Revenue has been highly volatile, with a 112.7% quarterly surge to $16.1M in 2026Q2 following several weak periods, while operating margins remained negative at -54.8% in that quarter and net losses persisted at -$7.2M, suggesting no durable operating leverage has emerged.
Foghorn Therapeutics Inc. (FHTX) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 36.74M | 30.91M | 22.6M | 34.16M | 19.23M | 1.32M | 430K | 0 | 0 |
| Revenue Growth % | 51.98% | 36.75% | -33.83% | 77.63% | 1357.77% | 206.74% | - | - | - |
| Cost of Goods Sold | 21.04M | 3.33M | 0 | 0 | 0 | 0 | 57.72M | 1.79M | 379K |
| COGS % of Revenue | - | 10.78% | - | - | - | - | 13422.09% | - | - |
| Gross Profit | 15.7M | 27.58M | 22.6M | 34.16M | 19.23M | 1.32M | -57.28M | -1.79M | -379K |
| Gross Margin % | 42.73% | 89.22% | 100% | 100% | 100% | 100% | -13322.09% | - | - |
| Gross Profit Growth % | - | 22.01% | -33.83% | 77.63% | 1357.77% | 102.3% | -3094.92% | -373.09% | - |
| Operating Expenses | 84.17M | 109.68M | 125.28M | 142.06M | 136.37M | 102.05M | 11.25M | 49.29M | 26.05M |
| OpEx % of Revenue | - | 354.86% | 554.31% | 415.93% | 709.2% | 7737.15% | 2615.35% | - | - |
| Selling, General & Admin | 26.38M | 27.55M | 28.36M | 32.37M | 30.75M | 21.73M | 11.25M | 4.93M | 4.82M |
| SG&A % of Revenue | - | 89.13% | 125.47% | 94.78% | 159.91% | 1647.31% | 2615.35% | - | - |
| Research & Development | 79.73M | 85.47M | 94.53M | 109.69M | 105.62M | 80.33M | 57.72M | 44.36M | 21.23M |
| R&D % of Revenue | - | 276.51% | 418.23% | 321.15% | 549.29% | 6089.84% | 13422.09% | - | - |
| Other Operating Expenses | -2.24M | -3.33M | 2.4M | 0 | 0 | 0 | -57.72M | 0 | 0 |
| Operating Income | -68.47M | -82.11M | -102.68M | -107.91M | -117.14M | -100.73M | -68.53M | -51.08M | -26.05M |
| Operating Margin % | -186.38% | -265.64% | -454.31% | -315.93% | -609.2% | -7637.15% | -15937.44% | - | - |
| Operating Income Growth % | - | 20.04% | 4.84% | 7.88% | -16.28% | -46.99% | -34.15% | -96.11% | - |
| EBITDA | -66.35M | -78.78M | -99.56M | -104.45M | -113.82M | -97.51M | -67.2M | -50.39M | -25.67M |
| EBITDA Margin % | -180.61% | -254.86% | -440.51% | -305.83% | -591.93% | -7392.49% | -15628.84% | - | - |
| EBITDA Growth % | 25.19% | 20.88% | 4.68% | 8.22% | -16.73% | -45.09% | -33.37% | -96.3% | - |
| D&A (Non-Cash Add-back) | 2.12M | 3.33M | 3.12M | 3.45M | 3.32M | 3.23M | 1.33M | 693K | 379K |
| EBIT | -64.58M | -74.28M | -100.28M | -94.2M | -108.88M | -99.41M | -68.53M | -50.59M | -25.97M |
| Net Interest Income | 7.09M | 8.74M | 11.9M | 10.88M | 5.67M | -1.85M | 22K | -45K | -258K |
| Interest Income | 7.09M | 8.74M | 11.9M | 10.88M | 5.67M | 59K | 1M | 495K | 113K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 1.91M | 979K | 540K | 371K |
| Other Income/Expense | 3.9M | 7.82M | 16.06M | 13.71M | 8.26M | -586K | -269K | -44K | -288K |
| Pretax Income | -64.58M | -74.28M | -86.62M | -94.2M | -108.88M | -101.32M | -68.8M | -51.13M | -26.34M |
| Pretax Margin % | -175.78% | -240.33% | -383.24% | -275.8% | -566.27% | -7681.58% | -16000% | - | - |
| Income Tax | 0 | 0 | 0 | 4.23M | 0 | 0 | 0 | 0 | 83K |
| Effective Tax Rate % | 0% | 0% | 0% | -4.49% | 0% | 0% | 0% | 0% | -0.32% |
| Net Income | -64.58M | -74.28M | -86.62M | -98.43M | -108.88M | -101.32M | -68.8M | -51.13M | -26.34M |
| Net Margin % | -175.78% | -240.33% | -383.24% | -288.17% | -566.27% | -7681.58% | -16000% | - | - |
| Net Income Growth % | 14.35% | 14.24% | 11.99% | 9.6% | -7.46% | -47.27% | -34.56% | -94.13% | - |
| Net Income (Continuing) | -64.58M | -74.28M | -86.62M | -98.43M | -108.88M | -101.32M | -68.8M | -51.13M | -26.34M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.91 | -1.18 | -1.58 | -2.34 | -2.62 | -2.78 | -1.90 | -1.40 | -1.34 |
| EPS Growth % | 17.5% | 25.32% | 32.48% | 10.69% | 5.76% | -46.32% | -35.71% | -4.48% | - |
| EPS (Basic) | - | -1.18 | -1.58 | -2.34 | -2.62 | -2.78 | -1.90 | -1.40 | -1.34 |
| Diluted Shares Outstanding | 70.63M | 62.98M | 54.9M | 41.97M | 41.59M | 37.17M | 36.79M | 36.82M | 19.63M |
| Basic Shares Outstanding | 70.63M | 62.98M | 54.9M | 41.97M | 41.59M | 37.17M | 36.79M | 36.82M | 19.63M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying FHTX stock.
For fiscal year 2025, Foghorn Therapeutics Inc. (FHTX) reported total revenue of $30.9M.
Foghorn Therapeutics Inc. (FHTX) reported a net loss of $74.3M for the fiscal year ending 2025.
Foghorn Therapeutics Inc. (FHTX) reported an operating income of $-82.1M, resulting in an operating profit margin of -265.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Foghorn Therapeutics Inc. (FHTX) generated $27.6M in gross profit for the year, representing a gross profit margin of 89.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses and R&D burn
Metrics are mathematically derived from official filings.
Revenue Volatile Without a Durable Trend
Based on reported quarterly figures, FHTX's revenue swung from $2.9M in 2024Q4 to $16.1M in 2026Q2, but the path lacks consistency, suggesting lumpy collaboration or milestone-driven recognition rather than steady commercial demand. Investors should monitor whether this pattern persists.
Quarterly revenue has oscillated between roughly $3M and $16M across the ten-quarter window, with the most recent 112.7% year-over-year jump appearing to reflect episodic recognition rather than a sustained growth curve. The absence of a stable base makes it difficult to underwrite growth durability from the income statement alone. The data suggests the revenue line is better treated as a non-recurring signal until a consistent run-rate emerges.
Gross Margin Distorted by Lumpy Revenue
As reported in the income statement, FHTX's gross margin has ranged from negative 145.3% in 2025Q3 to 100.0% in several quarters, a swing that reflects cost-of-revenue timing rather than structural pricing power. Gross margin here is not a reliable indicator.
Several quarters show zero COGS and therefore 100% gross margin, while 2025Q3 carried a $20.0M cost line against $8.2M of revenue, which appears to be an accounting timing effect rather than an operating reality. Without a consistent product or service cost base, peer comparison on gross margin offers limited insight. The margin series should be read as noise until cost recognition stabilizes.
Operating Losses Not Scaling Down
Based on reported figures, FHTX's R&D expense of $18.5M to $25.5M per quarter has consistently exceeded gross profit, leaving operating losses between $8.8M and $28.2M with no clear evidence of operating leverage emerging.
SG&A has remained comparatively flat at roughly $6.4M to $7.7M per quarter, so the cost base is dominated by R&D rather than overhead inefficiency. The most recent quarter's narrower operating loss of $8.8M reflects revenue growth outpacing spend, but this single data point does not yet establish a scaling trend. Investors should monitor whether revenue can sustainably absorb the R&D base.
Net Loss Driven by Research Spend
According to reported financial statements, FHTX's net losses track its operating losses closely, with EPS ranging from negative $0.59 to negative $0.10 per share, suggesting limited non-operating offsets in the reported results.
Net income moves in close step with operating income, implying that interest income or tax effects are not materially changing the earnings picture. Stock-based compensation of roughly $2.2M to $3.2M per quarter is modest relative to the operating loss, so it does not appear to be the primary distortion. Earnings quality is therefore primarily a function of R&D intensity rather than accounting noise.
Revenue Spike May Not Be Sustainable
Based on reported quarterly data, the 112.7% revenue surge in 2026Q2 follows several weak quarters, and a single period of growth may be insufficient to validate a durable commercial trajectory for FHTX.
The bear case would focus on the fact that FHTX's revenue has repeatedly spiked and reverted, including a 45.1% decline in 2026Q1 after a strong prior quarter. Persistent operating losses across all ten quarters, with no period of positive operating income, raise questions about how long the current R&D spend can be funded from operations. Investors should treat the latest quarter as a potential outlier until follow-on periods confirm its repeatability.