Fulcrum Therapeutics Financials
Fulcrum Therapeutics (FULC) reported $0 in revenue for fiscal year 2025, down 100.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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).
External capital, not steady sales, is the main engine funding R&D-heavy operations while keeping a cash-rich balance sheet.
FY2024's near-break-even moment was not a durable earnings reset: by FY2025, operating cash burn had widened back to-$60.1M even though R&D had been trimmed to$56.1M . Cash still climbed to$197.5M because financing supplied$168.7M , showing the business is currently funded more by capital raising than by repeatable operating inflows.
The balance sheet is structurally light on obligations: FY2025 total liabilities were only
This is still a development-stage spending model, not a mature commercial one; from FY2023 to FY2025, R&D fell from
Financial Health Signals
Fulcrum Therapeutics does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Fulcrum Therapeutics scores 8.45, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($298.3M) relative to total liabilities ($17.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Fulcrum Therapeutics passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Fulcrum Therapeutics reported a net loss of $74.9M while operations used $60.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Fulcrum Therapeutics generated $0 in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Fulcrum Therapeutics's EBITDA was -$83.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 310.7% from the prior year.
Fulcrum Therapeutics reported -$74.9M in net income in fiscal year 2025. This represents a decrease of 669.6% from the prior year.
Fulcrum Therapeutics earned -$1.18 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 637.5% from the prior year.
Cash & Balance Sheet
Fulcrum Therapeutics recorded an outflow of $60.4M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 2319.0% from the prior year.
Fulcrum Therapeutics held $197.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Fulcrum Therapeutics's ROE was -21.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 17.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Fulcrum Therapeutics invested $56.1M in research and development in fiscal year 2025. This represents a decrease of 11.5% from the prior year.
Fulcrum Therapeutics invested $314K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 12.9% from the prior year.
Not reported for fiscal year 2025.
FULC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $0-100.0% | $80.0M+2752.0% | $2.8M-55.8% | $6.3M-66.9% | $19.2M+117.2% | $8.8M | N/A | N/A |
| R&D Expenses | N/A | $56.1M-11.5% | $63.4M-11.7% | $71.8M-6.5% | $76.8M+10.2% | $69.7M+18.1% | $59.0M-16.9% | $71.1M+182.2% | $25.2M |
| SG&A Expenses | N/A | $28.7M-21.4% | $36.4M-12.5% | $41.7M-0.1% | $41.7M+36.6% | $30.5M+42.7% | $21.4M+62.7% | $13.1M+58.1% | $8.3M |
| Operating Income | N/A | -$84.8M-287.1% | -$21.9M+80.2% | -$110.7M+1.7% | -$112.6M-38.9% | -$81.1M-13.2% | -$71.6M+15.0% | -$84.2M-151.4% | -$33.5M |
| Income Tax | N/A | $0 | $0 | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | -$74.9M-669.6% | -$9.7M+90.0% | -$97.3M+11.4% | -$109.9M-35.9% | -$80.8M-14.2% | -$70.8M+14.3% | -$82.7M-153.7% | -$32.6M |
| EPS (Diluted) | — | -$1.18-637.5% | -$0.16+89.9% | -$1.59+34.8% | -$2.44-6.6% | -$2.29+17.9% | -$2.79 | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FULC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $366.3M+40.5% | $260.7M+1.2% | $257.7M+13.7% | $226.7M-3.5% | $235.0M+81.4% | $129.6M+17.3% | $110.4M+28.8% | $85.8M |
| Current Assets | $357.5M+43.0% | $249.9M+3.2% | $242.2M+16.7% | $207.5M-8.2% | $226.0M+89.1% | $119.5M+19.4% | $100.1M+35.1% | $74.1M |
| Cash & Equivalents | $197.5M+239.3% | $58.2M+127.7% | $25.6M-27.2% | $35.1M-0.9% | $35.4M-37.9% | $57.1M-41.0% | $96.7M+32.9% | $72.8M |
| Total Liabilities | $17.3M-2.3% | $17.7M-21.4% | $22.5M-18.9% | $27.7M+18.3% | $23.5M-31.8% | $34.4M+47.7% | $23.3M-84.4% | $149.4M |
| Current Liabilities | $13.0M+18.1% | $11.0M-19.2% | $13.7M-18.2% | $16.7M-12.9% | $19.2M-28.2% | $26.7M+120.1% | $12.1M+187.1% | $4.2M |
| Total Equity | $349.0M+43.6% | $243.0M+3.3% | $235.2M+18.2% | $198.9M-6.0% | $211.5M+122.2% | $95.2M+9.2% | $87.2M+236.9% | -$63.7M |
| Retained Earnings | -$594.3M-14.4% | -$519.4M-1.9% | -$509.7M-23.6% | -$412.3M-36.3% | -$302.5M-36.5% | -$221.6M-47.0% | -$150.8M-121.4% | -$68.1M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
FULC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$65.8M | -$60.1M-2608.1% | -$2.2M+97.6% | -$91.0M+6.3% | -$97.0M-23.7% | -$78.5M-46.3% | -$53.7M-35.9% | -$39.5M-75.0% | -$22.6M |
| Capital Expenditures | $365K | $314K+12.9% | $278K-45.3% | $508K-74.1% | $2.0M+14.6% | $1.7M+27.6% | $1.3M+57.3% | $853K-90.5% | $9.0M |
| Free Cash Flow | -$66.1M | -$60.4M-2319.0% | -$2.5M+97.3% | -$91.5M+7.6% | -$99.0M-23.5% | -$80.2M-45.8% | -$55.0M-36.3% | -$40.3M-27.9% | -$31.5M |
| Investing Cash Flow | -$96.9M | $30.7M-4.7% | $32.2M+187.8% | -$36.7M-395.6% | $12.4M+109.6% | -$129.7M-126.9% | -$57.1M-5952.8% | -$944K+89.5% | -$9.0M |
| Financing Cash Flow | $168.4M | $168.7M+6042.3% | $2.7M-97.7% | $118.1M+40.1% | $84.3M-54.8% | $186.5M+162.2% | $71.1M+10.6% | $64.3M-38.7% | $105.0M |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FULC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | -27.4% | -3945.2% | -1774.8% | -423.0% | -811.6% | N/A | N/A |
| Net Margin | N/A | -12.2% | -3470.2% | -1732.4% | -421.9% | -802.7% | N/A | N/A |
| Return on Equity | -21.5%-17.5pp | -4.0%+37.4pp | -41.4%+13.8pp | -55.2%-17.0pp | -38.2%+36.2pp | -74.4%+20.5pp | -94.9% | N/A |
| Return on Assets | -20.4%-16.7pp | -3.7%+34.0pp | -37.8%+10.7pp | -48.5%-14.1pp | -34.4%+20.3pp | -54.6%+20.2pp | -74.9%-36.9pp | -38.0% |
| Current Ratio | 27.40+4.8x | 22.63+4.9x | 17.71+5.3x | 12.41+0.6x | 11.77+7.3x | 4.47-3.8x | 8.24-9.3x | 17.52 |
| Debt-to-Equity | 0.050.0x | 0.070.0x | 0.100.0x | 0.140.0x | 0.11-0.3x | 0.36+0.1x | 0.27 | N/A |
| FCF Margin | N/A | -3.1% | -3261.1% | -1561.2% | -418.5% | -623.3% | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Fulcrum Therapeutics Ranks
Frequently Asked Questions
What is Fulcrum Therapeutics's annual revenue?
Fulcrum Therapeutics (FULC) reported $0 in total revenue for fiscal year 2025. This represents a -100.0% 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 declined by 100.0% year-over-year, from $80.0M to $0 in fiscal year 2025.
Is Fulcrum Therapeutics profitable?
No, Fulcrum Therapeutics (FULC) reported a net income of -$74.9M in fiscal year 2025.
What is Fulcrum Therapeutics's EBITDA?
Fulcrum Therapeutics (FULC) had EBITDA of -$83.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Fulcrum Therapeutics's return on equity (ROE)?
Fulcrum Therapeutics (FULC) has a return on equity of -21.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Fulcrum Therapeutics's free cash flow?
Fulcrum Therapeutics (FULC) recorded an outflow of $60.4M in free cash flow during fiscal year 2025. This represents a -2319.0% 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) recorded an outflow of $60.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Fulcrum Therapeutics's total assets?
Fulcrum Therapeutics (FULC) had $366.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Fulcrum Therapeutics's capital expenditures?
Fulcrum Therapeutics (FULC) invested $314K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Fulcrum Therapeutics spend on research and development?
Fulcrum Therapeutics (FULC) invested $56.1M in research and development during fiscal year 2025.
What is Fulcrum Therapeutics's current ratio?
Fulcrum Therapeutics (FULC) had a current ratio of 27.40 as of fiscal year 2025, which is generally considered healthy.
What is Fulcrum Therapeutics's debt-to-equity ratio?
Fulcrum Therapeutics (FULC) had a debt-to-equity ratio of 0.05 as of fiscal year 2025, 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 -20.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Fulcrum Therapeutics's cash runway?
Based on fiscal year 2025 data, Fulcrum Therapeutics (FULC) had $197.5M in cash against an annual operating cash burn of $60.1M. This gives an estimated cash runway of approximately 39 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 Altman Z-Score?
Fulcrum Therapeutics (FULC) has an Altman Z-Score of 8.45, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Fulcrum Therapeutics's Piotroski F-Score?
Fulcrum Therapeutics (FULC) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Fulcrum Therapeutics's earnings high quality?
Fulcrum Therapeutics (FULC) reported a net loss of $74.9M while operations used $60.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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. Learn more in our complete guide to financial health indicators.