Foghorn Therapeutics Q1 2024 Financial and Corporate Update

Foghorn Therapeutics Inc. (Nasdaq: FHTX), a clinical-stage biotechnology firm based in Cambridge, Massachusetts, has recently shared several updates in conjunction with its financial report for the quarter ending March 31, 2024. The company, known for its innovative approach in treating serious diseases by correcting abnormal gene expression, is focused on oncology and aims to transform patient lives through its Gene Traffic Control® Platform.

Adrian Gottschalk, President and CEO of Foghorn, expressed enthusiasm over the company's advancements, particularly highlighting robust preclinical anti-tumor activity across multiple programs at tolerable doses. This progress underscores the potential of their platform to create novel medicines targeting difficult-to-treat conditions and establishing leadership in chromatin biology therapeutics.

Key among Foghorn's updates is the ongoing dose escalation in the FHD-286 combination trial for acute myeloid leukemia (AML), with clinical data anticipated in the latter half of 2024. FHD-286 is a potent inhibitor targeting BRG1 and BRM subunits of the BAF chromatin remodeling complex. This trial, initiated with the first patient dosed in Q3 2023, aims to assess its efficacy in combination with decitabine or low-dose cytarabine in relapsed or refractory AML patients.

In parallel, an Investigational New Drug (IND) filing for FHD-909 has been submitted. FHD-909, an oral selective inhibitor of BRM (SMARCA2), is set to begin its Phase 1 trial in the second half of 2024, targeting non-small cell lung cancer (NSCLC) patients with BRG1 mutations. This would mark the entry of the first BRM selective inhibitor into clinical trials. Foghorn presented preclinical data on FHD-909 at the AACR Annual Meeting in April 2024, showcasing high selectivity and dose-dependent activity in BRG1-mutated cancers.

Another significant milestone is the advancement of the Selective CBP Degrader program. Preclinical data presented at the AACR Annual Meeting demonstrated significant tumor growth inhibition without the common side effects of thrombocytopenia or anemia associated with dual CBP/EP300 inhibition. IND-enabling studies for this program are expected to begin by the end of 2024. The Selective EP300 Degrader program also showed promising preclinical efficacy with no observed thrombocytopenia, targeting multiple cancer types, including prostate cancer and multiple myeloma.

Foghorn has also strengthened its financial leadership by appointing Kristian Humer as Chief Financial Officer in April 2024. Humer brings over 14 years of experience in financial strategy and business development within the life sciences industry.

Financially, Foghorn reported collaboration revenues of $5.1 million for Q1 2024, a slight decrease from $5.3 million in Q1 2023. Research and development expenses were reduced to $25.5 million from $30.0 million, primarily due to lower personnel-related costs. General and administrative expenses also saw a reduction, down to $7.7 million from $8.6 million. The net loss for the quarter improved to $25.0 million from $30.5 million in the same period the previous year. The company maintained a strong cash position with $206.7 million in cash, cash equivalents, and marketable securities, projected to sustain operations into the first half of 2026.

Foghorn's dedication to advancing its pipeline is evident across various programs. The company presented novel data on historically challenging targets, including the Selective CBP and EP300 degrader programs, at the 2024 AACR Annual Meeting. Their ongoing research efforts and strategic collaborations, like the one with Lilly, position Foghorn to potentially introduce five additional INDs over the next four years, addressing a broad range of tumor types affecting hundreds of thousands of new patients annually.

Overall, Foghorn Therapeutics continues to demonstrate significant progress in its mission to develop transformative medicines for cancer patients, leveraging its expertise in chromatin biology and robust financial health to drive forward its innovative pipeline.