Fulcrum Therapeutics, Inc.

Listed Company

FULCCIK 0001680581NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-74.88M

Total Assets

$366.28M

Equity

$349.00M

Shares Out

66.63M

Op. Cash Flow

$-60.06M

Business

Fulcrum Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing small molecules to treat genetically defined rare diseases. Its main products and services include the clinical-stage oral fetal hemoglobin inducer pociredir for sickle cell disease, a discovery platform to identify and validate cellular drug targets, and programs addressing inherited aplastic anemias; development of losmapimod for FSHD has been suspended. The company operates through clinical development, discovery/research and licensing/collaboration activities. It conducts clinical trials and regulatory interactions in the United States and internationally, relies on third-party manufacturers, and plans targeted commercialization or partnership channels outside the U.S.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Collaboration revenue	0	80	3	6	19
Research and development	56	63	72	77	70
General and administrative	29	36	42	42	31
Restructuring expenses	0	2	0	427,000	—
Total operating expenses	85	102	113	119	100
Loss from operations	−85	−22	−111	−113	−81
Other income, net	10	12	13	3	207,000
Net loss	−75	−10	−97	−110	−81
Net loss per share, Basic	−1.18	−0.16	−1.59	−2.44	−2.29
Net loss per share, diluted	−1.18	−0.16	−1.59	−2.44	−2.29
Weighted-average common shares outstanding, Diluted	63,355	61,984	61,310	44,991	35,361
Weighted-average common shares outstanding, Basic	63,355	61,984	61,310	44,991	35,361
Unrealized gain on marketable securities	44,000	266,000	661,000	−400,000	−395,000
Total other comprehensive gain	44,000	266,000	661,000	−400,000	−395,000
Comprehensive loss	−75	−9	−97	−110	−81

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	198	58	26	35	35
Marketable securities	155	183	211	168	183
Unbilled accounts receivable	0	2	537,000	229,000	1
Prepaid expenses and other current assets	5	7	5	4	4
Total current assets	357	250	242	208	226
Property and equipment, net	3	4	5	7	7
Operating lease right-of-use assets	4	6	7	9	0
Restricted cash	1	1	1	1	1
Other assets	538,000	10,000	2	2	542,000
Total assets	366	261	258	227	235
Accounts payable	2	1	3	4	5
Accrued expenses and other current liabilities	9	8	9	10	9
Operating lease liability, current	2	2	2	3	0
Total current liabilities	13	11	14	17	19
Operating lease liability, excluding current portion	4	6	9	11	0
Other liabilities, excluding current portion	197,000	197,000	197,000	197,000	0
Total liabilities	17	18	23	28	23
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding	0	0	0	0	—
Common stock, $0.001 par value; 200,000,000 shares authorized; 66,578,891 and 53,968,303 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	67,000	54,000	62,000	52,000	41,000
Additional paid-in capital	943	762	745	612	514
Accumulated other comprehensive gain	174,000	130,000	−136,000	−797,000	−397,000
Accumulated deficit	−594	−519	−510	−412	−302
Total stockholders equity	349	243	235	199	212
Total liabilities and stockholders equity	366	261	258	227	235

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−75	−10	−97	−110	−81
Depreciation expense	1	2	2	2	3
Stock-based compensation expense	12	15	15	13	11
Net accretion of discounts on marketable securities	−3	−4	−6	152,000	673,000
Unbilled accounts receivable	2	−2	−308,000	908,000	−606,000
Prepaid expenses and other current assets	2	−1	−1	−170,000	−134,000
Operating lease assets and liabilities	−743,000	−700,000	−715,000	−372,000	−438,000
Other assets	−528,000	2	94,000	−2	36,000
Accounts payable	428,000	−2	−853,000	−1	973,000
Accrued expenses and other liabilities	1	−1	−825,000	555,000	2
Net cash used in operating activities	−60	−2	−91	−97	−78
Purchases of marketable securities	−180	−179	−195	−151	−216
Maturities of marketable securities	211	211	159	166	88
Purchases of property and equipment	−314,000	−278,000	−508,000	−2	−2
Net cash provided by investing activities	31	32	−37	12	−130
Proceeds from issuance of common stock and pre-funded warrants in connection with public offerings, net of issuance costs	165	0	117	81	183
Proceeds from issuance of common stock under benefit plans, net	4	3	777,000	4	4
Net cash provided by financing activities	169	3	118	84	187
Net increase in cash, cash equivalents and restricted cash	139	33	−10	−314,000	−22
Cash paid for operating lease liabilities	3	3	3	2	—
Offering costs unpaid at end of period	333,000	0	—	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro