What Foghorn Therapeutics does

Foghorn Therapeutics is a clinical-stage biotechnology company founded in 2015 and headquartered in Watertown, Massachusetts, that is developing a new class of precision oncology therapeutics designed to correct abnormal gene expression by targeting the chromatin regulatory system — the cellular machinery that controls which genes are turned on or off through remodeling of DNA's 3D structure. Its proprietary platform, called Gene Traffic Control, is described by the company as the only system capable of studying and targeting the chromatin regulatory system at scale, in context, and in an integrated way, and underpins a pipeline of enzymatic inhibitors, targeted protein degraders, and transcription factor disruptors. The lead program is FHD-909 (LY4050784), a potent, first-in-class, allosteric, orally available selective SMARCA2 inhibitor in Phase 1 development for SMARCA4-mutant cancers including non-small cell lung cancer; the broader pipeline includes FHD-286 (camibirstat, a dual SMARCA4/SMARCA2 inhibitor for myeloid malignancies), FHD-609 (a BRD9 degrader for synovial sarcoma), and selective degrader programs against CBP, EP300, and ARID1B for various solid and hematologic tumors.

The business model is a hybrid of clinical-stage biopharma R&D plus partnership monetization. Foghorn has no approved products for commercial sale and generates no product pricing revenue; its entire FY2025 revenue of $30.91 million is collaboration revenue, effectively sourced from a single counterparty — Eli Lilly (Loxo Oncology at Lilly) — under a 2023 co-development and co-commercialization agreement covering FHD-909, an undisclosed oncology target, and three discovery programs, with a 50/50 U.S. economic split and ex-U.S. royalties on the Lilly-partnered assets. The company serves two distinct customer sets: enterprise partners (Eli Lilly being the only material one) and, at clinical-trial stage, oncologists and patients with genetically defined cancers (SMARCA4-mutant, ARID1A-mutant, CBP/EP300-mutant, and related chromatin-driven tumors). Go-to-market occurs through scientific conference presence (AACR, ASH, ESMO), investor relations, and clinical-trial enrollment on ClinicalTrials.gov, rather than traditional sales channels. Recent capital actions include a $110 million registered direct offering in May 2024 and a $50 million equity financing in January 2026 at a 30% premium, bringing pro forma cash to ~$208.9 million and extending runway into the first half of 2028.

Name

Foghorn Therapeutics

Legal name

Foghorn Therapeutics, Inc.

Website

https://foghorntx.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Foghorn Therapeutics is a clinical-stage biotechnology company developing precision oncology therapeutics that target the chromatin regulatory system via its proprietary Gene Traffic Control platform, with lead assets including FHD-909 (selective SMARCA2 inhibitor) partnered with Eli Lilly.

Ownership category

akta.pro rank

Product category

Precision Oncology Therapeutics

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Services-Commercial Physical & Biological Research (8731), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Target Identification & Validation Platforms (omics-driven, chemoproteomics, genetic validation) (HLAAAIAI)

Keywords

• Precision oncology therapeutics
• Chromatin regulatory system
• Targeted protein degradation
• Small molecule drug discovery
• Cancer therapeutics pipeline

Headquarters

HQ city

Cambridge

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Collaboration Revenue: Revenue from collaboration agreements, primarily with Eli Lilly (Loxo Oncology at Lilly) for co-development of SMARCA2 inhibitor program and discovery programs. Includes potential milestone payments and royalties.
2. Research and Development: Clinical-stage biotechnology company with no approved products for commercial sale. Relies on collaboration revenues and financing to fund operations.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Foghorn Therapeutics is a clinical-stage biotechnology company developing precision oncology therapeutics that target the chromatin regulatory system using its proprietary Gene Traffic Control platform. Its pipeline includes first-in-class enzymatic inhibitors (FHD-909, FHD-286), targeted protein degraders (FHD-609, selective CBP, EP300, and ARID1B degraders), and partnered discovery programs, with its lead SMARCA2 inhibitor program co-developed with Eli Lilly. The company has no approved commercial products and generates revenue primarily from collaboration agreements.

Product overview

Foghorn Therapeutics is a clinical-stage biotechnology company pioneering a new class of precision therapeutic candidates that treat serious diseases by correcting abnormal gene expression through modulation of the chromatin regulatory system. The company's proprietary Gene Traffic Control platform enables the development of enzymatic inhibitors, targeted protein degraders, and transcription factor disruptors. The core product portfolio includes: FHD-909 (LY4050784), a selective SMARCA2 inhibitor partnered with Eli Lilly for SMARCA4-mutant cancers in Phase 1; FHD-286, a dual SMARCA4/SMARCA2 inhibitor for myeloid malignancies; FHD-609, a BRD9 degrader for synovial sarcoma; and multiple selective degrader programs targeting CBP, EP300, and ARID1B for various cancers, all in preclinical or IND-enabling stages. Three additional discovery programs and one undisclosed partnered program round out the pipeline.

Differentiator

Problem solved

Functional benefit

Products and services

• FHD-909 (LY4050784) - Selective SMARCA2 Inhibitor

Quantifiable outcome

• Complete and durable tumor regression in syngeneic mouse models treated with FHD-909 (SMARCA2 inhibitor) and anti-PD-1 therapy, with responses maintained for at least 70 days post-treatment
• +1 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered major and core.

• Yatiri BiomajorStrategic or Co-development Partner · 10 February 2026Collaboration agreement for further clinical development of FHD-286 (camibirstat) in relapsed or refractory acute myeloid leukemia and myelodysplastic syndrome. Yatiri Bio's AI-driven ProteoCharts platform achieved 100% concordance in predicting treatment response. Includes clinical and sales milestones valued at over $40 million.
• Eli Lilly (Loxo Oncology at Lilly)coreStrategic or Co-development PartnerCo-development and co-commercialization agreement on selective SMARCA2 oncology program (FHD-909, a selective inhibitor and a selective degrader) with 50/50 U.S. economic split and ex-U.S. royalties. Also includes one additional undisclosed oncology target and three discovery programs using Foghorn's Gene Traffic Control platform.

Scale indicators9 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• C4 Therapeutics: C4 Therapeutics is a clinical-stage biotech developing targeted protein degraders in oncology, including programs against cancer-driving targets such as BRD9 (same target class as Foghorn's FHD-609) and IKZF1/3. Direct overlap in protein degradation chemistry, chromatin/epigenetic targets, and oncology indications.
• Tango Therapeutics: Tango Therapeutics applies synthetic lethality and cancer genetics to develop precision oncology therapeutics, with a pipeline targeting DNA damage response and chromatin-related dependencies. Direct peer in precision oncology discovery with similar scientific premise of exploiting tumor-specific genetic vulnerabilities.
• Repare Therapeutics: Repare Therapeutics is a precision oncology company developing synthetic lethality-based therapies, with programs targeting DNA damage response and genome instability. Directly comparable business model of identifying genetically defined cancer patient populations and developing selective therapies against tumor dependencies.
• Syros Pharmaceuticals: Syros Pharmaceuticals develops gene control medicines targeting the transcriptional regulation of disease-driving genes, including programs against CDK7 and mutant super-enhancers in cancer. Direct peer in chromatin/transcription regulation-based precision oncology, with platform-level similarity to Foghorn's Gene Traffic Control approach.
• Kymera Therapeutics: Kymera Therapeutics is a clinical-stage biotech developing targeted protein degraders (Pegasus platform) with oncology and immunology programs. Directly comparable in protein degrader chemistry and target selection rationale, competing for talent, partnerships, and capital in the same therapeutic modality space.
• Nuvalent: Nuvalent is a clinical-stage precision oncology company developing selective kinase inhibitors designed to address resistance and selectivity limitations of existing targeted therapies. Directly comparable as a publicly traded clinical-stage precision oncology biotech with similar scientific ethos of rational drug design and similar company-size/scale profile.
• Arcus Biosciences: Arcus Biosciences is a clinical-stage oncology company developing immuno-oncology and cancer cell-intrinsic therapies, partnered with Gilead. Comparable scale and clinical stage, with overlap in oncology patient populations and partnership-driven commercialization model.

Broad incumbents

• Arvinas: Arvinas is a clinical-stage leader in targeted protein degradation (PROTAC platform) with late-stage programs in oncology. Comparable technology platform (heterobifunctional degraders) and similar oncology focus, though Arvinas is more advanced commercially and partnered with Pfizer, giving it incumbent scale advantages over Foghorn.
• Constellation Pharmaceuticals: Constellation Pharmaceuticals developed selective inhibitors of chromatin regulators (EZH2, CBP/p300) for cancer prior to its $1.7B acquisition by MorphoSys in 2021. Highly comparable in chromatin regulatory system targeting, though no longer independent—useful as a historical valuation/pipeline benchmark for Foghorn.

Emerging players

• Schrödinger: Schrödinger operates a physics-based computational platform for drug discovery, with its own pipeline of precision oncology candidates and a substantial software/services business. Comparable as a publicly traded platform-based drug discovery company, though its computational focus differs from Foghorn's chromatin biology approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/foghorntx

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds4 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Foghorn Therapeutics