Full Press Release Details
Foghorn Therapeutics Announces Third Quarter 2020 Financial
Results and Provides Corporate Update
- Well positioned to advance broad pipeline with recent completion of IPO and Merck collaboration
- On track to submit an IND for FHD-286 by year end 2020 and for FHD-609 during the first half of 2021
- Strengthened management team with the appointment of Michael LaCascia as Chief Legal Officer
CAMBRIDGE, Mass. (GLOBAL NEWSWIRE) December 4, 2020 Foghorn Therapeutics Inc. (Nasdaq: FHTX), a company pioneering the discovery and
development of a new class of medicines targeting genetically determined dependencies within the chromatin regulatory system, today reported financial results for the third quarter ended September 30, 2020 and provided a corporate update.
This is an eventful period for Foghorn as the company is on the cusp of transitioning our first two compounds into clinical studies, said Adrian
Gottschalk, CEO of Foghorn. We expect our first IND for FHD-286 to be submitted before the end of this year. In addition, our first degrader program, FHD-609, remains on track for an IND filing in the first half of next year. We have raised
$240 million this year through a private financing round, subsequent IPO and our Merck collaboration, positioning the company to advance our broad pipeline targeting the chromatin regulatory system.
Recent Corporate Highlights
LaCascia as Chief Legal Officer.
Third Quarter 2020 Financial Results
Foghorn Therapeutics Inc.
Condensed Consolidated Balance Sheet Data
| September 30, 2020 | December 31, 2019 | |||||||
| Cash and cash equivalents | $ | 74,620 | $ | 14,981 | ||||
| Total assets | 142,428 | 22,342 | ||||||
| Notes payable, net of discount | 14,791 | 15,112 | ||||||
| Deferred revenue | 14,821 | |||||||
| Total stockholders deficit | (133,323 | ) | (88,016 | ) |
Foghorn Therapeutics, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Collaboration revenue | $ | 179 | $ | $ | 179 | $ | ||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 16,113 | 11,292 | 41,244 | 30,842 | ||||||||||||
| General and administrative | 2,555 | 1,808 | 6,687 | 5,056 | ||||||||||||
| Total operating expenses | 18,668 | 13,100 | 47,931 | 35,898 | ||||||||||||
| Loss from operations | (18,498 | ) | (13,100 | ) | (47,752 | ) | (35,898 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (202 | ) | (113 | ) | (658 | ) | (362 | ) | ||||||||
| Interest income and other income (expense), net | 394 | 121 | 437 | 424 | ||||||||||||
| Change in fair value of preferred stock warrant liability | (70 | ) | (69 | ) | ||||||||||||
| Total other income (expense), net | 122 | 8 | (290 | ) | 62 | |||||||||||
| Net loss and comprehensive loss | $ | (18,367 | ) | $ | (13,092 | ) | $ | (48,042 | ) | $ | (35,836 | ) | ||||
| Net loss per share attributable to common stockholders basic and diluted | $ | (3.12 | ) | $ | (3.05 | ) | $ | (8.76 | ) | $ | (8.96 | ) | ||||
| Weighted average common shares outstanding basic and diluted | 5,884,027 | 4,294,663 | 5,487,154 | 4,000,939 |
About Foghorn Therapeutics
Foghorn 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 and expects to file an IND for its first program later this year.
Forward-Looking Statements
This press release contains forward-looking statements regarding the Company s recent corporate highlights, including the collaboration
agreement with Merck, and key upcoming milestones. Forward-looking statements include statements regarding the proposed public offering 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 risk
regarding the timing of filing an IND and other factors set forth under the heading Risk Factors in the Company s registration statement on Form S-1. Any forward-looking statement made in this press release speaks only as of the
date on which it is made.
Cavali , Foghorn Therapeutics
Gregory Kelley, Ogilvy
Investor Relations Contact:
Allan Reine, Foghorn