Foghorn Therapeutics, Inc. (FHTX)

NASDAQHealth CareBiotechnologySnapshot 2026-10-23

$2.00-0.50%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Foghorn Therapeutics, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	3M
EPS	—	-0.246
Annual ending 2026-12-31
Revenue	—	28.72M
EPS	—	-0.908
Annual ending 2027-12-31
Revenue	—	10.79M
EPS	—	-0.82

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Maintain disciplined cash burn	Cash burn remains steady near -$25M per quarter.	Improving	cash burn exceeds -$25.3M per quarter	Cash from operations: $-18.903M FY2026-Q2; GAAP. Published target: cash burn <= -$25.3M per quarter. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 6, 2026-18,903,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Advance clinical development programs	A primary condition in Foghorn Therapeutics, Inc.'s published investment case. The stated target is progress score >= 7.1.	Intact	progress score falls below 7.1	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Reduce operating losses	Operating losses improved from -$26.6M to -$21.6M recently.	Improving	operating loss worsens beyond -$21.6M	Operating income: $-8.805M FY2026-Q2; GAAP. Published target: operating loss >= -$21.6M. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 6, 2026-8,805,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 6e3c0431-f48c-445b-a881-5635c4d1c34b. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$-0.82

$-1.01 → $-0.82 · observed estimates

FY2027 revenue$0.01B

$0.04B → $0.01B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$-1.01	$37,422,600	7 / 8
2026-07-25	$-1.10	$37,419,300	8 / 10
2026-07-26	$-1.01	$37,422,600	7 / 8
2026-07-27	$-1.01	$37,422,600	7 / 8
2026-07-28	$-1.01	$37,422,600	7 / 8
2026-07-29	$-1.10	$37,419,300	8 / 10
2026-07-30	$-1.10	$37,419,300	8 / 10
2026-07-31	$-1.10	$37,419,300	8 / 10
2026-08-01	$-1.01	$33,947,333	7 / 8
2026-08-02	$-1.10	$37,419,300	8 / 10
2026-08-03	$-1.10	$37,419,300	8 / 10
2026-08-04	$-1.10	$37,419,300	8 / 10
2026-08-05	$-1.01	$33,947,333	7 / 8
2026-08-06	$-1.10	$37,419,300	8 / 10
2026-08-07	$-0.99	$34,889,556	7 / 8
2026-08-08	$-1.07	$38,999,700	8 / 10
2026-08-09	$-1.07	$38,999,700	8 / 10
2026-08-10	$-1.07	$38,999,700	8 / 10
2026-08-11	$-0.99	$38,999,700	9 / 10
2026-08-12	$-0.98	$39,637,100	9 / 10
2026-08-13	$-0.99	$34,889,556	7 / 8
2026-08-14	$-0.99	$34,889,556	7 / 8
2026-08-15	$-0.99	$34,889,556	7 / 8
2026-08-16	$-0.99	$34,889,556	7 / 8
2026-08-17	$-0.99	$34,889,556	7 / 8
2026-08-18	$-0.99	$34,889,556	7 / 8
2026-08-19	$-0.99	$34,889,556	7 / 8
2026-08-20	$-0.94	$36,407,889	7 / 8
2026-08-21	$-0.94	$36,407,889	7 / 8
2026-08-22	$-0.94	$36,407,889	7 / 8
2026-08-23	$-0.94	$36,407,889	7 / 8
2026-08-24	$-0.94	$36,407,889	7 / 8
2026-08-25	$-0.94	$36,407,889	7 / 8
2026-08-26	$-0.94	$36,407,889	7 / 8
2026-08-27	$-0.94	$36,407,889	7 / 8
2026-08-28	$-0.94	$36,407,889	7 / 8
2026-08-29	$-0.98	$32,767,100	7 / 8
2026-08-30	$-0.98	$32,767,100	7 / 7
2026-08-31	$-0.98	$32,767,100	7 / 7
2026-09-01	$-0.98	$32,767,100	7 / 7
2026-09-02	$-0.98	$32,767,100	7 / 7
2026-09-03	$-0.98	$32,767,100	7 / 7
2026-09-04	$-0.98	$32,767,100	7 / 7
2026-09-05	$-0.98	$32,767,100	7 / 7
2026-09-06	$-0.98	$32,767,100	7 / 7
2026-09-07	$-0.98	$32,767,100	7 / 7
2026-09-08	$-0.98	$32,767,100	7 / 7
2026-09-09	$-0.98	$32,767,100	7 / 7
2026-09-10	$-0.98	$32,767,100	7 / 7
2026-09-11	$-0.98	$32,767,100	7 / 7
2026-09-12	$-0.98	$32,767,100	7 / 7
2026-09-13	$-0.98	$32,767,100	7 / 7
2026-09-14	$-0.98	$32,767,100	7 / 7
2026-09-15	$-0.98	$32,767,100	7 / 7
2026-09-16	$-0.98	$32,767,100	7 / 7
2026-09-17	$-0.98	$32,767,100	7 / 7
2026-09-18	$-0.98	$32,767,100	7 / 7
2026-09-19	$-0.98	$32,767,100	7 / 7
2026-09-20	$-0.98	$32,767,100	7 / 7
2026-09-21	$-0.98	$32,767,100	7 / 7
2026-09-22	$-0.98	$32,767,100	7 / 7
2026-09-23	$-0.98	$32,767,100	7 / 7
2026-09-24	$-0.98	$32,767,100	7 / 7
2026-09-25	$-0.98	$32,767,100	7 / 7
2026-09-26	$-0.98	$32,767,100	7 / 7
2026-09-27	$-0.98	$32,767,100	7 / 7
2026-09-28	$-0.98	$32,767,100	7 / 7
2026-09-29	$-0.98	$32,767,100	7 / 7
2026-09-30	$-0.98	$32,767,100	7 / 7
2026-10-01	$-0.98	$32,767,100	7 / 7
2026-10-02	$-0.94	$24,839,100	7 / 5
2026-10-03	$-0.93	Unavailable	7 / 3
2026-10-04	$-0.93	$10,790,000	7 / 5
2026-10-05	$-0.93	$10,790,000	7 / 7
2026-10-06	$-0.93	$10,790,000	7 / 7
2026-10-07	$-0.93	$10,790,000	7 / 7
2026-10-08	$-0.93	$10,790,000	7 / 7
2026-10-09	$-0.93	$10,790,000	7 / 7
2026-10-10	$-0.93	$10,790,000	7 / 7
2026-10-11	$-0.93	$10,790,000	7 / 7
2026-10-12	$-0.93	$10,790,000	7 / 7
2026-10-13	$-0.93	$10,790,000	7 / 7
2026-10-14	$-0.82	$10,790,000	7 / 7
2026-10-15	$-0.82	$10,790,000	7 / 7
2026-10-16	$-0.82	$10,790,000	7 / 7
2026-10-17	$-0.82	$10,790,000	7 / 7
2026-10-18	$-0.82	$10,790,000	7 / 7
2026-10-19	$-0.82	$10,790,000	7 / 7
2026-10-20	$-0.82	$10,790,000	7 / 7
2026-10-21	$-0.82	$10,790,000	7 / 7
2026-10-22	$-0.82	$10,790,000	7 / 7
2026-10-23	$-0.82	$10,790,000	7 / 7
2026-10-24	$-0.82	$10,790,000	7 / 7

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	10	0
2026-06-01	10	0
2026-07-01	10	0
2026-08-01	10	0
2026-09-01	10	0
2026-10-01	10	5

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 10 Buy / Strong Buy · 5 Hold · 0 Sell / Strong Sell

0 upgrades3 downgrades2 maintains

Recent actions · Sep 25–Oct 24 · 5 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Evercore ISIOct 13

$3.00New observation · no comparable prior

WedbushOct 2

$2.00New observation · no comparable prior

H.C. WainwrightOct 2

$5.00New observation · no comparable prior

GuggenheimOct 2

$5.00New observation · no comparable prior

Stifel NicolausOct 1

$5.00New observation · no comparable prior

$0$2.75$5.50

0 raises · 0 cuts · 0 unchanged · 5 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Maintain disciplined cash burnCash from operations: $-18.903M
Advance clinical development programsDirect metric needs a verified mapping
Reduce operating lossesOperating income: $-8.805M

Next proof point

Nov 4, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

2.3%Typical daily move · historical

Downside history

-73.8%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Foghorn Therapeutics, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a speculative biotech investment, not a profitable compounder: the company is loss-making and depends on clinical progress. The multi-year view is intact, but execution is mixed after the discontinuation of FHD-909’s expansion phase.

What's priced into Foghorn Therapeutics, Inc.

The valuation evidence is mixed and low confidence: FHTX is tagged as cheap versus peers, while the model also shows a 42% premium to peers. The expectations gap is slightly negative, and no fragility gates fired, so the evidence does not point to especially fragile expectations.

What the fundamentals likely do

Near term, the recent results have been neutral overall, with earnings beats in May and August, but FHTX remains loss-making and has high risk. Management cut the workforce by 40%, extending the cash runway into the second half of 2029, while the October decision to stop FHD-909’s expansion phase underscores clinical risk.

What Foghorn Therapeutics, Inc. hinges on

Over the multi-year period, the thesis depends on advancing wholly owned programs, including EP300 and CBP degraders, toward planned 2027 clinical filings. Near term, a guidance cut or further weakening in jobs data could pressure the business backdrop; continued strength from major Healthcare companies could support sector momentum.

Bottom line

The 1-3 year view remains intact but speculative: the longer runway and pipeline focus are constructive, while losses, clinical setbacks, and a high near-term miss risk remain central concerns. Not investment advice.

Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	3M
EPS	—	-0.246
Annual ending 2026-12-31
Revenue	—	28.72M
EPS	—	-0.908
Annual ending 2027-12-31
Revenue	—	10.79M
EPS	—	-0.82

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$-0.82

$-1.01 → $-0.82 · observed estimates

FY2027 revenue$0.01B

$0.04B → $0.01B · observed estimates

Exact estimates & source dates

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$-1.01	$37,422,600	7 / 8
2026-07-25	$-1.10	$37,419,300	8 / 10
2026-07-26	$-1.01	$37,422,600	7 / 8
2026-07-27	$-1.01	$37,422,600	7 / 8
2026-07-28	$-1.01	$37,422,600	7 / 8
2026-07-29	$-1.10	$37,419,300	8 / 10
2026-07-30	$-1.10	$37,419,300	8 / 10
2026-07-31	$-1.10	$37,419,300	8 / 10
2026-08-01	$-1.01	$33,947,333	7 / 8
2026-08-02	$-1.10	$37,419,300	8 / 10
2026-08-03	$-1.10	$37,419,300	8 / 10
2026-08-04	$-1.10	$37,419,300	8 / 10
2026-08-05	$-1.01	$33,947,333	7 / 8
2026-08-06	$-1.10	$37,419,300	8 / 10
2026-08-07	$-0.99	$34,889,556	7 / 8
2026-08-08	$-1.07	$38,999,700	8 / 10
2026-08-09	$-1.07	$38,999,700	8 / 10
2026-08-10	$-1.07	$38,999,700	8 / 10
2026-08-11	$-0.99	$38,999,700	9 / 10
2026-08-12	$-0.98	$39,637,100	9 / 10
2026-08-13	$-0.99	$34,889,556	7 / 8
2026-08-14	$-0.99	$34,889,556	7 / 8
2026-08-15	$-0.99	$34,889,556	7 / 8
2026-08-16	$-0.99	$34,889,556	7 / 8
2026-08-17	$-0.99	$34,889,556	7 / 8
2026-08-18	$-0.99	$34,889,556	7 / 8
2026-08-19	$-0.99	$34,889,556	7 / 8
2026-08-20	$-0.94	$36,407,889	7 / 8
2026-08-21	$-0.94	$36,407,889	7 / 8
2026-08-22	$-0.94	$36,407,889	7 / 8
2026-08-23	$-0.94	$36,407,889	7 / 8
2026-08-24	$-0.94	$36,407,889	7 / 8
2026-08-25	$-0.94	$36,407,889	7 / 8
2026-08-26	$-0.94	$36,407,889	7 / 8
2026-08-27	$-0.94	$36,407,889	7 / 8
2026-08-28	$-0.94	$36,407,889	7 / 8
2026-08-29	$-0.98	$32,767,100	7 / 8
2026-08-30	$-0.98	$32,767,100	7 / 7
2026-08-31	$-0.98	$32,767,100	7 / 7
2026-09-01	$-0.98	$32,767,100	7 / 7
2026-09-02	$-0.98	$32,767,100	7 / 7
2026-09-03	$-0.98	$32,767,100	7 / 7
2026-09-04	$-0.98	$32,767,100	7 / 7
2026-09-05	$-0.98	$32,767,100	7 / 7
2026-09-06	$-0.98	$32,767,100	7 / 7
2026-09-07	$-0.98	$32,767,100	7 / 7
2026-09-08	$-0.98	$32,767,100	7 / 7
2026-09-09	$-0.98	$32,767,100	7 / 7
2026-09-10	$-0.98	$32,767,100	7 / 7
2026-09-11	$-0.98	$32,767,100	7 / 7
2026-09-12	$-0.98	$32,767,100	7 / 7
2026-09-13	$-0.98	$32,767,100	7 / 7
2026-09-14	$-0.98	$32,767,100	7 / 7
2026-09-15	$-0.98	$32,767,100	7 / 7
2026-09-16	$-0.98	$32,767,100	7 / 7
2026-09-17	$-0.98	$32,767,100	7 / 7
2026-09-18	$-0.98	$32,767,100	7 / 7
2026-09-19	$-0.98	$32,767,100	7 / 7
2026-09-20	$-0.98	$32,767,100	7 / 7
2026-09-21	$-0.98	$32,767,100	7 / 7
2026-09-22	$-0.98	$32,767,100	7 / 7
2026-09-23	$-0.98	$32,767,100	7 / 7
2026-09-24	$-0.98	$32,767,100	7 / 7
2026-09-25	$-0.98	$32,767,100	7 / 7
2026-09-26	$-0.98	$32,767,100	7 / 7
2026-09-27	$-0.98	$32,767,100	7 / 7
2026-09-28	$-0.98	$32,767,100	7 / 7
2026-09-29	$-0.98	$32,767,100	7 / 7
2026-09-30	$-0.98	$32,767,100	7 / 7
2026-10-01	$-0.98	$32,767,100	7 / 7
2026-10-02	$-0.94	$24,839,100	7 / 5
2026-10-03	$-0.93	Unavailable	7 / 3
2026-10-04	$-0.93	$10,790,000	7 / 5
2026-10-05	$-0.93	$10,790,000	7 / 7
2026-10-06	$-0.93	$10,790,000	7 / 7
2026-10-07	$-0.93	$10,790,000	7 / 7
2026-10-08	$-0.93	$10,790,000	7 / 7
2026-10-09	$-0.93	$10,790,000	7 / 7
2026-10-10	$-0.93	$10,790,000	7 / 7
2026-10-11	$-0.93	$10,790,000	7 / 7
2026-10-12	$-0.93	$10,790,000	7 / 7
2026-10-13	$-0.93	$10,790,000	7 / 7
2026-10-14	$-0.82	$10,790,000	7 / 7
2026-10-15	$-0.82	$10,790,000	7 / 7
2026-10-16	$-0.82	$10,790,000	7 / 7
2026-10-17	$-0.82	$10,790,000	7 / 7
2026-10-18	$-0.82	$10,790,000	7 / 7
2026-10-19	$-0.82	$10,790,000	7 / 7
2026-10-20	$-0.82	$10,790,000	7 / 7
2026-10-21	$-0.82	$10,790,000	7 / 7
2026-10-22	$-0.82	$10,790,000	7 / 7
2026-10-23	$-0.82	$10,790,000	7 / 7
2026-10-24	$-0.82	$10,790,000	7 / 7

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings