FHTX
Foghorn Therapeutics Inc.Healthcare·Biotechnology
$4.28
$251M market cap
Revenue
$12.5M
Free Cash Flow
$-47.5M
Rev Growth
+0.0%
FCF Margin
-379.9%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Foghorn Therapeutics Inc., a clinical-stage biopharmaceutical company, discovers and develops medicines targeting genetically determined dependencies within the chromatin regulatory system. The company uses its proprietary Gene Traffic Control platform to identify, validate, and potentially drug targets within the system. It is developing FHD-286, a small molecule inhibitor of the enzymatic activity of BRG1 and BRM for the treatment of metastatic uveal melanoma and relapsed and/or refractory acu
2-Year Price History
$4.22-29.8%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 3.3 | -21.3 | -21.6 | -19.9 | -25.3 | -25.3 | -0.0 | 184.9 | 42.0 | 69.5 | -116.5% | -- | -- |
| Act | 2025-Q4 | 9.3 | -18.8 | -19.6 | -21.7 | -22.3 | -22.3 | -0.0 | 158.9 | 41.3 | 63.0 | -189.9% | -- | -- |
Valuation & Metrics
Market Stats
Price$4.28
Market Cap$251M
Enterprise Value$108M
P/S Ratio20.1x
P/FCF--
EV/FCF--
FCF Margin (TTM)-379.9%
FCF Yield-18.9%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$12.5M
Net Income$-41.5M
Free Cash Flow$-47.5M
Revenue Growth (YoY)+0.0%
EBITDA Margin-320.7%
Net Margin-331.9%
FCF Margin-379.9%
CapEx % of Revenue0.0%
SBC % of Revenue37.0%
ROIC-153.2%
WC Change % Rev-7.6%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares1.4M
Days to Cover11.9
Change (vs Prior)-1.3%
Need at least 2 settlement dates for chart
Employees
Headcount112
Revenue / Employee$111,732
Gross Profit / Employee$102,446
Cash Runway
46.7months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
75.8%(+22.8% YoY)
93 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
12.2%(+4.1% YoY)
8 filers
Vanguard, iShares, SPDR
Market makers
0.0%(-0.0% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Flagship Pioneering Inc. | $60.6M | $13.60 | +$0 | +$0 | -13.6% | $1.16B |
| FMR LLC | $28.9M | $6.02 | +$3.1M | +$2.2M | -0.0% | $1.89T |
| BVF INC/IL | $27.9M | $5.66 | +$2.6M | +$2.6M | -0.3% | $3.14B |
| DEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C) | $21.0M | $6.94 | +$3.6M | +$5.4M | -0.8% | $7.18B |
| RAYMOND JAMES FINANCIAL INC | $12.4M | $4.66 | +$462K | +$1.8M | -0.0% | $322.69B |
| BlackRock, Inc.Passive | $11.3M | $8.21 | +$72K | +$1.8M | -0.2% | $5.69T |
| Euclidean Capital LLC | $7.5M | $7.04 | +$0 | +$0 | -4.3% | $392M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $7.1M | $4.78 | +$7.1M | +$7.1M | — | $4.04T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $4.1M | $6.62 | +$254K | +$753K | +2.3% | $1.61T |
| Siren, L.L.C. | $3.4M | $9.31 | +$0 | +$0 | +6.2% | $3.61B |
| STATE STREET CORPPassive | $3.2M | $6.50 | +$292K | +$447K | -0.2% | $2.89T |
| AMERIPRISE FINANCIAL INC | $2.1M | $5.27 | −$759K | +$2.1M | -0.1% | $430.96B |
| RENAISSANCE TECHNOLOGIES LLC | $1.9M | $5.23 | +$520K | +$1.7M | +1.2% | $63.91B |
| Candriam Luxembourg S.C.A. | $1.5M | $4.78 | +$1.5M | +$1.5M | +0.0% | $19.11B |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $1.5M | $5.76 | +$165K | +$296K | +0.4% | $23.79B |
| Birchview Capital, LP | $1.3M | $6.45 | +$0 | −$140K | -1.1% | $176M |
| NORTHERN TRUST CORPPassive | $1.3M | $7.84 | +$64K | +$137K | -0.2% | $755.34B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $1.2M | $4.78 | +$1.2M | +$1.2M | — | $1.91T |
| VANGUARD FIDUCIARY TRUST COPassive | $1.2M | $4.78 | +$1.2M | +$1.2M | — | $395.83B |
| CITADEL ADVISORS LLC | $956K | $5.89 | +$85K | +$956K | -0.4% | $138.22B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-4.61%
avg per quarter
Holders (ex-self)
-4.74%
excl. this stock
Buyers (this Q)
-0.56%
43 buyers · $0.02B in
Sellers (this Q)
-1.31%
22 sellers · $0.00B out
alpha coverage: 95% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-8.0%
how holders react when this stock falls
On quiet Qs
-13.0%
−10% to +10% baseline
On rallies (+10%+)
-6.5%
how they react when this stock rises
Holders' portfolio flow this Q
+72.6%
inflows — adds are organic
Sellers' portfolio flow this Q
-1.3%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.0%
Holder mid (any stock)
-1.5%
Holder rally (any stock)
-3.3%
Biggest decreases this quarter
AMERIPRISE FINANCIAL INC−$759Kα-0.1JANE STREET GROUP, LLCexited−$716KMARSHALL WACE, LLPexited−$156KTWO SIGMA INVESTMENTS, LPexited−$90KXTX Topco Ltdexited−$85KINTECH INVESTMENT MANAGEMENT LLCexited−$79KDAFNA Capital Management LLC−$72Kα-5.2Brevan Howard Capital Management LPexited−$57KBrummer Multi-Strategy ABexited−$25KROYAL BANK OF CANADAexited−$6K
New buyers this quarter
Top-5 holders · 71.0%
Flagship Pioneering Inc.--
FMR LLC--
BVF INC/IL--
DEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C)--
RAYMOND JAMES FINANCIAL INC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Flagship Pioneering Inc.12.7MFMR LLC6.0MBVF INC/IL5.8MArtal Group S.A.—Euclidean Capital LLC1.6MDEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C)4.4MRAYMOND JAMES & ASSOCIATES—MORGAN STANLEY98KRAYMOND JAMES FINANCIAL INC2.6MAlphabet Inc.—
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (3 analysts)$11.6717270.0%
Current Price$4.28
Analyst Ratings
8
1
Buy: 8Hold: 1Consensus: Buy
Corporate
Order Flow (FINRA, ~3w lag)
26.3%retail+0.3pp
16.5%dark-0.2pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Foghorn Therapeutics: A Scientific Cash Incinerator Running on Warrant-Fueled Life Support
Overall Risk
8/10
Fraud
3/10
Dilution
9/10
Insolvency
7/10
Earnings Overstated
6/10
Hidden Liabilities
4/10
Legal
2/10
Audit Warnings
5/10
Hidden Upside
6/10
Contextually Acceptable
7/10