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FULC

Fulcrum Therapeutics, Inc.

FULC

Fulcrum Therapeutics, Inc. • NASDAQ
$10.94 ▼ -3.36% (-0.38)
Market Cap $591.98 M
52w High $12.19
52w Low $2.31
Dividend Yield 0%
P/E -9.6
Volume 326.32K
Outstanding Shares 54.11M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $21.858M ▲ $-19.595M ▼ 0% $-0.31 ▼ $-19.249M ▼
Q2-2025 $0 $19.515M ▼ $-17.296M ▲ 0% $-0.28 $-16.952M ▲
Q1-2025 $0 $20.403M ▲ $-17.655M ▼ 0% $-0.28 ▲ $-20.05M ▼
Q4-2024 $0 $19.06M ▼ $-16.568M ▲ 0% $-0.31 ▲ $-16.199M ▲
Q3-2024 $0 $25.126M $-21.696M 0% $-0.35 $-22.694M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $200.645M ▼ $214.858M ▼ $16.492M ▲ $198.366M ▼
Q2-2025 $214.111M ▼ $228.838M ▼ $14.46M ▲ $214.378M ▼
Q1-2025 $226.603M ▼ $242.649M ▼ $14.163M ▼ $228.486M ▼
Q4-2024 $241.021M ▼ $260.718M ▼ $17.684M ▼ $243.034M ▼
Q3-2024 $257.234M $279.008M $21.717M $257.291M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-19.595M ▼ $-14.19M ▼ $18.612M ▲ $64K ▼ $4.49M ▲ $-14.28M ▼
Q2-2025 $-17.296M ▲ $-13.82M ▲ $13.933M ▲ $301K ▲ $414K ▲ $-13.885M ▲
Q1-2025 $-17.655M ▼ $-15.257M ▲ $-777K ▼ $0 ▼ $-16.034M ▼ $-15.257M ▲
Q4-2024 $-16.568M ▲ $-16.761M ▲ $2.26M ▼ $83K ▼ $-14.418M ▼ $-16.992M ▲
Q3-2024 $-21.696M $-19.072M $4.35M $635K $-14.072M $-19.091M

Five-Year Company Overview

Income Statement

Income Statement Fulcrum is still essentially a pre‑revenue biotech company, with only token revenue so far. The business is funded by outside capital, not by product sales. Losses have been consistent over the past several years, but they appear to be narrowing more recently, suggesting tighter cost control or a shift in spending. The company remains firmly in an investment phase, where research and clinical development are the main expense drivers, and profitability will depend on successful drug approvals many years out.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a clinical‑stage biotech. Assets and shareholders’ equity have grown over time, which likely reflects successful capital raises rather than earnings. Cash makes up a meaningful portion of total assets, and debt levels appear low, which reduces financial strain. Overall, the company seems to have a cushioning capital base to support its development plans, though that strength ultimately depends on how long the cash lasts against ongoing research spending.

Cash Flow

Cash Flow Historically, Fulcrum has used cash in its operations, as expected for a research‑focused biotech without commercial products. Recent figures suggest that cash burn has moderated and may be close to break‑even on a yearly basis, which points to disciplined expense management or one‑time inflows. With minimal spending on physical assets, most cash goes directly into R&D and clinical trials. Company disclosures indicating runway into the latter part of the decade imply that, for now, liquidity risk is manageable, but this is always sensitive to trial outcomes and future funding needs.

Competitive Edge

Competitive Edge Fulcrum occupies a focused niche in genetically defined rare diseases, where there is high unmet medical need and fewer direct competitors than in common diseases. Its emphasis on oral small‑molecule drugs that aim at the root genetic drivers of disease, rather than just symptoms, is a key differentiator. In sickle cell disease, its lead candidate competes in a crowded and evolving field that includes gene therapies and other oral treatments, so the eventual clinical profile, safety, and ease of use will be crucial. Strong domain expertise in gene regulation and a portfolio of patents provide some protection, but clinical setbacks—such as the discontinued FSHD program—show that its competitive position is still being tested in the clinic, not yet in the market.

Innovation and R&D

Innovation and R&D Innovation is the core of Fulcrum’s story. The FulcrumSeek platform combines patient‑derived cells, large‑scale screening, and computational biology to systematically discover and validate new drug targets. This gives the company a structured way to generate multiple drug candidates rather than relying on one‑off ideas. The lead program, pociredir for sickle cell disease, uses a novel mechanism to boost fetal hemoglobin, offering a differentiated approach versus many existing options. Beyond sickle cell, Fulcrum is expanding into disorders like Diamond‑Blackfan anemia and other rare conditions, often through partnerships. The flip side is high concentration risk: a small number of programs carry much of the company’s future, and each is exposed to the usual scientific, regulatory, and clinical trial uncertainties.

Summary

Fulcrum Therapeutics is a classic high‑risk, high‑uncertainty clinical‑stage biotech: very little revenue, ongoing losses, and value that hinges on a handful of key drug candidates. Financially, it appears to have a reasonably strong cash position, low debt, and a moderated cash burn, giving it time to advance its pipeline. Strategically, its focus on rare genetic diseases, gene‑expression modulation, and oral therapies, supported by the FulcrumSeek platform, provides a clear and differentiated scientific identity. However, the recent failure of a late‑stage program underscores how binary clinical outcomes can be in this sector. Going forward, the company’s trajectory will be shaped by clinical data from pociredir, progress in new indications like Diamond‑Blackfan anemia, and its ability to translate a promising technology platform into approved, commercially viable therapies.

NEWS

November 7, 2025 · 4:30 PM UTC

Fulcrum Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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November 3, 2025 · 4:45 PM UTC

Fulcrum Therapeutics to Present New Clinical Data from the PIONEER trial of Pociredir in Sickle Cell Disease at the 67th American Society of Hematology Annual Meeting

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October 29, 2025 · 7:00 AM UTC

Fulcrum Therapeutics Announces Recent Business Highlights and Financial Results for Third Quarter 2025

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October 22, 2025 · 8:54 AM UTC

Fulcrum Therapeutics to Host Third Quarter 2025 Financial Results Conference Call and Webcast on Wednesday, October 29, 2025, at 8:00 a.m. ET

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October 10, 2025 · 4:30 PM UTC

Fulcrum Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Read more