7 million, contributing to a rise in total current assets to $271.2 million, up from $240.2 million. Total assets also grew to $308.4 million from $285.9 million. The additional paid-in capital saw a notable increase to $510.0 million, improving the total stockholders’ deficit to $(28.3 million) from $(77.2 million).
Collaboration revenue for Q3 2024 was $7.8 million, a decrease from $17.5 million in Q3 2023. For the nine months ended September 30, 2024, collaboration revenue totaled $19.7 million, down from $28.4 million in the same period last year. The decline in revenue was primarily attributed to the termination of the Merck Collaboration Agreement, which resulted in a $16.1 million decrease in revenue, partially offset by a $6.4 million increase in revenue from the collaboration with Eli Lilly.
Total operating expenses for Q3 2024 were $31.7 million, down from $34.6 million in Q3 2023. For the nine months, operating expenses decreased to $98.4 million from $110.8 million. The loss from operations for Q3 2024 was $(23.9 million), compared to $(17.1 million) in Q3 2023, while the nine-month loss from operations improved slightly to $(78.7 million) from $(82.4 million).
Net loss for Q3 2024 was $(19.1 million), compared to $(14.3 million) in Q3 2023. For the nine months, the net loss was $(67.1 million), an improvement from $(74.3 million) in the same period last year. The net loss per share attributable to common stockholders for Q3 2024 was $(0.31), down from $(0.34) in Q3 2023.
In May 2024, Foghorn raised $102.8 million through a public offering, issuing 12.7 million shares at $5.51 per share. The company anticipates needing additional funding to sustain operations and support research and development, with expectations of continued significant operating losses in the coming years.
Foghorn's collaboration with Eli Lilly, initiated in December 2021, remains a key strategic focus, with ongoing development of oncology medicines. The company is currently advancing multiple programs, including FHD-286 and FHD-909, with the latter entering Phase 1 development.
About Foghorn Therapeutics Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.