Foghorn Therapeutics Inc. (NASDAQ: FHTX) completed a $50 million registered direct financing at $6.71 per share, a 30 % premium to the January 9 2026 closing price. The transaction included series warrants covering 50 % of the shares at $13.42 and the remaining 50 % at $20.13, giving investors upside potential if the company’s valuation rises.
The capital raise extends Foghorn’s cash runway into the first half of 2028, reducing near‑term financing risk and providing liquidity to fund ongoing clinical development. The infusion supports the Phase 1 dose‑escalation of FHD‑909 for SMARCA4‑mutant cancers and the IND‑enabling studies for the CBP and EP300 degrader programs.
FHD‑909 is progressing as planned, with the Phase 1 trial continuing to meet its milestones. The selective CBP and EP300 degrader programs remain on track for IND‑enabling studies in 2026. The company’s collaboration with Eli Lilly underpins these efforts, delivering both revenue and technical expertise that accelerate development.
CEO Adrian Gottschalk said the company is building meaningful momentum as it advances its first‑in‑class portfolio. He noted that the FHD‑909 trial continues to progress as planned and that the CBP and EP300 programs are on track for IND in 2026. In February 2026, Foghorn appointed Ryan Maynard as Chief Financial Officer, strengthening the leadership team that will oversee the new capital structure.
Analysts viewed the financing as a positive development, citing the extended runway and progress in key programs as evidence of the company’s growing financial resilience and pipeline momentum.
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