FHTX Healthcare

Foghorn Therapeutics Inc.

$2.13+0.00%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 126.5M USD
Enterprise value: -364,691 USD
Full-time employees: 106

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 3.01 vs a peer median of 0.63)higher risk: bigger price swings (beta 3.01 vs peers 0.63)

Ranks #949 of 1,157 healthcare companies (bottom 19%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Foghorn Therapeutics's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Shareholders being diluted. Shares outstanding up 42% from December 2022 to July 2026.
Foghorn Therapeutics had 42% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Foghorn Therapeutics had 42% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Cash exceeds market value plus debt. Its cash is worth more than its market value plus debt.
Foghorn Therapeutics's cash is larger than its market value and debt combined (enterprise value at or below zero). The market is valuing the operating business at nothing or less, which is rare.Foghorn Therapeutics's cash is larger than its market value and debt combined. The market is valuing the operating business at nothing or less, which is rare.
Stock-based pay is a large cost. Stock pay was 34% of revenue in 2025.
Foghorn Therapeutics paid employees $10M in stock in 2025, 34% of its $31M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

StockQuotient Score

32/ 100

Oct 5 33 → Nov 4 32 (-1)

Valuation

Is the price right?

33/100

Weak

2/3 inputs reported · Partial data

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-51.1%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yieldUnavailable

Cash exceeds market value plus debt, so EBITDA yield is not meaningful and is left out · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0401 · MAD: 0.0401

Free cash flow yield-66.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield-64.1%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

84/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 30.2%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth19.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.58Sector median: 0.0584 · MAD: 0.0840

Revenue growth52.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 4.71Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

10/100

Weak

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-198.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -16.85Sector median: 0.0706 · MAD: 0.1217

Return on assets-31.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -6.23Sector median: 0.0166 · MAD: 0.0537

Return on invested capitalUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin-114.6%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta3.01

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -4.28Sector median: 0.6250 · MAD: 0.3380

Current ratio3.36×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.56Sector median: 2.5860 · MAD: 1.3850

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -9.77Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Foghorn Therapeutics

Is Foghorn Therapeutics getting weaker?: Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 32/100 since Oct 28, 2026.
How is Foghorn Therapeutics valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 33/100 against 1,393 healthcare peers. Earnings yield -51.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -51.1% vs peers 1.5% (weaker than 100% of peers).
Is Foghorn Therapeutics growing?: Yes, faster than most of its peers. Growth scores 84/100 against 1,393 healthcare peers. Revenue growth 52.0% vs a peer median of 6.1% (stronger than 90% of peers).Revenue growth 52.0% vs peers 6.1% (stronger than 90% of peers).
How profitable is Foghorn Therapeutics?: Less profitable than most of its peers. Profitability scores 10/100 against 1,393 healthcare peers. Operating margin -198.0% vs a peer median of 7.1% (weaker than 89% of peers).Operating margin -198.0% vs peers 7.1% (weaker than 89% of peers).
How risky is Foghorn Therapeutics?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 3.01 vs a peer median of 0.63 (weaker than 100% of peers).Beta 3.01 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Foghorn Therapeutics is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	28.2M USD	36.7M USD	+30.2%
Net income (12 months)	−75.3M USD	−64.6M USD	−14.3%
Operating margin	-301.3%	-198.0%	+103.3 pts
Free cash flow (12 months)	−87.4M USD	−84.3M USD	−3.6%
Cash	87.7M USD	68.1M USD	−22.3%
Shares outstanding	58.7M	59.4M	+1.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-7637.1%	-609.2%	-315.9%	-454.3%	-279.5%	▲ 175 pts
Net margin	-7681.6%	-566.3%	-288.2%	-383.2%	-240.3%	▲ 143 pts
Return on assets (ROA)	-19.5%	-26.9%	-34.4%	-30.5%	-37.5%	▼ 7.0 pts
Return on equity (ROE)	-104.6%	—	—	—	—	—
Free cash flow margin	-4060.9%	1000.6%	-349.4%	-448.2%	-278.7%	▲ 170 pts
Current ratio	9.44×	6.37×	4.11×	3.73×	2.73×	▼ 27%
Debt to equity	0.00×	—	—	—	—	—
Interest coverage	-52.85×	—	—	—	—	—

FHTX price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 3.01 vs a peer median of 0.63)higher risk: bigger price swings (beta 3.01 vs peers 0.63)

Ranks #949 of 1,157 healthcare companies (bottom 19%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Foghorn Therapeutics's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Shareholders being diluted. Shares outstanding up 42% from December 2022 to July 2026.

Foghorn Therapeutics had 42% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Foghorn Therapeutics had 42% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Cash exceeds market value plus debt. Its cash is worth more than its market value plus debt.

Foghorn Therapeutics's cash is larger than its market value and debt combined (enterprise value at or below zero). The market is valuing the operating business at nothing or less, which is rare.Foghorn Therapeutics's cash is larger than its market value and debt combined. The market is valuing the operating business at nothing or less, which is rare.

Stock-based pay is a large cost. Stock pay was 34% of revenue in 2025.

Foghorn Therapeutics paid employees $10M in stock in 2025, 34% of its $31M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Questions investors ask about Foghorn Therapeutics

Is Foghorn Therapeutics getting weaker?

Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 32/100 since Oct 28, 2026.

How is Foghorn Therapeutics valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 33/100 against 1,393 healthcare peers. Earnings yield -51.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -51.1% vs peers 1.5% (weaker than 100% of peers).

Is Foghorn Therapeutics growing?

Yes, faster than most of its peers. Growth scores 84/100 against 1,393 healthcare peers. Revenue growth 52.0% vs a peer median of 6.1% (stronger than 90% of peers).Revenue growth 52.0% vs peers 6.1% (stronger than 90% of peers).

How profitable is Foghorn Therapeutics?

Less profitable than most of its peers. Profitability scores 10/100 against 1,393 healthcare peers. Operating margin -198.0% vs a peer median of 7.1% (weaker than 89% of peers).Operating margin -198.0% vs peers 7.1% (weaker than 89% of peers).

How risky is Foghorn Therapeutics?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 3.01 vs a peer median of 0.63 (weaker than 100% of peers).Beta 3.01 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

28.2M USD

36.7M USD

+30.2%

Net income (12 months)

−75.3M USD

−64.6M USD

−14.3%

Operating margin

-301.3%

-198.0%

+103.3 pts

Free cash flow (12 months)

−87.4M USD

−84.3M USD

−3.6%

Cash

87.7M USD

68.1M USD

−22.3%

Shares outstanding

58.7M

59.4M

+1.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-7637.1%

-609.2%

-315.9%

-454.3%

-279.5%

▲ 175 pts

Net margin

-7681.6%

-566.3%

-288.2%

-383.2%

-240.3%

▲ 143 pts

Return on assets (ROA)

-19.5%

-26.9%

-34.4%

-30.5%

-37.5%

▼ 7.0 pts

Return on equity (ROE)

-104.6%

—

Free cash flow margin

-4060.9%

1000.6%

-349.4%

-448.2%

-278.7%

▲ 170 pts

Current ratio

9.44×

6.37×

4.11×

3.73×

2.73×

▼ 27%

Debt to equity

0.00×

—

Interest coverage

-52.85×

—