The company maintains a vulnerable capital structure characterized by negative shareholders' equity of $76.4 million and an accumulated deficit that reached $652.3 million by 2026Q1.
| Total Current Assets | 188.06M | 163.24M | 249.6M | 240.18M | 351.4M | 459.56M | 190.69M | 16.89M | 40.4M |
| Cash & Short-Term Investments | 184.88M | 158.89M | 243.75M | 234.06M | 345.8M | 154.29M | 185.77M | 14.98M | 40.02M |
| Cash Only | 88.91M | 80.88M | 55.45M | 80.34M | 52.21M | 101.14M | 92.8M | 14.98M | 40.02M |
| Short-Term Investments | 95.97M | 78.02M | 188.29M | 153.72M | 293.58M | 53.15M | 92.97M | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 300M | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | 83.02K | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.18M | 4.34M | 5.85M | 6.12M | 5.6M | 0 | 0 | 541K | 0 |
| Total Non-Current Assets | 34.1M | 34.87M | 34.38M | 45.73M | 53.48M | 60.21M | 64.91M | 5.46M | 2.66M |
| Property, Plant & Equipment | 32.1M | 32.86M | 32.6M | 42.91M | 49.4M | 56.08M | 62.33M | 3.71M | 2.09M |
| Fixed Asset Turnover | 1.08x | 0.94x | 0.69x | 0.80x | 0.39x | 0.02x | 0.01x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 566K |
| Other Non-Current Assets | 3K | 2M | 1.78M | 2.82M | 4.09M | 4.13M | 2.58M | 1.74M | 0 |
| Total Assets | 222.17M | 198.1M | 283.98M | 285.92M | 404.88M | 519.77M | 255.59M | 22.34M | 43.06M |
| Asset Turnover | 0.13x | 0.16x | 0.08x | 0.12x | 0.05x | 0.00x | 0.00x | - | - |
| Asset Growth % | -109.04% | -30.24% | -0.68% | -29.38% | -22.1% | 103.36% | 1044.01% | -48.11% | - |
| Total Current Liabilities | 64.4M | 59.74M | 66.99M | 58.44M | 55.2M | 48.69M | 18.85M | 12.65M | 3.46M |
| Accounts Payable | 3.32M | 4.27M | 3.79M | 6.26M | 5.41M | 3.82M | 3.68M | 3.44M | 2.01M |
| Days Payables Outstanding | 58.71 | 467.31 | - | - | - | - | 23.27 | 700.08 | 1.94K |
| Short-Term Debt | 1.86M | 923K | 0 | 0 | 0 | 0 | 0 | 4.15M | 0 |
| Deferred Revenue (Current) | 155.22M | 43.19M | 45.61M | 34.55M | 32.82M | 28.32M | 2.02M | 0 | 0 |
| Other Current Liabilities | 5.41M | 11.36M | 4.74M | 4.38M | 5.06M | 5.99M | 3.65M | 1.92M | 0 |
| Current Ratio | 2.92x | 2.73x | 3.73x | 4.11x | 6.37x | 9.44x | 10.12x | 1.33x | 11.68x |
| Quick Ratio | 2.92x | 2.73x | 3.73x | 4.11x | 6.37x | 9.44x | 10.12x | 1.33x | 11.68x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 234.17M | 246.87M | 262.52M | 304.67M | 349.57M | 374.21M | 90.56M | 97.71M | 78.87M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 19.65M | 10.96M | 7.03M |
| Capital Lease Obligations | 113.77M | 40.35M | 28.06M | 36.55M | 45.54M | 51.34M | 58.36M | 157K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -547K |
| Other Non-Current Liabilities | 453K | 556K | 0 | 0 | 29K | 143K | 0 | 86.59M | 71.84M |
| Total Liabilities | 298.57M | 306.6M | 329.51M | 363.11M | 404.77M | 422.9M | 109.41M | 110.36M | 82.33M |
| Total Debt | 41.99M | 41.27M | 37.13M | 45.07M | 51.51M | 58.33M | 82M | 16.63M | 7.03M |
| Net Debt | -46.92M | -39.61M | -18.32M | -35.26M | -707K | -42.8M | -10.8M | 1.65M | -32.99M |
| Debt / Equity | -0.55x | - | - | - | 459.88x | 0.60x | 0.56x | - | - |
| Debt / EBITDA | -0.54x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.60x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | -52.16x | -70.00x | -93.68x | -69.99x |
| Total Equity | -76.41M | -108.5M | -45.53M | -77.19M | 112K | 96.87M | 146.19M | -88.02M | -39.27M |
| Equity Growth % | -814.46% | -138.31% | 41.02% | -69019.64% | -99.88% | -33.73% | 266.09% | -124.11% | - |
| Book Value per Share | -1.10 | -1.72 | -0.83 | -1.84 | 0.00 | 2.61 | 3.97 | -2.39 | -2.00 |
| Total Shareholders' Equity | -76.41M | -108.5M | -45.53M | -77.19M | 112K | 96.87M | 146.19M | -88.02M | -39.27M |
| Common Stock | 6K | 6K | 6K | 4K | 4K | 4K | 4K | 0 | 1K |
| Retained Earnings | -652.34M | -632.47M | -558.18M | -471.56M | -373.14M | -264.26M | -162.94M | -94.14M | -43.01M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -133K | 24K | 135K | -826K | -3.99M | -10K | -7K | 0 | -616K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital raise dependency
As reported in financial statements, FHTX's total assets have declined from $285.9 million in 2023Q4 to $222.2 million in 2026Q1, while shareholders' equity has remained consistently negative, signaling a persistent erosion of the company's net worth as it funds its clinical-stage research and development pipeline.
The consistent decline in total assets suggests that the company is consuming its capital base to sustain operations without generating offsetting internal growth. This trajectory indicates that the business model remains entirely dependent on external financing or milestone-based inflows to prevent further balance sheet deterioration.
Based on recent SEC filings, FHTX's cash position of $88.9 million as of 2026Q1, when viewed against its historical quarterly burn rate, suggests a narrowing liquidity buffer that may necessitate additional capital raises to support ongoing clinical trials for its lead enzymatic inhibitor programs.
While the current ratio of 2.92 appears superficially healthy, it is heavily influenced by deferred revenue liabilities rather than liquid assets available for operational use. Investors should monitor the cash-to-burn ratio closely, as the lack of recurring revenue makes the company highly sensitive to any delays in milestone payments.
According to the provided quarterly data, FHTX has maintained a negative equity position for the majority of the last ten quarters, with accumulated deficits reaching $652.3 million by 2026Q1, highlighting the significant capital intensity required to advance its proprietary Gene Traffic Control platform through clinical development.
The persistent negative equity is a direct consequence of aggressive R&D spending that has not yet been matched by commercial revenue. This structure implies that the company is effectively operating on a deficit-funded model, where future value is entirely contingent upon the successful clinical validation of its pipeline.
As indicated by the company's financial disclosures, the presence of $245.9 million in deferred revenue as of 2026Q1 significantly inflates current liabilities, which may mask the true liquidity risk by creating a mismatch between accounting obligations and the actual cash available to fund ongoing research operations.
The reliance on deferred revenue as a primary liability component suggests that the company's balance sheet is highly sensitive to the timing of partnership-related performance obligations. If clinical milestones are not met, these liabilities may not convert to revenue as expected, potentially forcing a more rapid depletion of cash reserves.
Quick answers to the most common questions about buying FHTX stock.
As of 2025, Foghorn Therapeutics Inc. (FHTX) had total assets of $198.1M including $163.2M in current assets.
Foghorn Therapeutics Inc. (FHTX) carries total debt of $41.3M, offset by $158.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Foghorn Therapeutics Inc. (FHTX) has total shareholders' equity (book value) of $-108.5M ($-1.72 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Foghorn Therapeutics Inc. (FHTX) reported a current ratio of 2.73x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.