Foghorn Therapeutics Inc. reported its financial results for the third quarter ended September 30, 2024, highlighting a strong balance sheet. The company held $267.4 million in cash, cash equivalents, and marketable securities as of September 30, 2024. This financial position is expected to provide a cash runway into 2027, supporting ongoing research and development efforts.
General and administrative expenses for the three months ended September 30, 2024, were $7.0 million, a decrease from $8.3 million for the same period in 2023. This reduction was primarily attributed to lower personnel-related costs, reflecting the company's focus on operational efficiency.
The company also provided updates on its pipeline, noting that IND-enabling studies for its Selective CBP degrader program are on track to begin by year-end 2024. Additionally, topline Phase 1 dose escalation data for FHD-286 plus decitabine in patients with relapsed and/or refractory AML were expected by year-end 2024.
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