Foghorn Therapeutics Provides Financial Update for 2024 and 2025 Strategic Outlook

Core Insights - Foghorn Therapeutics is advancing its clinical pipeline, particularly focusing on FHD-909, a first-in-class oral selective SMARCA2 inhibitor targeting SMARCA4 mutated cancers, with non-small cell lung cancer (NSCLC) as the primary target population [1][2][5] - The company has achieved selective degradation of ARID1B and plans to provide updates on this program in 2025 [1][3][14] - Foghorn's financial position remains strong, with cash, cash equivalents, and marketable securities totaling $243.7 million as of December 31, 2024, providing a cash runway into 2027 [1][21] Clinical Development - The Phase 1 trial for FHD-909 is currently enrolling patients, with the first patient dosed in October 2024 [3][5] - Preclinical combination data for FHD-909 with pembrolizumab and KRAS inhibitors will be presented at the AACR Annual Meeting in April 2025 [1][5] - The Selective CBP and EP300 degrader programs are progressing towards Investigational New Drug (IND) applications, with additional preclinical data to be shared at the AACR [2][12][13] Financial Performance - Collaboration revenues decreased to $22.6 million for the year ended December 31, 2024, down from $34.2 million in 2023 [11][23] - Research and development expenses were $94.5 million in 2024, a decrease from $109.7 million in 2023, primarily due to reduced headcount [21][23] - The net loss for 2024 was $86.6 million, compared to a net loss of $98.4 million in 2023, indicating improved financial performance [21][23] Strategic Collaborations - Foghorn is engaged in a strategic collaboration with Lilly, which includes a 50/50 co-development and co-commercialization agreement for the selective SMARCA2 oncology program [6] - The collaboration also encompasses agreements for a selective inhibitor and a selective degrader, along with three discovery programs from Foghorn's Gene Traffic Control platform [6] Research and Development Focus - FHD-909 targets SMARCA4 mutations, which are present in up to 10% of NSCLC cases, and aims to induce tumor death while sparing healthy cells [5][16] - The Selective ARID1B degrader program targets ARID1A-mutated cancers, with updates expected in 2025 [9][14] - The company continues to invest in its chromatin biology and degrader platform, focusing on novel ligases and oral delivery systems [10]