Persistent negative free cash flow remains a primary concern, with quarterly cash burn consistently driven by R&D spending and stock-based compensation expenses often exceeding $3.0 million.
| Cash from Operations | -63.56M | -60.06M | -2.22M | -90.97M | -97.05M | -78.48M | -53.66M | -39.48M | -22.56M | -20.07M |
| Operating CF Margin % | - | - | -2.77% | -3242.96% | -1530.27% | -409.53% | -608.13% | - | - | - |
| Operating CF Growth % | -120.98% | -2608.07% | 97.56% | 6.27% | -23.67% | -46.26% | -35.89% | -75% | -12.39% | - |
| Net Income | -76.12M | -74.88M | -9.72M | -97.33M | -109.87M | -80.85M | -70.82M | -82.68M | -32.59M | -22.96M |
| Depreciation & Amortization | 1.33M | 1.39M | 1.59M | 2.17M | 2.41M | 2.52M | 2.38M | 2.05M | 1.34M | 715K |
| Stock-Based Compensation | 9.8M | 12.47M | 14.55M | 14.8M | 13.35M | 11.07M | 7.35M | 4.22M | 2.16M | 1.37M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 1.93M | 0 | 0 | 0 |
| Other Non-Cash Items | -2.71M | -2.95M | -4.39M | -5.99M | 152K | 673K | -2M | 25.59M | 4.87M | 2.59M |
| Working Capital Changes | 4.13M | 3.91M | -4.25M | -4.61M | -3.09M | -11.89M | 7.5M | 11.33M | 6.52M | 804K |
| Change in Receivables | 979K | 2.1M | -1.56M | -308K | 2.5M | -500K | -2M | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 1.25M | 229K | 0 | 0 | 0 |
| Change in Payables | 943K | 428K | -1.59M | -853K | -1.18M | 973K | 1.77M | 803K | -20K | 208K |
| Cash from Investing | -96.71M | 30.72M | 32.23M | -36.69M | 12.41M | -129.67M | -57.14M | -944K | -8.98M | -1.91M |
| Capital Expenditures | -322K | -314K | -278K | -508K | -1.96M | -1.71M | -1.34M | -853K | -8.98M | -1.91M |
| CapEx % of Revenue | - | - | 0.35% | 18.11% | 30.95% | 8.94% | 15.21% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -14.38M | 127.96M | 55.8M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 14.38M | -127.96M | -55.8M | -91K | 0 | 0 |
| Cash from Financing | 168.35M | 168.67M | 2.75M | 118.12M | 84.32M | 186.51M | 71.13M | 64.34M | 105.03M | 17.66M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -18K | -50K | -45K | -70K | 0 |
| Equity Issued (Net) | 168.67M | 168.67M | 2.75M | 117.34M | 80.8M | 182.86M | 69.95M | 64.14M | 105.08M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -312K | 0 | 0 | 777K | 3.52M | 3.67M | 1.24M | 249K | 12K | 17.66M |
| Net Change in Cash | 8.09M | 139.32M | 32.76M | -9.54M | -314K | -21.64M | -39.66M | 23.92M | 73.48M | -4.32M |
| Free Cash Flow | -63.88M | -60.38M | -2.5M | -91.47M | -99.01M | -80.19M | -55M | -40.34M | -31.54M | -21.98M |
| FCF Margin % | - | - | -3.12% | -3261.07% | -1561.23% | -418.47% | -623.34% | - | - | - |
| FCF Growth % | -945.09% | -2319.03% | 97.27% | 7.62% | -23.47% | -45.81% | -36.35% | -27.88% | -43.49% | - |
| FCF per Share | -0.84 | -0.95 | -0.04 | -1.49 | -2.20 | -2.27 | -2.17 | -1.78 | -1.86 | -1.30 |
| FCF Conversion (FCF/Net Income) | 0.84x | 0.80x | 0.23x | 0.93x | 0.88x | 0.97x | 0.76x | 0.48x | 0.69x | 0.87x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Binary Risk
According to quarterly financial data, Fulcrum consistently reports an OCF/NI ratio hovering near 0.80 to 1.00, confirming that net losses are closely mirrored by actual cash outflows, with minimal non-cash adjustments providing any meaningful relief to the company's ongoing operational cash burn.
The tight correlation between net income and operating cash flow suggests that the company's losses are primarily driven by cash-intensive R&D activities rather than non-cash accounting charges. Investors should note that the absence of significant divergence implies that the reported net loss is a reliable proxy for the actual rate of capital depletion.
As reported in financial statements, Fulcrum's free cash flow remains consistently negative, with the exception of the 2024Q2 milestone-driven anomaly, indicating that the firm is entirely dependent on external capital to fund its clinical development pipeline and general corporate operations.
The lack of a positive FCF trajectory underscores the company's status as a pre-commercial entity where cash burn is a structural necessity. The 2024Q2 outlier serves as a reminder that liquidity is currently tied to episodic partnership events rather than sustainable, self-funding operational performance.
Based on reported figures, changes in working capital have had a negligible impact on the overall cash position, with quarterly fluctuations rarely exceeding $2 million, suggesting that the company's cash burn is driven by core R&D spending rather than operational inefficiencies in receivables or payables.
The lack of significant working capital volatility indicates that the company is not currently utilizing aggressive payables management to extend its cash runway. This stability in working capital suggests that management is focused on clinical execution rather than optimizing the cash conversion cycle.
Analysis of recent SEC filings reveals that stock-based compensation frequently exceeds $3 million per quarter, effectively acting as a non-cash expense that obscures the true economic cost of talent retention required to maintain the company's proprietary FulcrumSeek platform and clinical trial oversight.
While SBC does not impact the immediate cash balance, it represents a significant dilution risk that investors must weigh against the company's cash burn. The reliance on equity-based incentives suggests that the firm's true cost of operations is higher than the cash flow statement alone might imply.
Quick answers to the most common questions about buying FULC stock.
Fulcrum Therapeutics, Inc. (FULC) generated $-60.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fulcrum Therapeutics, Inc. (FULC) reported negative free cash flow of $60.4M in 2025, indicating capital requirements exceeded cash from operations.
Fulcrum Therapeutics, Inc. (FULC) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.