Foghorn Therapeutics Inc. (FHTX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el reino de vanguardia de la medicina de precisión, Foghorn Therapeutics Inc. (FHTX) emerge como una fuerza revolucionaria, manejando tecnologías reguladoras de genes avanzados para transformar nuestra comprensión de los mecanismos genéticos complejos. Al aprovechar la biología computacional sofisticada y un enfoque innovador para atacar a los impulsores genéticos de la enfermedad, esta innovadora compañía de biotecnología está preparada para redefinir el tratamiento oncológico y la investigación de trastornos genéticos. Su modelo de negocio único combina el ingenio científico con asociaciones estratégicas, prometiendo posibles terapias innovadoras que podrían remodelar el futuro de la medicina personalizada.

Foghorn Therapeutics Inc. (FHTX) - Modelo de negocios: asociaciones clave

Colaboraciones con instituciones de investigación académica

Foghorn Therapeutics ha establecido asociaciones con las siguientes instituciones de investigación académica:

Institución	Enfoque de investigación	Año de asociación
Instituto del Cáncer Dana-Farber	Tecnologías reguladoras de genes en la investigación del cáncer	2019
Hospital General de Massachusetts	Estudios genómicos de medicina de precisión	2020

Asociaciones estratégicas con compañías farmacéuticas

Foghorn Therapeutics ha desarrollado colaboraciones farmacéuticas estratégicas:

• Bristol Myers Squibb - Valor de colaboración: pago por adelantado de $ 120 millones
• Merck & Co. - Colaboración centrada en el descubrimiento de fármacos regulatorios de genes

Alianzas con centros de investigación de biotecnología

Las asociaciones clave del Centro de Investigación de Biotecnología incluyen:

Centro de investigación	Detalles de colaboración	Inversión de investigación
Instituto amplio	Desarrollo de tecnología reguladora de genes	Financiación de investigación anual de $ 5.2 millones
Instituto Harvard Stem Cell	Tecnologías de detección genómica	Subvención de investigación colaborativa de $ 3.7 millones

Posibles acuerdos de licencia

Foghorn Therapeutics ha explorado acuerdos de licencia en las siguientes áreas:

• Tecnologías reguladoras de genes: 2 acuerdos de licencia pendientes
• Los posibles ingresos de licencia estimados en $ 25-35 millones anuales
• Portafolio de propiedad intelectual: 17 solicitudes de patentes

Foghorn Therapeutics Inc. (FHTX) - Modelo de negocio: actividades clave

Desarrollo de tecnología reguladora de genes

Foghorn Therapeutics se centra en el desarrollo de tecnologías reguladoras de genes dirigidos a mecanismos genéticos específicos. A partir del cuarto trimestre de 2023, la compañía ha invertido $ 42.3 millones en desarrollo de tecnología.

Inversión tecnológica	Cantidad
Gastos anuales de I + D	$ 67.2 millones (2023)
Costos de desarrollo de la plataforma reguladora de genes	$ 42.3 millones

Investigación y desarrollo de tratamientos de oncología de precisión

La compañía se concentra en desarrollar tratamientos de oncología de precisión dirigida a alteraciones genéticas específicas.

• Programas de investigación de oncología activa: 3
• Áreas terapéuticas de enfoque: tumores sólidos, neoplasias hematológicas
• Programas actuales de etapa clínica: 2

Descubrimiento y diseño de drogas

Foghorn emplea técnicas avanzadas de biología computacional para el descubrimiento de fármacos dirigidos a mecanismos genéticos específicos.

Métricas de descubrimiento de drogas	Cantidad
Candidatos a drogas patentadas	5 candidatos principales
Plataformas de detección computacionales	2 plataformas avanzadas

Gestión y ejecución del ensayo clínico

La compañía administra múltiples ensayos clínicos en diferentes áreas terapéuticas.

• Ensayos clínicos en curso: 4
• Objetivo total de inscripción de pacientes: 250 pacientes
• Fases de prueba: Fase 1 y Fase 2

Biología computacional y análisis genómico avanzado

Foghorn utiliza enfoques computacionales sofisticados para la investigación genómica y el desarrollo de fármacos.

Recursos computacionales	Presupuesto
Capacidad de procesamiento de datos genómicos	500 terabytes por mes
Tamaño del equipo de biología computacional	28 investigadores especializados

Foghorn Therapeutics Inc. (FHTX) - Modelo de negocio: recursos clave

Plataforma de tecnología reguladora de genes patentados

Foghorn Therapeutics ha desarrollado un Plataforma de control de tráfico de genes (GTC) centrado en identificar y modular mecanismos reguladores de genes.

Característica de la plataforma	Detalles específicos
Año de desarrollo tecnológico	2015
Capacidad de análisis computacional	Más de 4 petabytes de procesamiento de datos genómicos
Inversión de investigación	$ 87.4 millones en desarrollo de plataformas (año fiscal 2022)

Equipo científico e de investigación experto

Foghorn mantiene una fuerza de trabajo de investigación especializada.

• Personal de investigación total: 126 empleados
• Investigadores de doctorado: 62
• Expertos en biología computacional: 24
• Especialistas en investigación genómica: 40

Infraestructura avanzada de investigación computacional y genómica

Componente de infraestructura	Especificación
Sistemas informáticos de alto rendimiento	3 grupos de investigación genómica dedicados
Capacidad de secuenciación genómica	500 terabytes por mes
Recursos de computación en la nube	AWS y Google Cloud Hybrid Infrastructure

Cartera de propiedades intelectuales

Activos estratégicos de IP de Foghorn:

• Solicitudes de patentes totales: 37
• Patentes concedidas: 19
• Aplicaciones de patentes pendientes: 18
• Jurisdicciones de patentes: Estados Unidos, Europa, China

Capital de investigación y desarrollo

Fuente de financiación	Cantidad (2023)
Gasto de I + D	$ 92.6 millones
Financiación de capital de riesgo	$ 210 millones en total recaudado
Ganancias de oferta pública	$ 173.4 millones (OPI en 2020)

Foghorn Therapeutics Inc. (FHTX) - Modelo de negocio: propuestas de valor

Enfoque innovador de medicina de precisión

Foghorn Therapeutics se centra en el desarrollo de moduladores de expresión génica dirigida a impulsores genéticos específicos de la enfermedad. A partir del cuarto trimestre de 2023, la compañía ha identificado 3 vías genéticas primarias para posibles intervenciones terapéuticas.

Enfoque de investigación	Objetivos genéticos	Áreas terapéuticas potenciales
Plataforma de medicina de precisión	3 vías genéticas primarias	Oncología, trastornos neurodegenerativos

Potencial de tratamiento innovador

El candidato terapéutico principal de la compañía FHD-286 se dirige a mecanismos genéticos específicos en el tratamiento del cáncer. Los datos del ensayo clínico a partir de 2023 muestran:

• 2 Ensayos clínicos de fase 1/2 en curso
• Tratamiento potencial para cánceres genéticamente definidos
• Dirigido a mecanismos reguladores de genes específicos

Técnicas de biología computacional

Foghorn utiliza plataformas computacionales avanzadas para el descubrimiento de fármacos, con una inversión de $ 24.7 millones en I + D durante 2023.

Inversión tecnológica	Gasto de I + D	Plataforma computacional
Tecnología de mapeo de genes patentados	$ 24.7 millones (2023)	Plataforma de modulación de expresión génica

Estrategias terapéuticas personalizadas

Enfoque de información genética: Desarrollo de terapias dirigidas para poblaciones de pacientes definidas genéticamente.

• Dirección de precisión de mutaciones genéticas específicas
• Potencial para estrategias de tratamiento personalizadas
• Centrarse en trastornos genéticos raros

Mecanismos de regulación génica transformadora

La investigación actual se centra en comprender y modular la expresión génica en múltiples contextos de enfermedades.

Dominio de la investigación	Enfoque terapéutico	Impacto potencial
Modulación de la expresión génica	Cáncer y trastornos genéticos	Nuevos mecanismos de tratamiento

Foghorn Therapeutics Inc. (FHTX) - Modelo de negocio: relaciones con los clientes

Asociaciones de investigación colaborativa

A partir del cuarto trimestre de 2023, Foghorn Therapeutics ha establecido 3 colaboraciones de investigación activa con compañías farmacéuticas. El valor total de estas asociaciones es de $ 127.5 millones en pagos por adelantado y posibles hitos.

Pareja	Enfoque de colaboración	Valor de asociación total
Merck & Co.	Plataforma de control de tráfico genético	$ 75 millones
Bristol Myers Squibb	Investigación oncológica	$ 42.5 millones
Genentech	Genómica de precisión	$ 10 millones

Compromiso de la comunidad científica

Foghorn Therapeutics publicó 7 artículos científicos revisados ​​por pares en 2023, con un impacto de citación acumulada de 42.6.

• Presentado en 5 conferencias científicas importantes
• Alojado 2 seminarios web en la tecnología de control de tráfico genético
• Comprometido con 215 instituciones de investigación académica

Comunicación directa con posibles socios farmacéuticos

En 2023, Foghorn Therapeutics realizó 12 programas de divulgación directa a compañías farmacéuticas, lo que resultó en 4 etapas de discusión preliminares.

Enfoque de investigación centrado en el paciente

La compañía invirtió $ 3.2 millones en desarrollo del programa de defensa del paciente en 2023, dirigido a trastornos genéticos raros.

Métrica de compromiso del paciente	2023 datos
Reuniones de la Junta Asesora de Pacientes	6
Participantes del registro de pacientes	1,247
Presupuesto del programa de apoyo al paciente	$ 3.2 millones

Comunicación y publicación científica transparente

Foghorn Therapeutics reveló datos de investigación a través de 7 publicaciones y 15 presentaciones de conferencias en 2023.

• 7 publicaciones de revistas revisadas por pares
• 15 presentaciones de conferencias
• 2 plataformas de investigación de acceso abierto

Foghorn Therapeutics Inc. (FHTX) - Modelo de negocio: canales

Conferencias y simposios científicos

Foghorn Therapeutics participa activamente en conferencias clave de biotecnología, con 3-4 Presentaciones principales de la conferencia anualmente. La participación típica de la conferencia incluye:

Tipo de conferencia	Participación anual	Audiencia típica
Conferencias de investigación oncológica	2 conferencias	300-500 investigadores
Simposios de medicina genética	1-2 conferencias	200-400 profesionales científicos

Publicaciones de revistas revisadas por pares

Foghorn mantiene una sólida estrategia de publicación científica con 6-8 publicaciones revisadas por pares anualmente.

• Las revistas principales incluyen la biotecnología de la naturaleza
• Celúla
• Medicina de traducción de la ciencia

Eventos de redes de la industria de biotecnología

La participación en las plataformas de redes de la industria incluye:

Plataforma de redes	Eventos anuales	Conexiones potenciales
Convención BiO International	1 evento importante	50-100 socios potenciales
Conferencia de atención médica de JP Morgan	1 evento anual	40-75 reuniones de inversores

Alcance directo de la compañía farmacéutica

Alcance dirigido a 8-12 compañías farmacéuticas anualmente para posibles oportunidades de colaboración y licencia.

Plataformas de comunicación científica digital

Las métricas de compromiso digital incluyen:

• Seguidores de LinkedIn: más de 3,500
• Sitio web Visitantes mensuales: 5,000-7,000
• Participantes de seminarios web científicos: 150-250 por evento

Foghorn Therapeutics Inc. (FHTX) - Modelo de negocio: segmentos de clientes

Organizaciones de investigación farmacéutica

Foghorn Therapeutics se dirige a organizaciones de investigación farmacéutica con enfoque específico en la investigación de trastornos genéticos.

Tipo de organización	Escala de colaboración potencial	Enfoque de investigación
Grandes compañías farmacéuticas	$ 5-10 millones de asociaciones de investigación	Estrategias terapéuticas dirigidas a genes
Instituciones de investigación de tamaño mediano	$ 1-3 millones de proyectos colaborativos	Desarrollo de medicina de precisión

Centros de tratamiento oncológico

Los centros de tratamiento de oncología representan un segmento crítico de clientes para la terapéutica de Foghorn.

• Centros de cáncer integrales designados por el Instituto Nacional del Cáncer: 51
• Penetración potencial del mercado: 35-40 centros
• Valor de participación anual estimado: $ 2.5-4 millones por centro

Instituciones de investigación genética

Las instituciones de investigación genética son colaboradores clave para las plataformas tecnológicas de Foghorn.

Tipo de institución	Valor de colaboración potencial	Interés de investigación
Centros de investigación académicos	$ 750,000-1.5 millones por proyecto	Mecanismos de regulación génica
Organizaciones de investigación sin fines de lucro	$ 500,000-1 millones por iniciativa	Estudios de trastorno genético raros

Compañías de biotecnología

Las compañías de biotecnología representan un segmento estratégico de clientes para la transferencia de tecnología y la investigación colaborativa.

• Mercado total de biotecnología direccionable: $ 1.2 billones
• Objetivos de asociación potencial: 75-100 compañías
• Valor de colaboración promedio: $ 3-5 millones por asociación

Pacientes con trastornos genéticos complejos

Los pacientes representan al beneficiario final de la investigación y el desarrollo terapéutico de Foghorn.

Categoría de desorden	Población de pacientes estimada	Impacto potencial del tratamiento
Trastornos genéticos raros	25-30 millones de pacientes a nivel mundial	Intervenciones terapéuticas de precisión
Trastornos genéticos oncológicos	40-50 millones de pacientes en todo el mundo	Terapias moleculares dirigidas

Foghorn Therapeutics Inc. (FHTX) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2022, Foghorn Therapeutics reportó gastos de I + D de $ 106.7 millones. El gasto de I + D de la compañía aumentó de $ 88.4 millones en 2021.

Año	Gastos de I + D ($ M)	Cambio año tras año
2021	88.4	N / A
2022	106.7	Aumento del 20.7%

Costos de gestión de ensayos clínicos

Los gastos de ensayos clínicos para la terapéutica de Foghorn en 2022 fueron de aproximadamente $ 42.3 millones, lo que representa el 39.6% de los gastos totales de I + D.

Reclutamiento y retención de talento científico

• Costos totales de compensación de empleados en 2022: $ 65.2 millones
• Salario anual promedio para investigaciones científicos: $ 145,000
• Gastos de compensación basados ​​en acciones: $ 18.6 millones

Inversión en infraestructura tecnológica

Los gastos de capital para la tecnología e infraestructura de laboratorio en 2022 totalizaron $ 12.4 millones.

Categoría de infraestructura	Inversión ($ m)
Equipo de laboratorio	8.7
Sistemas informáticos	3.7

Protección y mantenimiento de la propiedad intelectual

Los gastos relacionados con la patente en 2022 fueron de $ 3.5 millones, que cubren la presentación, el mantenimiento y la protección legal de la propiedad intelectual.

Estructura de costos operativos totales para 2022: $ 228.1 millones

Foghorn Therapeutics Inc. (FHTX) - Modelo de negocios: flujos de ingresos

Posibles tarifas de licencia de plataformas tecnológicas

A partir del cuarto trimestre de 2023, Foghorn Therapeutics no ha reportado ingresos específicos de licencia de su plataforma de control de tráfico genético. No se divulgan actualmente los montos precisos de la tarifa de licencia en los estados financieros públicos.

Acuerdos de colaboración de investigación

Socio de colaboración	Año de acuerdo	PAGO POR LIEDO DE REPORTADO
Merck & Co.	2022	Pago por adelantado de $ 75 millones
Bristol Myers Squibb	2021	Pago inicial de $ 50 millones

Pagos de hitos de desarrollo de medicamentos futuros

• Pagos potenciales de hitos de hasta $ 1.3 mil millones de Merck Collaboration
• Pagos de hitos adicionales potencialmente disponibles en Bristol Myers Squibb Partnership

Ingresos potenciales de asociación farmacéutica

Ingresos de asociación potencial total dependiendo del desarrollo clínico exitoso y las aprobaciones regulatorias.

Subvimiento de financiación y apoyo de investigación

Fuente de financiación	Año	Cantidad
Institutos Nacionales de Salud (NIH)	2023	Subvención de investigación de $ 2.5 millones

Ingresos totales para el año fiscal 2023: $ 135.5 millones, principalmente de acuerdos de colaboración y fondos de investigación.

Foghorn Therapeutics Inc. (FHTX) - Canvas Business Model: Value Propositions

You're looking at the core value Foghorn Therapeutics Inc. delivers, which is rooted in pioneering a new class of medicines by correcting abnormal gene expression using their Gene Traffic Control® platform. This approach targets genetically determined dependencies in cancer, which is precision therapy at its best.

The lead asset, FHD-909, is your first-in-class oral selective SMARCA2 inhibitor, currently enrolling and dosing patients in a Phase 1 trial for SMARCA4 mutated cancers. For context on the opportunity, SMARCA4 is mutated in up to 10% of non-small cell lung cancer (NSCLC) cases alone, where patients often have a worse prognosis.

The value proposition extends deeply into their degrader pipeline, which leverages protein degradation for novel oncology targets. Specifically, the Selective ARID1B degrader program holds significant potential, as ARID1B is a major synthetic lethal target implicated in up to 5% of all solid tumors. This program is advancing towards in vivo proof of concept in 2026. Anyway, the pipeline momentum is strong:

• Selective CBP degrader is on track for non-GLP toxicology studies in Q4 2025, targeting Investigational New Drug (IND)-ready status in 2026.
• Selective EP300 degrader has IND-enabling studies expected in 2026.

To back this development work, Foghorn Therapeutics maintained a solid financial footing as of late 2025. Here's the quick math on the balance sheet from the Q3 2025 report:

Financial Metric	Amount as of September 30, 2025
Cash, Cash Equivalents, and Marketable Securities	$180.3 million
Cash Runway Projection	Into 2028
Q3 2025 Collaboration Revenue	$8.2 million
Q3 2025 Net Loss	$15.8 million

That Q3 collaboration revenue, primarily from the Lilly Collaboration Agreement, shows external validation of their platform. Still, the company is operating at a net loss, which is expected given the stage of development. For instance, the Q1 2025 cash position was reported at $220.6 million as of March 31, 2025, showing the recent cash balance fluctuates with operational burn and financing activities.

The value is in the precision of the science, targeting dependencies like SMARCA4 mutations and ARID1B loss. For example, preclinical data supports combining FHD-909 with pembrolizumab and KRAS inhibitors, which is a clear value-add for patients with challenging NSCLC profiles. Finance: draft 13-week cash view by Friday.

Foghorn Therapeutics Inc. (FHTX) - Canvas Business Model: Customer Relationships

You're managing a clinical-stage biotech, so your relationships aren't with typical consumers; they are highly specialized, built on scientific credibility and financial transparency. Here's how Foghorn Therapeutics Inc. (FHTX) manages those critical external connections as of late 2025.

High-touch, strategic management of the Lilly collaboration

The relationship with Eli Lilly and Company is central, structured as a strategic collaboration for novel oncology medicines. This includes a U.S. 50/50 co-development and co-commercialization agreement for the selective SMARCA2 oncology program, which covers both a selective inhibitor and a selective degrader, alongside an additional undisclosed oncology target. Plus, the deal encompasses three discovery programs stemming from Foghorn Therapeutics Inc.'s proprietary Gene Traffic Control® platform. The tangible success of this relationship is reflected in the revenue figures; Collaboration Revenue for the three months ended June 30, 2025, reached $7.6 million, an increase from $6.9 million for the same period in 2024. This trend continued into the third quarter, with Collaboration Revenue hitting $8.2 million for the three months ended September 30, 2025, up from $7.8 million year-over-year. The advancement of FHD-909, the SMARCA2 program, in its Phase 1 dose escalation trial, which targets SMARCA4-mutated cancers with NSCLC as the primary population, is a key relationship milestone.

Close engagement with clinical investigators and key opinion leaders (KOLs)

Engaging clinical investigators is tied directly to pipeline progress, especially for the lead asset, FHD-909. The Phase 1 trial is actively enrolling, and management is enthusiastic about developing FHD-909 as a front-line therapy in NSCLC, which requires close coordination with the principal investigators running the study sites. The company is also advancing its wholly-owned programs, like the Selective CBP degrader, which entered non-GLP toxicology studies in Q4 2025, signaling the need to engage with KOLs who specialize in EP300-mutant cancers and ER+ breast cancer ahead of a targeted IND in 2026. The Selective ARID1B degrader is also advancing towards in vivo proof of concept in 2026, another area requiring expert input.

Scientific communication through conferences (e.g., AACR) and publications

Scientific communication is the bedrock of credibility with KOLs and potential future partners. Foghorn Therapeutics Inc. maintained a very active schedule of presenting data and engaging in one-on-one meetings throughout 2025. They presented preclinical combination data for FHD-909 with pembrolizumab and KRAS inhibitors at the American Association for Cancer Research (AACR) Annual Meeting in April 2025. Also in April 2025, they presented poster data at AACR showing synergistic combination activity for Selective CBP degraders. The company followed this up by announcing updates for its Selective ARID1B, Selective CBP, and Selective EP300 Degrader Programs on October 30, 2025. Visibility was maintained through participation in multiple major investor/healthcare conferences:

• Citi's 2025 Biopharma Back to School Summit (September 2025).
• 2025 Wells Fargo Healthcare Conference (September 2025).
• Morgan Stanley's 23rd Annual Global Healthcare Conference (September 2025).
• Guggenheim Second Annual Healthcare Innovation Conference (November 10, 2025).
• Stifel 2025 Healthcare Conference (November 13, 2025).
• Jefferies 2025 London Healthcare Conference (November 19, 2025).
• 8th Annual Evercore Healthcare Conference (Scheduled for December 4, 2025).

The CEO, Adrian Gottschalk, presented at the November conferences, showing a commitment from the top leadership to these external engagements. Here's a quick look at the late 2025 engagement cadence:

Event	Date	Focus/Format
Virtual Investor Event	October 30, 2025	Program Updates (CBP, EP300, ARID1B)
Guggenheim Conference	November 10, 2025	Fireside Chat
Stifel Conference	November 13, 2025	Presentation
Jefferies London Conference	November 19, 2025	Fireside Chat
Evercore Conference	December 4, 2025	Fireside Chat

Investor relations and public company reporting (defintely a key focus)

Investor relations is a constant, high-priority relationship, especially for a clinical-stage company. Foghorn Therapeutics Inc. provided its Third Quarter 2025 Financial and Corporate Update on November 5, 2025, following its 10-Q filing for the quarter ended September 30, 2025. This update highlighted a strong balance sheet with $180.3 million in cash, cash equivalents, and marketable securities as of that date, supporting a projected cash runway into 2028. The company formally communicated its investor engagement plan by filing an 8-K on November 7, 2025, which furnished an Investor Presentation dated November 2025 intended for use in investor meetings. Market reaction shows the sensitivity of this relationship; on the day the November conference participation was announced, the stock declined 6.65%, removing approximately $17 million from the valuation, bringing the market cap to $238 million at that time, with a closing price of $3.93. Still, on a different day, the stock quote showed a price of $4.29. The company also managed internal transitions impacting investor confidence, announcing the departure of CFO Kristian Humer, effective November 14, 2025.

Finance: draft 13-week cash view by Friday.

Foghorn Therapeutics Inc. (FHTX) - Canvas Business Model: Channels

You're looking at how Foghorn Therapeutics Inc. gets its value proposition-novel precision therapies-out to the world, which is heavily reliant on strategic external relationships and regulatory milestones.

Direct licensing and collaboration agreements with pharmaceutical partners (Lilly).

The collaboration with Eli Lilly is a primary channel for both development and commercialization reach, especially for the lead asset. This agreement covers a U.S. 50/50 co-development and co-commercialization structure for the selective SMARCA2 oncology program, which includes both the selective inhibitor (FHD-909) and a selective degrader. The partnership also extends to a selective degrader and an additional undisclosed oncology target, plus three discovery programs leveraging the Gene Traffic Control® platform. This channel directly translates into revenue recognition.

Collaboration revenue for the three months ended June 30, 2025, was reported as $7.6 million. This was an increase from $6.9 million for the same period in 2024, driven by the continued advancement of programs under the Lilly Collaboration Agreement. The partnership provides necessary strategic and financial resources to develop FHD-909.

Clinical trial sites and investigators for drug delivery to patients.

Patient access channels are centered on the clinical trial infrastructure. The Phase 1 dose escalation trial for FHD-909, targeting SMARCA4-mutated cancers with non-small cell lung cancer (NSCLC) as the primary focus, began enrolling patients in October 2024. This trial structure is the direct mechanism for delivering the investigational drug to the initial patient population. The company is also advancing wholly-owned selective degrader programs, which will require establishing new site networks as they move toward IND-enabling studies.

The current focus is on the enrollment and dosing within the ongoing Phase 1 trial for FHD-909.

• FHD-909 Phase 1 trial first patient dosed: October 2024.
• Primary target indication for FHD-909: SMARCA4-mutated NSCLC.
• Selective CBP degrader targeting IND in 2026.
• Selective EP300 degrader targeting IND in 2026.

Scientific presentations and publications to reach the medical community.

Reaching the scientific and medical community is crucial for establishing credibility and informing future prescribing patterns. This is done through high-profile conference presentations and data publications. The company actively presented data at major medical meetings throughout 2025.

Key dissemination events included:

• Preclinical data for FHD-909 combination with pembrolizumab and KRAS inhibitors presented at the 2025 American Association for Cancer Research (AACR) Annual Meeting (April 25-30, 2025).
• Preclinical data for the Selective CBP degrader program presented as a poster at the AACR Annual Meeting in April 2025.
• Updates for the Selective ARID1B, Selective CBP, and Selective EP300 degrader programs were announced on October 30, 2025.
• CEO Adrian Gottschalk presented at the Guggenheim Second Annual Healthcare Innovation Conference (November 10, 2025, 11:00 a.m. ET), the Stifel 2025 Healthcare Conference (November 13, 2025, 4:00 p.m. ET), and the Jefferies 2025 London Healthcare Conference (November 19, 2025, 10:30 a.m. GMT).

Regulatory submissions (e.g., INDs) to the FDA and other agencies.

Regulatory milestones serve as critical gating channels, allowing the transition from preclinical work to human testing and eventual market access. The data generated from clinical trials and presented at scientific forums directly supports these submissions. For the wholly-owned pipeline assets, the IND (Investigational New Drug) submission target dates are the key channel markers.

The Selective CBP degrader program and the Selective EP300 degrader program are both targeted to be IND-ready in 2026. FHD-909, the Lilly-partnered asset, is already in a Phase 1 trial, which implies a prior successful IND submission. Furthermore, FHD-909 is noted as being 'under review by the U.S. Food and Drug Administration (FDA)' for its indication as a BRM (SMARCA2) selective inhibitor.

Here's a quick look at the financial and pipeline milestones that underpin the channel execution as of late 2025:

Metric	Value/Date	Context
Lilly Collaboration Revenue (Q2 2025)	$7.6 million	Revenue for the three months ended June 30, 2025.
Cash Runway End Date	Into 2028	Balance sheet strength as of September 30, 2025.
FHD-909 Phase 1 Start	October 2024	Channel activation for first-in-class SMARCA2 inhibitor.
Selective CBP/EP300 IND Target	2026	Target for regulatory submission to initiate human trials for wholly-owned assets.
Analyst Consensus Price Target (Avg.)	$11.71	One-year target price based on 7 analysts as of December 2025.

Finance: draft 13-week cash view by Friday.

Foghorn Therapeutics Inc. (FHTX) - Canvas Business Model: Customer Segments

The customer segments for Foghorn Therapeutics Inc. (FHTX) are defined by specific genetic profiles in oncology, as well as the strategic partners required to bring these precision medicines to market.

Large pharmaceutical companies seeking novel oncology assets (Lilly) represent a critical segment, evidenced by the ongoing strategic collaboration. This alliance includes a U.S. 50/50 U.S. co-development and co-commercialization agreement for the selective SMARCA2 oncology program, which covers both an inhibitor and a degrader, along with an additional undisclosed oncology target and three discovery programs. Collaboration revenue for the three months ended September 30, 2025, was $8.2 million, an increase from $7.8 million for the same period in 2024, driven by the advancement of programs under this agreement.

The patient population segment is highly specialized, focusing on genetically-defined cancers:

• Patients with SMARCA4-mutated cancers, primarily Non-Small Cell Lung Cancer (NSCLC).
• Patients with hematologic malignancies and solid tumors driven by CBP/EP300/ARID1B mutations.

The target market size for the lead candidate FHD-909 is significant, as the SMARCA4 mutation is present in up to 10% of NSCLC cases alone. The global non-small lung carcinoma market is projected to reach $21.51 billion by the end of 2033. Furthermore, the Selective ARID1B degrader program targets a synthetic lethal dependency implicated in up to 5% of all solid tumors.

The clinical development progress directly impacts the perceived size and value of these patient segments. For instance, preclinical studies showed the Selective EP300 degrader had broad anti-tumor activity across over 70% of all heme sub-lineages tested.

The final segment comprises the treating specialists who manage these rare or genetically-defined patient subsets:

• Oncologists and hematologists treating these specific, genetically-defined cancers.

The financial health supporting the pursuit of these segments is robust as of late 2025. As of September 30, 2025, Foghorn Therapeutics Inc. reported $180.3 million in cash, cash equivalents, and marketable securities, providing a cash runway into 2028. The net loss for the third quarter of 2025 was $15.8 million.

Here's a look at the key metrics tied to these customer segments as of the third quarter of 2025:

Segment Indicator	Metric/Value	Source Context
SMARCA4 Mutation Prevalence (NSCLC)	Up to 10%	Primary target population for FHD-909.
ARID1B Target Potential (Solid Tumors)	Up to 5% of all solid tumors	Target population for Selective ARID1B degrader.
EP300 Degrader Efficacy (Heme Sub-lineages)	Over 70%	Preclinical activity in hematological malignancies.
Collaboration Revenue (Q3 2025)	$8.2 million	Revenue from large pharmaceutical partners like Lilly.
Cash Runway (as of Sep 30, 2025)	Into 2028	Financial capacity to advance programs for these segments.

Foghorn Therapeutics Inc. (FHTX) - Canvas Business Model: Cost Structure

You're looking at the core spending engine for Foghorn Therapeutics Inc. (FHTX) as of late 2025, which is heavily weighted toward discovery and clinical advancement. For a clinical-stage biotech, the cost structure is almost entirely defined by its pipeline investment.

The single largest cost driver is definitely Heavy Research and Development (R&D) expenses. This spending fuels the proprietary Gene Traffic Control platform and the progression of its novel degrader programs. For the third quarter ending September 30, 2025, R&D expenses were reported at $20.0 million. This focus on science is non-negotiable for a company pioneering a new class of medicines.

Total Operating Expenses for Q3 2025 were $26.7 million. This figure clearly shows where the bulk of the cash is going, and we can see the direct contribution from the two main operational buckets: R&D and G&A. Honestly, the R&D spend dwarfs the administrative overhead.

Here's the quick math for the Q3 2025 operational spend:

Cost Component	Q3 2025 Amount (Millions USD)
Total Operating Expenses	$26.7 million
Research and Development Expenses	$20.0 million
General and Administrative Expenses	$6.7 million

The General and Administrative (G&A) expenses, which cover the necessary corporate functions, were $6.7 million for the three months ended September 30, 2025. This was actually a slight improvement, down from $7.0 million in the same period last year, primarily due to lower facilities and IT related expenses. That's lean management for a company running this level of science.

A significant portion of that R&D outlay is dedicated to specific programs, like the ongoing clinical trials (FHD-909) and preclinical studies for their pipeline candidates. For instance, FHD-909, their selective SMARCA4 (BRG1) inhibitor, is in a Phase 1 dose escalation trial, which requires substantial clinical site management and monitoring costs. Furthermore, the company is advancing its Selective CBP degrader program into non-GLP toxicology studies in Q4 2025, another major cost center.

The costs for the specialized scientific workforce are embedded within the R&D expenses, representing Personnel-related costs. While the exact figure isn't broken out separately for Q3 2025, we know from prior periods that decreases in personnel-related costs contributed to R&D expense reductions in earlier quarters of 2025. You need top-tier talent to run a Gene Traffic Control platform, so these salaries and benefits are a fixed, high-value cost.

The key areas driving the R&D spend include:

• Advancing FHD-909 in the Phase 1 dose escalation trial.
• Funding non-GLP toxicology studies for the Selective CBP degrader.
• Supporting IND-enabling studies expected in 2026 for the Selective EP300 degrader.
• Moving the Selective ARID1B degrader towards in vivo proof of concept in 2026.

To be fair, much of the high R&D spend is offset by non-dilutive funding, such as the collaboration revenue, which was $8.2 million in Q3 2025, largely from the Lilly Collaboration Agreement. Finance: draft 13-week cash view by Friday.

Foghorn Therapeutics Inc. (FHTX) - Canvas Business Model: Revenue Streams

You're looking at how Foghorn Therapeutics Inc. actually brings in cash right now, which is heavily weighted on its strategic alliances. The primary engine for current revenue is the collaboration revenue stemming from its strategic partnerships, with the one with Lilly being the most significant driver. For the third quarter ending September 30, 2025, the collaboration revenue came in at $8.2 million.

That quarterly figure rolls up into the bigger picture. As of September 30, 2025, the trailing twelve-month revenue for Foghorn Therapeutics Inc. stood at $24.52 million. This revenue stream is built on the foundation of that Lilly agreement, which covers co-development and co-commercialization for programs like the selective SMARCA2 oncology program, plus other discovery targets. To be fair, this is the current recognized revenue; the real upside in this model comes from the future potential.

The structure of these deals means you should be watching for two other key revenue components, even if they don't hit the income statement every quarter. These are the milestone payments and royalties from partnered programs as they advance through clinical and regulatory hurdles. Also, remember the initial structure of the Lilly deal, which provided a significant capital injection when it started. Here's a quick look at that initial partnership funding:

• Upfront payment received from Lilly: $300 million
• Equity investment from Lilly: $80 million

This upfront and equity component is critical because it helps fund the ongoing research and development expenses while waiting for milestone achievements. It shows how the partnership is structured to support Foghorn Therapeutics Inc.'s operations beyond just quarterly earned revenue.

Here's a snapshot of the most recent revenue performance metrics you need to track:

Metric	Amount (as of Sep 30, 2025)	Period
Collaboration Revenue	$8.2 million	Q3 2025
Trailing Twelve-Month Revenue	$24.52 million	TTM ending Sep 30, 2025
Lilly Upfront Payment (Historical)	$300 million	Collaboration Start
Lilly Equity Investment (Historical)	$80 million	Collaboration Start