FHTX
LLY
Goodbye, Lilly
Foghorn Therapeutics just hit the reset button. After reviewing Phase 1 data for FHD-909, the company and Eli Lilly agreed not to push the program into clinical development expansion — and they’re also shelving the selective SMARCA2 degrader work they’d been exploring together.
That’s not exactly the kind of partner update that gets champagne corks popping. It means the collaboration is effectively winding down, with no more expected collaboration activities on the horizon.
Back to the home team
Instead of leaning on Lilly, Foghorn says it’s going to focus on its wholly owned pipeline. The priority list now includes:
- a selective EP300 degrader
- an oral immunology and inflammation program
- a selective CBP degrader
- its induced proximity platform
The company says the EP300 program has already shown preclinical data in multiple myeloma that looked good enough to make investors pay attention, and it’s aiming for an IND filing in 2027. Nice long runway. Very biotech. Very “trust us, the future is coming.”
The ugly part: shrinking to survive
Foghorn also announced organizational changes, including a roughly 40% workforce reduction. The payoff, at least on paper, is a longer cash runway — into the second half of 2029, versus the classic biotech countdown clock that usually makes everyone nervous.
The market’s reaction was immediate: shares were down 27.17% to $2.60 and hit a new 52-week low. Big picture: when a biotech starts pruning the collaboration tree this aggressively, investors usually read it as both strategic focus and a reminder that the cash burn math is still very real.