Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Foghorn Therapeutics Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.43
1.32
19.2
34.2
22.6
30.9
Research and development
44.4
57.7
80.3
106
110
94.5
85.5
General and administrative
6.72
11.2
21.7
30.7
32.4
28.4
27.6
Operating expenses
51.1
69
102
136
142
125
117
Operating income
-51.1
-68.5
-101
-117
-108
-103
-86.4
Interest expense
0.54
0.98
1.91
Interest income
0.06
5.68
10.9
11.9
8.75
Other non-operating income
-0.04
-0.27
-0.59
8.26
13.7
16.1
12.1
Pre-tax income
-109
-94.2
-86.6
Income tax
0
0
0
4.23
0
0
Net income
-51.1
-68.8
-101
-109
-98.4
-86.6
-74.3
EBITDA
-50.4
-67.2
-97.5
-114
-104
-99.6
-83.1
EPS, basic
-12.20
-6.23
-2.73
-2.62
-2.34
-1.58
-1.18
EPS, diluted
-12.20
-6.23
-2.73
-2.62
-2.34
-1.58
-1.18
Shares, basic (weighted)
4.19
11
37.2
41.6
42
54.9
63
Shares, diluted (weighted)
4.19
11
37.2
41.6
42
54.9
63
Balance sheet
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
15
92.8
101
52.2
80.3
55.5
80.9
Other current assets
1.36
4.92
5.27
5.6
6.12
5.85
3.09
Total current assets
16.9
191
460
351
240
250
163
Property, plant and equipment
2.68
19.5
17.6
15.3
13
9.96
1.92
Lease right-of-use assets
1.03
42.8
38.5
34.1
30
22.6
30.9
Other non-current assets
0.01
0.84
2.4
2.38
1.12
0.07
0
Total assets
22.3
256
520
405
286
284
198
Accounts payable
3.44
3.68
3.82
5.41
6.26
3.79
4.27
Accrued liabilities
3.7
9.16
9.56
11
9.11
8.53
11.4
Deferred revenue
2.02
28.3
32.8
34.6
45.6
43.2
Short-term debt
4.15
0
Total current liabilities
12.7
18.8
48.7
55.2
58.4
67
59.7
Long-term debt
11
19.7
0
Lease liabilities
0.16
58.4
51.3
45.5
36.6
28.1
40.3
Other non-current liabilities
0
0.14
0.03
0
0
0.56
Total liabilities
23.8
109
423
405
363
330
307
Total debt
15.1
19.7
0
Paid-in capital
6.12
309
361
377
395
513
524
Retained earnings
-94.1
-163
-264
-373
-472
-558
-632
Other comprehensive income
-0.01
-0.01
-3.99
-0.83
0.14
0.02
Shareholders' equity
-88
146
96.9
0.11
-77.2
-45.5
-109
Total equity
-88
146
96.9
0.11
-77.2
-45.5
-109
Total liabilities and equity
22.3
256
520
405
286
284
198
Shares outstanding
4.87
36.8
41.3
41.8
42.3
55.6
56.7
Cash flow statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-51.1
-68.8
-101
-109
-98.4
-86.6
-74.3
Depreciation and amortization
0.69
1.33
3.23
3.32
3.45
3.12
3.33
Stock-based compensation
1.69
2.96
8.38
14.3
16.2
11.9
10.4
Change in payables
1.21
0.47
0.14
1.61
0.85
-2.48
0.48
Cash from operations
-46.3
-31.3
-50.3
194
-118
-100
-86.1
Capital expenditures
-0.97
-16.2
-3.31
-1.21
-1.22
-0.91
-0.05
Purchases of investments
-93
-100
-409
-73.9
-261
-131
Sales and maturities of investments
0
139
166
220
232
243
Cash from investing
-0.96
-109
36.2
-244
144
-29.9
112
Stock issued
0.69
1.22
1.42
1.76
0
103
0.48
Cash from financing
24
217
22.4
1.76
1.78
105
1.02
Net change in cash
-23.3
77.3
8.34
-48.9
28.1
-24.9
27
Free cash flow
-47.3
-47.5
-53.6
192
-119
-101
-86.1
Interest paid
0.42
0.66
1.72
0
3.55
Income taxes paid
3.55
0.86
0.01
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.50 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-198.0%
Operating income / revenue.
EBITDA margin
-192.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-175.8%
Net income / revenue.
FCF margin
-229.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-229.3%
Cash from operations / revenue.
Return on assets (ROA)
-31.8%
Net income / average total assets.
R&D / revenue
214.6%
Research and development expense / revenue.
Stock-based pay / revenue
27.0%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.1%
Capital expenditures / revenue.
D&A / revenue
5.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
36.8%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
17.1%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
135.1%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-30.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-21.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-5.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
14.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
14.8%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
41.6%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.36x
Current assets / current liabilities.
Quick ratio
1.35x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.35x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.52
Revenue / diluted weighted shares.
FCF per share
-$1.19
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.19
Cash from operations / diluted weighted shares.
Book value per share
-$1.38
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
5.66x
Market cap / revenue.
EV/Sales
3.80x
Enterprise value / revenue.
FCF yield
-40.6%
Free cash flow / market cap.
Earnings yield
-31.1%
Net income / market cap (the inverse of P/E).
What was Foghorn Therapeutics Inc.'s revenue in fiscal 2025?
Foghorn Therapeutics Inc. reported revenue of $30.9M for fiscal 2025, 36.8% higher than the year before.
Was Foghorn Therapeutics Inc. profitable in fiscal 2025?
No. It reported a net loss of $74.3M.
How much free cash flow did Foghorn Therapeutics Inc. generate in fiscal 2025?
Cash from operations of $86.1M minus capital expenditures of $50.0K left free cash flow of -$86.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.