Foghorn Therapeutics

FHTX

Biotechnology · Healthcare

Price

$7.07

+0.06 (+0.86%)

Market Cap

$415.1M

Exchange

NASDAQ

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

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Share count rising — dilution

+69.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 37.2M (2021) → 63.0M (2025)

Winston Score History

The full picture

Foghorn Therapeutics is a small biotech company that discovers and develops new cancer drugs. It focuses on a part of human biology called chromatin remodeling — specifically a protein complex called BAF — which controls how genes are turned on or off inside cancer cells. Foghorn is one of the few companies in the world working specifically on this target area.

The company makes no product revenue yet and funds its research through partnerships and grants. Its most notable deal is a collaboration with Merck, one of the world's largest pharmaceutical companies, which has provided Foghorn with upfront payments and potential future milestone payments. Foghorn operates primarily in the United States and is still in the clinical-stage, meaning its drugs are being tested in humans but not yet approved for sale. The biggest risk the company faces is that its drug candidates could fail in clinical trials, which would threaten its ability to survive as an independent company.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+112.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+64.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$85M/ year

↓ Declining (-10% vs prior year)

276.5% of revenue

15.4x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

53.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

$168M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$168M cash & investments at current burn rate

Revenue accelerating

Foghorn Therapeutics grew revenue 113% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

-54.8%

Losing money on operations — -54.8%

Return on the money invested

ROCE

N/A

—

Data not available

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Growth

Sales growth

Sales YoY

+52.0%

Fast-growing sales (+52.0% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-232.3%

Burning cash (-232.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

—

Data not available

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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