FHTX Foghorn Therapeutics Inc

$FHTX Bad (but somewhat to be expected based on prior SMARCA2 failures) news for FHXT. Now it goes back to being a preclinical stage company.

$FHTX Cash per share (based on end of June cash and accounting for prefunded warrants) is about $2.4 (AI calculation- havent verified). I wouldnt be surprised if it goes less than half that eventually given the stage of clinical development of rest asses and LLY moving away from all collaboration

$FHTX $PRLD Didn't PRLD clandestinely dump their SMARCA2 project and hid that news in their INCY deal? Well...didn't you adumbrate this FHTX crash many months ago by association? (Great call by the way). I have found the science can not predict winners but it can, in the long run, suggest which companies / drugs might not work. But can not overcome the hype and pumps before the crash.

$FHTX is showing unusual volume activity that could signal a big move! $GIPR #momentum $MEDS #stockstotrade $BTTC #darkpoolai

$FHTX is up just over 2% today Don’t get too excited It’s still flat over the last 5 days Upcoming Phase 1 data is the big focus here Options action showed an unusual Oct 16 $2.50 put sweep at 315% IV Someone is hedging event risk, not betting on a clear direction Bullish ratings and a $12 target are out there It’s all about that clinical readout Watch for a binary move Elevated risk on both sides Keep an eye on it but no strong edge right now

$FHTX Foghorn Therapeutics and Eli Lilly walked away from their lead oncology program Thursday. Foghorn cut about 40 percent of its workforce the same day. The drug was FHD-909, a SMARCA2 degrader aimed at lung and other solid tumors carrying SMARCA4 mutations. Phase 1 showed it was generally safe, but the efficacy was not there. CEO Adrian Gottschalk: the SMARCA2/4 synthetic lethality "has not translated into the level of efficacy required." The 2021 Lilly partnership, valued at up to $1.6B, will not be extended. Headcount goes from 106 to about 65, at a $2.3M restructuring charge. The tape reacted in premarket: down 44 percent Thursday to around 2. The counterpoint Foghorn is selling: the cuts extend its cash runway into the second half of 2029, funding its own blood-cancer, prostate, breast-cancer and oral inflammatory programs.

Foghorn Therapeutics shares fell to $2 in afternoon trading, extending a two-day selloff after the company and Eli Lilly said they would not advance FHD-909 (LY4050784) into dose expansion following a Phase 1 review that found SMARCA2/4 synthetic-lethality biology did not produce sufficient clinical efficacy. The companies also abandoned a separate selective SMARCA2 degrader program, effectively ending their collaboration. Analyst downgrades intensified the pressure. Wedbush cut Foghorn to Neutral from Outperform and slashed its price target to $2 from $10, while BTIG downgraded the stock to Neutral from Buy. TD Cowen also moved to Hold from Buy, while H.C. Wainwright, Guggenheim and Stifel each cut their targets to $5 from $13, $12 and $12, respectively. Citizens shifted to Market Perform. Foghorn is restructuring with a roughly 40% workforce reduction aimed at extending its cash runway into the second half of 2029. $FHTX

FHTX Stock Extends Sell-Off After Lilly Collaboration Ends — Wedbush Slashes Target By 80% $FHTX $LLY https://stocktwits.com/news/equity/markets/fhtx-stock-extends-sell-off-after-lilly-collaboration-ends-wedbush-slashes-target-by-80/cZDjlfYRBKS

$FHTX Yes, you also alluded to the potential SMARCA2 failure. I think the way PRLD slipped the news about cancelling SMARCA2 in with the INCY news was sleezy.

$FHTX now prioritizes its EP300 degrader after cutting 40% of staff and halting a Phase 1 trial.

$FHTX “While we are disappointed with the clinical results, we and Lilly developed a drug in FHD-909 that selectively hits the SMARCA2 target with a favorable safety profile at exposures that exceeded our preclinical targets. Unfortunately, the biology of the SMARCA2/4 synthetic lethality relationship has not translated into the level of efficacy required to further advance the program,” said Adrian Gottschalk, President and Chief Executive Officer of Foghorn Therapeutics. “Foghorn is reducing its workforce by approximately 40% and further aligning its operating structure resulting in cash to fund Foghorn’s priority programs into the second half of 2029. These proprietary programs include our EP300 degrader program, our novel, oral immunology and inflammation program, our CBP degrader program, and our induced proximity platform."