Cambridge biotech tracker · Cambridge
Foghorn Therapeutics
Listed on Nasdaq as FHTX, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $168M
- Q2 '26 · Jun 29, 2026
- Burn per quarter
- $21.1M
- avg. operating cash flow, 4 qtrs
- Runway
- 24 mo
- 12 to 24 months
- Net loss
- $7.2M
- Q2 '26
- R&D expense
- $18.5M
- 74% of opex
- Raised, last 4 qtrs
- +$50.4M
- net financing cash flow
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyAbout 24 months of runway
Cash and investments of $168M at Q2 '26 against an average operating cash burn of $21.1M per quarter over the last four reported quarters runs out around May 2028. Between one and two years is the window where the next raise gets planned; the terms depend on what the data does before the cash does.
Cash position down $99.8M since Q3 '24
Net financing inflows of $50.4M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Cash burn runs $10.7M above net loss
Operating cash outflow exceeded the reported net loss in Q2 '26, which usually means working capital absorbed cash: prepayments to CROs and CDMOs, accrued liabilities paid down, or deferred revenue being earned without new cash coming in.
R&D is 74% of operating expenses
$18.5M of R&D against $24.9M of total operating expenses in Q2 '26, with G&A at $6.4M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $16.1M in Q2 '26
The balance sheet carries $230M of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Stockholders' deficit of $81.0M
Liabilities exceed assets on the balance sheet. That is common with royalty financings, convertible debt, or large deferred revenue balances, and it is a fact auditors and exchange listing rules both pay attention to.
Accumulated deficit of $660M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net loss | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 29, 24 | $267M | −$21.0M | −$19.1M | $24.7M | $7.0M | $7.8M | $3.0M | $1.1M |
| Q4 '24 · Dec 30, 24 | $244M | −$24.5M | −$19.5M | $20.5M | $6.4M | $2.9M | $2.5M | $4K |
| Q1 '25 · Mar 30, 25 | $221M | −$24.0M | −$18.8M | $21.6M | $7.2M | $6.0M | $2.7M | $139K |
| Q2 '25 · Jun 29, 25 | $199M | −$21.0M | −$17.9M | $21.8M | $6.9M | $7.6M | $2.7M | $254K |
| Q3 '25 · Sep 29, 25 | $180M | −$18.9M | −$15.8M | $20.0M | $6.7M | $8.2M | $2.7M | $49K |
| Q4 '25 · Dec 30, 25 | $159M | −$22.3M | −$21.7M | $22.0M | $6.8M | $9.2M | $2.2M | $581K |
| Q1 '26 · Mar 30, 26 | $184M | −$25.3M | −$19.9M | $18.3M | $6.6M | $3.3M | $2.4M | $49.8M |
| Q2 '26 · Jun 29, 26 | $168M | −$17.8M | −$7.2M | $18.5M | $6.4M | $16.1M | $2.5M | −$22K |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.