Fulcrum Therapeutics, Inc.
FULCHealthcare|Biotechnology|US
$3.70
+0.02 (+0.54%)
DCF Value
$3.01
Tangible Book / Share
$4.07
Cash / Share
$4.18
Financials
Financial Snapshot
Market Cap
$282.3M
Enterprise Value
$239.1M
Revenue (TTM)
$0.00
Net Income (TTM)
-$85.0M
Cash & Investments
$318.8M
Net Cash
$313.6M
Free Cash Flow (TTM)
-$66.1M
Operating CF (TTM)
-$65.8M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$318.8M
Quarterly Burn
$16.4M
Monthly Burn
$5.5M
Est. Runway
~19.4 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $407.0K | $72.8M | $96.7M | $112.9M | $218.2M | $202.9M | $236.2M | $241.0M | $352.3M | $318.8M | |
| Operating Cash Flow | -$20.1M | -$22.6M | -$39.5M | -$53.7M | -$78.5M | -$97.0M | -$91.0M | -$2.2M | -$60.1M | -$65.8M | |
| Free Cash Flow | -$22.0M | -$31.5M | -$40.3M | -$55.0M | -$80.2M | -$99.0M | -$91.5M | -$2.5M | -$60.4M | -$66.1M | |
| Capital Expenditure | -$1.9M | -$9.0M | -$853.0K | -$1.3M | -$1.7M | -$2.0M | -$508.0K | -$278.0K | -$314.0K | -$365.0K | |
| Financing Cash Flow | $17.7M | $105.0M | $64.3M | $71.1M | $186.5M | $84.3M | $118.1M | $2.7M | $168.7M | $168.4M |
R&D Spending
R&D (TTM)
$56.2M
R&D Intensity
—
R&D Growth vs Prior
+0.2%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $8.8M | $19.2M | $6.3M | $2.8M | $80.0M | $0.00 | $0.00 | |
| R&D Expense | $18.5M | $25.2M | $43.4M | $59.0M | $69.7M | $76.8M | $71.8M | $63.4M | $56.1M | $56.2M | |
| R&D % of Revenue | — | — | — | 669.2% | 363.7% | 1210.7% | 2559.8% | 79.2% | — | — | |
| SG&A | $4.5M | $8.3M | $13.1M | $21.4M | $30.5M | $41.7M | $41.7M | $36.4M | $28.7M | $30.4M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $8.8M | $19.2M | $6.3M | $2.8M | $80.0M | $0.00 | $0.00 | |
| Cost of Revenue | $715.0K | $1.3M | $2.1M | $59.0M | $69.7M | $76.8M | $71.8M | $63.4M | $1.4M | $14.6M | |
| Gross Profit | -$715.0K | -$1.3M | -$2.1M | -$50.2M | -$50.5M | -$70.4M | -$69.0M | $16.6M | -$1.4M | -$14.6M | |
| R&D | $18.5M | $25.2M | $43.4M | $59.0M | $69.7M | $76.8M | $71.8M | $63.4M | $56.1M | $56.2M | |
| SG&A | $4.5M | $8.3M | $13.1M | $21.4M | $30.5M | $41.7M | $41.7M | $36.4M | $28.7M | $30.4M | |
| Operating Income | -$23.0M | -$33.5M | -$58.6M | -$71.6M | -$81.1M | -$112.6M | -$110.7M | -$21.9M | -$84.8M | -$86.6M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$23.0M | -$32.6M | -$82.7M | -$70.8M | -$80.8M | -$109.9M | -$97.3M | -$9.7M | -$74.9M | -$85.0M | |
| Net Income | -$23.0M | -$32.6M | -$82.7M | -$70.8M | -$80.8M | -$109.9M | -$97.3M | -$9.7M | -$74.9M | -$85.0M | |
| EPS (Diluted) | -1.36 | -1.92 | -3.49 | -2.70 | -2.22 | -2.35 | -1.59 | -0.16 | -1.18 | -1.21 | |
| EBITDA | -$22.3M | -$32.2M | -$80.6M | -$69.2M | -$78.3M | -$109.7M | -$95.2M | -$18.2M | -$73.5M | -$77.5M | |
| Shares Out. (M) | 16.94 | 16.94 | 22.66 | 25.35 | 35.36 | 44.99 | 61.31 | 61.98 | 63.35 | 76.26 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $407.0K | $72.8M | $96.7M | $57.1M | $35.4M | $35.1M | $25.6M | $58.2M | $197.5M | $48.5M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $55.9M | $182.8M | $167.8M | $210.7M | $182.8M | $154.8M | $270.4M | |
| Total Current Assets | $1.3M | $74.1M | $100.1M | $112.9M | $226.0M | $207.5M | $242.2M | $249.9M | $357.5M | $322.9M | |
| Total Assets | $4.3M | $85.8M | $110.4M | $129.6M | $235.0M | $226.7M | $257.7M | $260.7M | $366.3M | $324.0M | |
| Total Current Liabilities | $2.8M | $4.2M | $12.1M | $26.7M | $19.2M | $16.7M | $13.7M | $11.0M | $13.0M | $10.3M | |
| Long-Term Debt | $34.6M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $4.0M | $0.00 | |
| Total Liabilities | $3.0M | $9.8M | $23.3M | $34.4M | $23.5M | $27.7M | $22.5M | $17.7M | $17.3M | $13.3M | |
| Stockholders' Equity | $1.3M | $76.0M | $87.2M | $95.2M | $211.5M | $198.9M | $235.2M | $243.0M | $349.0M | $310.7M | |
| Retained Earnings | -$35.5M | -$68.1M | -$150.8M | -$221.6M | -$302.5M | -$412.3M | -$509.7M | -$519.4M | -$594.3M | -$639.3M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$20.1M | -$22.6M | -$39.5M | -$53.7M | -$78.5M | -$97.0M | -$91.0M | -$2.2M | -$60.1M | -$65.8M | |
| Capital Expenditure | -$1.9M | -$9.0M | -$853.0K | -$1.3M | -$1.7M | -$2.0M | -$508.0K | -$278.0K | -$314.0K | -$365.0K | |
| Free Cash Flow | -$22.0M | -$31.5M | -$40.3M | -$55.0M | -$80.2M | -$99.0M | -$91.5M | -$2.5M | -$60.4M | -$66.1M | |
| Investing Cash Flow | -$1.9M | -$9.0M | -$944.0K | -$57.1M | -$129.7M | $12.4M | -$36.7M | $32.2M | $30.7M | -$96.9M | |
| Financing Cash Flow | $17.7M | $105.0M | $64.3M | $71.1M | $186.5M | $84.3M | $118.1M | $2.7M | $168.7M | $168.4M | |
| Issuance of Stock | $41.0K | $12.0K | $64.2M | $69.9M | $182.9M | $80.8M | $117.3M | $2.7M | $168.7M | $168.7M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | -$70.0K | -$45.0K | -$50.0K | -$18.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.4M | $2.2M | $4.2M | $7.3M | $11.1M | $13.3M | $14.8M | $14.6M | $12.5M | $13.6M | |
| Net Change in Cash | -$4.3M | $73.5M | $23.9M | -$39.7M | -$21.6M | -$314.0K | -$9.5M | $32.8M | $139.3M | $5.8M |
Dilution Tracker
Shares outstanding grew 149.9% over 5 years — significant dilution
Shares Outstanding
76M
5-Year Share Growth
+149.9%
Stock Issuance (TTM)
$168.7M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 16.94 | 16.94 | 22.66 | 25.35 | 35.36 | 44.99 | 61.31 | 61.98 | 63.35 | 76.26 | |
| Change vs Prior % | — | 0.0% | 33.8% | 11.9% | 39.5% | 27.2% | 36.3% | 1.1% | 2.2% | 20.4% | |
| Stock Issuance | $41.0K | $12.0K | $64.2M | $69.9M | $182.9M | $80.8M | $117.3M | $2.7M | $168.7M | $168.7M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.4M | $2.2M | $4.2M | $7.3M | $11.1M | $13.3M | $14.8M | $14.6M | $12.5M | $13.6M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | -569.2% | -263.7% | -1110.7% | -2459.8% | 20.8% | — | — | |
| Operating Margin % | — | — | — | -811.6% | -423.0% | -1774.9% | -3945.2% | -27.4% | — | — | |
| Net Margin % | — | — | — | -802.7% | -421.9% | -1732.4% | -3470.1% | -12.2% | — | — | |
| EBITDA Margin % | — | — | — | -784.7% | -408.8% | -1730.1% | -3392.6% | -22.8% | — | — | |
| FCF Margin % | — | — | — | -623.3% | -418.5% | -1561.2% | -3261.1% | -3.1% | — | — | |
| ROE % | -1737.1% | -42.9% | -94.9% | -74.4% | -38.2% | -55.2% | -41.4% | -4.0% | -21.5% | -28.5% | |
| ROA % | -529.1% | -38.0% | -74.9% | -54.7% | -34.4% | -48.5% | -37.8% | -3.7% | -20.4% | -26.2% | |
| ROIC % | -1478.6% | -41.1% | -59.6% | -69.6% | -37.6% | -53.0% | -44.9% | -8.7% | -23.8% | -27.4% | |
| R&D / Revenue % | — | — | — | 669.2% | 363.7% | 1210.7% | 2559.8% | 79.2% | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 117.2% | -66.9% | -55.8% | 2752.0% | -100.0% | |
| Gross Profit | 0.0% | -88.1% | -52.6% | -2346.1% | -0.6% | -39.4% | 2.0% | 124.1% | -108.4% | |
| Operating Income | 0.0% | -45.7% | -75.0% | -22.1% | -13.2% | -38.9% | 1.7% | 80.2% | -287.1% | |
| Net Income | 0.0% | -41.9% | -153.7% | 14.3% | -14.2% | -35.9% | 11.4% | 90.0% | -670.0% | |
| EPS (Diluted) | 0.0% | -41.2% | -81.8% | 22.6% | 17.8% | -5.9% | 32.3% | 89.9% | -637.5% | |
| Operating Cash Flow | 0.0% | -12.4% | -75.0% | -35.9% | -46.3% | -23.7% | 6.3% | 97.6% | -2608.1% | |
| Free Cash Flow | 0.0% | -43.5% | -27.9% | -36.3% | -45.8% | -23.5% | 7.6% | 97.3% | -2319.0% | |
| R&D Expense | 0.0% | 36.2% | 72.4% | 36.0% | 18.1% | 10.2% | -6.5% | -11.7% | -11.5% | |
| SG&A Expense | 0.0% | 84.8% | 58.1% | 62.7% | 42.7% | 36.6% | -0.1% | -12.5% | -21.4% | |
| Total Assets | 0.0% | 1876.3% | 28.8% | 17.3% | 81.4% | -3.5% | 13.7% | 1.2% | 40.5% | |
| Book Value / Share | 0.0% | 5648.9% | -14.3% | -2.4% | 59.4% | -26.1% | -13.2% | 2.2% | 40.5% | |
| Debt | 0.0% | -99.9% | 8.7% | -66.0% | -100.0% | 0.0% | -19.4% | -20.3% | -25.3% | |
| Diluted Shares | 0.0% | 0.0% | 33.8% | 11.9% | 39.5% | 27.2% | 36.3% | 1.1% | 2.2% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High3.64 / 33.65 / 147.54
P/B0.91
10Y Low / Med / High1.20 / 2.96 / 172.99
EV/EBITDAAt Loss
EV/Revenue0.00
10Y Low / Med / High3.02 / 30.79 / 142.28
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$3.01
Tangible Book / Share
$4.07
Net Current Assets / Share
$4.06
Graham Net-Net
$4.03
Cash / Share
$4.18
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -9.93 | -7.03 | -4.77 | -4.34 | -7.97 | -3.10 | -4.25 | -29.38 | -9.58 | -3.06 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 33.65 | 32.64 | 51.65 | 147.54 | 3.64 | 0.00 | 0.00 | |
| P/B Ratio | 172.99 | 3.01 | 4.33 | 3.12 | 2.96 | 1.65 | 1.76 | 1.20 | 2.05 | 0.91 | |
| EV/EBITDA | -11.80 | -4.85 | -3.48 | -3.46 | -7.53 | -2.79 | -4.19 | -13.25 | -7.15 | -3.09 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 27.19 | 30.79 | 48.23 | 142.28 | 3.02 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
10.37
Safe
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $311.9K | $361.2M | $54.5M |
| Net Income | -$50.2M | -$9.6M | -$5.3M |
| EPS | $-0.60 | $-0.12 | $-0.06 |
| # Analysts (EPS) | 3 | 5 | 5 |