Foghorn plunges after scrapping Lilly-backed drug program

Foghorn Therapeutics

01/10/2026 13:46

** Shares of cancer drug maker Foghorn Therapeutics FHTX.O fall 44% to $2 premarket
** Stock set to open at a record low if levels hold
** Co says it discontinued development of an experimental cancer drug it was working on with pharma giant Eli Lilly LLY.N 
** Cos will not extend their 2021 partnership, originally valued at up to $1.6 bln, after the FHD-909 drug failed to show enough benefit in an early-stage trial
** FHTX to cut about 40% of its workforce; expects about $2.3 mln in layoff-related charges 
** Says it will focus on its own pipeline of blood and prostate cancer treatments 
** As of last close, stock down 34% YTD

(Reporting by Anand Gopal in Bengaluru)
((AnandGopal.R@thomsonreuters.com))