Estados financieros detallados de Foghorn Therapeutics Inc. (FHTX): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Foghorn Therapeutics Inc. registró ingresos de $30.9M en el último ejercicio fiscal, con un CAGR de 5 años del 135.1%.
Márgenes de los últimos 12 meses: margen bruto 42.7%, margen operativo -186.4%, margen neto -175.8%.
Al precio actual de $4.17, FHTX presenta beneficios negativos (P/E no significativo) y un ROE del 72.64%. La capitalización bursátil es de $245M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | $430000 | $1.3M | $19.2M | $34.2M | $22.6M | $30.9M |
| Coste de Ventas | $379000 | $1.8M | $57.7M | 0 | 0 | 0 | 0 | $3.3M |
| Beneficio Bruto | -$379000 | -$1.8M | -$57.3M | $1.3M | $19.2M | $34.2M | $22.6M | $27.6M |
| I+D | $21.2M | $44.4M | $57.7M | $80.3M | $105.6M | $109.7M | $94.5M | $85.5M |
| Generales y Administrativos | $4.8M | $4.9M | $11.2M | $21.7M | $30.7M | $32.4M | $28.4M | $27.6M |
| Gastos Operativos | $26.0M | $49.3M | $11.2M | $102.1M | $136.4M | $142.1M | $125.3M | $109.7M |
| Beneficio Operativo | -$26.0M | -$51.1M | -$68.5M | -$100.7M | -$117.1M | -$107.9M | -$102.7M | -$82.1M |
| EBITDA | -$25.6M | -$48.8M | -$67.2M | -$96.2M | -$105.6M | -$90.7M | -$97.2M | -$71.0M |
| Gastos por Intereses | $371000 | $540000 | $979000 | $1.9M | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$26.3M | -$51.1M | -$68.8M | -$101.3M | -$108.9M | -$94.2M | -$86.6M | -$74.3M |
| Impuestos | $83000 | 0 | 0 | 0 | 0 | $4.2M | 0 | 0 |
| Beneficio Neto | -$26.3M | -$51.1M | -$68.8M | -$101.3M | -$108.9M | -$98.4M | -$86.6M | -$74.3M |
| BPA | $-1.34 | $-1.40 | $-1.90 | $-2.78 | $-2.62 | $-2.34 | $-1.58 | $-1.18 |
| BPA Diluido | $-1.34 | $-1.40 | $-1.90 | $-2.78 | $-2.62 | $-2.34 | $-1.58 | $-1.18 |
| Acciones en Circulación (Diluidas) | $19.6M | $36.8M | $36.8M | $37.2M | $41.6M | $42.0M | $54.9M | $63.0M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $8.2M | $9.2M | $3.3M | $16.1M |
| Beneficio Bruto | -$11.8M | $8.4M | $3.0M | $16.1M |
| Beneficio Operativo | -$18.5M | -$19.6M | -$21.6M | -$8.8M |
| EBITDA | -$15.0M | -$20.9M | -$19.6M | -$7.0M |
| Beneficio Neto | -$15.8M | -$21.7M | -$19.9M | -$7.2M |
| BPA | $-0.25 | $-0.35 | $-0.29 | $-0.10 |
| BPA Diluido | $-0.25 | $-0.35 | $-0.29 | $-0.10 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $40.0M | $15.0M | $92.8M | $101.1M | $52.2M | $80.3M | $55.5M | $80.9M |
| Inversiones a Corto | 0 | 0 | $93.0M | $53.2M | $293.6M | $153.7M | $188.3M | $78.0M |
| Cuentas por Cobrar | 0 | 0 | 0 | $300.0M | 0 | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $40.4M | $16.9M | $190.7M | $459.6M | $351.4M | $240.2M | $249.6M | $163.2M |
| Inmovilizado Material | $2.1M | $3.7M | $62.3M | $56.1M | $49.4M | $42.9M | $32.6M | $32.9M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $43.1M | $22.3M | $255.6M | $519.8M | $404.9M | $285.9M | $284.0M | $198.1M |
| Cuentas por Pagar | $2.0M | $3.4M | $3.7M | $3.8M | $5.4M | $6.3M | $3.8M | $4.3M |
| Deuda a Corto | 0 | $4.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $3.5M | $12.7M | $18.8M | $48.7M | $55.2M | $58.4M | $67.0M | $59.7M |
| Deuda a Largo | $7.0M | $11.0M | $19.7M | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $82.3M | $110.4M | $109.4M | $422.9M | $404.8M | $363.1M | $329.5M | $306.6M |
| Reservas | -$43.0M | -$94.1M | -$162.9M | -$264.3M | -$373.1M | -$471.6M | -$558.2M | -$632.5M |
| Patrimonio Neto | -$39.3M | -$88.0M | $146.2M | $96.9M | $112000 | -$77.2M | -$45.5M | -$108.5M |
| Deuda Total | $7.0M | $16.6M | $82.0M | $58.3M | $51.5M | $45.1M | $37.1M | $41.3M |
| Deuda Neta | -$33.0M | $1.6M | -$103.8M | -$96.0M | -$294.3M | -$189.0M | -$206.6M | -$117.6M |
| Capital Circulante | $36.9M | $4.2M | $171.8M | $410.9M | $296.2M | $181.7M | $182.6M | $103.5M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $89.3M | $80.9M | $88.9M | $68.1M |
| Activos Totales | $205.0M | $198.1M | $222.2M | $203.4M |
| Pasivos Totales | $294.6M | $306.6M | $298.6M | $284.4M |
| Patrimonio Neto | -$89.7M | -$108.5M | -$76.4M | -$81.0M |
| Deuda Total | $22.5M | $41.3M | $42.0M | $43.1M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$26.3M | -$51.1M | -$68.8M | -$101.3M | -$108.9M | -$98.4M | -$86.6M | -$74.3M |
| Amortizaciones | $379000 | $693000 | $1.3M | $3.2M | $7.9M | $3.5M | $3.1M | $3.3M |
| Compensación en Acciones | $732000 | $1.7M | $3.0M | $8.4M | 0 | $16.2M | $11.9M | $10.4M |
| Cambio en Capital Circulante | $2.4M | $1.2M | $28.7M | $33.4M | $281.5M | -$41.9M | -$32.3M | -$32.1M |
| Flujo de Caja Operativo | -$22.6M | -$46.3M | -$31.3M | -$50.2M | $193.6M | -$118.1M | -$100.4M | -$86.1M |
| Inversiones (CapEx) | -$1.5M | -$968000 | -$16.2M | -$3.3M | -$1.2M | -$1.2M | -$906000 | -$50000 |
| Adquisiciones | 0 | 0 | $250000 | -$39.5M | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$24.2M | -$47.3M | -$47.5M | -$53.6M | $192.4M | -$119.3M | -$101.3M | -$86.1M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$18.9M | -$22.3M | -$25.3M | -$18.9M |
| Inversiones (CapEx) | 0 | 0 | 0 | -$50000 |
| Flujo de Caja Libre | -$18.9M | -$22.3M | -$25.3M | -$19.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $2.2M | $2.4M | $2.5M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | +206.7% | +1357.8% | +77.6% | -33.8% | +36.8% |
| Crecimiento Beneficio Neto (anual) | | -94.1% | -34.6% | -47.3% | -7.5% | +9.6% | +12.0% | +14.2% |
| Crecimiento BPA (anual) | | -4.5% | -35.7% | -46.3% | +5.8% | +10.7% | +32.5% | +25.3% |
| Cambio en Acciones (anual) | | +87.6% | -0.1% | +1.0% | +11.9% | +0.9% | +30.8% | +14.7% |
| Crecimiento FCF (anual) | | -95.6% | -0.4% | -12.8% | +459.2% | -162.0% | +15.1% | +15.0% |
| Margen Bruto | | | -13322.1% | 100.0% | 100.0% | 100.0% | 100.0% | 89.2% |
| Margen Operativo | | | -15937.4% | -7637.1% | -609.2% | -315.9% | -454.3% | -265.6% |
| Margen EBITDA | | | -15628.8% | -7292.4% | -549.0% | -265.7% | -429.9% | -229.5% |
| Margen Neto | | | -16000.0% | -7681.6% | -566.3% | -288.2% | -383.2% | -240.3% |
| Margen FCF | | | -11039.3% | -4060.9% | 1000.6% | -349.4% | -448.2% | -278.7% |
| Tasa Impositiva Efectiva | -0.3% | -0.0% | -0.0% | -0.0% | -0.0% | -4.5% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.23 | $-1.28 | $-1.29 | $-1.44 | $4.63 | $-2.84 | $-1.85 | $-1.37 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $19.6M | $36.8M | $36.8M | $37.2M | $41.6M | $42.0M | $54.9M | $63.0M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 72.64% |
| Rentabilidad sobre capital invertido | -44.00% |
| Rentabilidad sobre activos | -31.75% |
| Margen bruto | 42.73% |
| Margen operativo | -186.38% |
| Margen neto | -175.78% |
Salud financiera
| Deuda / Patrimonio | -0.53 |
| Ratio corriente | 3.36 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -4.39 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -13.52 | -12.94 | -10.67 | -8.23 | -2.44 | -2.76 | -2.99 | -4.58 |
| P/VC | -9.06 | -7.58 | 5.10 | 8.78 | 2369.23 | -3.51 | -5.69 | -3.13 |
| P/V | 0.00 | 0.00 | 1734.31 | 644.51 | 13.80 | 7.93 | 11.46 | 11.00 |
| Margen Bruto | 0.0% | 0.0% | -13322.1% | 100.0% | 100.0% | 100.0% | 100.0% | 89.2% |
| Margen Operativo | 0.0% | 0.0% | -15937.4% | -7637.1% | -609.2% | -315.9% | -454.3% | -265.6% |
| Margen Neto | 0.0% | 0.0% | -16000.0% | -7681.6% | -566.3% | -288.2% | -383.2% | -240.3% |