Foghorn Therapeutics Q1 net loss $30.5M, cash $316M; FHD-286 mUM data expected Q2 2023

Foghorn Therapeutics Inc.

2023-Q1 EPS reported -$0.73 revenue$5,309,000

Net loss of $30.5M for Q1 2023, compared to $26.9M loss in Q1 2022; no product revenue.
Cash and equivalents $316M as of March 31, 2023, providing runway into second half of 2025.
Phase 1 dose escalation of FHD-286 in metastatic uveal melanoma continues; top-line data expected Q2 2023.
FDA clinical hold on FHD-286 in AML/MDS; regulatory update expected Q2 2023.
Collaboration revenue $5.3M, up from $3.9M; Loxo@Lilly collaboration progressing.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Foghorn Therapeutics Inc. reported the quarter ended March 31, 2023 results: revenue $5.3 million, net income $30.5 million.

Period: the quarter ended March 31, 2023
Revenue: $5.3 million
Net income: $30.5 million
Result: reported results

Exact text from the filing

First Quarter 2023 Financial Highlights • Strong Balance Sheet and Cash Runway. As of March 31, 2023, the Company had $316.0 million in cash, cash equivalents and marketable securities, which provides a cash runway into the second half of 2025 . • Collaboration Revenues. Collaboration revenue was $5.3 million for the three months ended March 31, 2023, compared to $3.9 million for the three months ended March 31, 2022. The increase year-over-year was primarily driven by revenue recognized under the Lilly collaboration agreement. • Research and Development Expenses. Research and development expenses were $30.0 million for the three months ended March 31, 2023, compared to $24.5 million for the three months ended March 31, 2022. This increase was primarily due to costs associated with continued investment in R&D personnel and platform and early-stage research investments. • General and Administrative Expenses. General and administrative expenses were $8.6 million for the three months ende

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Source: SEC EDGAR

accession 0001628280-23-016254

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