Foghorn Therapeutics shares fell 27.17% to $2.60 on Thursday after the company and Eli Lilly decided not to advance FHD-909 or their selective SMARCA2 degrader program following a review of Phase 1 data. Foghorn’s price target was cut from $12 to $5, while trading volume reached 9.158 million shares, versus an average of 377,206, and the stock set a new 52-week low. The companies’ decision ends their collaboration. Foghorn will focus on wholly owned programs targeting EP300, CBP, immunology and inflammation, alongside its induced proximity platform. The company expects an approximately 40% workforce reduction and other restructuring to extend its financial runway into the second half of 2029. Foghorn reported $167.6 million as of June 30, 2026, plans to seek FDA clearance for an Investigational New Drug application in 2027, and is developing its EP300 program for multiple myeloma and diffuse large B-cell lymphoma.