Unique biology Precision therapeutics Broad impact
January 2026
FHTX
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Foghorn is a Leader in Chromatin Biology, Successfully Drugging Challenging Targets
Multi-billion $ Opportunities First-and-Best-in-Class Approaches Selective Target Engagement Strategic Partnership: Multiple Programs
Targeting chromatin regulation
Implicated in up to
50% of all tumors
Unlocking selectivity of previously undruggable targets
Innovating selective protein degradation with capabilities in induced proximity
Leveraging a proven drug development platform with expansive potential
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Chromatin Regulatory System Orchestrates Gene Expression: Multiple Opportunities for Targets and Therapeutics
Chromatin Regulatory System genes are implicated across a wide range of cancers
Chromatin - compacted fo
Chromatin Remodeling Complexes -specialized multiprotein machines that allow access to DNA
Transcription Factors - proteins that help turn specific genes "on" or "off" by working in concert with the chromatin remodeling complex to bind to DNA
Targets: Multiple TFs
rm of DNA inside the
nucleus of the cell
Targets: SMARCA2, ARID1B
Other Chromatin Binding
Proteins involved in gene expression / function Targets: CBP, EP300
Leveraging synthetic lethality and lineage dependencies
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Foghorn's Platform Has Delivered Precision First-in-Class Therapeutics, and is Poised to Unlock New Biology
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Chromatin Biology
Deep mechanistic understanding of chromatin regulatory system
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Chemistry, Biochemistry & Formulations
Track record with previously undruggable targets
- Degraders / Selective Targeting
Expertise in rules of degrader optimization
Track record of delivering precision therapeutics
Expansion into New TAs
& Induced Proximity
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Foghorn: Precision Therapies with Potential for Multi-Billion Dollar Opportunities Across Oncology
Modality | Program and Partner | Disease | Discovery | Pre-Clinical | Phase 1 | Anticipated Milestones |
FHD-909* | SMARCA4-mutant cancers (e.g., NSCLC) | Ph 1 Monotherapy Data; | ||||
Enzyme | (Selective SMARCA2) | Confidential | ||||
Inhibitors | Partnered** Undisclosed | Undisclosed | Transition to Lilly; Confidential | |||
Selective SMARCA2 | SMARCA4-mutant cancers (e.g., NSCLC) | Transition to Lilly; Confidential | ||||
Protein Degraders | Selective CBP Selective EP300 | ER+ Breast and EP300-mutant cancers (e.g., endometrial, cervical, ovarian, bladder) MM and DLBCL and other heme cancers | IND-Ready; 2026 IND-enabling Studies; 2026 | |||
Selective ARID1B | ARID1A-mutant cancers (e.g., endometrial, gastric, bladder, NSCLC) | In vivo PoC; 2026 | ||||
Transcription Factor Disruptors | Undisclosed | Undisclosed | ||||
3 Discovery Programs | Undisclosed | Undisclosed | ||||
*LY4050784, 50/50 U.S. economic split, ex-U.S. royalties. ** Pending Lilly decision to proceed, 50/50 U.S. economic split, ex-U.S. royalties.
SMARCA2 = BRM 6 |
DLBCL: Diffuse Large B-Cell Lymphoma; ER+: Estrogen Receptor-positive; MM: Multiple Myeloma; NSCLC: Non-Small Cell Lung Cancer
FHD-909 is Being Developed in Collaboration with Lilly; Landmark Agreement Signed in December 2021
Significant Upfront and Economics
Strong Momentum and Shared Vision
Ongoing Discovery Programs
$300 million cash
$80 million in Foghorn common stock
at a price of $20 per share
50/50 U.S. economic split on SMARCA2-target and another undisclosed program
Tiered ex-U.S. royalties ranging from low double-digit into 20s
Lilly is a leading oncology company with a track record of innovation and execution
Lilly selected FHD-909 for development
and initiated the first clinical trial in 2024
Thorough evaluation of FHD-909 in models of SMARCA2-dependent tumors
Three additional programs as part of collaboration (undisclosed)
Potential to earn royalties and up to $1.3 billion in potential milestones across these three programs
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Developing First-in-Class Precision Medicines Targeting Major Unmet Needs in Cancer
Leader in Unique Area of Cancer Biology
Foghorn is a leader in targeting chromatin biology, which has the potential to address underlying dependencies of many genetically defined cancers
Platform with initial focus in oncology, therapeutic area expansion potential
Large Market Potential
Chromatin biology is implicated in up to 50% of tumors, potentially impacting ~2.5 million patients
Foghorn's current pipeline potentially addresses more than 500,000 of these patients
Broad pipeline across a range of targets and small molecule modalities
Well-Funded
$158.9 million in cash and equivalents (unaudited)
(as of 12/31/2025)
Cash runway into 2028
Shares outstanding: approximately 63.2M* (unaudited)
Value Drivers
Selective SMARCA2 Inhibitor, FHD-909, partnered with Lilly, in Phase 1 trial
Advancement of preclinical assets (Selective SMARCA2, CBP, EP300, ARID1B
degraders) towards INDs
Protein degrader platform with expansion into induced proximity
Major Strategic Collaboration
Strategic collaboration with Lilly; $380 million upfront; 50/50 U.S. economic
split on two lead programs
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*Includes common shares outstanding and pre-funded warrants as of 12/31/2025.
Selective SMARCA2 Program For SMARCA4-mutant CancersFHD-909 (LY4050784) - Selective SMARCA2 Inhibitor
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SMARCA2: Clinical-stage FHD-909 Selective SMARCA2 Inhibitor and Preclinical Selective SMARCA2 Degrader
Selective SMARCA2 Inhibitor FHD-909*
Selective SMARCA2 Degrader
Biology
Exploit the synthetic lethal relationship between SMARCA2 and mutated SMARCA4
Status
Phase 1 monotherapy dose escalation trial ongoing
Advancing through late preclinical development
Opportunity
SMARCA4-mutated cancer including ~10% of NSCLC and up to 5% of all solid tumors
Lilly Partnership
50/50 global R&D cost share | 50/50 U.S. economics | tiered ex-U.S. royalties starting in the low double-digit range and escalating into the twenties
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*LY4050784
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