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

Fulcrum Therapeutics (FULC) reported diluted earnings per share of $-1.18 for fiscal year 2025. This represents a -637.5% 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.

Fulcrum Therapeutics Financials

FULC

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 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 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).

Rhea AI FULC FY2025 2026-04-27

Fulcrum’s core engine remains cash-burning R&D, while balance-sheet strength is being built through equity funding rather than operations.

FY2024 looks more like a one-off earnings bridge than a durable reset: net loss narrowed to -$9.7M in FY2024 but widened back to -$74.9M in FY2025. Cash still increased to $197.5M even as free cash flow was -$60.4M, showing the stronger balance sheet came from external financing rather than self-funding operations.

The balance sheet is unusually clean for an R&D-heavy, loss-making company: total liabilities were only $17.3M against $197.5M of cash, so near-term obligations are not what constrains the business. That cushion gives development flexibility, because funding pressure is coming from operating burn, not from debt service.

Spending discipline lowered the burn rate without changing the business model. R&D dropped from $71.8M in FY2023 to $56.1M in FY2025, yet operating cash flow stayed negative in every valid year. The tradeoff was dilution: shares outstanding rose from 54.0M to 66.6M between FY2024 and FY2025, so part of the extra runway came from issuing more equity.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Fulcrum Therapeutics's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Fulcrum Therapeutics's revenue declined 100% year-over-year, from $80.0M to $0. This contraction results in a growth score of 0/100.

Leverage

100

Fulcrum Therapeutics carries a low D/E ratio of 0.05, meaning only $0.05 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 27.40, Fulcrum Therapeutics holds $27.40 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Fulcrum Therapeutics generates a -21.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -4.0% the prior year.

Piotroski F-Score Weak

2/9

Fulcrum Therapeutics passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.80x

For every $1 of reported earnings, Fulcrum Therapeutics generates $0.80 in operating cash flow (-$60.1M OCF vs -$74.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

YoY-100.0%

Fulcrum Therapeutics generated $0 in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

EBITDA

-$83.4M

YoY-310.7%

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.

Net Income

-$74.9M

YoY-669.6%

Fulcrum Therapeutics reported -$74.9M in net income in fiscal year 2025. This represents a decrease of 669.6% from the prior year.

EPS (Diluted)

$-1.18

YoY-637.5%

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

Free Cash Flow

-$60.4M

YoY-2319.0%

Fulcrum Therapeutics generated -$60.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 2319.0% from the prior year.

Cash & Debt

$197.5M

YoY+239.3%

5Y CAGR+28.2%

Fulcrum Therapeutics held $197.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

67M

YoY+23.4%

5Y CAGR+19.0%

Fulcrum Therapeutics had 67M shares outstanding in fiscal year 2025. This represents an increase of 23.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-21.5%

YoY-17.5pp

5Y CAGR+52.9pp

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.

Capital Allocation

R&D Spending

$56.1M

YoY-11.5%

5Y CAGR-1.0%

Fulcrum Therapeutics invested $56.1M in research and development in fiscal year 2025. This represents a decrease of 11.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$314K

YoY+12.9%

5Y CAGR-25.2%

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.

FULC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$0-100.0%	$80.0M+2752.0%	$2.8M-55.8%	$6.3M-66.9%	$19.2M+117.2%	$8.8M
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	$56.1M-11.5%	$63.4M-11.7%	$71.8M-6.5%	$76.8M+10.2%	$69.7M+18.1%	$59.0M
SG&A Expenses	$28.7M-21.4%	$36.4M-12.5%	$41.7M-0.1%	$41.7M+36.6%	$30.5M+42.7%	$21.4M
Operating Income	-$84.8M-287.1%	-$21.9M+80.2%	-$110.7M+1.7%	-$112.6M-38.9%	-$81.1M-13.2%	-$71.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	N/A	N/A	N/A	N/A
Net Income	-$74.9M-669.6%	-$9.7M+90.0%	-$97.3M+11.4%	-$109.9M-35.9%	-$80.8M-14.2%	-$70.8M
EPS (Diluted)	$-1.18-637.5%	$-0.16+89.9%	$-1.59+34.8%	$-2.44-6.6%	$-2.29+17.9%	$-2.79

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	$0	$0	N/A	N/A	$0-100.0%	$80.0M
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	$14.1M	N/A	$14.3M+10.1%	$13.0M-3.1%	$13.4M	N/A	$14.6M-15.2%	$17.3M
SG&A Expenses	$8.1M	N/A	$7.6M+10.7%	$6.8M-2.4%	$7.0M	N/A	$8.4M-17.8%	$10.2M
Operating Income	-$22.2M	N/A	-$21.9M-10.3%	-$19.8M+2.9%	-$20.4M	N/A	-$25.1M-147.9%	$52.5M
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	-$18.9M	N/A	-$19.6M-13.3%	-$17.3M+2.0%	-$17.7M	N/A	-$21.7M-139.2%	$55.4M
EPS (Diluted)	$-0.25	N/A	$-0.31-10.7%	$-0.280.0%	$-0.28	N/A	$-0.35-140.2%	$0.87

FULC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$366.3M+40.5%	$260.7M+1.2%	$257.7M+13.7%	$226.7M-3.5%	$235.0M+81.4%	$129.6M
Current Assets	$357.5M+43.0%	$249.9M+3.2%	$242.2M+16.7%	$207.5M-8.2%	$226.0M+89.1%	$119.5M
Cash & Equivalents	$197.5M+239.3%	$58.2M+127.7%	$25.6M-27.2%	$35.1M-0.9%	$35.4M-37.9%	$57.1M
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	$17.3M-2.3%	$17.7M-21.4%	$22.5M-18.9%	$27.7M+18.3%	$23.5M-31.8%	$34.4M
Current Liabilities	$13.0M+18.1%	$11.0M-19.2%	$13.7M-18.2%	$16.7M-12.9%	$19.2M-28.2%	$26.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$349.0M+43.6%	$243.0M+3.3%	$235.2M+18.2%	$198.9M-6.0%	$211.5M+122.2%	$95.2M
Retained Earnings	-$594.3M-14.4%	-$519.4M-1.9%	-$509.7M-23.6%	-$412.3M-36.3%	-$302.5M-36.5%	-$221.6M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$346.8M-5.3%	$366.3M+70.5%	$214.9M-6.1%	$228.8M-5.7%	$242.6M-6.9%	$260.7M-6.6%	$279.0M-5.2%	$294.3M
Current Assets	$338.7M-5.3%	$357.5M+73.6%	$205.9M-6.2%	$219.4M-5.7%	$232.6M-6.9%	$249.9M-6.6%	$267.5M-4.6%	$280.3M
Cash & Equivalents	$50.3M-74.6%	$197.5M+319.6%	$47.1M+10.5%	$42.6M+1.0%	$42.2M-27.5%	$58.2M-19.9%	$72.6M-16.2%	$86.7M
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	$13.5M-22.1%	$17.3M+4.8%	$16.5M+14.1%	$14.5M+2.1%	$14.2M-19.9%	$17.7M-18.6%	$21.7M+6.1%	$20.5M
Current Liabilities	$9.9M-24.4%	$13.0M+12.2%	$11.6M+29.5%	$9.0M+10.9%	$8.1M-26.7%	$11.0M-23.9%	$14.5M+14.3%	$12.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$333.3M-4.5%	$349.0M+75.9%	$198.4M-7.5%	$214.4M-6.2%	$228.5M-6.0%	$243.0M-5.5%	$257.3M-6.0%	$273.8M
Retained Earnings	-$613.2M-3.2%	-$594.3M-3.5%	-$573.9M-3.5%	-$554.3M-3.2%	-$537.1M-3.4%	-$519.4M-3.3%	-$502.8M-4.5%	-$481.1M

FULC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$60.1M-2608.1%	-$2.2M+97.6%	-$91.0M+6.3%	-$97.0M-23.7%	-$78.5M-46.3%	-$53.7M
Capital Expenditures	$314K+12.9%	$278K-45.3%	$508K-74.1%	$2.0M+14.6%	$1.7M+27.6%	$1.3M
Free Cash Flow	-$60.4M-2319.0%	-$2.5M+97.3%	-$91.5M+7.6%	-$99.0M-23.5%	-$80.2M-45.8%	-$55.0M
Investing Cash Flow	$30.7M-4.7%	$32.2M+187.8%	-$36.7M-395.6%	$12.4M+109.6%	-$129.7M-126.9%	-$57.1M
Financing Cash Flow	$168.7M+6042.3%	$2.7M-97.7%	$118.1M+40.1%	$84.3M-54.8%	$186.5M+162.2%	$71.1M
Dividends Paid	$0	$0	$0	$0	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$18.8M-11.6%	-$16.8M-18.4%	-$14.2M-2.7%	-$13.8M+9.4%	-$15.3M+9.0%	-$16.8M+12.1%	-$19.1M-132.4%	$58.9M
Capital Expenditures	$8K-95.0%	$159K+76.7%	$90K+38.5%	$65K	$0-100.0%	$231K+1115.8%	$19K	$0
Free Cash Flow	-$18.8M-10.6%	-$17.0M-18.7%	-$14.3M-2.8%	-$13.9M+9.0%	-$15.3M+10.2%	-$17.0M+11.0%	-$19.1M-132.4%	$58.9M
Investing Cash Flow	-$128.2M-12122.1%	-$1.0M-105.6%	$18.6M+33.6%	$13.9M+1893.2%	-$777K-134.4%	$2.3M-48.0%	$4.3M+134.8%	-$12.5M
Financing Cash Flow	-$312K-100.2%	$168.3M+262871.9%	$64K-78.7%	$301K	$0-100.0%	$83K-86.9%	$635K+68.4%	$377K
Dividends Paid	$0	$0	$0	$0	$0	$0	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FULC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	-27.4%+3917.9pp	-3945.2%-2170.4pp	-1774.8%-1351.9pp	-423.0%+388.7pp	-811.6%
Net Margin	N/A	-12.2%+3458.1pp	-3470.2%-1737.8pp	-1732.4%-1310.5pp	-421.9%+380.8pp	-802.7%
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%
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%
Current Ratio	27.40+4.8	22.63+4.9	17.71+5.3	12.41+0.6	11.77+7.3	4.47
Debt-to-Equity	0.05-0.0	0.07-0.0	0.10-0.0	0.14+0.0	0.11-0.3	0.36
FCF Margin	N/A	-3.1%+3258.0pp	-3261.1%-1699.8pp	-1561.2%-1142.8pp	-418.5%+204.9pp	-623.3%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	N/A	N/A	65.6%
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	69.3%
Return on Equity	-5.7%	N/A	-9.9%-1.8pp	-8.1%-0.3pp	-7.7%	N/A	-8.4%-28.7pp	20.2%
Return on Assets	-5.5%	N/A	-9.1%-1.6pp	-7.6%-0.3pp	-7.3%	N/A	-7.8%-26.6pp	18.8%
Current Ratio	34.33+6.9	27.40+9.7	17.70-6.7	24.42-4.3	28.71+6.1	22.63+4.2	18.44-3.6	22.07
Debt-to-Equity	0.040.0	0.05-0.0	0.08+0.0	0.070.0	0.06-0.0	0.07-0.0	0.080.0	0.07
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	73.6%

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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% 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) generated -$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) generated -$60.1M in operating cash flow during fiscal year 2025, representing cash generated from 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.

How many shares does Fulcrum Therapeutics have outstanding?

Fulcrum Therapeutics (FULC) had 67M shares outstanding as of 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 Piotroski F-Score?

Fulcrum Therapeutics (FULC) has a Piotroski F-Score of 2 out of 9, indicating weak 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 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) has an earnings quality ratio of 0.80x, 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. Learn more in our complete guide to financial health indicators.

How financially healthy is Fulcrum Therapeutics?

Fulcrum Therapeutics (FULC) scores 33 out of 100 on our Financial Profile, indicating weak 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. Learn more in our complete guide to financial health indicators.