FHTX Foghorn Therapeutics Inc.

16.49
+0.19  (+1%)
Previous Close 16.3
Open 16.49
52 Week Low 14.03
52 Week High 28.265
Market Cap $606,261,726
Shares 36,765,417
Float 19,494,245
Enterprise Value $586,719,597
Volume 31,759
Av. Daily Volume 136,916
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Drug Pipeline

Drug Stage Notes
FHD-609
Synovial sarcoma
Phase 1
Phase 1
Phase 1 IND filing due 1H 2021.
FHD-286
Uveal melanoma
Phase 1
Phase 1
Phase 1 IND filing due by the end of 2020.
FHD-286
Acute myeloid leukemia (AML)
Phase 1
Phase 1
Phase 1 IND filing due by the end of 2020.

Latest News

  1. CAMBRIDGE, Mass., Feb. 25, 2021 /PRNewswire/ -- Cellarity, a life sciences company founded by Flagship Pioneering to develop a new method of drug discovery targeting the cell, announced today that it raised $123 million in Series B financing. The round included contributions from funds and accounts managed by BlackRock, The Baupost Group, Banque Pictet on behalf of their clients and eight other investors alongside Flagship Pioneering.

    Founded in 2017 within Flagship Labs, Cellarity's new approach to drug discovery is based on the computational modeling of cell behavior, leading to a more complete understanding of system and network biology to uncover cell-behavior-targeted medicines for a wide variety of diseases.

    Cellarity's medicines are developed to address disease at the level of the cell and are not aimed at single molecular targets, the approach pursued in much of traditional drug discovery. The successful financing round validates the strength of Cellarity's science and its potential to redefine drug discovery through its cell-centric approach.

    "All diseases stem from a disorder at the cellular level, but until now most drug discovery efforts have relied upon single molecular targets that overlook the potent networked relationships of biology," said Fabrice Chouraqui, CEO of Cellarity and a CEO-Partner at Flagship Pioneering. "By working at the level of the entire cell, Cellarity's drug discovery platform harnesses the complexity of human biology to uncover breakthrough treatments in a wide range of disease areas."

    Cellarity is generating unprecedented biological insights by combining its unique expertise in network biology, high-resolution data, and machine learning. The result is a new understanding of the cell's trajectory from health to disease, and how cells relate to one another in tissues. Because the cell and its network of transcripts and proteins offer a more complete view of the complexity of human biology than any individual molecular target, Cellarity's approach allows for more efficient drug discovery and is designed to drive higher rates of clinical success. Already, the company has seven drug discovery programs underway in diverse therapeutic areas that range from metabolic disease to immuno-oncology.

    "Cellarity's cell-centric platform has the potential to engineer a shift in how the world approaches the discovery of medicine," said Noubar Afeyan, CEO of Flagship Pioneering and Co-founder and Chairman of the Board of Cellarity. "It is another example of Flagship Pioneering's relentless efforts to push the boundaries of the life sciences to uncover breakthrough technologies and identify innovative treatments that will change the lives of patients."

    About Cellarity

    Cellarity's mission is to bring breakthrough medicines to patients by completely redefining the way drugs are discovered. Founded by Flagship Pioneering in 2017, Cellarity is designing medicines against the cell as opposed to a single molecular target. The company has developed a unique combination of expertise across system and network biology, high-resolution data, and machine learning to unlock treatments in a large number of therapeutic areas.

    About Flagship Pioneering

    Flagship Pioneering conceives, creates, resources, and develops first-in-category life sciences companies to transform human health and sustainability. Since its launch in 2000, the firm has, through its Flagship Labs unit, applied its unique hypothesis-driven innovation process to originate and foster more than 100 scientific ventures, resulting in over $50B in aggregate value. To date, Flagship has deployed over $2.2B in capital toward the founding and growth of its pioneering companies alongside more than $18B of follow-on investments from other institutions. The current Flagship ecosystem comprises 41 transformative companies, including Axcella Health (NASDAQ:AXLA), Codiak Biosciences (NASDAQ:CDAK), Denali Therapeutics (NASDAQ:DNLI), Evelo Biosciences (NASDAQ:EVLO), Foghorn Therapeutics (NASDAQ:FHTX), Indigo Ag, Kaleido Biosciences (NASDAQ:KLDO), Moderna (NASDAQ:MRNA), Rubius Therapeutics (NASDAQ:RUBY), Sana Biotechnology (NASDAQ:SANA), Seres Therapeutics (NASDAQ:MCRB), and Sigilon Therapeutics (NASDAQ:SGTX).

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/cellarity-raises-123-million-in-series-b-funding-to-pioneer-a-new-approach-to-drug-discovery-treating-disease-at-the-level-of-the-cell-as-opposed-to-a-single-molecular-target-301235332.html

    SOURCE Cellarity

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  2. CAMBRIDGE, Mass., Feb. 22, 2021 (GLOBE NEWSWIRE) -- 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 announced that Sam Agresta, M.D., M.P.H, Chief Medical officer is scheduled to participate in a Leukemias panel discussion at the Cowen 41st Annual Healthcare Conference at 11:40 a.m. ET on March 3, 2021.

    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…

    CAMBRIDGE, Mass., Feb. 22, 2021 (GLOBE NEWSWIRE) -- 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 announced that Sam Agresta, M.D., M.P.H, Chief Medical officer is scheduled to participate in a Leukemias panel discussion at the Cowen 41st Annual Healthcare Conference at 11:40 a.m. ET on March 3, 2021.

    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.

    Forward-Looking Statements

    This press release contains "forward-looking statements" regarding the Company's plans for its proposed initial public offering. 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 for our product candidates 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.

    Media Contact:

    Fanny Cavalié, Foghorn Therapeutics

    Gregory Kelley, Ogilvy

    Investor Relations Contact:

    Allan Reine, Foghorn Therapeutics





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  3. – 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., Dec. 04, 2020 (GLOBE 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…

    – 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., Dec. 04, 2020 (GLOBE 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

    • Completed $135 Million Initial Public Offering: In October 2020, Foghorn sold 7,500,000 shares of common stock at a public offering price of $16 per share. In November 2020, the underwriters exercised their option to purchase an additional 951,837 shares of common stock at the public offering price. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Foghorn, were $135.2 million.



    • Entered into collaboration agreement with Merck to discover and develop novel oncology therapeutics against a transcription factor target: Under the terms of the agreement, signed in July 2020, Foghorn received a $15 million upfront payment and is eligible to receive up to an additional $410 million in development, regulatory and commercial milestones as well as royalties on product sales if products are successfully developed and commercialized under the collaboration.



    • Strengthened management team: In November 2020, Foghorn appointed Michael LaCascia as Chief Legal Officer.

    Key Upcoming Milestones

    • FHD-286 IND submission expected by year end 2020: FHD-286, a highly potent, selective, allosteric, orally available small molecule enzymatic inhibitor is initially being developed in acute myelogenous leukemia and uveal melanoma. The company remains on track to submit an Investigational New Drug (IND) to the FDA by year end.



    • FHD-609 IND submission expected in the first half of 2021: FHD-609, a highly potent, selective, intravenous, small molecule protein degrader of BRD9 is initially being developed for the treatment of synovial sarcoma with the intention to expand into indications beyond synovial sarcoma, including SMARCB1-deleted tumors. The company remains on track to file an IND with the FDA in the first half of 2021.

    Third Quarter 2020 Financial Results

    • Cash Position and Financial Guidance: Cash and cash equivalents as of September 30, 2020 were $74.6 million, compared to $15.0 million as of December 31, 2019. The September 30, 2020 cash and equivalents excludes $122.2 million in net proceeds from our initial public offering, which was completed in October 2020.



    • Revenues: Collaboration revenues for the third quarter of 2020 were $0.2 million, compared to no revenue for the third quarter of 2019, which reflects revenue recognized under our research collaboration agreement with Merck which was entered into in July 2020.



    • Research and Development (R&D) Expenses: R&D expenses for the third quarter of 2020 were $16.1 million, compared to $11.3 million for the third quarter of 2019. The increase in R&D expenses was primarily attributable to higher preclinical costs related to our first two programs and increased personnel to support our research and development activities.



    • General and Administrative (G&A) Expenses: G&A expenses for the third quarter of 2020 were $2.6 million, compared to $1.8 million for the third quarter of 2019. The increase in G&A expenses was primarily attributable to an increase in headcount in our general and administrative functions to support our business.



    • Net Loss: Net loss attributable to common stockholders was $18.4 million, or $3.12 per share, for the quarter ended September 30, 2020, compared to $13.1 million, or $3.05 per share, for the quarter ended September 30, 2019.





    Foghorn Therapeutics Inc.

    Condensed Consolidated Balance Sheet Data

    (In thousands)

    (Unaudited)  

      September 30,  December 31, 
      2020  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)

    (Unaudited)

      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  (18,489)  (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.

    Media Contact:

    Fanny Cavalié, Foghorn Therapeutics

    Gregory Kelley, Ogilvy

    Investor Relations Contact:

    Allan Reine, Foghorn Therapeutics

     



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  4. CAMBRIDGE, Mass., Nov. 12, 2020 (GLOBE NEWSWIRE) -- 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 announced the appointment of Michael LaCascia as its Chief Legal Officer. An accomplished attorney, Mr. LaCascia joins Foghorn with extensive corporate, securities, governance, and transactional expertise within the biotechnology industry.

    "The deep and proven experience Mike has across a wide range of legal and corporate matters in the life sciences sector will be invaluable to us as we move forward as a newly public company," said Adrian Gottschalk, President and Chief Executive…

    CAMBRIDGE, Mass., Nov. 12, 2020 (GLOBE NEWSWIRE) -- 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 announced the appointment of Michael LaCascia as its Chief Legal Officer. An accomplished attorney, Mr. LaCascia joins Foghorn with extensive corporate, securities, governance, and transactional expertise within the biotechnology industry.

    "The deep and proven experience Mike has across a wide range of legal and corporate matters in the life sciences sector will be invaluable to us as we move forward as a newly public company," said Adrian Gottschalk, President and Chief Executive Officer of Foghorn. "Mike is an important addition to the leadership team as Foghorn transitions to a clinical-stage company with multiple high value programs and reinforces our commitment to establishing the strongest team possible to fully realize the promise of our Gene Traffic Control platform."

    Prior to joining Foghorn, Mr. LaCascia served as Senior Vice President and Chief Legal Officer of Q-State Biosciences, Inc., where he helped lead the transition of the company's strategy from enabling discovery services to the discovery of its own proprietary therapeutics. He previously served as Senior Vice President, General Counsel and Secretary for Vertex Pharmaceuticals where he oversaw its global legal function and corporate governance. Mr. LaCascia also spent more than two decades at the firm WilmerHale LLP, where he was a partner in the firm's corporate practice and specialized in securities, mergers and acquisitions, and corporate governance matters. Mr. LaCascia received his J.D. from Boston University Law School and a B.A. in Economics from Harvard College.

    "I am thrilled to be joining Foghorn at this important time in the company's evolution," said Mr. LaCascia. "Foghorn has assembled an outstanding leadership team and a talented group of professionals who have quickly established the company as pioneers of a new class of potential medicines targeting breakdowns in the chromatin regulatory system. I look forward to contributing to the continued success of the company and helping to bring its breakthrough medicines to patients."

    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 plans for its proposed initial public offering. 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 when we can complete the offering 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.

    MEDIA CONTACT

    Fanny Cavalié, Foghorn Therapeutics

    Gregory Kelley, Ogilvy

    INVESTOR RELATIONS CONTACT

    Allan Reine, Foghorn Therapeutics

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