FHTX Foghorn Therapeutics Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026
$2.02
· of 52w range
· above low
· to high
$1.7952w low
$7.6152w high
Market Cap (MRQ)
$119M
P/E (TTM)
-2.0
EPS (TTM)
$-0.99
Revenue (TTM)
$37M
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52W Range
$2–$8
Analyst Rating
BUY
Price Target
$11
P/E
-2.0
ROE
81.9%
Net Profit Margin
-175.8%
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FHTX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.02
Market Cap (MRQ)
$119M
P/E (TTM)
-2.0
EPS (TTM)
$-0.99
Revenue (TTM)
$37M
ROE (TTM)
81.9%
52W Range
$2–$8
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$31M2020-12-31 → 2025-12-31
EPS$-1.182020-12-31 → 2025-12-31
Free Cash Flow$-86M2021-12-31 → 2025-12-31
Net margin-175.8%2021-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | FHTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -2.05Y avg ≈-4.2 | ≈-4.2 | · | · | |
| P/S (TTM) | 3.25Y avg ≈10.8 | ≈10.8 | 48.5 | Undervalued | |
| P/B (MRQ) | -1.55Y avg ≈592.3 | ≈592.3 | · | · | |
| Price / FCF (TTM) | -1.45Y avg ≈-1.8 | ≈-1.8 | · | · | |
| Price / Cash Flow (TTM) | -1.45Y avg ≈-1.8 | ≈-1.8 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | FHTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -198.0%5Y avg ≈-1859.2% | ≈-1859.2% | -680.6% | Top tier | |
| EBITDA Margin (TTM) | -192.5%5Y avg ≈-1799.9% | ≈-1799.9% | -664.4% | Top tier | |
| Net Profit Margin (TTM) | -175.8%5Y avg ≈-1831.9% | ≈-1831.9% | -722.9% | Top tier | |
| ROA (TTM) | -30.1%5Y avg ≈-28.3% | ≈-28.3% | -33.9% | Top tier | |
| ROE (TTM) | 81.9%5Y avg ≈-107.5% | ≈-107.5% | -50.1% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | FHTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 3.45Y avg ≈4.2 | ≈4.2 | 4.7 | Low liquidity | |
| Quick Ratio | 1.45Y avg ≈1.1 | ≈1.1 | 4.5 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | FHTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 36.8%5Y avg ≈329.0% | ≈329.0% | · | · | |
| Revenue CAGR 3Y | 17.1%5Y avg ≈168.3% | ≈168.3% | · | · | |
| Revenue CAGR 5Y | 135.1% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | FHTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.15Y avg ≈0.1 | ≈0.1 | 0.1 | In line | |
| Revenue / Employee | ≈$291.6K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
16.3%
Next Report
Nov 03, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 11, 2026 | $-0.10 | $-0.26 | 61.7% |
| March 31, 2026 | May 12, 2026 | $-0.29 | $-0.31 | 6.8% |
| Dec. 31, 2025 | $-0.34 | $-0.25 | -34.8% | |
| Sept. 30, 2025 | $-0.25 | $-0.34 | 26.4% | |
| June 30, 2025 | $-0.28 | $-0.37 | 23.4% | |
| March 31, 2025 | $-0.30 | $-0.35 | 14.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $31M | $23M | $34M | $19M | $1M | $430.0K | |
| R&D Expense | $85M | $95M | $110M | $106M | $80M | $58M | |
| SG&A Expense | $28M | $28M | $32M | $31M | $22M | $11M | |
| Operating Expenses | $117M | $125M | $142M | $136M | $102M | $69M | |
| Operating Income | $-86M | $-103M | $-108M | $-117M | $-101M | $-69M | |
| Interest Expense | · | · | · | · | $2M | $979.0K | |
| Other Non-op | $12M | $16M | $14M | $8M | $2M | $-269.0K | |
| Pretax Income | · | $-87M | $-94M | $-109M | · | · | |
| Income Tax | $0 | $0 | $4M | $0 | · | $0 | |
| Net Income | $-74M | $-87M | $-98M | $-109M | $-101M | $-69M | |
| EPS (Basic) | $-1.18 | $-1.58 | $-2.34 | $-2.62 | $-2.73 | $-6.23 | |
| EPS (Diluted) | $-1.18 | $-1.58 | $-2.34 | $-2.62 | $-2.73 | $-6.23 | |
| Shares (Basic) | 62,980,959 | 54,899,432 | 41,974,484 | 41,591,433 | 37,171,147 | 11,046,802 | |
| Shares (Diluted) | 62,980,959 | 54,899,432 | 41,974,484 | 41,591,433 | 37,171,147 | 11,046,802 | |
| EBITDA | $-83M | $-100M | $-104M | $-114M | $-98M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $81M | $55M | $80M | $52M | $101M | $93M | |
| Prepaid Expense | $3M | $6M | $6M | $6M | $5M | $5M | |
| Current Assets | $163M | $250M | $240M | $351M | $460M | $191M | |
| PP&E (Net) | · | · | · | · | · | $20M | |
| PP&E (Gross) | · | · | · | · | · | $22M | |
| Accum. Depreciation | · | · | · | · | · | $2M | |
| Other Non-current Assets | $4.0K | $68.0K | $1M | $2M | $2M | $842.0K | |
| Total Assets | $198M | $284M | $286M | $405M | $520M | $256M | |
| Accounts Payable | $4M | $4M | $6M | $5M | $4M | $4M | |
| Accrued Liabilities | $11M | $9M | $9M | $11M | $10M | $9M | |
| Current Liabilities | $60M | $67M | $58M | $55M | $49M | $19M | |
| Capital Leases | $40M | $28M | $37M | $46M | $51M | $58M | |
| Other Non-current Liabilities | $556.0K | $0 | $0 | $29.0K | $143.0K | $0 | |
| Total Liabilities | $307M | $330M | $363M | $405M | $423M | $109M | |
| Long-term Debt | · | · | · | · | · | $20M | |
| Total Debt | · | · | · | · | $0 | · | |
| Common Stock | $6.0K | $6.0K | $4.0K | $4.0K | $4.0K | $4.0K | |
| Paid-in Capital | $524M | $513M | $395M | $377M | $361M | $309M | |
| Retained Earnings | $-632M | $-558M | $-472M | $-373M | $-264M | $-163M | |
| AOCI | $24.0K | $135.0K | $-826.0K | $-4M | $-10.0K | $-7.0K | |
| Stockholders' Equity | $-108M | $-46M | $-77M | $112.0K | $97M | $146M | |
| Liabilities + Equity | $198M | $284M | $286M | $405M | $520M | $256M | |
| Shares Outstanding | 56,657,329 | 55,594,131 | 42,282,040 | 41,803,436 | 41,299,720 | 36,790,946 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $3M | $3M | $3M | $3M | $3M | $1M | |
| Stock-based Comp | $10M | $12M | $16M | $14M | $8M | $3M | |
| Other Non-cash | $-26M | $-29M | $-39M | $285M | $39M | · | |
| Operating Cash Flow | $-86M | $-100M | $-118M | $194M | $-50M | $-31M | |
| CapEx | $50.0K | $906.0K | $1M | $1M | $3M | $16M | |
| Investing Cash Flow | $112M | $-30M | $144M | $-244M | $36M | $-109M | |
| Stock Issued | · | $103M | $0 | · | · | · | |
| Net Stock Activity | · | $103M | · | · | · | · | |
| Financing Cash Flow | $1M | $105M | $2M | $2M | $22M | $217M | |
| Taxes Paid | $9.0K | $860.0K | $4M | · | · | · | |
| Free Cash Flow | $-86M | $-101M | $-119M | $192M | $-54M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -279.5% | -454.3% | -315.9% | -609.2% | -7637.1% | · | |
| Net Margin | -240.3% | -383.2% | -288.2% | -566.3% | -7681.6% | · | |
| Pretax Margin | · | -383.2% | -275.8% | · | · | · | |
| EBITDA Margin | -268.7% | -440.5% | -305.8% | -591.9% | -7392.5% | · | |
| ROA | -30.8% | -30.4% | -28.5% | -23.5% | · | · | |
| ROE | 80.2% | 234.7% | 146.3% | -891.2% | · | · | |
| ROIC | · | 225.5% | 146.1% | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.7 | 3.7 | 4.1 | 6.4 | · | · | |
| Quick Ratio | 1.4 | 0.8 | 1.4 | 0.9 | · | · | |
| Interest Coverage | · | · | · | · | -52.9 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.0 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | $-1.92 | $-0.82 | $-1.83 | $0.00 | · | · | |
| Revenue / Share | $0.49 | $0.41 | $0.81 | $0.46 | $0.04 | · | |
| Cash Flow / Share | $-1.37 | $-1.83 | $-2.81 | $4.66 | $-1.35 | · | |
| Cash / Share | $1.43 | $1.00 | $1.90 | $1.25 | · | · | |
| EPS (TTM) | $-1.18 | $-1.58 | $-2.34 | $-2.62 | $-2.73 | $-6.23 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 36.8% | -33.8% | 77.6% | 1357.8% | 206.7% | · | |
| Revenue CAGR 3Y | 17.1% | 157.8% | 329.9% | · | · | · | |
| Revenue CAGR 5Y | 135.1% | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $31M | $23M | $34M | $19M | $1M | $430.0K | |
| Net Income TTM | $-74M | $-87M | $-98M | $-109M | $-101M | $-69M | |
| Market Cap | $306M | $262M | $273M | $267M | · | · | |
| P/E | -4.6 | -3.0 | -2.8 | -2.4 | -8.4 | -3.3 | |
| P/S | 9.9 | 11.6 | 8.0 | 13.9 | · | · | |
| P/B | -2.8 | -5.8 | -3.5 | 2381.3 | · | · | |
| P / Tangible Book | · | · | · | 2381.3 | 9.8 | 5.1 | |
| P / Cash Flow | -3.6 | -2.6 | -2.3 | 1.4 | · | · | |
| P / FCF | -3.6 | -2.6 | -2.3 | 1.4 | · | · | |
| Earnings Yield | -21.9% | -33.5% | -36.3% | -41.1% | -11.9% | -30.7% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16M | $3M | $9M | $8M | $8M | $6M | $3M | $8M | $7M | $5M | $6M | $17M | $6M | $5M | $4M | $7M | |
| R&D Expense | $19M | $18M | $22M | $20M | $22M | $22M | $21M | $25M | $24M | $26M | $24M | $26M | $29M | $30M | $28M | $27M | |
| SG&A Expense | $6M | $7M | $7M | $7M | $7M | $7M | $6M | $7M | $7M | $8M | $7M | $8M | $8M | $9M | $8M | $8M | |
| Operating Expenses | $25M | $25M | $33M | $27M | $29M | $29M | $27M | $32M | $34M | $33M | $31M | $35M | $38M | $39M | $36M | $35M | |
| Operating Income | $-9M | $-22M | $-24M | $-19M | $-21M | $-23M | $-24M | $-24M | $-27M | $-28M | $-25M | $-17M | $-32M | $-33M | $-32M | $-28M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Other Non-op | $2M | $2M | $2M | $3M | $3M | $4M | $5M | $5M | $4M | $3M | $3M | $3M | $4M | $3M | $3M | $2M | |
| Pretax Income | · | · | · | · | · | · | · | $-19M | $-23M | $-25M | $-22M | $-14M | $-29M | $-30M | $-29M | $-26M | |
| Income Tax | · | · | · | · | · | · | · | $0 | $0 | $0 | $2M | $738.0K | $942.0K | $560.0K | $0 | $0 | |
| Net Income | $-7M | $-20M | $-22M | $-16M | $-18M | $-19M | $-20M | $-19M | $-23M | $-25M | $-24M | $-14M | $-29M | $-30M | $-29M | $-26M | |
| EPS (Basic) | $-0.10 | $-0.29 | $-0.35 | $-0.25 | $-0.28 | $-0.30 | $-0.23 | $-0.31 | $-0.45 | $-0.59 | $-0.57 | $-0.34 | $-0.70 | $-0.73 | $-0.69 | $-0.62 | |
| EPS (Diluted) | $-0.10 | $-0.29 | $-0.35 | $-0.25 | $-0.28 | $-0.30 | $-0.23 | $-0.31 | $-0.45 | $-0.59 | $-0.57 | $-0.34 | $-0.70 | $-0.73 | $-0.69 | $-0.62 | |
| Shares (Basic) | 70,629,419 | 69,540,075 | · | 63,029,293 | 62,978,219 | 62,848,673 | · | 62,602,848 | 51,580,310 | 42,428,813 | · | 42,025,938 | 41,825,555 | 41,811,087 | · | 41,672,621 | |
| Shares (Diluted) | 70,629,419 | 69,540,075 | · | 63,029,293 | 62,978,219 | 62,848,673 | · | 62,602,848 | 51,580,310 | 42,428,813 | · | 42,025,938 | 41,825,555 | 41,811,087 | · | 41,672,621 | |
| EBITDA | $-9M | $-21M | · | $-18M | $-20M | $-22M | · | $-23M | $-26M | $-27M | · | $-16M | $-31M | $-32M | · | $-27M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $68M | $88M | $81M | $89M | $73M | $61M | $55M | $58M | $139M | $79M | $80M | $70M | $58M | $51M | $52M | $88M | |
| Prepaid Expense | $2M | $3M | $3M | $3M | $4M | $5M | $6M | $4M | $4M | $5M | $6M | $6M | $6M | $5M | $6M | $4M | |
| Current Assets | $170M | $188M | $163M | $184M | $204M | $225M | $250M | $271M | $290M | $212M | $240M | $265M | $290M | $321M | $351M | $378M | |
| Other Non-current Assets | $3.0K | $3.0K | $4.0K | $5.0K | $6.0K | $24.0K | $68.0K | $848.0K | $1M | $1M | $1M | $1M | $1M | $2M | $2M | $2M | |
| Total Assets | $203M | $222M | $198M | $205M | $226M | $259M | $284M | $308M | $329M | $255M | $286M | $313M | $340M | $373M | $405M | $434M | |
| Accounts Payable | $3M | $3M | $4M | $3M | $3M | $4M | $4M | $3M | $5M | $6M | $6M | $6M | $7M | $7M | $5M | $5M | |
| Accrued Liabilities | $8M | $7M | $11M | $10M | $9M | $6M | $9M | $11M | $6M | $6M | $9M | $9M | $8M | $9M | $11M | $10M | |
| Current Liabilities | $51M | $64M | $60M | $85M | $78M | $71M | $67M | $57M | $51M | $52M | $58M | $52M | $57M | $56M | $55M | $55M | |
| Capital Leases | $40M | $40M | $40M | $16M | $18M | $26M | $28M | $30M | $33M | $34M | $37M | $39M | $40M | $43M | $46M | $46M | |
| Other Non-current Liabilities | $350.0K | $453.0K | $556.0K | $656.0K | $757.0K | $856.0K | $0 | · | · | · | · | $0 | $0 | $0 | $29.0K | $58.0K | |
| Total Liabilities | $284M | $299M | $307M | $295M | $303M | $320M | $330M | $337M | $343M | $352M | $363M | $371M | $389M | $397M | $405M | $410M | |
| Common Stock | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | |
| Paid-in Capital | $579M | $576M | $524M | $521M | $518M | $515M | $513M | $510M | $506M | $400M | $395M | $392M | $386M | $382M | $377M | $373M | |
| Retained Earnings | $-660M | $-652M | $-632M | $-611M | $-595M | $-577M | $-558M | $-539M | $-520M | $-497M | $-472M | $-447M | $-433M | $-404M | $-373M | $-344M | |
| AOCI | $-134.0K | $-133.0K | $24.0K | $24.0K | $-44.0K | $14.0K | $135.0K | $360.0K | $-338.0K | $-497.0K | $-826.0K | $-2M | $-3M | $-3M | $-4M | $-5M | |
| Stockholders' Equity | $-81M | $-76M | $-108M | $-90M | $-77M | $-62M | $-46M | $-28M | $-14M | $-97M | $-77M | $-57M | $-49M | $-25M | $112.0K | $24M | |
| Liabilities + Equity | $203M | $222M | $198M | $205M | $226M | $259M | $284M | $308M | $329M | $255M | $286M | $313M | $340M | $373M | $405M | $434M | |
| Shares Outstanding | 58,714,272 | 58,710,490 | 56,657,329 | 56,542,877 | 55,803,195 | 55,721,340 | 55,594,131 | 55,593,131 | 55,328,655 | 42,585,616 | 42,282,040 | 42,217,126 | 41,852,438 | 41,824,758 | 41,803,436 | 41,799,368 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $200.0K | $238.0K | $705.0K | $900.0K | $900.0K | $827.0K | $785.0K | $700.0K | $800.0K | $835.0K | $892.0K | $900.0K | $800.0K | $859.0K | $810.0K | $900.0K | |
| Stock-based Comp | $3M | $2M | $2M | $3M | $3M | $3M | $2M | $3M | $3M | $3M | $3M | $4M | $4M | $5M | $4M | $4M | |
| Other Non-cash | · | $-8M | · | · | · | $-9M | · | · | · | $-8M | · | · | · | $-6M | · | · | |
| Operating Cash Flow | $-18M | $-25M | $-22M | $-19M | $-21M | $-24M | $-25M | $-21M | $-26M | $-29M | $-28M | $-27M | $-32M | $-31M | $-29M | $-20M | |
| CapEx | $50.0K | $0 | $0 | $0 | $22.0K | $28.0K | $479.0K | $309.0K | $17.0K | $101.0K | $37.0K | $82.0K | $469.0K | $636.0K | $269.0K | $330.0K | |
| Investing Cash Flow | $-3M | $-18M | $13M | $36M | $34M | $29M | $22M | $-61M | $-18M | $27M | $37M | $38M | $39M | $30M | $-7M | $46M | |
| Stock Issued | $0 | $50M | · | $0 | $0 | $0 | · | $0 | · | · | $0 | $0 | · | · | · | · | |
| Net Stock Activity | · | $50M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-22.0K | $50M | $581.0K | $49.0K | $254.0K | $139.0K | $4.0K | $1M | $103M | $1M | $186.0K | $1M | $103.0K | $102.0K | $16.0K | $333.0K | |
| Net Change in Cash | · | · | · | · | · | · | · | $-81M | $60M | $-1M | · | $13M | $7M | $-2M | · | $26M | |
| Taxes Paid | $0 | $2.0K | $1.0K | $0 | $4.0K | $4.0K | $47.0K | $59.0K | $705.0K | $49.0K | $865.0K | $996.0K | $2M | $0 | · | $0 | |
| Free Cash Flow | · | $-25M | · | · | · | $-24M | · | · | · | $-29M | · | · | · | $-32M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -54.8% | -660.3% | · | -226.9% | -279.2% | -385.0% | · | -305.5% | -386.6% | -558.3% | · | -97.7% | -572.4% | -627.6% | · | -426.0% | |
| Net Margin | -44.7% | -608.4% | · | -194.4% | -237.3% | -316.4% | · | -244.9% | -333.6% | -495.4% | · | -82.1% | -526.6% | -574.3% | · | -388.4% | |
| Pretax Margin | · | · | · | · | · | · | · | -244.9% | -333.6% | -495.4% | · | -77.8% | -509.8% | -563.7% | · | · | |
| EBITDA Margin | -53.5% | -653.0% | · | -215.9% | -267.3% | -371.1% | · | -296.5% | -375.0% | -541.8% | · | -92.6% | -558.1% | -611.4% | · | -412.4% | |
| ROA | -3.4% | -8.3% | · | -6.2% | -6.5% | -7.3% | · | -6.2% | -6.9% | -8.0% | · | -3.8% | -7.4% | -7.1% | · | -8.3% | |
| ROE | 9.1% | 28.8% | · | 26.9% | 39.4% | 23.7% | · | 44.6% | 72.2% | 41.0% | · | 86.8% | 3432.7% | -127.5% | · | -48.9% | |
| ROIC | · | · | · | · | · | · | · | 84.3% | 185.9% | 28.9% | · | 31.4% | 67.1% | 138.1% | · | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.4 | 2.9 | · | 2.2 | 2.6 | 3.2 | · | 4.8 | 5.7 | 4.1 | · | 5.1 | 5.1 | 5.7 | · | 6.8 | |
| Quick Ratio | 1.3 | 1.4 | · | 1.0 | 0.9 | 0.9 | · | 1.0 | 2.7 | 1.5 | · | 1.4 | 1.0 | 0.9 | · | 1.6 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $-1.38 | $-1.30 | · | $-1.59 | $-1.37 | $-1.11 | · | $-0.51 | $-0.26 | $-2.29 | · | $-1.36 | $-1.18 | $-0.59 | · | $0.58 | |
| Revenue / Share | $0.23 | $0.05 | · | $0.13 | $0.12 | $0.09 | · | $0.12 | $0.13 | $0.12 | · | $0.42 | $0.13 | $0.13 | · | $0.16 | |
| Cash Flow / Share | · | $-0.36 | · | · | · | $-0.38 | · | · | · | $-0.69 | · | · | · | $-0.75 | · | · | |
| Cash / Share | $1.16 | $1.49 | · | $1.58 | $1.30 | $1.10 | · | $1.04 | $2.51 | $1.86 | · | $1.67 | $1.38 | $1.21 | · | $2.10 | |
| EPS (TTM) | $-0.99 | $-1.17 | · | $-1.06 | $-1.12 | $-1.29 | · | $-1.92 | $-1.95 | $-2.20 | · | $-2.46 | $-2.74 | $-2.70 | · | $-2.70 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $37M | $28M | · | $25M | $24M | $24M | · | $26M | $35M | $34M | · | $33M | $22M | $21M | · | $16M | |
| Net Income TTM | $-65M | $-75M | · | $-72M | $-75M | $-80M | · | $-91M | $-86M | $-93M | · | $-103M | $-115M | $-112M | · | $-109M | |
| Market Cap | $287M | $281M | · | $276M | $262M | $203M | · | $518M | $318M | $286M | · | $211M | $295M | $259M | · | $359M | |
| P/E | -4.9 | -4.1 | · | -4.6 | -4.2 | -2.8 | · | -4.8 | -2.9 | -3.0 | · | -2.0 | -2.6 | -2.3 | · | -3.2 | |
| P/S | 7.8 | 9.9 | · | 11.3 | 10.8 | 8.7 | · | 20.3 | 9.0 | 8.4 | · | 6.5 | 13.6 | 12.6 | · | 22.8 | |
| P/B | -3.5 | -3.7 | · | -3.1 | -3.4 | -3.3 | · | -18.3 | -22.2 | -2.9 | · | -3.7 | -6.0 | -10.5 | · | 14.7 | |
| P / Tangible Book | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 14.7 | |
| P / Cash Flow | · | -11.1 | · | · | · | -8.5 | · | · | · | -9.7 | · | · | · | -8.3 | · | · | |
| Earnings Yield | -20.3% | -24.5% | · | -21.7% | -23.8% | -35.3% | · | -20.6% | -33.9% | -32.8% | · | -49.2% | -38.9% | -43.5% | · | -31.5% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $31M | $23M | $34M | $19M | $1M |
| Operating Margin % | -279.5% | -454.3% | -315.9% | -609.2% | -7637.1% |
| Net Income | $-74M | $-87M | $-98M | $-109M | $-101M |
| Diluted EPS | $-1.18 | $-1.58 | $-2.34 | $-2.62 | $-2.73 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 2.7 | 3.7 | 4.1 | 6.4 | · |
| Quick Ratio | 1.4 | 0.8 | 1.4 | 0.9 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-86M | $-101M | $-119M | $192M | $-54M |
Institutional owners (13F) 106 filers · $229.3M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
106
Value held
$229.3M
New positions
15
Exited positions
14
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 15 (-7 vs prior Q) | 14 (+5 vs prior Q) | 38 (-1 vs prior Q) | 26 (+6 vs prior Q) | +940K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Flagship Pioneering, LLC | $61,849,706 | 12,674,120 | 26.98% | Shares |
| BVF INC/IL | $28,508,960 | 5,842,000 | 12.44% | Shares |
| FMR LLC | $27,845,075 | 5,705,958 | 12.15% | Shares |
| DEERFIELD MANAGEMENT COMPANY, L.P. | $21,444,511 | 4,394,367 | 9.35% | Shares |
| BlackRock, Inc. | $12,818,939 | 2,626,832 | 5.59% | Shares |
| RAYMOND JAMES FINANCIAL INC | $12,151,093 | 2,489,978 | 5.30% | Shares |
| VANGUARD GROUP INC | $10,416,557 | 1,928,992 | 4.54% | Shares |
| Euclidean Capital LLC | $7,679,954 | 1,573,761 | 3.35% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $7,293,702 | 1,494,611 | 3.18% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $4,446,091 | 910,866 | 1.94% | Shares |
| Siren, L.L.C. | $3,517,114 | 720,720 | 1.53% | Shares |
| STATE STREET CORP | $3,403,649 | 697,469 | 1.48% | Shares |
| AMERIPRISE FINANCIAL INC | $2,726,383 | 558,685 | 1.19% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,844,328 | 377,936 | 0.80% | Shares |
| Candriam S.C.A. | $1,529,700 | 313,765 | 0.67% | Shares |
| NORTHERN TRUST CORP | $1,511,703 | 309,775 | 0.66% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $1,490,518 | 305,434 | 0.65% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,485,628 | 304,432 | 0.65% | Shares |
| Birchview Capital, LP | $1,375,853 | 281,937 | 0.60% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,290,379 | 264,422 | 0.56% | Shares |
| Qube Research & Technologies Ltd | $992,084 | 203,296 | 0.43% | Shares |
| Woodline Partners LP | $986,468 | 202,145 | 0.43% | Shares |
| B Group, Inc. | $976,000 | 200,000 | 0.43% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $855,981 | 175,406 | 0.37% | Shares |
| GOLDMAN SACHS GROUP INC | $801,569 | 164,256 | 0.35% | Shares |
| CITADEL ADVISORS LLC | $775,051 | 158,822 | 0.34% | Shares |
| Squarepoint Ops LLC | $636,088 | 130,346 | 0.28% | Shares |
| DAFNA Capital Management LLC | $545,872 | 111,859 | 0.24% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $535,731 | 109,781 | 0.23% | Shares |
| SCS Capital Management LLC | $522,062 | 106,980 | 0.23% | Shares |
| MORGAN STANLEY | $449,429 | 92,096 | 0.20% | Shares |
| Palumbo Wealth Management LLC | $447,687 | 91,739 | 0.20% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $437,248 | 89,600 | 0.19% | Shares |
| Bank of New York Mellon Corp | $387,253 | 79,355 | 0.17% | Shares |
| Invesco Ltd. | $381,298 | 78,135 | 0.17% | Shares |
| DIADEMA PARTNERS LP | $326,511 | 66,908 | 0.14% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $323,247 | 66,239 | 0.14% | Shares |
| Nuveen, LLC | $317,390 | 65,039 | 0.14% | Shares |
| Lynx1 Capital Management LP | $300,549 | 61,588 | 0.13% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $283,499 | 58,094 | 0.12% | Shares |
| MILLENNIUM MANAGEMENT LLC | $261,124 | 53,509 | 0.11% | Shares |
| Verdad Advisers, LP | $259,767 | 53,231 | 0.11% | Shares |
| Persistent Asset Partners Ltd | $228,735 | 46,872 | 0.10% | Shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | $224,358 | 45,975 | 0.10% | Shares |
| RHUMBLINE ADVISERS | $193,152 | 39,582 | 0.08% | Shares |
| DEUTSCHE BANK AG\ | $178,301 | 36,537 | 0.08% | Shares |
| Jump Financial, LLC | $177,549 | 36,383 | 0.08% | Shares |
| WELLS FARGO & COMPANY/MN | $172,268 | 35,301 | 0.08% | Shares |
| ALLIANCEBERNSTEIN L.P. | $142,253 | 29,760 | 0.06% | Shares |
| BANK OF AMERICA CORP /DE/ | $127,383 | 26,103 | 0.06% | Shares |
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Flagship Ventures Fund V, L.P., Flagship Ventures Fund V General Partner LLC, Flagship Ventures Opportunities Fund I, L.P., Flagship Ventures Opportunities Fund I General Partner LLC, Flagship Pioneering Special Opportunities Fund II, L.P., Flagship Pioneering Special Opportunities Fund II General Partner LLC, Flagship Pioneering Fund VII, L.P., Flagship Pioneering Fund VII General Partner LLC, Flagship Pioneering, LLC, Noubar Afeyan | Jan. 13, 2026 | 27.20% | Amendment | · | SEC |
| Flagship Ventures Fund V, L.P. (2), Flagship Ventures Fund V General Partner LLC (2), Flagship Ventures Opportunities Fund I, L.P. (2), Flagship Ventures Opportunities Fund I General Partner LLC (2), Flagship Pioneering Special Opportunities Fund II, L.P. (2), Flagship Pioneering Special Opportunities Fund II General Partner LLC (2), Flagship Pioneering Fund VII, L.P. (2), Flagship Pioneering Fund VII General Partner LLC (2), Flagship Pioneering, Inc. (2), Noubar Afeyan (2) ×2 filings | May 24, 2024 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 23 insiders · 11 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Adrian Gottschalk | Chief Executive Officer | April 10, 2026 G | 270,912 | 0 | 0 | $0 |
| Kristian Humer | Chief Financial Officer | Jan. 22, 2025 A | · | 0 | 0 | $0 |
| Allan Reine | Chief Financial Officer | Jan. 26, 2023 A | 53,784 | 0 | 0 | $0 |
| Anna Rivkin | Chief Business Officer | Jan. 30, 2026 A | · | 0 | 0 | $0 |
| Carlos Costa | Chief People Officer | Jan. 30, 2026 A | 0 | 0 | 0 | $0 |
| Michael Lacascia | Chief Legal Officer | Jan. 30, 2026 A | · | 0 | 0 | $0 |
| Steven F. Bellon | Chief Scientific Officer | Jan. 30, 2026 A | 101,957 | 0 | 0 | $0 |
| Alfonso Quintas Cardama | Chief Medical Officer | Jan. 30, 2026 A | · | 0 | 0 | $0 |
| Fanny Cavalie | Chief Strategy/Bus Ops Officer | March 11, 2024 S | 75,992 | 0 | 0 | $0 |
| Samuel Agresta | Chief Medical Officer | Aug. 16, 2023 M | 0 | 0 | 0 | $0 |
| Carl Decicco | Chief Scientific Officer | Dec. 9, 2021 M | 362,707 | 0 | 0 | $0 |
| Neil Gallagher | Director | June 24, 2026 A | · | 0 | 0 | $0 |
| Stuart Duty | Director | June 24, 2026 A | · | 0 | 0 | $0 |
| Michael Mendelsohn | Director | June 24, 2026 A | · | 0 | 0 | $0 |
| Scott Biller | Director | June 24, 2026 A | · | 0 | 0 | $0 |
| Douglas G. Cole | Director | June 24, 2026 A | · | 0 | 0 | $0 |
| Thomas J. Lynch Jr. | Director | June 24, 2026 A | · | 0 | 0 | $0 |
| Ian F Smith | Director | June 24, 2026 A | · | 0 | 0 | $0 |
| Simba Gill | Director | June 24, 2026 A | 34,061 | 0 | 0 | $0 |
| Lynne B Parshall | Director | June 24, 2026 A | · | 0 | 0 | $0 |
| Adam Koppel | Director | June 26, 2024 A | · | 0 | 0 | $0 |
| Cigall Kadoch | Director | June 21, 2022 A | · | 0 | 0 | $0 |
| Ryan D Maynard | · | Feb. 23, 2026 A | · | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 13 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.07% | 49,159 SH | Oct. 1, 2026 | Daily |
| IWC · iShares Trust | 0.04% | 124,539 SH | Sept. 11, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.01% | 4,209 SH | Oct. 1, 2026 | Daily |
| IWO · iShares Trust | 0.01% | 342,513 SH | Sept. 11, 2026 | Daily |
| IBB · iShares Trust | 0.01% | 236,414 SH | Sept. 11, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 209,037 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 39,520 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 17,433 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.01% | 880,194 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.00% | 10,850 SH | Sept. 29, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 428,310 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,027,071 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 2,231 SH | Aug. 19, 2026 | Daily |
FHTX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 16 analysts
BUY
Median target
$12.00
+494.1%
7 43.8%
Strong Buy
8 50.0%
Buy
1 6.2%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
9 analysts · 2026-09-20Mean target $11.44 +466.6%
← Below all targets
Current price $2.02
Low$9.00
Mean$11.44
High$14.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FHTX | $306M | -4.6 | 36.8% | -240.3% | 80.2% | · |
| ABOS | $128M | -1.1 | · | · | -129.4% | · |
| HUMA | · | · | · | · | · | · |
| KRRO | $75M | -0.6 | 181.5% | -1834.5% | -140.8% | · |
| OTLK | $57M | -0.6 | · | -4416.2% | 193.1% | 4.0% |
| PMVP | $67M | -0.8 | -40.5% | -1226.8% | -63.4% | · |
| RNA | $10.91B | -14.5 | 72.1% | -3650.4% | -47.5% | · |
| CRBU | $151M | -1.0 | 11.7% | -1327.4% | -102.8% | · |
| SPRB | $120M | -1.7 | -51.3% | · | -139.9% | · |
| TNYA | $154M | -1.2 | · | · | -81.2% | · |
My Metrics Your personal watchlist — selected rows from Full Fundamentals
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Source: SEC 10-Q filed Aug 6, 2026