The firm exhibits an asset-light structure with minimal PPE of $6.4 million as of 2026Q1, though accumulated deficits have reached -$613.2 million, reflecting the high cost of clinical advancement.
| Total Current Assets | 338.67M | 357.48M | 249.92M | 242.2M | 207.52M | 226M | 112.91M | 100.08M | 74.09M | 1.34M |
| Cash & Short-Term Investments | 333.32M | 352.31M | 241.02M | 236.22M | 202.92M | 218.16M | 112.91M | 96.71M | 72.8M | 407K |
| Cash Only | 50.26M | 197.53M | 58.21M | 25.56M | 35.1M | 35.41M | 57.05M | 96.71M | 72.8M | 407K |
| Short-Term Investments | 283.06M | 154.77M | 182.81M | 210.66M | 167.82M | 182.75M | 55.86M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 1.07M | 3.34M | 2.25M | 1.08M | 4.11M | 2.71M | 111K | 501K | 39K |
| Days Sales Outstanding | - | - | 15.25 | 292.65 | 62.21 | 78.28 | 111.99 | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | -473K | -2.78M | 2.98M | 559K | 734K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | 528.92 | 151.7 | 374.7 |
| Other Current Assets | 5.35M | 5.17M | 0 | 0 | 0 | 0 | 74K | 284K | 238K | 248K |
| Total Non-Current Assets | 8.1M | 8.8M | 10.79M | 15.49M | 19.17M | 9M | 16.66M | 10.36M | 11.68M | 3M |
| Property, Plant & Equipment | 6.35M | 7.07M | 9.58M | 12.39M | 15.97M | 7.37M | 8.4M | 87.94M | 10.55M | 2.94M |
| Fixed Asset Turnover | 0.00x | - | 8.35x | 0.23x | 0.40x | 2.60x | 1.05x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 1.09M | 1.09M | 1.09M | 1.09M | 1.09M | 0 |
| Other Non-Current Assets | 1.75M | 1.74M | 1.21M | 3.1M | 2.1M | 542K | 7.17M | -78.68M | 38K | 60K |
| Total Assets | 346.77M | 366.28M | 260.72M | 257.69M | 226.69M | 235M | 129.58M | 110.44M | 85.77M | 4.34M |
| Asset Turnover | 0.00x | - | 0.31x | 0.01x | 0.03x | 0.08x | 0.07x | - | - | - |
| Asset Growth % | 38.18% | 40.49% | 1.17% | 13.68% | -3.54% | 81.36% | 17.33% | 28.76% | 1876.29% | - |
| Total Current Liabilities | 9.86M | 13.05M | 11.04M | 13.68M | 16.73M | 19.2M | 26.73M | 12.14M | 4.23M | 2.79M |
| Accounts Payable | 2.45M | 1.59M | 1.16M | 2.76M | 3.64M | 4.79M | 4.08M | 2.19M | 1.26M | 1.67M |
| Days Payables Outstanding | - | 418.04 | 6.7 | - | 17.29 | 25.07 | 25.22 | 388.65 | 342.75 | 854.05 |
| Short-Term Debt | 2.46M | 2.4M | 0 | 0 | 2.6M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 934K | 4.71M | 14.91M | 3.99M | 2.8M | 0 |
| Other Current Liabilities | 4.95M | 9.05M | 463K | 396K | 5.34M | 4.71M | 4.79M | 3.68M | 781K | 20K |
| Current Ratio | 34.33x | 27.40x | 22.63x | 17.71x | 12.41x | 11.77x | 4.23x | 8.24x | 17.52x | 0.48x |
| Quick Ratio | 34.33x | 27.40x | 22.63x | 17.71x | 12.41x | 11.80x | 4.33x | 8.00x | 17.39x | 0.22x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 3.6M | 4.24M | 6.64M | 8.83M | 11.02M | 4.26M | 7.67M | 11.15M | 5.54M | 233K |
| Long-Term Debt | 3.41M | 4.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34.59M |
| Capital Lease Obligations | 9.94M | 0 | 6.44M | 8.63M | 10.82M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 197K | 197K | 197K | 197K | 0 | 4.26M | 4.7M | 5.13M | 5.54M | -34.35M |
| Total Liabilities | 13.47M | 17.28M | 17.68M | 22.5M | 27.74M | 23.46M | 34.4M | 23.29M | 9.77M | 3.02M |
| Total Debt | 5.87M | 6.44M | 8.63M | 10.82M | 13.42M | 0 | 17K | 50K | 46K | 34.59M |
| Net Debt | -44.39M | -191.09M | -49.58M | -14.74M | -21.68M | -35.41M | -57.03M | -96.66M | -72.75M | 34.18M |
| Debt / Equity | 0.02x | 0.02x | 0.04x | 0.05x | 0.07x | - | 0.00x | 0.00x | 0.00x | 26.16x |
| Debt / EBITDA | -0.07x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.52x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 333.3M | 349M | 243.03M | 235.19M | 198.94M | 211.54M | 95.18M | 87.15M | 76M | 1.32M |
| Equity Growth % | 44.87% | 43.6% | 3.33% | 18.22% | -5.95% | 122.25% | 9.21% | 14.67% | 5648.87% | - |
| Book Value per Share | 4.37 | 5.51 | 3.92 | 3.84 | 4.42 | 5.98 | 3.75 | 3.85 | 4.49 | 0.08 |
| Total Shareholders' Equity | 333.3M | 349M | 243.03M | 235.19M | 198.94M | 211.54M | 95.18M | 87.15M | 76M | 1.32M |
| Common Stock | 67K | 67K | 54K | 62K | 52K | 41K | 28K | 23K | 16K | 1K |
| Retained Earnings | -613.17M | -594.28M | -519.4M | -509.67M | -412.34M | -302.47M | -221.62M | -150.8M | -68.12M | -35.54M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -513K | 0 | 130K | -136K | -797K | -397K | -2K | -110.44M | -1.96M | -893K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Binary Risk
As reported in financial statements, Fulcrum's total assets have fluctuated significantly, declining from $346.8 million in 2026Q1 to $260.7 million in 2024Q4, reflecting the ongoing consumption of capital to fund the high-cost Phase 3 REACH trial and other research-intensive development activities.
The downward trajectory in total assets suggests a business model that is structurally dependent on periodic capital infusions to offset persistent R&D-driven cash depletion. Investors should monitor whether the current asset base can sustain operations through the next major clinical readout without necessitating further dilutive financing.
Based on recent SEC filings, the company's cash position of $197.5 million as of 2025Q4 provides a temporary buffer, yet the rapid quarterly fluctuations in liquidity highlight the firm's vulnerability to the high burn rates inherent in its current clinical-stage development cycle.
While the current ratio remains elevated, this metric is largely a function of the company's cash-heavy asset mix rather than operational efficiency. The reliance on these reserves to fund the REACH trial implies that any delay in clinical milestones could rapidly shift the liquidity profile from adequate to strained.
According to historical balance sheet data, Fulcrum's retained earnings have deteriorated to -$613.2 million by 2026Q1, illustrating the substantial capital intensity required to maintain the FulcrumSeek platform and advance its pipeline in the absence of recurring commercial revenue streams.
The persistent growth of the accumulated deficit underscores the company's status as a pre-commercial entity where equity value is driven by clinical potential rather than operational profitability. Shareholders should remain cognizant that this trend will likely continue until the company achieves a successful commercial launch.
Analysis of the balance sheet reveals that the company's minimal PPE of $6.4 million in 2026Q1 confirms an asset-light model, yet the reliance on stock-based compensation as a primary retention tool suggests that headline equity figures may mask significant future dilution risks for existing investors.
The lack of tangible assets highlights that the company's true value is tied to intangible intellectual property, which remains unquantified on the balance sheet. This creates a risk where the book value of equity may not accurately reflect the underlying economic value of the pipeline, especially if clinical trials fail to meet primary endpoints.
Quick answers to the most common questions about buying FULC stock.
As of 2025, Fulcrum Therapeutics, Inc. (FULC) had total assets of $366.3M including $357.5M in current assets.
Fulcrum Therapeutics, Inc. (FULC) carries total debt of $6.4M, offset by $352.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Fulcrum Therapeutics, Inc. (FULC) has total shareholders' equity (book value) of $349.0M ($5.51 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Fulcrum Therapeutics, Inc. (FULC) reported a current ratio of 27.40x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.