FULC

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Fulcrum Therapeutics, Inc.

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Key Metrics

Previous Close: $3.91
52-Week Range: $2.83 – $15.74
Market Cap: $293.74M
P/E (TTM): —
EPS (TTM): -1.21
Dividend Yield: —

Advanced Metrics

Price/Book: 0.95
PEG Ratio: —
Return on Equity: -32.38%
Return on Assets: -19.59%
Gross Margin: 0.00%
Operating Margin: 0.00%
Profit Margin: 0.00%
Current Ratio: 31.35
Debt/Equity: 0.02
Total Debt: $5.28M
Free Cash Flow: $-37.37M
Revenue Growth: —
Earnings Growth: —
Enterprise Value: $-20.20M

FULC Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$6.34M	$2.81M	$80.00M	$0.00
Research & Development	$76.78M	$71.80M	$63.39M	$56.10M
Selling, General & Admin	$41.69M	$41.67M	$36.45M	$28.67M
Operating Expenses	$118.48M	$113.47M	$99.83M	$84.77M
Operating Income	-$112.13M	-$110.66M	-$19.83M	-$84.77M
EBITDA	-$109.72M	-$108.49M	-$18.24M	-$83.38M
Pretax Income	-$109.87M	-$97.33M	-$9.72M	-$74.88M
Net Income	-$109.87M	-$97.33M	-$9.72M	-$74.88M
Diluted EPS	-2.44	-1.59	-0.16	-1.18
Diluted Shares	44.99M	61.31M	61.98M	63.35M

FULC Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$35.10M	$25.56M	$58.21M	$197.53M
Receivables	$1.08M	$2.25M	$3.34M	$1.07M
Current Assets	$207.52M	$242.20M	$249.92M	$357.48M
Total Assets	$226.69M	$257.69M	$260.72M	$366.28M
Current Liabilities	$16.73M	$13.68M	$11.04M	$13.05M
Total Debt	$13.42M	$10.82M	$8.63M	$6.44M
Total Liabilities	$27.74M	$22.50M	$17.68M	$17.28M
Retained Earnings	-$412.34M	-$509.67M	-$519.40M	-$594.28M
Shareholders' Equity	$198.94M	$235.19M	$243.03M	$349.00M
Working Capital	$190.79M	$228.52M	$238.88M	$344.43M

FULC Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$97.05M	-$90.97M	-$2.22M	-$60.06M
Capital Expenditure	-$1.96M	-$508.00K	-$278.00K	-$314.00K
Free Cash Flow	-$99.01M	-$91.47M	-$2.50M	-$60.38M
Depreciation & Amortisation	$2.41M	$2.17M	$1.59M	$1.39M
Stock-Based Compensation	$13.35M	$14.80M	$14.55M	$12.47M
Investing Cash Flow	$12.41M	-$36.69M	$32.23M	$30.72M
Financing Cash Flow	$84.32M	$118.12M	$2.75M	$168.67M
Net Change in Cash	-$314.00K	-$9.54M	$32.76M	$139.32M

FULC Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$0.00	$0.00	$0.00	$0.00	$0.00
Research & Development	$12.99M	$14.30M	$15.42M	$14.08M	$12.44M
Selling, General & Admin	$6.83M	$7.56M	$7.28M	$8.10M	$7.46M
Operating Expenses	$19.82M	$21.86M	$22.69M	$22.19M	$19.91M
Operating Income	-$19.82M	-$21.86M	-$22.69M	-$22.19M	-$19.91M
EBITDA	-$19.47M	-$21.51M	-$22.35M	-$21.85M	-$19.69M
Pretax Income	-$17.30M	-$19.59M	-$20.33M	-$18.89M	-$26.18M
Net Income	-$17.30M	-$19.59M	-$20.33M	-$18.89M	-$26.18M
Diluted EPS	-0.28	-0.31	-0.31	-0.25	-0.34
Diluted Shares	62.54M	62.60M	65.78M	76.22M	76.26M

FULC Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$42.59M	$47.08M	$197.53M	$50.26M	$48.47M
Receivables	$1.33M	$934.00K	$1.07M	$1.78M	$2.03M
Current Assets	$219.37M	$205.86M	$357.48M	$338.67M	$322.85M
Total Assets	$228.84M	$214.86M	$366.28M	$346.77M	$323.95M
Current Liabilities	$8.98M	$11.63M	$13.05M	$9.86M	$10.30M
Total Debt	$7.57M	$7.01M	$6.44M	$5.87M	$5.28M
Total Liabilities	$14.46M	$16.49M	$17.28M	$13.47M	$13.26M
Retained Earnings	-$554.35M	-$573.94M	-$594.28M	-$613.17M	-$639.35M
Shareholders' Equity	$214.38M	$198.37M	$349.00M	$333.30M	$310.70M
Working Capital	$210.39M	$194.23M	$344.43M	$328.81M	$312.55M

FULC Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	-$13.82M	-$14.19M	-$16.80M	-$18.75M	-$16.04M
Capital Expenditure	—	-$90.00K	-$159.00K	-$8.00K	-$108.00K
Free Cash Flow	-$13.88M	-$14.28M	-$16.96M	-$18.76M	-$16.15M
Depreciation & Amortisation	$344.00K	$346.00K	$347.00K	$338.00K	$216.00K
Stock-Based Compensation	$2.88M	$3.36M	$3.07M	$3.86M	$3.27M
Investing Cash Flow	$13.93M	$18.61M	-$1.05M	-$128.21M	$13.78M
Financing Cash Flow	$301.00K	$64.00K	$168.30M	-$312.00K	$356.00K
Net Change in Cash	$414.00K	$4.49M	$150.46M	-$147.27M	-$1.90M

Market Snapshot

About

Fulcrum Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for genetically defined diseases with high unmet medical needs. The company's proprietary FulcrumSeek product engine identifies drug targets that can modulate gene expression to treat the underlying cause of disease. Fulcrum's lead product candidates target serious rare diseases including facioscapulohumeral muscular dystrophy (FSHD) and sickle cell disease. The company employs precision medicine approaches to develop small molecule therapies that address specific genetic abnormalities. Founded in 2016 and headquartered in Cambridge, Massachusetts, Fulcrum is advancing multiple programs through clinical development with the goal of delivering transformative treatments for patients with rare genetic diseases.