Foghorn Therapeutics Inc. (NASDAQ:FHTX) stock is trading lower on Thursday with a session volume of 9.158 million, compared to the average volume of 377.206 thousand, as per Benzinga Pro data.
End of Eli Lilly Collaboration and FHD-909 Development
Following a review of Phase 1 data for FHD-909 (LY4050784), Foghorn and Eli Lilly & Co. (NYSE:LLY) will not advance the program into clinical development expansion.
The companies also will not advance their Selective SMARCA2 degrader program and do not expect further collaboration activities.
Foghorn will instead prioritize its wholly owned pipeline, including a Selective EP300 degrader, an oral immunology and inflammation program, a Selective CBP degrader, and its induced proximity platform.
The companies collaborated in 2021 for Foghorn’s selective BRM program and an additional undisclosed program, as well as three additional discovery programs using Foghorn’s proprietary Gene Traffic Control platform.
Strategic Focus Shifts to Wholly Owned Pipeline
The pipeline reprioritization and organizational changes, including an approximately 40% workforce reduction, are expected to extend Foghorn’s cash runway into the second half of 2029.
As of June 30, 2026, the company had $167.6 million.
EP300 degrader preclinical data highlighted the therapeutic potential in multiple myeloma, including superior anti-tumor activity with complete responses, compared to the clinical benchmark dual CBP/EP300 inhibitor inobrodib.
The data also showed safety in body weight loss and platelet counts, over dual degradation, and tumor regression in a multiple myeloma xenograft model of acquired pomalidomide resistance.
The company is targeting an FDA Investigational New Drug application for human trials in 2027, with a focus on multiple myeloma and diffuse large B-cell lymphoma (DLBCL).
In 2024, Foghorn Therapeutics discontinued independent development of its FHD-286 program in combination with decitabine for relapsed/refractory acute myeloid leukemia due to insufficient response rates in a Phase 1 trial.
Then the company said it would prioritize its proprietary programs, including Selective CBP, Selective EP300, and ARID1B, along with its Eli Lilly collaboration, which includes the development of FHD-909.
FHTX Price Action: Foghorn Therapeutics shares were down 27.17% at $2.60 at the time of publication on Thursday. The stock is trading at a new 52-week low, according to Benzinga Pro data.
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