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Fulcrum Therapeutics (FULC) Financials

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$3.50 -0.09 (-2.51%)
Closing price 04:00 PM Eastern
Extended Trading
$3.43 -0.07 (-2.00%)
As of 07:27 PM Eastern
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Annual Income Statements for Fulcrum Therapeutics

Annual Income Statements for Fulcrum Therapeutics

This table shows Fulcrum Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -39 -90 -71 -81 -110 -97 -9.73 -75
Consolidated Net Income / (Loss)		 -33 -83 -71 -81 -110 -97 -9.73 -75
Net Income / (Loss) Continuing Operations		 -33 -83 -71 -81 -110 -97 -9.73 -75
Total Pre-Tax Income 		-33 -83 -71 -81 -110 -97 -9.73 -75
Total Operating Income		 -33 -84 -72 -81 -113 -111 -22 -85
Total Gross Profit		 0.00 0.00 8.82 19 6.34 2.81 80 0.00
Total Revenue		 0.00 0.00 8.82 19 6.34 2.81 80 0.00
Operating Revenue		 0.00 0.00 8.82 19 6.34 2.81 80 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 33 84 80 100 119 113 102 85
Selling, General & Admin Expense		 8.31 13 21 31 42 42 36 29
Research & Development Expense		 25 71 59 70 77 72 63 56
Restructuring Charge		 - - - 0.00 0.43 0.00 2.06 0.00
Total Other Income / (Expense), net		 0.91 1.54 0.79 0.21 2.69 13 12 9.89
Interest & Investment Income		 0.52 1.54 0.79 0.21 2.69 13 12 9.89
Basic Earnings per Share		 ($31.14) ($8.13) ($2.79) ($2.29) ($2.44) ($1.59) ($0.16) ($1.18)
Weighted Average Basic Shares Outstanding		 1.26K 11.05M 25.35M 35.36M 44.99M 61.31M 61.98M 63.36M
Diluted Earnings per Share		 ($31.14) ($8.13) ($2.79) ($2.29) ($2.44) ($1.59) ($0.16) ($1.18)
Weighted Average Diluted Shares Outstanding		 1.26K 11.05M 25.35M 35.36M 44.99M 61.31M 61.98M 63.36M
Weighted Average Basic & Diluted Shares Outstanding		 1.26M 11.05M 25.35M 40.64M 61.76M 61.94M 53.98M 66.60M

Quarterly Income Statements for Fulcrum Therapeutics

This table shows Fulcrum Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -24 -25 -27 55 -22 -17 -18 -17 -20 -20 -19
Consolidated Net Income / (Loss)		 -24 -25 -27 55 -22 -17 -18 -17 -20 -20 -19
Net Income / (Loss) Continuing Operations		 -24 -25 -27 55 -22 -17 -18 -17 -20 -20 -19
Total Pre-Tax Income 		-24 -25 -27 55 -22 -17 -18 -17 -20 -20 -19
Total Operating Income		 -27 -28 -30 52 -25 -19 -20 -20 -22 -23 -22
Total Gross Profit		 0.76 0.87 0.00 80 0.00 - 0.00 0.00 0.00 - 0.00
Total Revenue		 0.76 0.87 0.00 80 0.00 - 0.00 0.00 0.00 - 0.00
Operating Revenue		 0.76 0.87 0.00 80 0.00 - 0.00 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 28 29 30 28 25 19 20 20 22 23 22
Selling, General & Admin Expense		 9.96 9.86 10 10 8.42 7.72 7.00 6.83 7.56 7.28 8.10
Research & Development Expense		 18 19 20 17 15 12 13 13 14 15 14
Restructuring Charge		 0.00 - 0.00 - 2.06 - 0.00 - 0.00 - 0.00
Total Other Income / (Expense), net		 3.42 3.24 2.96 2.92 3.43 2.86 2.75 2.52 2.26 2.36 3.30
Interest & Investment Income		 3.42 3.24 2.96 2.92 3.43 2.86 2.75 2.52 2.26 2.36 3.30
Basic Earnings per Share		 ($0.39) ($0.41) ($0.43) $0.89 ($0.35) ($0.27) ($0.28) ($0.28) ($0.31) ($0.31) ($0.25)
Weighted Average Basic Shares Outstanding		 61.82M 61.31M 61.98M 62.21M 62.41M 61.98M 62.48M 62.54M 62.60M 63.36M 76.22M
Diluted Earnings per Share		 ($0.39) ($0.41) ($0.43) $0.87 ($0.35) ($0.25) ($0.28) ($0.28) ($0.31) ($0.31) ($0.25)
Weighted Average Diluted Shares Outstanding		 61.82M 61.31M 61.98M 63.59M 62.41M 61.98M 62.48M 62.54M 62.60M 63.36M 76.22M
Weighted Average Basic & Diluted Shares Outstanding		 61.82M 61.94M 62.15M 62.40M 53.94M 53.98M 53.98M 54.09M 54.12M 66.60M 66.63M

Annual Cash Flow Statements for Fulcrum Therapeutics

This table details how cash moves in and out of Fulcrum Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 73 24 -39 -22 -0.31 -9.54 33 139
Net Cash From Operating Activities		 -23 -39 -54 -78 -97 -91 -2.22 -60
Net Cash From Continuing Operating Activities		 -23 -40 -53 -78 -97 -91 -2.22 -60
Net Income / (Loss) Continuing Operations		 -33 -83 -71 -81 -110 -97 -9.73 -75
Consolidated Net Income / (Loss)		 -33 -83 -71 -81 -110 -97 -9.73 -75
Depreciation Expense		 1.35 2.05 2.38 2.52 2.41 2.17 1.59 1.39
Amortization Expense		 - 0.00 -0.07 0.67 0.15 -5.99 -4.39 -2.95
Non-Cash Adjustments To Reconcile Net Income		 2.16 30 7.35 11 13 15 14 12
Changes in Operating Assets and Liabilities, net		 6.52 11 8.57 -12 -2.72 -4.61 -3.55 4.65
Net Cash From Investing Activities		 -8.98 -0.94 -57 -130 12 -37 32 31
Net Cash From Continuing Investing Activities		 -9.16 -0.94 -57 -130 12 -37 32 31
Purchase of Property, Plant & Equipment		 -9.16 -0.85 -1.34 -1.71 -1.96 -0.51 -0.28 -0.31
Purchase of Investments		 - 0.00 -124 -216 -151 -195 -179 -180
Sale and/or Maturity of Investments		 - 0.00 68 88 166 159 211 211
Net Cash From Financing Activities		 105 64 71 187 84 118 2.75 169
Net Cash From Continuing Financing Activities		 105 64 71 187 84 118 2.75 169
Repayment of Debt		 -0.07 -0.05 -0.05 -0.02 0.00 0.00 0.00 0.00
Issuance of Common Equity		 0.01 64 71 187 84 118 2.75 169

Quarterly Cash Flow Statements for Fulcrum Therapeutics

This table details how cash moves in and out of Fulcrum Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -3.89 -4.52 14 47 -14 -14 -16 0.41 4.49 150 -147
Net Cash From Operating Activities		 -23 -23 -25 59 -19 -17 -15 -14 -14 -17 -19
Net Cash From Continuing Operating Activities		 -23 -23 -25 59 -19 -17 -15 -14 -14 -17 -19
Net Income / (Loss) Continuing Operations		 -24 -25 -27 55 -22 -17 -18 -17 -20 -20 -19
Consolidated Net Income / (Loss)		 -24 -25 -27 55 -22 -17 -18 -17 -20 -20 -19
Depreciation Expense		 0.53 0.51 0.48 0.38 0.37 0.37 0.35 0.34 0.35 0.35 0.34
Amortization Expense		 -1.59 -1.33 -1.16 -1.13 -1.15 -0.95 -0.90 -1.09 -0.59 -0.38 -0.77
Non-Cash Adjustments To Reconcile Net Income		 3.21 3.98 3.73 4.18 3.64 2.30 2.99 2.70 3.17 2.87 3.67
Changes in Operating Assets and Liabilities, net		 -1.05 -1.56 -1.46 0.06 -0.24 -1.92 -0.05 1.52 2.48 0.70 -3.10
Net Cash From Investing Activities		 19 18 38 -13 4.35 2.26 -0.78 14 19 -1.05 -128
Net Cash From Continuing Investing Activities		 19 18 38 -13 4.37 2.44 -0.78 14 19 -1.05 -128
Purchase of Property, Plant & Equipment		 -0.07 -0.08 -0.03 -0.02 - -0.05 0.00 -0.07 -0.09 -0.16 -0.01
Purchase of Investments		 -26 -25 -56 -63 -38 -21 -60 -76 -17 -26 -155
Sale and/or Maturity of Investments		 45 44 94 51 43 24 60 90 36 25 27
Net Cash From Financing Activities		 - 0.29 1.65 0.38 0.64 0.08 0.00 0.30 0.06 168 -0.31
Net Cash From Continuing Financing Activities		 - 0.29 1.65 0.38 0.64 0.08 0.00 0.30 0.06 168 -0.31
Repurchase of Common Equity		 - - - - - - 0.00 - - - -0.33
Issuance of Common Equity		 - 0.29 1.65 0.38 0.64 0.08 0.00 0.30 0.06 168 0.02

Annual Balance Sheets for Fulcrum Therapeutics

This table presents Fulcrum Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 86 110 130 235 227 258 261 366
Total Current Assets		 74 100 120 226 208 242 250 357
Cash & Equivalents		 73 97 57 35 35 26 58 198
Short-Term Investments		 - 0.00 56 183 168 211 183 155
Accounts Receivable		 - 0.00 2.53 3.64 0.23 0.54 2.10 0.00
Prepaid Expenses		 1.30 3.37 4.07 4.20 4.37 5.44 6.81 5.17
Plant, Property, & Equipment, net		 11 9.21 8.40 7.37 6.91 5.22 3.90 2.82
Total Noncurrent Assets		 1.13 1.15 1.67 1.63 12 10 6.90 5.98
Other Noncurrent Operating Assets		 1.13 1.15 1.67 1.63 12 10 6.90 5.98
Total Liabilities & Shareholders' Equity		 86 110 130 235 227 258 261 366
Total Liabilities		 9.77 23 34 23 28 23 18 17
Total Current Liabilities		 4.23 12 27 19 17 14 11 13
Accounts Payable		 1.26 2.19 4.08 4.79 3.64 2.76 1.16 1.59
Accrued Expenses		 2.50 5.50 7.27 9.23 9.55 8.73 7.69 9.05
Other Current Liabilities		 0.47 0.47 0.47 0.47 2.60 2.19 2.19 2.40
Total Noncurrent Liabilities		 5.54 11 7.67 4.26 11 8.83 6.64 4.24
Capital Lease Obligations		 3.99 3.52 3.05 2.58 0.00 0.00 - 0.00
Noncurrent Deferred Revenue		 1.40 7.57 4.62 1.68 0.00 0.00 - 0.00
Other Noncurrent Operating Liabilities		 0.15 0.06 0.00 0.00 11 8.83 6.64 4.24
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -64 87 95 212 199 235 243 349
Total Preferred & Common Equity		 -64 87 95 212 199 235 243 349
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -64 87 95 212 199 235 243 349
Common Stock		 4.45 238 317 514 612 745 762 943
Retained Earnings		 -68 -151 -222 -302 -412 -510 -519 -594
Treasury Stock		 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Accumulated Other Comprehensive Income / (Loss)		 - 0.00 -0.00 -0.40 -0.80 -0.14 0.13 0.17

Quarterly Balance Sheets for Fulcrum Therapeutics

This table presents Fulcrum Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 279 233 294 279 243 229 215 347
Total Current Assets		 262 218 280 267 233 219 206 339
Cash & Equivalents		 30 40 87 73 42 43 47 50
Short-Term Investments		 227 173 187 185 184 172 154 283
Accounts Receivable		 0.58 0.00 2.33 3.66 0.98 0.00 0.00 0.00
Prepaid Expenses		 4.82 4.64 4.18 6.60 4.97 5.26 5.22 5.35
Plant, Property, & Equipment, net		 5.65 4.77 4.41 4.22 3.55 3.27 3.17 2.49
Total Noncurrent Assets		 11 9.87 9.56 7.30 6.55 6.20 5.82 5.61
Other Noncurrent Operating Assets		 11 9.87 9.56 7.30 6.55 6.20 5.82 5.61
Total Liabilities & Shareholders' Equity		 279 233 294 279 243 229 215 347
Total Liabilities		 23 19 20 22 14 14 16 13
Total Current Liabilities		 14 11 13 15 8.10 8.99 12 9.86
Accounts Payable		 3.57 3.86 3.58 4.04 1.51 1.75 2.86 2.45
Accrued Expenses		 7.82 4.81 7.03 8.33 4.35 4.94 6.43 4.95
Other Current Liabilities		 2.35 2.03 2.08 2.13 2.24 2.29 2.35 2.46
Total Noncurrent Liabilities		 9.34 8.30 7.77 7.21 6.06 5.48 4.86 3.60
Capital Lease Obligations		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Noncurrent Deferred Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Noncurrent Operating Liabilities		 9.34 8.30 7.77 7.21 6.06 5.48 4.86 3.60
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 255 214 274 257 228 214 198 333
Total Preferred & Common Equity		 255 214 274 257 228 214 198 333
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 255 214 274 257 228 214 198 333
Common Stock		 741 751 755 760 765 769 772 947
Retained Earnings		 -485 -537 -481 -503 -537 -554 -574 -613
Treasury Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accumulated Other Comprehensive Income / (Loss)		 -0.89 -0.43 -0.37 0.38 0.07 0.08 0.24 -0.51

Annual Metrics And Ratios for Fulcrum Therapeutics

This table displays calculated financial ratios and metrics derived from Fulcrum Therapeutics' official financial filings.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 23,340,544.00 27,462,565.00 40,548,783.00 52,051,405.00 61,822,554.00 - 54,118,438.00
DEI Adjusted Shares Outstanding		 0.00 23,340,544.00 27,462,565.00 40,548,783.00 52,051,405.00 61,822,554.00 - 54,118,438.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -3.85 -2.58 -1.99 -2.11 -1.57 - -1.38
Growth Metrics		 - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 117.19% -66.91% -55.77% 2,752.05% -100.00%
EBITDA Growth		 0.00% 0.00% 15.66% -12.36% -41.26% -4.08% 78.43% -249.58%
EBIT Growth		 0.00% 0.00% 14.97% -13.19% -38.87% 1.69% 80.21% -287.13%
NOPAT Growth		 0.00% 0.00% 14.97% -13.19% -38.87% 1.69% 80.21% -287.13%
Net Income Growth		 0.00% 0.00% 14.34% -14.16% -35.90% 11.41% 90.01% -669.97%
EPS Growth		 0.00% 0.00% 65.68% 17.92% -6.55% 34.84% 89.94% -637.50%
Operating Cash Flow Growth		 0.00% 0.00% -35.89% -46.26% -23.67% 6.27% 97.56% -2,608.07%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% -62.42% -17.03% -1.98% 77.16% -194.08%
Invested Capital Growth		 0.00% 0.00% -143.12% 72.48% 1.53% 74.16% 295.82% -264.23%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 4.54% -40.81% 7.10% -1.08% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% -7.65% -5.19% -0.73% 26.29% -3.26%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -7.67% -4.08% -0.02% 28.11% -4.00%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -7.67% -4.08% -0.02% 28.11% -4.00%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -7.68% -2.47% 1.40% 45.71% -5.30%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 1.72% 4.69% 3.05% 50.00% -5.36%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -40.00% -2.66% 2.18% -3.96% 74.25% -0.06%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 4.26% -5.54% 20.16% 1.28%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 42.58% -961.07% 36.89% 3,431.58% -45.06%
Profitability Metrics		 - - - - - - - -
Gross Margin		 0.00% 0.00% 100.00% 100.00% 100.00% 100.00% 100.00% 0.00%
EBITDA Margin		 0.00% 0.00% -785.45% -406.34% -1,734.39% -4,081.39% -30.87% 0.00%
Operating Margin		 0.00% 0.00% -811.64% -422.97% -1,774.85% -3,945.24% -27.37% 0.00%
EBIT Margin		 0.00% 0.00% -811.64% -422.97% -1,774.85% -3,945.24% -27.37% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% -802.66% -421.89% -1,732.43% -3,470.05% -12.16% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 98.44% 98.17% 98.89% 99.74% 97.61% 87.96% 44.41% 88.33%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -3,112.26% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -3,114.61% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3,108.20% 0.00%
Return on Equity (ROE)		 -42.88% -101.35% -77.68% -52.72% -53.53% -44.84% -4.07% -25.30%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -912.51% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% -59.67% -44.46% -48.76% -45.69% -8.45% 0.00%
Return on Assets (ROA)		 0.00% 0.00% -59.01% -44.35% -47.60% -40.19% -3.75% 0.00%
Return on Common Equity (ROCE)		 35.92% -14.59% -77.68% -52.72% -53.53% -44.84% -4.07% -25.30%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -94.86% -74.40% -38.22% -55.23% -41.39% -4.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -23 -59 -50 -57 -79 -77 -15 -59
NOPAT Margin		 0.00% 0.00% -568.15% -296.08% -1,242.40% -2,761.67% -19.16% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -13.28% -25.46% -20.38% -14.82% -14.85% -9.05% 2.35% -5.24%
Return On Investment Capital (ROIC_SIMPLE)		 39.29% - - - - -32.94% -6.31% -17.00%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 242.46% 159.24% 657.43% 1,485.49% 45.56% 0.00%
R&D to Revenue		 0.00% 0.00% 669.18% 363.73% 1,210.69% 2,559.75% 79.23% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 911.64% 522.97% 1,874.85% 4,045.24% 127.37% 0.00%
Earnings before Interest and Taxes (EBIT)		 -33 -84 -72 -81 -113 -111 -22 -85
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -32 -82 -69 -78 -110 -114 -25 -86
Valuation Ratios		 - - - - - - - -
Price to Book Value (P/BV)		 0.00 4.46 3.38 3.39 1.90 1.77 1.04 1.75
Price to Tangible Book Value (P/TBV)		 0.00 4.46 3.38 3.39 1.90 1.77 1.04 1.75
Price to Revenue (P/Rev)		 0.00 0.00 36.45 37.43 59.75 148.77 3.17 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 19.86 0.00 0.00 0.00 0.00 0.00 6.21 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 24.00 26.18 27.75 64.56 0.16 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - -
Debt to Equity		 0.05 0.04 0.03 0.01 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.05 0.04 0.03 0.01 0.00 0.00 0.00 0.00
Financial Leverage		 -0.91 -1.07 -1.11 -1.06 -1.02 -1.01 -1.00 -1.00
Leverage Ratio		 1.13 1.20 1.32 1.19 1.12 1.12 1.08 1.06
Compound Leverage Factor		 1.11 1.18 1.30 1.19 1.10 0.98 0.48 0.94
Debt to Total Capital		 4.99% 3.88% 3.11% 1.21% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 4.99% 3.88% 3.11% 1.21% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 174.61% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -79.60% 96.12% 96.89% 98.79% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 -0.13 -0.04 -0.04 -0.03 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 2.17 1.13 1.59 2.77 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 -0.13 -0.04 -0.04 -0.03 0.00 0.00 0.00 0.00
Debt to NOPAT		 -0.17 -0.06 -0.06 -0.05 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 2.93 1.58 2.19 3.80 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 -0.17 -0.06 -0.06 -0.05 0.00 0.00 0.00 0.00
Altman Z-Score		 3.01 6.53 2.32 16.54 5.05 8.02 6.94 19.34
Noncontrolling Interest Sharing Ratio		 183.78% 85.61% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - -
Current Ratio		 17.52 8.24 4.47 11.77 12.41 17.71 22.63 27.40
Quick Ratio		 17.21 7.97 4.32 11.55 12.15 17.31 22.01 27.00
Cash Flow Metrics		 - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 -41 -67 -79 -80 -18 -54
Operating Cash Flow to CapEx		 -246.44% -4,628.72% -3,998.14% -4,581.32% -4,943.96% -17,906.50% -797.84% -19,128.98%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - -
Asset Turnover		 0.00 0.00 0.07 0.11 0.03 0.01 0.31 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 6.21 3.28 7.32 60.77 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 1.00 2.43 0.89 0.46 17.55 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 58.74 111.25 49.84 6.01 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 58.74 111.25 49.84 6.01 0.00
Capital & Investment Metrics		 - - - - - - - -
Invested Capital		 7.19 -6.04 -15 -4.04 -3.98 -1.03 2.01 -3.31
Invested Capital Turnover		 0.00 0.00 -0.85 -2.05 -1.58 -1.12 162.44 0.00
Increase / (Decrease) in Invested Capital		 0.00 0.00 -8.64 11 0.06 2.95 3.04 -5.32
Enterprise Value (EV)		 143 295 212 502 176 181 12 260
Market Capitalization		 72 388 322 717 379 417 254 612
Book Value per Share		 ($50,652.35) $3.73 $3.47 $5.22 $3.82 $3.80 $4.51 $6.45
Tangible Book Value per Share		 ($50,652.35) $3.73 $3.47 $5.22 $3.82 $3.80 $4.51 $6.45
Total Capital		 80 91 98 214 199 235 243 349
Total Debt		 3.99 3.52 3.05 2.58 0.00 0.00 0.00 0.00
Total Long-Term Debt		 3.99 3.52 3.05 2.58 0.00 0.00 0.00 0.00
Net Debt		 -69 -93 -110 -216 -203 -236 -241 -352
Capital Expenditures (CapEx)		 9.16 0.85 1.34 1.71 1.96 0.51 0.28 0.31
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2.93 -8.77 -20 -11 -12 -7.70 -2.14 -7.87
Debt-free Net Working Capital (DFNWC)		 70 88 93 207 191 229 239 344
Net Working Capital (NWC)		 70 88 93 207 191 229 239 344
Net Nonoperating Expense (NNE)		 9.14 24 21 24 31 20 -5.60 16
Net Nonoperating Obligations (NNO)		 -69 -93 -110 -216 -203 -236 -241 -352
Total Depreciation and Amortization (D&A)		 1.35 2.05 2.31 3.19 2.57 -3.82 -2.80 -1.56
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% -228.14% -59.30% -191.22% -274.40% -2.68% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 1,051.63% 1,079.16% 3,008.42% 8,147.02% 298.60% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 1,051.63% 1,079.16% 3,008.42% 8,147.02% 298.60% 0.00%
Earnings Adjustments		 - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 ($1.59) ($0.16) ($1.18)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 61.31M 61.98M 63.36M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 ($1.59) ($0.16) ($1.18)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 61.31M 61.98M 63.36M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 61.94M 53.98M 66.60M
Normalized Net Operating Profit after Tax (NOPAT)		 -23 -59 -50 -57 -78 -77 -14 -59
Normalized NOPAT Margin		 0.00% 0.00% -568.15% -296.08% -1,237.68% -2,761.67% -17.35% 0.00%
Pre Tax Income Margin		 0.00% 0.00% -802.66% -421.89% -1,732.43% -3,470.05% -12.16% 0.00%
Debt Service Ratios		 - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Fulcrum Therapeutics

This table displays calculated financial ratios and metrics derived from Fulcrum Therapeutics' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 61,822,554.00 61,822,554.00 61,822,554.00 62,153,638.00 62,400,770.00 - 53,979,306.00 53,979,306.00 54,091,588.00 54,118,438.00 66,600,209.00
DEI Adjusted Shares Outstanding		 61,822,554.00 61,822,554.00 61,822,554.00 62,153,638.00 62,400,770.00 - 53,979,306.00 53,979,306.00 54,091,588.00 54,118,438.00 66,600,209.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.39 -0.40 -0.43 0.89 -0.35 - -0.33 -0.32 -0.36 -0.38 -0.28
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -35.84% 27.15% -100.00% 8,990.91% -100.00% 0.00% 0.00% -100.00% 0.00% 0.00% 0.00%
EBITDA Growth		 -20.57% -2.96% -6.18% 281.93% 9.07% 30.57% 31.35% -139.73% 14.71% -13.62% -7.95%
EBIT Growth		 -12.67% -0.07% -6.78% 292.33% 8.43% 30.59% 31.61% -137.75% 13.01% -16.80% -8.74%
NOPAT Growth		 -12.67% -0.07% -6.78% 374.76% 8.43% 30.59% 31.61% -126.42% 13.01% -16.80% -8.74%
Net Income Growth		 -1.18% 5.28% -8.44% 332.98% 9.66% 33.07% 34.29% -131.22% 9.68% -22.73% -7.00%
EPS Growth		 23.53% 10.87% -4.88% 328.95% 10.26% 39.02% 34.88% -132.18% 11.43% -24.00% 10.71%
Operating Cash Flow Growth		 17.85% -17.58% -4.84% 383.37% 16.74% 27.62% 39.66% -123.46% 25.60% -0.22% -22.89%
Free Cash Flow Firm Growth		 24.28% -14.78% -4.93% 292.08% -7.35% 26.19% 33.52% -126.92% 32.74% 36.51% 14.18%
Invested Capital Growth		 -334.40% 74.16% 110.16% 0.00% 103.50% 295.82% 577.34% 2,125.00% -4,098.25% -264.23% -100.69%
Revenue Q/Q Growth		 -13.75% 14.76% -100.00% 0.00% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 -0.20% -1.12% -5.91% 269.53% -150.08% 22.79% -4.72% 1.88% -7.50% -2.86% 0.50%
EBIT Q/Q Growth		 -0.54% -2.01% -6.58% 275.95% -147.87% 22.67% -5.01% 2.88% -10.31% -3.82% 2.23%
NOPAT Q/Q Growth		 -0.54% -2.01% -6.58% 351.35% -133.51% 22.67% -5.01% 2.88% -10.31% -3.82% 2.23%
Net Income Q/Q Growth		 -0.98% -3.08% -8.54% 306.21% -139.16% 23.64% -6.56% 2.03% -13.29% -3.77% 7.10%
EPS Q/Q Growth		 -2.63% -5.13% -4.88% 302.33% -140.23% 28.57% -12.00% 0.00% -10.71% 0.00% 19.35%
Operating Cash Flow Q/Q Growth		 -10.20% -1.10% -9.18% 332.95% -132.38% 12.12% 8.97% 9.42% -2.68% -18.38% -11.62%
Free Cash Flow Firm Q/Q Growth		 34.29% -25.57% -6.00% 319.60% -136.73% 13.66% 4.53% 11.09% 8.22% 18.50% -29.04%
Invested Capital Q/Q Growth		 0.00% 36.89% 127.04% -95.68% 375.00% 3,431.58% -6.46% -85.82% -953.56% -45.06% 99.61%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 -3,754.15% -3,307.92% 0.00% 64.67% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 -3,615.28% -3,213.78% 0.00% 65.62% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 -3,615.28% -3,213.78% 0.00% 65.62% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 -3,164.30% -2,842.25% 0.00% 69.26% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 87.53% 88.44% 90.07% 105.56% 86.35% 85.27% 86.53% 87.29% 89.65% 89.60% 85.15%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 892,692.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 892,689.94% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% -892,650.82% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -41.40% -44.84% -40.66% 41.26% -6.99% 0.00% 0.00% -30.00% -31.21% -25.30% -27.10%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -29,426.12% -382,563.33% -40,364.91% -912.51% -956.15% -42,721.22% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -35.95% -37.22% 0.00% 18.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 -31.47% -32.92% 0.00% 19.21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 -41.40% -44.84% -40.66% 41.26% -6.99% 0.00% 0.00% -30.00% -31.21% -25.30% -27.10%
Return on Equity Simple (ROE_SIMPLE)		 -38.64% 0.00% -46.55% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -19 -20 -21 52 -18 -14 -14 -14 -15 -16 -16
NOPAT Margin		 -2,530.70% -2,249.64% 0.00% 65.62% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -2.01% -2.35% -2.44% 2.13% -1.60% -1.24% -1.53% -1.40% -1.88% -1.50% -1.20%
Return On Investment Capital (ROIC_SIMPLE)		 - -8.33% -9.78% 19.17% -6.84% -5.60% -6.25% -6.47% -7.71% -4.55% -4.66%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 1,312.38% 1,132.49% 0.00% 12.81% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 2,402.90% 2,181.29% 0.00% 21.58% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 3,715.28% 3,313.78% 0.00% 34.39% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -27 -28 -30 52 -25 -19 -20 -20 -22 -23 -22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -28 -29 -31 52 -26 -20 -21 -21 -22 -23 -23
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.07 1.77 2.73 1.41 0.87 1.04 0.68 1.73 2.51 1.75 1.53
Price to Tangible Book Value (P/TBV)		 1.07 1.77 2.73 1.41 0.87 1.04 0.68 1.73 2.51 1.75 1.53
Price to Revenue (P/Rev)		 104.81 148.77 232.51 4.72 2.75 3.17 1.94 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 1,331.98 9,297.88 0.00 6.21 0.00 589.01 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 6.64 64.56 147.53 1.37 0.00 0.16 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -1.00 -1.01 -1.01 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00
Leverage Ratio		 1.10 1.12 1.09 1.07 1.09 1.08 1.08 1.07 1.08 1.06 1.05
Compound Leverage Factor		 0.97 0.99 0.98 1.13 0.94 0.92 0.93 0.94 0.97 0.95 0.89
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 5.35 9.08 15.86 10.97 4.71 6.97 4.65 12.84 15.11 19.90 21.21
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 18.65 17.71 20.38 22.07 18.44 22.63 28.71 24.42 17.70 27.40 34.33
Quick Ratio		 18.31 17.31 19.95 21.74 17.98 22.01 28.10 23.83 17.25 27.00 33.79
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -18 -23 -24 52 -19 -17 -16 -14 -13 -11 -14
Operating Cash Flow to CapEx		 -35,240.00% -30,075.32% -90,300.00% 309,994.74% 0.00% -32,864.71% 0.00% -21,261.54% -15,766.67% -10,564.78% -234,375.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.01 0.01 0.01 0.28 0.29 0.31 0.34 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 3.79 7.32 0.00 34.99 38.18 60.77 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.40 0.46 0.46 18.52 16.40 17.55 19.25 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 96.37 49.84 0.00 10.43 9.56 6.01 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 96.37 49.84 0.00 10.43 9.56 6.01 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -1.63 -1.03 0.28 0.01 0.06 2.01 1.88 0.27 -2.28 -3.31 -0.01
Invested Capital Turnover		 -2.61 -1.12 -2.04 13,605.00 -102.89 162.44 74.04 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 -1.25 2.95 3.01 0.01 1.69 3.04 1.61 0.26 -2.34 -5.32 -1.90
Enterprise Value (EV)		 17 181 370 112 -34 12 -71 157 297 260 178
Market Capitalization		 274 417 584 385 223 254 155 371 498 612 511
Book Value per Share		 $4.13 $3.80 $3.45 $4.41 $4.12 $4.51 $4.23 $3.97 $3.67 $6.45 $5.00
Tangible Book Value per Share		 $4.13 $3.80 $3.45 $4.41 $4.12 $4.51 $4.23 $3.97 $3.67 $6.45 $5.00
Total Capital		 255 235 214 274 257 243 228 214 198 349 333
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -257 -236 -213 -274 -257 -241 -227 -214 -201 -352 -333
Capital Expenditures (CapEx)		 0.07 0.08 0.03 0.02 0.00 0.05 0.00 0.07 0.09 0.16 0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -8.68 -7.70 -6.06 -6.19 -4.25 -2.14 -2.15 -3.72 -6.41 -7.87 -4.51
Debt-free Net Working Capital (DFNWC)		 248 229 207 268 253 239 224 210 194 344 329
Net Working Capital (NWC)		 248 229 207 268 253 239 224 210 194 344 329
Net Nonoperating Expense (NNE)		 4.81 5.16 5.99 -2.92 4.11 2.97 3.37 3.43 4.29 4.45 3.36
Net Nonoperating Obligations (NNO)		 -257 -236 -213 -274 -257 -241 -227 -214 -201 -352 -333
Total Depreciation and Amortization (D&A)		 -1.05 -0.82 -0.68 -0.76 -0.78 -0.58 -0.55 -0.74 -0.24 -0.04 -0.43
Debt-free, Cash-free Net Working Capital to Revenue		 -331.27% -274.40% -241.27% -7.58% -5.26% -2.68% -2.68% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 9,485.11% 8,147.02% 8,257.29% 327.80% 312.82% 298.60% 280.57% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 9,485.11% 8,147.02% 8,257.29% 327.80% 312.82% 298.60% 280.57% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.39) ($0.41) ($0.43) $0.89 ($0.35) ($0.27) ($0.28) ($0.28) ($0.31) ($0.31) ($0.25)
Adjusted Weighted Average Basic Shares Outstanding		 61.82M 61.31M 61.98M 62.21M 62.41M 61.98M 62.48M 62.54M 62.60M 63.36M 76.22M
Adjusted Diluted Earnings per Share		 ($0.39) ($0.41) ($0.43) $0.87 ($0.35) ($0.25) ($0.28) ($0.28) ($0.31) ($0.31) ($0.25)
Adjusted Weighted Average Diluted Shares Outstanding		 61.82M 61.31M 61.98M 63.59M 62.41M 61.98M 62.48M 62.54M 62.60M 63.36M 76.22M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 61.82M 61.94M 62.15M 62.40M 53.94M 53.98M 53.98M 54.09M 54.12M 66.60M 66.63M
Normalized Net Operating Profit after Tax (NOPAT)		 -19 -20 -21 37 -16 -14 -14 -14 -15 -16 -16
Normalized NOPAT Margin		 -2,530.70% -2,249.64% 0.00% 45.93% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 -3,164.30% -2,842.25% 0.00% 69.26% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Fulcrum Therapeutics (NASDAQ: FULC) remains a cash-rich clinical-stage biotech, but it is still burning cash at a meaningful rate and has not yet generated product revenue. The company’s most recent quarter shows a very large balance-sheet cushion, but operating losses continue to be the main story.

  • Strong liquidity position: As of Q1 2026, Fulcrum held $50.3 million in cash and equivalents plus $283.1 million in short-term investments, for total liquid assets of about $333.3 million.
  • Minimal debt: Total liabilities were just $13.5 million in Q1 2026, leaving the company with a very clean balance sheet.
  • Large equity base: Total common equity was $333.3 million, which provides flexibility as the company funds its development pipeline.
  • Investment income helps offset losses: Q1 2026 interest and investment income was $3.3 million, partially cushioning operating losses.
  • Operating cash burn is still manageable relative to cash reserves: Q1 2026 operating cash outflow was $18.8 million, which is substantial but not alarming given the current cash and investment balance.
  • Pipeline-stage profile: Revenue remains at zero across the recent quarters shown, so the investment case still depends on clinical and regulatory progress rather than commercial execution.
  • Share count has risen over time: Basic weighted average shares outstanding increased from about 62.5 million in Q2 2025 to 76.2 million in Q1 2026, suggesting dilution pressure from equity financing or compensation.
  • Still posting losses: Q1 2026 net loss was $18.9 million, or $0.25 per share, continuing a multi-year pattern of negative earnings.
  • Persistent operating losses: Research and development expense of $14.1 million and SG&A of $8.1 million drove total operating expenses of $22.2 million in Q1 2026.
  • Cash burn accelerated versus the prior quarter in operations: Operating cash outflow widened from $16.8 million in Q4 2025 to $18.8 million in Q1 2026, even though the overall cash balance remains strong.

Trends over the last several quarters suggest Fulcrum has stabilized its balance sheet after earlier dilution, but the business is still pre-revenue and loss-making. In 2024 and 2025, the company consistently generated quarterly losses in the roughly $16 million to $27 million range, with no recurring operating revenue. The main positive is that it has built a sizable liquidity cushion through investment holdings and prior equity issuance, which should support ongoing research and development. The main risk is that continued losses and share dilution may pressure the stock unless the pipeline starts producing meaningful clinical or commercial milestones.

07/10/26 10:32 PM ETAI Generated. May Contain Errors.

Fulcrum Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Fulcrum Therapeutics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Over the last 7 years, Fulcrum Therapeutics' net income changed from -$32.59 million in 2018 to -$74.88 million in 2025, a change of 129.8%. See Fulcrum Therapeutics' forecast for analyst expectations on what's next for the company.

Fulcrum Therapeutics' total operating income in 2025 was -$84.77 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $84.77 million

Over the last 7 years, Fulcrum Therapeutics' total revenue changed from $0.00 in 2018 to $0.00 in 2025, a change of 0.0%.

Fulcrum Therapeutics' total liabilities were at $17.28 million at the end of 2025, a 2.3% decrease from 2024, and a 76.9% increase since 2018.

In the past 7 years, Fulcrum Therapeutics' cash and equivalents has ranged from $25.56 million in 2023 to $197.53 million in 2025, and is currently $197.53 million as of their latest financial filing in 2025.

Over the last 7 years, Fulcrum Therapeutics' book value per share changed from -50,652.35 in 2018 to 6.45 in 2025, a change of -100.0%.


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Financial statements for NASDAQ:FULC last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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