Foghorn Therapeutics Inc. (NASDAQ: FHTX) completed a $50 million registered direct financing in January 2026 at an issue price of $6.71 per share, representing a 30% premium to the January 9, 2026 closing price, according to the company's annual report filing.

The financing included warrants covering 50% at $13.42 per share and another 50% at $20.13 per share. Investors included BVF Partners, Deerfield Management, founding investor Flagship Pioneering and a biotech mutual fund. The company expects the funding to extend its cash runway into the first half of 2028.

As of December 31, 2025, Foghorn held $158.9 million in cash, cash equivalents and marketable securities, compared to $243.7 million a year earlier. The biotechnology company reported a net loss of $74.3 million for 2025, down from $86.6 million in 2024.

The company is advancing its lead drug candidate FHD-909 in partnership with Eli Lilly and Company. The Phase 1 trial for the SMARCA2 inhibitor targeting SMARCA4-mutant cancers, particularly non-small cell lung cancer, is progressing with enrollment on track since dosing began in October 2024.

Foghorn reported collaboration revenues of $30.9 million for 2025, up from $22.6 million in 2024, primarily from its Lilly partnership. Research and development expenses decreased to $85.5 million from $94.5 million the previous year.

The company appointed Ryan Maynard as Chief Financial Officer in February 2026. Maynard brings over 25 years of executive experience in biopharmaceutical companies.

Two wholly-owned programs, a selective CBP degrader for breast cancer and a selective EP300 degrader for blood cancers, are expected to begin investigational new drug enabling studies in 2026.