The company lacks a sustainable commercial foundation, evidenced by the absence of recurring revenue outside of a singular $80.0 million milestone payment in 2024Q2.
| Sales/Revenue | 0 | 0 | 80M | 2.81M | 6.34M | 19.16M | 8.82M | 0 | 0 | 0 |
| Revenue Growth % | -100% | -100% | 2752.05% | -55.77% | -66.91% | 117.19% | - | - | - | - |
| Cost of Goods Sold | 0 | 1.39M | 63.39M | 0 | 76.78M | 69.7M | 59.04M | 2.05M | 1.34M | 715K |
| COGS % of Revenue | - | - | 79.23% | - | 1210.69% | 363.73% | 669.18% | - | - | - |
| Gross Profit | 0 | -1.39M | 16.61M | 2.81M | -70.44M | -50.54M | -50.22M | -2.05M | -1.34M | -715K |
| Gross Margin % | - | - | 20.77% | 100% | -1110.69% | -263.73% | -569.18% | - | - | - |
| Gross Profit Growth % | - | -108.37% | 492.3% | 103.98% | -39.38% | -0.64% | -2346.13% | -52.64% | -88.11% | - |
| Operating Expenses | 86.55M | 83.38M | 38.51M | 113.47M | 42.12M | 30.52M | 21.39M | 56.57M | 33.5M | 22.99M |
| OpEx % of Revenue | - | - | 48.14% | 4045.24% | 664.16% | 159.24% | 242.46% | - | - | - |
| Selling, General & Admin | 29.77M | 28.67M | 36.45M | 41.67M | 41.69M | 30.52M | 21.39M | 13.14M | 8.31M | 4.5M |
| SG&A % of Revenue | - | - | 45.56% | 1485.49% | 657.43% | 159.24% | 242.46% | - | - | - |
| Research & Development | 56.78M | 56.1M | 63.39M | 71.8M | 76.78M | 69.7M | 59.04M | 43.43M | 25.18M | 18.49M |
| R&D % of Revenue | - | - | 79.23% | 2559.75% | 1210.69% | 363.73% | 669.18% | - | - | - |
| Other Operating Expenses | 0 | -1.39M | -61.32M | 0 | -76.36M | -69.7M | -59.04M | 0 | 392K | 28K |
| Operating Income | -86.55M | -84.77M | -21.9M | -110.66M | -112.56M | -81.05M | -71.61M | -58.63M | -33.5M | -22.99M |
| Operating Margin % | - | - | -27.37% | -3945.24% | -1774.85% | -422.97% | -811.64% | - | - | - |
| Operating Income Growth % | - | -287.13% | 80.21% | 1.69% | -38.87% | -13.19% | -22.15% | -75.01% | -45.69% | - |
| EBITDA | -85.52M | -83.38M | -20.3M | -108.49M | -110.15M | -78.54M | -69.23M | -56.57M | -32.15M | -22.28M |
| EBITDA Margin % | - | - | -25.38% | -3867.81% | -1736.79% | -409.85% | -784.68% | - | - | - |
| EBITDA Growth % | -677.48% | -310.65% | 81.29% | 1.5% | -40.24% | -13.44% | -22.38% | -75.95% | -44.33% | - |
| D&A (Non-Cash Add-back) | 1.04M | 1.39M | 1.59M | 2.17M | 2.41M | 2.52M | 2.38M | 2.05M | 1.34M | 715K |
| EBIT | -57.23M | -74.88M | -19.83M | -110.66M | -112.13M | -81.05M | -71.61M | -82.68M | -33.5M | -22.99M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 207K | 792K | 1.51M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 207K | 792K | 1.51M | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 10.44M | 9.89M | 12.17M | 13.33M | 2.69M | 207K | 792K | -24.05M | 910K | 29K |
| Pretax Income | -76.12M | -74.88M | -9.72M | -97.33M | -109.87M | -80.85M | -70.82M | -82.68M | -32.59M | -22.96M |
| Pretax Margin % | - | - | -12.16% | -3470.05% | -1732.43% | -421.89% | -802.66% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -76.12M | -74.88M | -9.72M | -97.33M | -109.87M | -80.85M | -70.82M | -82.68M | -32.59M | -22.96M |
| Net Margin % | - | - | -12.16% | -3470.05% | -1732.43% | -421.89% | -802.66% | - | - | - |
| Net Income Growth % | -14824.71% | -669.97% | 90.01% | 11.41% | -35.9% | -14.16% | 14.34% | -153.7% | -41.91% | - |
| Net Income (Continuing) | -76.12M | -74.88M | -9.72M | -97.33M | -109.87M | -80.85M | -70.82M | -82.68M | -32.59M | -22.96M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.00 | -1.18 | -0.16 | -1.59 | -2.35 | -2.22 | -2.70 | -3.49 | -1.92 | -1.36 |
| EPS Growth % | -1542.86% | -637.5% | 89.94% | 32.34% | -5.86% | 17.78% | 22.64% | -81.77% | -41.18% | - |
| EPS (Basic) | - | -1.18 | -0.16 | -1.59 | -2.35 | -2.22 | -2.70 | -3.49 | -1.92 | -1.36 |
| Diluted Shares Outstanding | 76.22M | 63.35M | 61.98M | 61.31M | 44.99M | 35.36M | 25.35M | 22.66M | 16.94M | 16.94M |
| Basic Shares Outstanding | 76.22M | 63.35M | 61.98M | 61.31M | 44.99M | 35.36M | 25.35M | 22.66M | 16.94M | 16.94M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Clinical Trial Binary Risk
As indicated by the company's financial statements, Fulcrum Therapeutics currently operates as a pre-revenue entity, with the exception of a singular $80.0 million revenue spike in 2024Q2, which appears to be an isolated milestone payment rather than a reflection of recurring commercial growth or product adoption.
The absence of consistent top-line revenue highlights the company's reliance on non-recurring collaboration milestones to offset operational expenditures. Investors should interpret the 2024Q2 revenue event as a transient liquidity injection rather than a signal of operational scaling, as the firm remains entirely dependent on clinical-stage development.
Based on reported figures, Fulcrum maintains a consistent quarterly R&D expenditure profile, averaging approximately $14.5 million per quarter, which underscores the high fixed-cost burden required to advance the Phase 3 REACH trial and maintain the company's proprietary epigenetic screening platform without any offsetting commercial revenue.
The concentration of capital in R&D reflects the firm's singular focus on clinical milestones, leaving little room for operational flexibility. This cost structure suggests that the company's survival is tethered to its ability to manage these burn rates until a potential regulatory approval or further strategic partnership occurs.
According to recent SEC filings, Fulcrum consistently utilizes stock-based compensation, with quarterly expenses frequently exceeding $3.0 million, which serves as a significant non-cash drag on the bottom line and complicates the assessment of true operational efficiency for shareholders evaluating the company's long-term dilution risk.
The reliance on equity-based incentives suggests a strategy to preserve cash for clinical trials while retaining specialized talent in a competitive biotech environment. However, this practice effectively shifts the cost of operations onto existing shareholders, warranting close monitoring of the share count and its impact on future earnings per share.
As shown in the historical income statement data, the 2024Q2 period represents a unique operational inflection point where a $80.0 million revenue event briefly pushed the company into profitability, though this appears to be a non-recurring anomaly that does not reflect the firm's underlying clinical-stage business model.
This singular quarter of positive net income of $55.4 million serves as a statistical outlier that obscures the persistent quarterly losses typical of the company's development phase. Analysts should exclude this period when modeling future cash requirements, as it does not indicate a transition to a self-sustaining commercial entity.
While the FulcrumSeek platform offers a theoretical long-term advantage, the company's financial history suggests that the market may be overestimating the durability of its pipeline, as the firm remains highly vulnerable to clinical trial failures that could rapidly deplete its remaining $197.5 million cash reserve.
Short-term volatility is likely to persist as the company lacks a diversified revenue stream to hedge against potential negative readouts in the REACH trial. Investors should consider that the current valuation appears to be predicated on successful clinical outcomes, leaving little margin for error if trial results fail to meet primary endpoints.
Quick answers to the most common questions about buying FULC stock.
For fiscal year 2025, Fulcrum Therapeutics, Inc. (FULC) reported total revenue of $0.0M.
Fulcrum Therapeutics, Inc. (FULC) reported a net loss of $74.9M for the fiscal year ending 2025.