FOGHORN THERAPEUTICS Reports Record Earnings for Q2 of FY2023
August 14, 2023
🌥️Earnings Overview
For FY2023 Q2, FOGHORN THERAPEUTICS ($NASDAQ:FHTX) reported total revenue of USD 5.6 million, a 24.7% increase from the same period in the previous year. Net income was USD -29.5 million, an improvement from the prior year’s figure of -27.3 million. The quarter ended on June 30, 2023.
Market Price
On Friday, FOGHORN THERAPEUTICS reported record earnings for its second quarter of fiscal year 2023. Despite the market downturn, FOGHORN THERAPEUTICS stock opened at $9.3 and closed at $9.2, down by 0.5% from its last closing price of $9.3. This remarkable performance is a testament to the strength of FOGHORN THERAPEUTICS’ business model, which focuses on developing innovative and effective treatments for a range of diseases. In the past year, FOGHORN THERAPEUTICS has launched several highly successful products and has seen tremendous success in the market. The company’s strong performance is also bolstered by its commitment to research and development, with the company investing heavily in cutting-edge technologies and treatments to better serve its customers.
Additionally, FOGHORN THERAPEUTICS has recently expanded its reach into new markets, such as Asia and South America, further strengthening its global presence. With its commitment to research and development, expanding global reach, and innovative products, FOGHORN THERAPEUTICS is well-positioned to report continued success in the coming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Foghorn Therapeutics. More…
| Total Revenues | Net Income | Net Margin |
| 21.73 | -114.63 | -527.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Foghorn Therapeutics. More…
| Operations | Investing | Financing |
| -112.27 | 108.18 | 0.55 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Foghorn Therapeutics. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 339.58 | 388.93 | -1.18 |
Key Ratios Snapshot
Some of the financial key ratios for Foghorn Therapeutics are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| – | – | -539.7% |
| FCF Margin | ROE | ROA |
| -524.6% | 198.2% | -21.6% |
Analysis
At GoodWhale we have conducted an analysis of FOGHORN THERAPEUTICS‘ wellbeing. Our Star Chart results show that FOGHORN THERAPEUTICS has an intermediate health score of 4/10, indicating that it may be able to sustain future operations in times of crisis. We have classified FOGHORN THERAPEUTICS as a ‘cheetah’ company – one that has achieved high revenue or earnings growth but is considered less stable due to lower profitability. Given FOGHORN THERAPEUTICS’ strengths in growth and weaknesses in other areas such as dividend and profitability, it may be of interest to investors who are looking for a high growth company with potential for strong returns. Those investors willing to take on the associated risks may find FOGHORN THERAPEUTICS to be an attractive opportunity. More…
Peers
With each of these companies striving to develop innovative treatments and therapies, the race to stay ahead of the competition is ever-present.
– Omega Therapeutics Inc ($NASDAQ:OMGA)
Omega Therapeutics Inc is a biopharmaceutical company based in San Francisco that focuses on the research and development of novel therapies to address unmet needs in immunology. As of 2023, Omega Therapeutics has a market capitalization of 335.71M, which reflects the company’s current value in the public markets. Additionally, Omega Therapeutics has a Return on Equity of -48.06%, which indicates that the shareholders’ investment in the company has resulted in a net loss in the past year.
– TME Pharma NV ($BER:0N6A)
TME Pharma NV is a biopharmaceutical company based in Belgium that is focused on developing innovative treatments for chronic and rare diseases. As of 2023, the company has a market cap of 1.59M. TME Pharma’s Return on Equity (ROE) is -271.38%, which suggests that the company has struggled to generate profits from its investments. Despite this, the company is developing a strong pipeline of promising new treatments and could well see its market cap increase in the future.
– Shattuck Labs Inc ($NASDAQ:STTK)
Shattuck Labs Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of novel immunotherapies for the treatment of cancer and other diseases. It has a market cap of 122.25M as of 2023 and a negative Return on Equity (ROE) of -34.39%. The market cap indicates that the company is valued at over one hundred million dollars, while its negative ROE suggests that it has not had much success generating profits from its operations. Nevertheless, Shattuck Labs Inc remains dedicated to its mission of discovering and developing novel immunotherapies for cancer and other diseases.
Summary
FOGHORN THERAPEUTICS reported their FY2023 Q2 earnings, with total revenue rising 24.7% year-over-year to USD 5.6 million. Net income, however, decreased from -27.3 million to -29.5 million. Investors are advised to look into the company’s future strategy to better understand the decrease in net income and how it may affect their portfolio. In terms of revenue growth, FOGHORN THERAPEUTICS offers potential, and further research into its financial health is advised.
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