NASDAQ · Financial Statements

Fulcrum Therapeutics, Inc. (FULC) Financial Statements

$3.68 NASDAQ: FULC Market Cap $280.77M

Fulcrum Therapeutics, Inc. most recently reported annual revenue of $0, a net loss of $75.0M. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Fulcrum Therapeutics, Inc.: net profit was positive in 0 of 9 reported years; operating margin moved from -811.6% to -27.4%, a shift of +784.3 percentage points; the most recent year shows a net loss of $75.0M.

Income Statement — 9 Years (USD millions)

Metric201720182019202020212022202320242025
Revenue$0$0$0$9.0M$19.0M$6.0M$3.0M$80.0M$0
Operating Expenses$23.0M$33.0M$59.0M$80.0M$100.0M$119.0M$113.0M$102.0M$85.0M
Operating Profit$-23.0M$-33.0M$-59.0M$-72.0M$-81.0M$-113.0M$-111.0M$-22.0M$-85.0M
Operating Margin0.0%0.0%0.0%-811.6%-423.0%-1774.8%-3945.2%-27.4%0.0%
Other Income$0$1.0M$-24.0M$1.0M$0$3.0M$13.0M$12.0M$10.0M
Interest$0$0$0$0$0$0$0$0$0
Depreciation$1.0M$1.0M$2.0M$2.0M$3.0M$2.0M$2.0M$2.0M$1.0M
Profit Before Tax$-23.0M$-33.0M$-83.0M$-71.0M$-81.0M$-110.0M$-97.0M$-10.0M$-75.0M
Tax$0$0$0$0$0$0$0$0$0
Net Profit$-23.0M$-33.0M$-83.0M$-71.0M$-81.0M$-110.0M$-97.0M$-10.0M$-75.0M
EPS$-1.36$-1.92$-3.49$-2.70$-2.22$-2.35$-1.59$-0.16$-1.18
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$1.0M$1.0M$0$80.0M$0$0$0$0$0$0$0$0
Operating Expenses$28.0M$29.0M$30.0M$28.0M$25.0M$19.0M$20.0M$20.0M$22.0M$23.0M$22.0M$20.0M
Operating Profit$-27.0M$-28.0M$-30.0M$52.0M$-25.0M$-19.0M$-20.0M$-20.0M$-22.0M$-23.0M$-22.0M$-20.0M
Operating Margin-3615.3%-3213.8%0.0%65.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Interest$0$0$0$0$0$0$0$0$0$0$0$0
Profit Before Tax$-24.0M$-25.0M$-27.0M$55.0M$-22.0M$-17.0M$-18.0M$-17.0M$-20.0M$-20.0M$-19.0M$-26.0M
Tax$0$0$0$0$0$0$0$0$0$0$0$0
Net Profit$-24.0M$-25.0M$-27.0M$55.0M$-22.0M$-17.0M$-18.0M$-17.0M$-20.0M$-20.0M$-19.0M$-26.0M
EPS$-0.39$-0.40$-0.43$0.87$-0.35$-0.31$-0.28$-0.28$-0.31$-0.31$-0.25$-0.34

Over the 9 years reported for Fulcrum Therapeutics, Inc., borrowings decreased from $35.0M in 2017 to $6.0M in 2025, cash stood at $198.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 27.46 times.

Balance Sheet — 9 Years (USD millions)

Metric201720182019202020212022202320242025
Total Assets$4.0M$86.0M$110.0M$130.0M$235.0M$227.0M$258.0M$261.0M$366.0M
Current Assets$1.0M$74.0M$100.0M$113.0M$226.0M$208.0M$242.0M$250.0M$357.0M
Cash$0$73.0M$97.0M$57.0M$35.0M$35.0M$26.0M$58.0M$198.0M
Inventory$1.0M$1.0M$3.0M$-3.0M$0$0$0$0$0
Receivables$0$1.0M$0$3.0M$4.0M$1.0M$2.0M$3.0M$1.0M
Fixed Assets$3.0M$11.0M$88.0M$8.0M$7.0M$16.0M$12.0M$10.0M$7.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0
Investments$0$1.0M$1.0M$57.0M$184.0M$169.0M$211.0M$183.0M$155.0M
Other Assets$0$0$0$0$0$0$0$0$0
Total Liabilities$3.0M$10.0M$23.0M$34.0M$23.0M$28.0M$23.0M$18.0M$17.0M
Current Liabilities$3.0M$4.0M$12.0M$27.0M$19.0M$17.0M$14.0M$11.0M$13.0M
Borrowings$35.0M$0$0$0$0$13.0M$11.0M$9.0M$6.0M
Other Liabilities$0$10.0M$23.0M$34.0M$23.0M$14.0M$12.0M$9.0M$11.0M
Equity$0$0$0$0$0$0$0$0$0
Reserves$1.0M$76.0M$87.0M$95.0M$212.0M$199.0M$235.0M$243.0M$349.0M

For Fulcrum Therapeutics, Inc., operating cash flow was positive in 0 of 9 reported years; free cash flow in the latest year was negative at $60.0M; free cash flow was positive in 0 of 9 years.

Cash Flow Statement — 9 Years (USD millions)

Metric201720182019202020212022202320242025
Operating Cash Flow$-20.0M$-23.0M$-39.0M$-54.0M$-78.0M$-97.0M$-91.0M$-2.0M$-60.0M
Investing Cash Flow$-4.0M$-18.0M$-2.0M$-58.0M$-131.0M$10.0M$-37.0M$32.0M$30.0M
Financing Cash Flow$18.0M$0$0$1.0M$4.0M$4.0M$1.0M$0$0
Net Cash Flow$-4.0M$73.0M$24.0M$-40.0M$-22.0M$0$-10.0M$33.0M$139.0M
Free Cash Flow$-22.0M$-32.0M$-40.0M$-55.0M$-80.0M$-99.0M$-91.0M$-2.0M$-60.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-8.05
EV / EBITDA-3.08
FCF Yield-23.49%
Quick Ratio31.35
Interest Coverage—
Return 1Y-52.47%
Return 3Y0.53%
Return 5Y-61.65%

Fulcrum Therapeutics, Inc. (FULC) financials — frequently asked questions

What is Fulcrum Therapeutics, Inc.'s annual revenue?

Fulcrum Therapeutics, Inc. (FULC) reported annual revenue of $0 in its most recent fiscal year.

What is Fulcrum Therapeutics, Inc.'s net profit?

Fulcrum Therapeutics, Inc. (FULC) reported a net loss of $75.0M in its most recent fiscal year.

What is FULC EV/EBITDA?

Fulcrum Therapeutics, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is -3.08. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.

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