$FHTX reports strong balance sheet and potential new IND applications.
Mar 9th 2023, 12:15 pm
Analyst Summary: Foghorn Therapeutics reported its strategic priorities and 2022 achievements in their 10-K filing for the year ending December 31, 2022. The company's platform and pipeline have the potential to transform the lives of people suffering from a wide spectrum of diseases. Foghorn disclosed its selective EP300 degrader targeting CBP mutant cancers and subsets of EP300 dependent malignancies while continuing to expand its pipeline, which has the potential for six new molecular investigational new drug (IND) applications in the next four years. In addition, the company's strategic collaborations with Loxo Oncology and Merck continued to progress, and Foghorn announced Steven Bellon, Ph.D., as Chief Scientific Officer and elected B. Lynne Parshall, Esq., and Thomas J. Lynch Jr. M.D. to its board of directors. Foghorn reported a strong balance sheet with $345.8 million in cash, cash equivalents and marketable securities, providing cash runway into the second half of 2025. Quotes: "Platform and resulting broad pipeline has the potential to transform the lives of people suffering from a wide spectrum of diseases." - Adrian Gottschalk, President and CEO of Foghorn Forward-Looking Statements: Foghorn made references to future periods and highlighted the potential in various areas, including selective CBP program and chromatin related factors, among others. As a result, actual results may differ from those contemplated by the forward-looking statements.