Foghorn Therapeutics Inc. [FHTX] - Foghorn Therapeutics / Eli Lilly restructuring
Foghorn Therapeutics Inc. expects to incur approximately $2.3 million in restructuring charges due to a 40% workforce reduction following the decision to halt the Phase 1 trial of FHD-909 in collaboration with Eli Lilly and Company.
Why this matters
Foghorn Therapeutics Inc., a pharmaceutical company based in Delaware, focuses on developing innovative therapies in the field of epigenetics, particularly targeting cancer and other serious diseases. The company has announced a significant restructuring, including a 40% reduction in its workforce, following the decision to halt the Phase 1 trial of FHD-909, which was being developed in collaboration with Eli Lilly. This strategic reprioritization aims to concentrate resources on Foghorn's core programs, such as its selective EP300 degrader and other proprietary assets. The restructuring is expected to result in approximately $2.3 million in charges, primarily related to employee severance and benefits, with completion anticipated in the fourth quarter of 2026.