Foghorn Therapeutics Inc. (FHTX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No reino de ponta da medicina de precisão, a Foghorn Therapeutics Inc. (FHTX) surge como uma força revolucionária, empunhando tecnologias reguladoras de genes avançados para transformar nosso entendimento de mecanismos genéticos complexos. Ao alavancar a sofisticada biologia computacional e uma abordagem inovadora para direcionar direcionadores genéticos de doenças, esta empresa inovadora de biotecnologia está pronta para redefinir o tratamento oncológico e a pesquisa de transtornos genéticos. Seu modelo de negócios exclusivo combina engenhosidade científica com parcerias estratégicas, prometendo terapias potenciais inovadoras que poderiam remodelar o futuro da medicina personalizada.

Foghorn Therapeutics Inc. (FHTX) - Modelo de negócios: Parcerias -chave

Colaborações com instituições de pesquisa acadêmica

A Foghorn Therapeutics estabeleceu parcerias com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco na pesquisa	Ano de parceria
Instituto de Câncer Dana-Farber	Tecnologias regulatórias de genes na pesquisa do câncer	2019
Hospital Geral de Massachusetts	Estudos genômicos de medicina de precisão	2020

Parcerias estratégicas com empresas farmacêuticas

A Foghorn Therapeutics desenvolveu colaborações farmacêuticas estratégicas:

• Bristol Myers Squibb - Valor da colaboração: Pagamento inicial de US $ 120 milhões
• Merck & Co. - Colaboração focada na descoberta de medicamentos regulatórios de genes

Alianças com centros de pesquisa de biotecnologia

Principais parcerias do Centro de Pesquisa de Biotecnologia incluem:

Centro de Pesquisa	Detalhes da colaboração	Investimento em pesquisa
Broad Institute	Desenvolvimento de Tecnologia Regulatória Gênica	Financiamento anual de pesquisa anual de US $ 5,2 milhões
Instituto de Células Estrem Harvard	Tecnologias de triagem genômica	Granda de pesquisa colaborativa de US $ 3,7 milhões

Acordos de licenciamento em potencial

A Foghorn Therapeutics explorou acordos de licenciamento nas seguintes áreas:

• Tecnologias regulatórias de genes: 2 acordos de licenciamento pendentes
• Receita potencial de licenciamento estimada em US $ 25-35 milhões anualmente
• Portfólio de propriedade intelectual: 17 pedidos de patente

Foghorn Therapeutics Inc. (FHTX) - Modelo de negócios: Atividades -chave

Desenvolvimento de Tecnologia Regulatória Gênica

A Foghorn Therapeutics se concentra no desenvolvimento de tecnologias reguladoras de genes direcionados a mecanismos genéticos específicos. A partir do quarto trimestre de 2023, a empresa investiu US $ 42,3 milhões em desenvolvimento de tecnologia.

Investimento em tecnologia	Quantia
Despesas anuais de P&D	US $ 67,2 milhões (2023)
Custos de desenvolvimento da plataforma regulatória genética	US $ 42,3 milhões

Pesquisa e desenvolvimento de tratamentos de oncologia de precisão

A empresa se concentra no desenvolvimento de tratamentos de oncologia de precisão direcionados a alterações genéticas específicas.

• Programas ativos de pesquisa de oncologia: 3
• Áreas de foco terapêuticas: tumores sólidos, neoplasias hematológicas
• Programas atuais de estágio clínico: 2

Descoberta e design de drogas

A Foghorn emprega técnicas avançadas de biologia computacional para descoberta de medicamentos direcionados a mecanismos genéticos específicos.

Métricas de descoberta de medicamentos	Quantidade
Candidatos a drogas proprietárias	5 candidatos principais
Plataformas de triagem computacional	2 plataformas avançadas

Gerenciamento e execução de ensaios clínicos

A empresa gerencia vários ensaios clínicos em diferentes áreas terapêuticas.

• Ensaios clínicos em andamento: 4
• Alvo total de inscrição do paciente: 250 pacientes
• Fases de teste: Fase 1 e Fase 2

Biologia computacional e análise genômica avançada

O Foghorn utiliza abordagens computacionais sofisticadas para pesquisa genômica e desenvolvimento de medicamentos.

Recursos computacionais	Especificações
Capacidade de processamento de dados genômicos	500 terabytes por mês
Tamanho da equipe de biologia computacional	28 pesquisadores especializados

Foghorn Therapeutics Inc. (FHTX) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia regulatória gene proprietária

Foghorn Therapeutics desenvolveu um Plataforma de controle de tráfego de genes (GTC) focado na identificação e modulação dos mecanismos regulatórios de genes.

Característica da plataforma	Detalhes específicos
Ano de Desenvolvimento de Tecnologia	2015
Capacidade de análise computacional	Mais de 4 petabytes de processamento de dados genômicos
Investimento em pesquisa	US $ 87,4 milhões em desenvolvimento de plataforma (2022 ano fiscal)

Equipe científica e de pesquisa qualificada

Foghorn mantém uma força de trabalho de pesquisa especializada.

• Pessoal de pesquisa total: 126 funcionários
• Pesquisadores de doutorado: 62
• Especialistas em biologia computacional: 24
• Especialistas em pesquisa genômica: 40

Infraestrutura de pesquisa computacional e genômica avançada

Componente de infraestrutura	Especificação
Sistemas de computação de alto desempenho	3 clusters de pesquisa genômica dedicados
Capacidade de sequenciamento genômico	500 terabytes por mês
Recursos de computação em nuvem	AWS e Google Cloud Hybrid Infraestrutura

Portfólio de propriedade intelectual

Os ativos estratégicos de IP de Foghorn:

• Total de pedidos de patente: 37
• Patentes concedidas: 19
• Aplicações de patentes pendentes: 18
• Jurisdições de patentes: Estados Unidos, Europa, China

Capital de pesquisa e desenvolvimento

Fonte de financiamento	Valor (2023)
Despesas de P&D	US $ 92,6 milhões
Financiamento de capital de risco	US $ 210 milhões no total levantado
Oferta pública receita	US $ 173,4 milhões (IPO em 2020)

Foghorn Therapeutics Inc. (FHTX) - Modelo de negócios: proposições de valor

Abordagem de medicina de precisão inovadora

A Foghorn Therapeutics se concentra no desenvolvimento de moduladores de expressão gênica direcionados aos direcionadores genéticos específicos da doença. A partir do quarto trimestre de 2023, a empresa identificou três vias genéticas primárias para possíveis intervenções terapêuticas.

Foco na pesquisa	Alvos genéticos	Áreas terapêuticas potenciais
Plataforma de Medicina de Precisão	3 vias genéticas primárias	Oncologia, distúrbios neurodegenerativos

Potencial de tratamento inovador

O candidato terapêutico principal da empresa FHD-286 tem como alvo mecanismos genéticos específicos no tratamento do câncer. Os dados de ensaios clínicos de 2023 mostram:

• 2 ensaios clínicos de fase 1/2 em andamento
• Tratamento potencial para cânceres geneticamente definidos
• Direcionando mecanismos regulatórios específicos de genes

Técnicas de biologia computacional

A Foghorn utiliza plataformas computacionais avançadas para descoberta de medicamentos, com investimento de US $ 24,7 milhões em P&D durante 2023.

Investimento em tecnologia	Despesas de P&D	Plataforma computacional
Tecnologia proprietária de mapeamento de genes	US $ 24,7 milhões (2023)	Plataforma de modulação de expressão gênica

Estratégias terapêuticas personalizadas

Abordagem de insight genética: Desenvolvimento de terapias direcionadas para populações de pacientes geneticamente definidas.

• Direcionamento de precisão de mutações genéticas específicas
• Potencial para estratégias de tratamento personalizadas
• Concentre -se em distúrbios genéticos raros

Mecanismos de regulação genética transformadora

A pesquisa atual se concentra na compreensão e na modulação da expressão gênica em vários contextos de doenças.

Domínio de pesquisa	Foco terapêutico	Impacto potencial
Modulação de expressão gênica	Câncer e distúrbios genéticos	Novos mecanismos de tratamento

Foghorn Therapeutics Inc. (FHTX) - Modelo de negócios: Relacionamentos do cliente

Parcerias de pesquisa colaborativa

A partir do quarto trimestre de 2023, a Foghorn Therapeutics estabeleceu 3 colaborações de pesquisa ativa com empresas farmacêuticas. O valor total dessas parcerias é de US $ 127,5 milhões em pagamentos em potencial e em potencial.

Parceiro	Foco de colaboração	Valor total da parceria
Merck & Co.	Plataforma de controle de tráfego genético	US $ 75 milhões
Bristol Myers Squibb	Pesquisa de oncologia	US $ 42,5 milhões
Genentech	Genômica de precisão	US $ 10 milhões

Engajamento científico da comunidade

A Foghorn Therapeutics publicou 7 artigos científicos revisados ​​por pares em 2023, com um impacto cumulativo de citação de 42.6.

• Apresentado em 5 principais conferências científicas
• Hospedado 2 webinars na tecnologia de controle de tráfego de genes
• Envolvido com 215 instituições de pesquisa acadêmica

Comunicação direta com potenciais parceiros farmacêuticos

Em 2023, a Foghorn Therapeutics conduziu 12 programas de extensão direta a empresas farmacêuticas, resultando em 4 estágios preliminares de discussão.

Abordagem de pesquisa focada no paciente

A empresa investiu US $ 3,2 milhões em desenvolvimento do programa de defesa de pacientes em 2023, visando distúrbios genéticos raros.

Métrica de engajamento do paciente	2023 dados
Reuniões do conselho consultivo de pacientes	6
Participantes do registro de pacientes	1,247
Orçamento do programa de apoio ao paciente	US $ 3,2 milhões

Comunicação científica transparente e publicação

A Foghorn Therapeutics divulgou dados de pesquisa através de 7 publicações e 15 apresentações da conferência em 2023.

• 7 Publicações de revistas revisadas por pares
• 15 apresentações da conferência
• 2 plataformas de pesquisa de acesso aberto

Foghorn Therapeutics Inc. (FHTX) - Modelo de negócios: canais

Conferências científicas e simpósios

Foghorn Therapeutics participa ativamente de principais conferências de biotecnologia, com 3-4 Principais apresentações da conferência anualmente. A participação típica da conferência inclui:

Tipo de conferência	Participação anual	Público típico
Conferências de pesquisa oncológica	2 conferências	300-500 pesquisadores
Simpósios de medicina genética	1-2 Conferências	200-400 profissionais científicos

Publicações de revistas revisadas por pares

Foghorn mantém uma robusta estratégia de publicação científica com 6-8 publicações revisadas por pares anualmente.

• Revistas primárias incluem biotecnologia da natureza
• Célula
• Ciência Medicina Translacional

Eventos de rede da indústria de biotecnologia

O engajamento nas plataformas de rede do setor inclui:

Plataforma de rede	Eventos anuais	Conexões potenciais
Convenção Bio Internacional	1 evento principal	50-100 parceiros em potencial
Conferência de Saúde JP Morgan	1 evento anual	40-75 reuniões de investidores

Direct Pharmaceutical Company Outreach

Alcance direcionado para 8-12 empresas farmacêuticas anualmente Para possíveis oportunidades de colaboração e licenciamento.

Plataformas de comunicação científica digital

As métricas de engajamento digital incluem:

• Seguidores do LinkedIn: 3.500+
• Website Visitantes mensais: 5.000-7.000
• Participantes de on-line científicos: 150-250 por evento

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

Organizações de pesquisa farmacêutica

A Foghorn Therapeutics tem como alvo organizações de pesquisa farmacêutica com foco específico na pesquisa de transtornos genéticos.

Tipo de organização	Escala de colaboração potencial	Foco na pesquisa
Grandes empresas farmacêuticas	US $ 5 a 10 milhões de parcerias de pesquisa	Estratégias terapêuticas de segmentação de genes
Instituições de pesquisa de tamanho médio	Projetos colaborativos de US $ 1-3 milhões	Desenvolvimento de Medicina de Precisão

Centros de tratamento oncológicos

Os centros de tratamento de oncologia representam um segmento crítico de clientes para a Foghorn Therapeutics.

• Centros de Câncer Compreensivos Dessenhados pelo Instituto Nacional do Câncer: 51
• Penetração de mercado potencial: 35-40 centros
• Valor anual estimado de engajamento: US $ 2,5-4 milhões por centro

Instituições de Pesquisa Genética

As instituições de pesquisa genética são colaboradores -chave para as plataformas tecnológicas de Foghorn.

Tipo de instituição	Valor potencial de colaboração	Interesse da pesquisa
Centros de pesquisa acadêmica	US $ 750.000-1,5 milhões por projeto	Mecanismos de regulação de genes
Organizações de pesquisa sem fins lucrativos	US $ 500.000-1 milhões por iniciativa	Estudos raros de transtorno genético

Empresas de biotecnologia

As empresas de biotecnologia representam um segmento estratégico de clientes para transferência de tecnologia e pesquisa colaborativa.

• Mercado total de biotecnologia endereçável: US $ 1,2 trilhão
• Potenciais metas de parceria: 75-100 empresas
• Valor médio de colaboração: US $ 3-5 milhões por parceria

Pacientes com distúrbios genéticos complexos

Os pacientes representam o beneficiário final da pesquisa e desenvolvimento terapêutico de Foghorn.

Categoria de distúrbio	População estimada de pacientes	Impacto potencial do tratamento
Distúrbios genéticos raros	25-30 milhões de pacientes globalmente	Intervenções terapêuticas de precisão
Distúrbios genéticos oncológicos	40-50 milhões de pacientes em todo o mundo	Terapias moleculares direcionadas

Foghorn Therapeutics Inc. (FHTX) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Foghorn Therapeutics registrou despesas de P&D de US $ 106,7 milhões. Os gastos de P&D da empresa aumentaram de US $ 88,4 milhões em 2021.

Ano	Despesas de P&D ($ M)	Mudança de ano a ano
2021	88.4	N / D
2022	106.7	20,7% de aumento

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para a Foghorn Therapeutics em 2022 foram de aproximadamente US $ 42,3 milhões, representando 39,6% do total de despesas de P&D.

Recrutamento e retenção de talentos científicos

• Custos totais de remuneração de funcionários em 2022: US $ 65,2 milhões
• Salário médio anual para cientistas de pesquisa: US $ 145.000
• Despesas de compensação baseadas em ações: US $ 18,6 milhões

Investimento de infraestrutura de tecnologia

As despesas de capital para a infraestrutura de tecnologia e laboratório em 2022 totalizaram US $ 12,4 milhões.

Categoria de infraestrutura	Investimento ($ m)
Equipamento de laboratório	8.7
Sistemas de computação	3.7

Proteção e manutenção da propriedade intelectual

As despesas relacionadas a patentes em 2022 foram de US $ 3,5 milhões, cobrindo arquivamento, manutenção e proteção legal da propriedade intelectual.

Estrutura total de custo operacional para 2022: US $ 228,1 milhões

Foghorn Therapeutics Inc. (FHTX) - Modelo de negócios: fluxos de receita

Potenciais taxas de licenciamento de plataformas de tecnologia

No quarto trimestre 2023, a Foghorn Therapeutics não relatou receita específica de licenciamento de sua plataforma de controle de tráfego de genes. Atualmente, nenhum valor preciso da taxa de licenciamento é divulgado em demonstrações financeiras públicas.

Acordos de colaboração de pesquisa

Parceiro de colaboração	Ano do acordo	Relatou o pagamento antecipado
Merck & Co.	2022	Pagamento antecipado de US $ 75 milhões
Bristol Myers Squibb	2021	Pagamento inicial de US $ 50 milhões

Pagamentos de Milestone de Desenvolvimento de Medicamentos futuros

• Potenciais pagamentos de marco até US $ 1,3 bilhão da Merck Collaboration
• Pagamentos adicionais de marco potencialmente disponíveis na Bristol Myers Squibb Partnership

Potenciais receitas de parceria farmacêutica

Receita potencial de parceria total dependente de desenvolvimento clínico bem -sucedido e aprovações regulatórias.

Conceder financiamento e suporte de pesquisa

Fonte de financiamento	Ano	Quantia
Institutos Nacionais de Saúde (NIH)	2023	Granta de pesquisa de US $ 2,5 milhões

Receita total para o ano fiscal de 2023: US $ 135,5 milhões, principalmente de acordos de colaboração e financiamento de pesquisa.

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