Fulcrum Therapeutics Financials

FULC

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Fulcrum Therapeutics (FULC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$80.0M

YoY+2752.0%

Fulcrum Therapeutics generated $80.0M in revenue in fiscal year 2024. This represents an increase of 2752.0% from the prior year.

EBITDA

-$20.3M

YoY+81.3%

Fulcrum Therapeutics's EBITDA was -$20.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 81.3% from the prior year.

Free Cash Flow

-$2.5M

YoY+97.3%

Fulcrum Therapeutics generated -$2.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 97.3% from the prior year.

Net Income

-$9.7M

YoY+90.0%

Fulcrum Therapeutics reported -$9.7M in net income in fiscal year 2024. This represents an increase of 90.0% from the prior year.

EPS (Diluted)

$-0.16

YoY+89.9%

Fulcrum Therapeutics earned $-0.16 per diluted share (EPS) in fiscal year 2024. This represents an increase of 89.9% from the prior year.

Cash & Debt

$58.2M

YoY+127.7%

5Y CAGR-9.7%

Fulcrum Therapeutics held $58.2M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

54M

YoY-12.8%

5Y CAGR+19.0%

Fulcrum Therapeutics had 54M shares outstanding in fiscal year 2024. This represents a decrease of 12.8% from the prior year.

Gross Margin

N/A

Operating Margin

-27.4%

YoY+3917.9pp

Fulcrum Therapeutics's operating margin was -27.4% in fiscal year 2024, reflecting core business profitability. This is up 3917.9 percentage points from the prior year.

Net Margin

-12.2%

YoY+3457.9pp

Fulcrum Therapeutics's net profit margin was -12.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3457.9 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$63.4M

YoY-11.7%

5Y CAGR-2.3%

Fulcrum Therapeutics invested $63.4M in research and development in fiscal year 2024. This represents a decrease of 11.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$278K

YoY-45.3%

5Y CAGR-20.1%

Fulcrum Therapeutics invested $278K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 45.3% from the prior year.

FULC Income Statement

Metric	FY24	FY24	FY23	FY22	FY21	FY20
Revenue	$80.0M+2752.0%	$2.8M-55.8%	$6.3M-66.9%	$19.2M+117.2%	$8.8M	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$63.4M-11.7%	$71.8M-6.5%	$76.8M+10.2%	$69.7M+18.1%	$59.0M-16.9%	$71.1M
SG&A Expenses	$36.4M-12.5%	$41.7M-0.1%	$41.7M+36.6%	$30.5M+42.7%	$21.4M+62.7%	$13.1M
Operating Income	-$21.9M+80.2%	-$110.7M+1.7%	-$112.6M-38.9%	-$81.1M-13.2%	-$71.6M+15.0%	-$84.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$9.7M+90.0%	-$97.3M+11.4%	-$109.9M-35.9%	-$80.8M-14.2%	-$70.8M+14.3%	-$82.7M
EPS (Diluted)	$-0.16+89.9%	$-1.59+34.8%	$-2.44-6.6%	$-2.29+17.9%	$-2.79	N/A

Metric	Q3'25	Q2'25	Q3'25	Q3'25	Q3'25	Q2'25	Q1'24	Q4'24
Revenue	$0	$0	N/A	$0	$0-100.0%	$80.0M	$0-100.0%	$871K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$14.3M+10.1%	$13.0M-3.1%	$13.4M+14.4%	$11.7M-20.0%	$14.6M-15.2%	$17.3M-12.7%	$19.8M+4.1%	$19.0M
SG&A Expenses	$7.6M+10.7%	$6.8M-2.4%	$7.0M-9.3%	$7.7M-8.4%	$8.4M-17.8%	$10.2M+1.8%	$10.1M+2.0%	$9.9M
Operating Income	-$21.9M-10.3%	-$19.8M+2.9%	-$20.4M-5.0%	-$19.4M+22.7%	-$25.1M-147.9%	$52.5M+275.9%	-$29.8M-6.6%	-$28.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$19.6M-13.3%	-$17.3M+2.0%	-$17.7M-6.6%	-$16.6M+23.6%	-$21.7M-139.2%	$55.4M+306.2%	-$26.9M-8.5%	-$24.8M
EPS (Diluted)	$-0.31-10.7%	$-0.280.0%	$-0.28-12.0%	$-0.25+28.6%	$-0.35-140.2%	$0.87+302.3%	$-0.43-4.9%	$-0.41

FULC Balance Sheet

Metric	FY24	FY24	FY23	FY22	FY21	FY20
Total Assets	$260.7M+1.2%	$257.7M+13.7%	$226.7M-3.5%	$235.0M+81.4%	$129.6M+17.3%	$110.4M
Current Assets	$249.9M+3.2%	$242.2M+16.7%	$207.5M-8.2%	$226.0M+89.1%	$119.5M+19.4%	$100.1M
Cash & Equivalents	$58.2M+127.7%	$25.6M-27.2%	$35.1M-0.9%	$35.4M-37.9%	$57.1M-41.0%	$96.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$17.7M-21.4%	$22.5M-18.9%	$27.7M+18.3%	$23.5M-31.8%	$34.4M+47.7%	$23.3M
Current Liabilities	$11.0M-19.2%	$13.7M-18.2%	$16.7M-12.9%	$19.2M-28.2%	$26.7M+120.1%	$12.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$243.0M+3.3%	$235.2M+18.2%	$198.9M-6.0%	$211.5M+122.2%	$95.2M+9.2%	$87.2M
Retained Earnings	-$519.4M-1.9%	-$509.7M-23.6%	-$412.3M-36.3%	-$302.5M-36.5%	-$221.6M-47.0%	-$150.8M

Metric	Q3'25	Q2'25	Q3'25	Q3'25	Q3'25	Q2'25	Q1'24	Q4'24
Total Assets	$214.9M-6.1%	$228.8M-5.7%	$242.6M-6.9%	$260.7M-6.6%	$279.0M-5.2%	$294.3M+26.5%	$232.6M-9.7%	$257.7M
Current Assets	$205.9M-6.2%	$219.4M-5.7%	$232.6M-6.9%	$249.9M-6.6%	$267.5M-4.6%	$280.3M+28.6%	$218.0M-10.0%	$242.2M
Cash & Equivalents	$47.1M+10.5%	$42.6M+1.0%	$42.2M-27.5%	$58.2M-19.9%	$72.6M-16.2%	$86.7M+117.0%	$39.9M+56.3%	$25.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$16.5M+14.1%	$14.5M+2.1%	$14.2M-19.9%	$17.7M-18.6%	$21.7M+6.1%	$20.5M+7.7%	$19.0M-15.6%	$22.5M
Current Liabilities	$11.6M+29.5%	$9.0M+10.9%	$8.1M-26.7%	$11.0M-23.9%	$14.5M+14.3%	$12.7M+18.7%	$10.7M-21.8%	$13.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$198.4M-7.5%	$214.4M-6.2%	$228.5M-6.0%	$243.0M-5.5%	$257.3M-6.0%	$273.8M+28.2%	$213.6M-9.2%	$235.2M
Retained Earnings	-$573.9M-3.5%	-$554.3M-3.2%	-$537.1M-3.4%	-$519.4M-3.3%	-$502.8M-4.5%	-$481.1M+10.3%	-$536.5M-5.3%	-$509.7M

FULC Cash Flow Statement

Metric	FY24	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$2.2M+97.6%	-$91.0M+6.3%	-$97.0M-23.7%	-$78.5M-46.3%	-$53.7M-35.9%	-$39.5M
Capital Expenditures	$278K-45.3%	$508K-74.1%	$2.0M+14.6%	$1.7M+27.6%	$1.3M+57.3%	$853K
Free Cash Flow	-$2.5M+97.3%	-$91.5M+7.6%	-$99.0M-23.5%	-$80.2M-45.8%	-$55.0M-36.3%	-$40.3M
Investing Cash Flow	$32.2M+187.8%	-$36.7M-395.6%	$12.4M+109.6%	-$129.7M-126.9%	-$57.1M-5952.8%	-$944K
Financing Cash Flow	$2.7M-97.7%	$118.1M+40.1%	$84.3M-54.8%	$186.5M+162.2%	$71.1M+10.6%	$64.3M
Dividends Paid	$0	$0	$0	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q3'25	Q3'25	Q3'25	Q2'25	Q1'24	Q4'24
Operating Cash Flow	N/A	N/A	-$15.3M	N/A	N/A	N/A	-$25.3M	N/A
Capital Expenditures	N/A	N/A	$0	N/A	N/A	N/A	$28K	N/A
Free Cash Flow	N/A	N/A	-$15.3M	N/A	N/A	N/A	-$25.3M	N/A
Investing Cash Flow	N/A	N/A	-$777K	N/A	N/A	N/A	$38.1M	N/A
Financing Cash Flow	N/A	N/A	$0	N/A	N/A	N/A	$1.7M	N/A
Dividends Paid	N/A	N/A	$0	N/A	N/A	N/A	$0	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FULC Financial Ratios

Metric	FY24	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-27.4%+3917.9pp	-3945.2%-2170.4pp	-1774.8%-1351.9pp	-423.0%+388.7pp	-811.6%	N/A
Net Margin	-12.2%+3457.9pp	-3470.0%-1737.6pp	-1732.4%-1310.5pp	-421.9%+380.8pp	-802.7%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-3.7%+34.0pp	-37.8%+10.7pp	-48.5%-14.1pp	-34.4%+20.3pp	-54.6%+20.2pp	-74.9%
Current Ratio	22.63+4.9	17.71+5.3	12.41+0.6	11.77+7.3	4.47-3.8	8.24
Debt-to-Equity	0.07-0.0	0.10-0.0	0.14+0.0	0.11-0.3	0.36+0.1	0.27
FCF Margin	-3.1%+3258.0pp	-3261.1%-1699.8pp	-1561.2%-1142.8pp	-418.5%+204.9pp	-623.3%	N/A

Metric	Q3'25	Q2'25	Q3'25	Q3'25	Q3'25	Q2'25	Q1'24	Q4'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	65.6%	N/A	-3213.8%
Net Margin	N/A	N/A	N/A	N/A	N/A	69.3%	N/A	-2842.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	20.2%	N/A	N/A
Return on Assets	-9.1%-1.6pp	-7.6%-0.3pp	-7.3%-0.9pp	-6.3%+1.4pp	-7.8%-26.6pp	18.8%+30.4pp	-11.6%-1.9pp	-9.6%
Current Ratio	17.70-6.7	24.42-4.3	28.71+6.1	22.63+4.2	18.44-3.6	22.07+1.7	20.38+2.7	17.71
Debt-to-Equity	0.08+0.0	0.070.0	0.06-0.0	0.07-0.0	0.080.0	0.07-0.0	0.090.0	0.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Financial Health Signals

Financial Profile 60/100

Profitability

Growth

100

Leverage

100

Liquidity

100

Cash Flow

Returns

N/A

Based on FY2024 annual data. Scores normalized against common benchmarks.

Piotroski F-Score Neutral

5/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Low Quality

0.23x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

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Frequently Asked Questions

What is Fulcrum Therapeutics's annual revenue?

Fulcrum Therapeutics (FULC) reported $80.0M in total revenue for fiscal year 2024. This represents a 2752.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Fulcrum Therapeutics's revenue growing?

Fulcrum Therapeutics (FULC) revenue grew by 2752% year-over-year, from $2.8M to $80.0M in fiscal year 2024.

Is Fulcrum Therapeutics profitable?

No, Fulcrum Therapeutics (FULC) reported a net income of -$9.7M in fiscal year 2024, with a net profit margin of -12.2%.

What is Fulcrum Therapeutics's earnings per share (EPS)?

Fulcrum Therapeutics (FULC) reported diluted earnings per share of $-0.16 for fiscal year 2024. This represents a 89.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Fulcrum Therapeutics's EBITDA?

Fulcrum Therapeutics (FULC) had EBITDA of -$20.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Fulcrum Therapeutics's operating margin?

Fulcrum Therapeutics (FULC) had an operating margin of -27.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Fulcrum Therapeutics's net profit margin?

Fulcrum Therapeutics (FULC) had a net profit margin of -12.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Fulcrum Therapeutics's free cash flow?

Fulcrum Therapeutics (FULC) generated -$2.5M in free cash flow during fiscal year 2024. This represents a 97.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Fulcrum Therapeutics's operating cash flow?

Fulcrum Therapeutics (FULC) generated -$2.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Fulcrum Therapeutics's total assets?

Fulcrum Therapeutics (FULC) had $260.7M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Fulcrum Therapeutics's capital expenditures?

Fulcrum Therapeutics (FULC) invested $278K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Fulcrum Therapeutics spend on research and development?

Fulcrum Therapeutics (FULC) invested $63.4M in research and development during fiscal year 2024.

How many shares does Fulcrum Therapeutics have outstanding?

Fulcrum Therapeutics (FULC) had 54M shares outstanding as of fiscal year 2024.

What is Fulcrum Therapeutics's current ratio?

Fulcrum Therapeutics (FULC) had a current ratio of 22.63 as of fiscal year 2024, which is generally considered healthy.

What is Fulcrum Therapeutics's debt-to-equity ratio?

Fulcrum Therapeutics (FULC) had a debt-to-equity ratio of 0.07 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Fulcrum Therapeutics's return on assets (ROA)?

Fulcrum Therapeutics (FULC) had a return on assets of -3.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Fulcrum Therapeutics's cash runway?

Based on fiscal year 2024 data, Fulcrum Therapeutics (FULC) had $58.2M in cash against an annual operating cash burn of $2.2M. This gives an estimated cash runway of approximately 315 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Fulcrum Therapeutics's Piotroski F-Score?

Fulcrum Therapeutics (FULC) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Fulcrum Therapeutics's earnings high quality?

Fulcrum Therapeutics (FULC) has an earnings quality ratio of 0.23x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

How financially healthy is Fulcrum Therapeutics?

Fulcrum Therapeutics (FULC) scores 60 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.