Foghorn Therapeutics Inc. reported its financial results for the first quarter ended March 31, 2025, showing a net loss of $18.834 million, an improvement from the $25.016 million net loss reported for the same period in 2024. Collaboration revenue, primarily from the Eli Lilly agreement, increased to $5.952 million in Q1 2025 from $5.050 million in Q1 2024, driven by the advancement of partnered programs.
Total operating expenses decreased to $28.865 million in Q1 2025 from $33.244 million in Q1 2024. This reduction was largely due to a $3.908 million decrease in research and development expenses, resulting from the discontinuation of independent development for FHD-286 and the shutdown of the FHD-609 trial. These savings were partially offset by a $0.7 million increase in costs for Eli Lilly partnered programs, mainly due to the FHD-909 Phase 1 study.
As of March 31, 2025, the company maintained a strong liquidity position with $220.6 million in cash, cash equivalents, and marketable securities, providing a cash runway into 2027. Net cash used in operating activities also decreased to $23.968 million in Q1 2025 from $29.345 million in Q1 2024, reflecting the smaller net loss and favorable changes in operating assets and liabilities.
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