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Foghorn Therapeutics cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$17.9M in Q2 2026 · −$84.3M over twelve months

Operating cash flow−$17.8M
Capital spending−$50K
Free cash flow−$17.9M

Analysis

In Q2 2026, Foghorn Therapeutics generated −$17.8M of operating cash flow and spent $50K on capital projects, leaving free cash flow of −$17.9M. That is $3.1M more than in Q2 2025 (−$21.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$84.2M; the largest uses were operating cash flow ($84.2M), capital spending ($50K); besides operations, cash came from other financing ($50.2M), other investing ($28.2M); the cash balance fell by $5.7M.

Operating cash flow was −$17.8M against net income of −$7.2M. The largest differences: deferred revenue −$16.1M, stock-based pay +$2.5M, accrued liabilities +$1.1M.

Free cash flow

Foghorn Therapeutics: free cash flow by quarterFoghorn Therapeutics: free cash flow by quarter−$21.3MQ3 2024−$25.0MQ4 2024−$24.0MQ1 2025−$21.0MQ2 2025−$18.9MQ3 2025−$22.3MQ4 2025−$25.3MQ1 2026−$17.9MQ2 2026
Operating cash flow less capital spending.
Foghorn Therapeutics: operating cash flow against capital spendingFoghorn Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$21.0M$309KQ3 2024−$24.5M$479KQ4 2024−$24.0M$28KQ1 2025−$21.0M$22KQ2 2025−$18.9M$0Q3 2025−$22.3M$0Q4 2025−$25.3M$0Q1 2026−$17.8M$50KQ2 2026
Latest (Q2 2026): Operating cash flow −$17.8M, Capital spending $50K.

Capital allocation, year by year

Foghorn Therapeutics: where the cash came from (up) and went (down), by fiscal yearFoghorn Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$50.2MFY2021: Net borrowing −$21.2MFY2021: Shares issued $1.4MFY2021: Capital spending −$3.3M$1.4MFY2021FY2022: Operating cash flow $194MFY2022: Shares issued $1.8MFY2022: Capital spending −$1.2M$195MFY2022FY2023: Operating cash flow −$118MFY2023: Shares issued $1.8MFY2023: Capital spending −$1.2M$1.8MFY2023FY2024: Operating cash flow −$100MFY2024: Shares issued $106MFY2024: Capital spending −$906K$106MFY2024FY2025: Operating cash flow −$86.1MFY2025: Shares issued $483KFY2025: Capital spending −$50K$483KFY2025
Over these 5 years operating cash flow totalled −$161M; the largest uses were operating cash flow ($355M) and net borrowing ($21.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$68.1M
Debtnone
Net cash$68.1M
Cash runway10 months

Foghorn Therapeutics is burning cash: its operations consume cash, a free cash flow of −$84.3M a year at the current rate against $68.1M of cash and investments: a runway of about 10 months before any new financing.

Where the cash came from and went

Foghorn Therapeutics: sources (+) and uses (−) of cash, Q2 2026Foghorn Therapeutics: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$20.8MOperating cash flow−$17.8MOther investing−$2.9MCapital spending−$50KOther financing−$31KShares issued$9K
Foghorn Therapeutics: sources (+) and uses (−) of cash, TTM to Q2 2026Foghorn Therapeutics: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$84.2MOther financing$50.2MOther investing$28.2MCash drawn (+) / kept (−)$5.7MShares issued$188KCapital spending−$50K

From profit to cash

Foghorn Therapeutics: net income to operating cash flow, Q2 2026Foghorn Therapeutics: net income to operating cash flow, Q2 2026Net income−$7.2MDepreciation & amortization$200KStock-based pay$2.5MPayables−$69KAccrued liabilities$1.1MDeferred revenue−$16.1MPrepaid and other assets$719KOperating cash flow−$17.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$17.8M−$50K$9K$20.8M−$17.9M
Q1 2026−$25.3M—$50.1M−$6.8M−$25.3M
Q4 2025−$22.3M—$41K$8.5M−$22.3M
Q3 2025−$18.9M—$49K−$16.8M−$18.9M
Q2 2025−$21.0M−$22K$254K−$13.1M−$21.0M
Q1 2025−$24.0M−$28K$139K−$5.6M−$24.0M
Q4 2024−$24.5M−$479K$4K$2.2M−$25.0M
Q3 2024−$21.0M−$309K$1.4M$81.3M−$21.3M

Foghorn Therapeutics: income statement and cash flow

Foghorn Therapeutics, Q2 2026: revenue $16.1M (+113% year over year), operating margin -54.8%. The chart follows the revenue to costs, profit and cash.

Foghorn Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.