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Fulcrum Therapeutics (FULC)
NASDAQ:FULC
Top Page
Fulcrum Therapeutics
(NASDAQ:FULC)
52Neutral
Positive Factors
Clinical Trials
FULC announced that the 10th patient has been enrolled in the 12mg dose cohort, showing progress in their enrollment efforts.
Market Opportunity
The recent global withdrawal of OXBRYTA, a previously approved oral HbF inducer, has created an opportunity for Fulcrum to attract patients who were previously on that therapy.
Regulatory Pathways
If the 12 mg cohort data is compelling, this could accelerate future clinical trials and regulatory pathways, positioning pociredir as a faster-to-market therapy.
Negative Factors
Clinical Trial Challenges
Patients being recruited in the 12mg dose cohort tend to have more disease severity, which could complicate the study outcomes.
Pivotal Trial Results
FULC announced that their lead program losmapimod did not meet its primary or secondary endpoints in its FSHD pivotal trial and the program has been discontinued.
Regulatory Uncertainty
Analyst maintains a conservative view on the pociredir program due to uncertainties around FDA criteria for expanding the eligible population.
Fulcrum Therapeutics (FULC) vs. S&P 500 (SPY)
Market Cap
$162.48M
Dividend YieldN/A
Average Volume (3M)421.60K
Price to Earnings (P/E)―
Beta (1Y)0.69
Revenue Growth2752.05%
EPS Growth87.57%
CountryUS
Employees45
SectorHealthcare
Sector Strength72
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.22
Shares Outstanding53,979,305
10 Day Avg. Volume424,867
30 Day Avg. Volume421,604
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)2.13
Price to Cash Flow (P/CF)-2.50
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$5.67Price Target Upside96.88% Upside
Rating ConsensusHold
Number of Analyst Covering6
Fulcrum Therapeutics Business Overview & Revenue Model
Company DescriptionFulcrum Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing products for improving the lives of patients with genetically defined diseases in the areas of high unmet medical need in the United States. Its product candidates are losmapimod, a small molecule for the treatment of facioscapulohumeral muscular dystrophy; and FTX-6058, an investigational oral fetal hemoglobin inducer for the treatment of sickle cell disease and other hemoglobinopathies, including beta-thalassemia. The company is also discovering drug targets for the treatments of rare neuromuscular, muscular, central nervous system, and hematologic disorders, as well as cardiomyopathies and pulmonary diseases. Fulcrum Therapeutics, Inc. has research and discovery collaboration agreement with Acceleron Pharma Inc. to identify biological targets to modulate specific pathways associated with a targeted indication within the pulmonary disease space; and has a strategic collaboration and license agreement with MyoKardia, Inc. to discover, develop, and commercialize novel targeted therapies for the treatment of genetic cardiomyopathies. Fulcrum Therapeutics, Inc. was Incorporated in 2015 and is headquartered in Cambridge, Massachusetts.
How the Company Makes MoneyFulcrum Therapeutics generates revenue primarily through strategic collaborations and partnerships with other pharmaceutical and biotechnology companies. These partnerships often involve licensing agreements, research and development collaborations, and milestone payments related to the advancement of specific drug candidates. The company may also earn revenue through grants and funding from governmental and non-governmental organizations to support its research initiatives. Additionally, as its drug candidates progress through clinical trials and potentially reach the market, Fulcrum Therapeutics anticipates revenue from product sales and royalties based on successful commercialization.
Fulcrum Therapeutics Financial Statement Overview
Summary
Fulcrum Therapeutics demonstrates significant revenue growth and a strong balance sheet with considerable cash reserves. However, challenges in achieving profitability and positive cash flow persist. The company needs to address its high operating costs to improve its financial health.Income Statement
Fulcrum Therapeutics has shown significant revenue growth in the TTM (Trailing-Twelve-Months), with total revenue rising substantially compared to the previous year. However, the company remains unprofitable, with negative EBIT and net income, indicating operational challenges. The gross profit margin is robust at 77.83%, which is a positive indicator of cost efficiency, but the negative net profit margin of -12.16% highlights persistent losses. The company needs to address its high operating costs to improve profitability.65
Positive
Balance Sheet
The balance sheet of Fulcrum Therapeutics is relatively strong, with a high equity ratio of 93.22%, indicating a solid capital structure and low reliance on debt. The debt-to-equity ratio is low at 0.04, which suggests prudent financial management. However, the return on equity remains negative at -4.00%, reflecting ongoing net losses. The substantial cash reserves further enhance financial stability, providing a buffer against operational challenges.78
Positive
Cash Flow
The cash flow statement reveals a mixed picture. While there has been a notable improvement in free cash flow, which is less negative than the previous year, the operating cash flow remains negative, indicating that the company is still not generating enough cash from its core operations. The free cash flow to net income ratio is negative, reflecting the need for improved cash flow management. Despite these issues, the large cash reserves provide some cushion for the future.60
Neutral
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 80.00M | 2.81M | 6.34M | 19.16M | 8.82M | 0.00 | Gross Profit |
| 62.26M | 2.81M | 3.93M | 16.65M | 6.44M | -2.05M | EBIT |
| -21.90M | -110.66M | -112.56M | -81.05M | -71.61M | -84.22M | EBITDA |
| -15.30M | -108.49M | -109.72M | -78.54M | -69.23M | -82.16M | Net Income Common Stockholders |
| -9.72M | -97.33M | -105.62M | -78.33M | -68.44M | -79.11M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 407.00K | 236.22M | 202.92M | 218.16M | 112.91M | 96.71M | Total Assets |
| 0.00 | 257.69M | 226.69M | 235.00M | 129.58M | 110.44M | Total Debt |
| 0.00 | 10.82M | 13.42M | 0.00 | 17.00K | 50.00K | Net Debt |
| 407.00K | -14.74M | -21.68M | -35.41M | -57.03M | -96.66M | Total Liabilities |
| 0.00 | 22.50M | 27.74M | 23.46M | 34.40M | 23.29M | Stockholders Equity |
| 1.32M | 235.19M | 198.94M | 211.54M | 95.18M | 87.15M |
| Cash Flow | Free Cash Flow | ||||
| -2.50M | -91.47M | -99.01M | -80.19M | -55.00M | -40.34M | Operating Cash Flow |
| -2.22M | -90.97M | -97.05M | -78.48M | -53.66M | -39.48M | Investing Cash Flow |
| 32.23M | -36.69M | 12.41M | -129.67M | -57.14M | -944.00K | Financing Cash Flow |
| 2.75M | 118.12M | 84.32M | 186.51M | 71.13M | 64.34M |
Fulcrum Therapeutics Technical Analysis
Negative
2.88
Price Trends
3.51
Negative
3.74
Negative
5.06
Negative
Market Momentum
-0.14
Negative
36.61
Neutral
18.15
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FULC, the sentiment is Negative. The current price of 2.88 is below the 20-day moving average (MA) of 3.07, below the 50-day MA of 3.51, and below the 200-day MA of 5.06, indicating a bearish trend. The MACD of -0.14 indicates Negative momentum. The RSI at 36.61 is Neutral, neither overbought nor oversold. The STOCH value of 18.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FULC.
Fulcrum Therapeutics Risk Analysis
Fulcrum Therapeutics disclosed 70 risk factors in its most recent earnings report. Fulcrum Therapeutics reported the most risks in the “Tech & Innovation” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fulcrum Therapeutics Peers Comparison
Overall Rating
UnderperformOutperform
Sector (48)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $6.83B | 29.54 | 19.71% | ― | 52.97% | ― | |
64 Neutral | $126.52B | ― | -3.15% | ― | 11.64% | -114.72% | |
52 Neutral | $162.48M | ― | -4.07% | ― | 2752.05% | 87.57% | |
48 Neutral | $6.84B | 1.02 | -53.11% | 2.50% | 16.84% | 0.92% | |
46 Neutral | $3.17B | ― | -19.20% | ― | -89.95% | -123.71% | |
43 Neutral | $39.74M | ― | -295.35% | ― | 184.12% | 31.92% | |
39 Underperform | $103.72M | ― | -98.10% | ― | -58.64% | -40.05% |
* Healthcare Sector Average
Performance Comparison
FULC
Fulcrum Therapeutics
2.88
-6.43
-69.07%
VRTX
Vertex Pharmaceuticals
484.82
64.34
15.30%
SRPT
Sarepta Therapeutics
63.82
-64.58
-50.30%
BLUE
Bluebird Bio
4.88
-19.92
-80.32%
EDIT
Editas Medicine
1.16
-6.12
-84.07%
CRSP
Crispr Therapeutics AG
34.03
-34.15
-50.09%
Fulcrum Therapeutics Earnings Call Summary
Earnings Call Date: Feb 25, 2025 | % Change Since: -22.16% | Next Earnings Date: May 19, 2025
Earnings Call Sentiment Neutral
The earnings call highlights positive financial management with a strengthened cash position and reduced net loss, alongside promising progress in the sickle cell disease program. However, the lack of collaboration revenue in Q4 and restructuring costs present challenges. The sentiment is balanced with meaningful progress and ongoing challenges.Highlights
Strong Cash Position and Financial Health
Fulcrum ended 2024 with cash, cash equivalents, and marketable securities of $241 million, an increase from $236.2 million as of December 31, 2023, due to an $80 million upfront payment from Sanofi. This positions the company to fund operations into 2027.
Significant Reduction in Net Loss
The net loss for the year ended December 31, 2024, was $9.7 million, a substantial decrease from $97.3 million for the same period in 2023, indicating improved financial management and reduced expenses.
Progress in Sickle Cell Disease Program
The PIONEER trial for pociredir, an oral HbF inducer for sickle cell disease, shows promising progress with enrollment continuing and data from the 12 mg cohort expected mid-2025.
Reduction in Operating Expenses
Research and development expenses decreased by $8.4 million and general and administrative expenses decreased by $5.3 million in 2024 compared to 2023, primarily due to workforce reduction and cost-sharing reimbursements.
Lowlights
No Collaboration Revenues in Q4 2024
Fulcrum reported no collaboration revenues for Q4 2024 compared to $900,000 in Q4 2023, due to the completion of research services under the MyoKardia collaboration.
Restructuring and Workforce Reduction Costs
Fulcrum incurred $2.1 million in restructuring expenses in 2024 due to workforce reductions, impacting overall operational dynamics.
Early Discontinuation of Losmapimod Program
The losmapimod program was discontinued, contributing to a decrease in R&D expenses, but also signifying a setback in that segment of Fulcrum's pipeline.
Company Guidance
During the Fulcrum Therapeutics conference call discussing their financial results and business updates, several key metrics and guidance points were highlighted. The company ended 2024 with a strong cash position of $241 million, which, combined with existing cash, cash equivalents, and marketable securities, is expected to fund operations through at least 2027. For 2025, Fulcrum anticipates a cash burn of $55-65 million. Their lead program, pociredir, is in development for sickle cell disease, with data readouts from the 12 mg cohort expected in mid-2025 and the 20 mg cohort by year-end. Research and development expenses for 2024 were $63.4 million, a reduction from the previous year due to cost-sharing reimbursements and discontinued programs. The company also reported a significant increase in collaboration revenue in 2024, primarily due to an $80 million upfront license payment from Sanofi. Overall, Fulcrum's strategic focus remains on advancing their pipeline in benign hematological conditions, alongside potential BD opportunities and preclinical explorations in oncology.Fulcrum Therapeutics Corporate Events
Business Operations and Strategy
Fulcrum Therapeutics Faces Termination of Key Agreement
Negative
Mar 4, 2025
On February 26, 2025, Fulcrum Therapeutics received a termination notice from MyoKardia regarding their collaboration and license agreement established in 2020. The termination, effective June 26, 2025, will end Fulcrum’s entitlement to milestone payments and royalties, impacting the company’s financial expectations from this partnership.
Product-Related AnnouncementsBusiness Operations and Strategy
Fulcrum Therapeutics Advances Pociredir for Sickle Cell Disease
Positive
Jan 13, 2025
Fulcrum Therapeutics has released an updated corporate presentation outlining its advancements in developing Pociredir, a promising oral small molecule for sickle cell disease. With a cash position of approximately $240 million and projected financial runway into 2027, Fulcrum is strategically positioned to potentially transform the treatment landscape for SCD, aiming for Phase 1b clinical data disclosures by the end of 2025, reflecting its commitment to addressing significant unmet needs in rare diseases.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.