Foghorn Therapeutics plans to cut about 40% of its workforce after it and Eli Lilly decided not to take a cancer drug into a larger trial. The Watertown company expects to have about 65 full-time employees once the cuts are finished in the fourth quarter.
The companies made the decision on Sept. 25 after reviewing early trial data for FHD-909, and they do not expect further work under their collaboration. Foghorn's board approved the reduction on Sept. 30, and the company announced it Oct. 1. Foghorn said it will shift money to drug programs it owns outright, in cancer and immune-related diseases.
In a securities filing, Foghorn estimated about $2.3 million in charges, mostly severance and benefits. Chief Executive Adrian Gottschalk said the biology the drug targets "has not translated into the level of efficacy required to further advance the program."
The Oct. 1 announcement did not give a layoff headcount or identify the affected teams.
Sources: Foghorn Therapeutics Form 8-K and Oct. 1, 2026 release (Exhibit 99.1). https://www.sec.gov/Archives/edgar/data/1822462/000162828026064102/fhtx-20260925.htm https://www.sec.gov/Archives/edgar/data/1822462/000162828026064102/exhibit991foghornpressrele.htm