FULC

MKT CAP:$425M

Fulcrum Therapeutics, Inc.

Market Cap

$425M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$7.75-$3.17 (-29.03%)

Apr 22, 2026

Company Details

Fulcrum Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing products for improving the lives of patients with genetically defined diseases in the areas of high unmet medical need in the United States. Its p...

CEO

Alexander C. Sapir

IPO Date

Jul 18, 2019

Website

www.fulcrumtx.com

Key Metrics TTM

Revenue

$0

-100.0% YoY

Net Income

-$75M

EPS (Diluted)

-$1.18

Free Cash Flow

-$60M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 24, 2026

$0-100.0%EPS -$1.18

Q4 2025

Feb 24, 2026

$0EPS -$0.31

Q3 2025

Oct 29, 2025

$0EPS -$0.31

Q2 2025

Jul 29, 2025

$0-100.0%EPS -$0.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$3M	-$15M	-$26M
Q2 22	$2M	-$23M	-$34M
Q3 22	$1M	-$14M	-$24M
Q4 22	$685.0K	-$18M	-$28M
Q1 23	$295.0K	-$16M	-$28M
Q2 23	$880.0K	-$17M	-$27M
Q3 23	$759.0K	-$17M	-$27M
Q4 23	$871.0K	$363.0K	-$28M
Q1 24	$0	-$479.0K	-$30M
Q2 24	$80M	$63M	$52M
Q3 24	$0	$0	-$25M
Q4 24	$0	-$369.0K	-$19M
Q1 25	$0	$0	-$20M
Q2 25	$0	-$300.0K	-$20M
Q3 25	$0	$0	-$22M
Q4 25	$0	$300.0K	-$23M

Valuation

Quarter	P/S	P/E
Q1 22	49.1x	—
Q2 22	14.8x	—
Q3 22	39.7x	—
Q4 22	96.1x	—
Q1 23	42.3x	—
Q2 23	66.0x	—
Q3 23	95.7x	—
Q4 23	173.2x	—
Q1 24	229.5x	—
Q2 24	4.8x	—
Q3 24	2.7x	—
Q4 24	3.7x	—
Q1 25	2.1x	—
Q2 25	—	—
Q3 25	—	—
Q4 25	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$22M	-$22M
Q2 22	-$27M	-$29M
Q3 22	-$28M	-$28M
Q4 22	-$20M	-$20M
Q1 23	-$24M	-$24M
Q2 23	-$21M	-$21M
Q3 23	-$23M	-$23M
Q4 23	-$23M	-$23M
Q1 24	-$25M	-$25M
Q2 24	$59M	$59M
Q3 24	-$19M	-$19M
Q4 24	-$17M	-$17M
Q1 25	-$15M	-$15M
Q2 25	-$14M	-$14M
Q3 25	-$14M	-$14M
Q4 25	-$17M	-$17M

Capital Expenditures

Quarter	CapEx
Q1 22	$246.0K
Q2 22	$1M
Q3 22	$283.0K
Q4 22	$116.0K
Q1 23	$171.0K
Q2 23	$195.0K
Q3 23	$65.0K
Q4 23	$77.0K
Q1 24	$28.0K
Q2 24	$0
Q3 24	$19.0K
Q4 24	$231.0K
Q1 25	$0
Q2 25	$65.0K
Q3 25	$90.0K
Q4 25	$159.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-45.9%	+31.0%
Q2 22	-57.0%	+50.1%
Q3 22	-76.0%	-0.6%
Q4 22	-86.5%	+0.1%
Q1 23	-88.6%	-1.2%
Q2 23	-53.2%	-22.0%
Q3 23	-35.8%	+10.4%
Q4 23	+27.2%	+0.7%
Q1 24	-100.0%	+5.7%
Q2 24	+8990.9%	-2.4%
Q3 24	-100.0%	-10.9%
Q4 24	-100.0%	-32.7%
Q1 25	—	-31.6%
Q2 25	-100.0%	-28.0%
Q3 25	—	-13.0%
Q4 25	—	+16.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	148.4%
Q2 22	$3M	153.0%
Q3 22	$3M	283.4%
Q4 22	$3M	477.5%
Q1 23	$4M	1441.7%
Q2 23	$3M	382.2%
Q3 23	$4M	492.4%
Q4 23	$3M	396.0%
Q1 24	$4M	—
Q2 24	$0	0.0%
Q3 24	$0	—
Q4 24	$2M	—
Q1 25	$3M	—
Q2 25	$3M	—
Q3 25	$0	—
Q4 25	$3M	—

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$18M	$10M	$441.0K	—
Q2 22	$25M	$11M	$526.0K	—
Q3 22	$15M	$9M	$569.0K	—
Q4 22	$19M	$11M	—	—
Q1 23	$17M	$11M	$657.0K	—
Q2 23	$18M	$10M	$616.0K	—
Q3 23	$18M	$9M	$640.0K	—
Q4 23	$19M	$10M	—	—
Q1 24	$19M	$10M	—	—
Q2 24	$17M	$10M	$271.0K	—
Q3 24	$15M	$8M	—	—
Q4 24	$11M	—	—	$8M
Q1 25	$13M	$7M	—	—
Q2 25	$13M	$7M	—	—
Q3 25	$14M	$8M	—	—
Q4 25	$15M	$7M	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$33M	$162M	$195M
Q2 22	$40M	$129M	$169M
Q3 22	$91M	$131M	$222M
Q4 22	$35M	$168M	$203M
Q1 23	$35M	$263M	$298M
Q2 23	$34M	$244M	$278M
Q3 23	$30M	$227M	$257M
Q4 23	$26M	$211M	$236M
Q1 24	$40M	$173M	$213M
Q2 24	$87M	$187M	$274M
Q3 24	$73M	$185M	$257M
Q4 24	$58M	$183M	$241M
Q1 25	$42M	$184M	$227M
Q2 25	$43M	$172M	$214M
Q3 25	$47M	$154M	$201M
Q4 25	$198M	$155M	$352M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	41M	+0.2%	+29.0%
Q2 22	41M	+0.6%	+25.3%
Q3 22	46M	+13.0%	+26.2%
Q4 22	52M	+12.7%	+28.3%
Q1 23	60M	+14.7%	+46.9%
Q2 23	62M	+3.5%	+51.1%
Q3 23	62M	+0.0%	+33.8%
Q4 23	62M	+0.1%	+18.8%
Q1 24	62M	+0.2%	+3.8%
Q2 24	64M	+2.6%	+2.9%
Q3 24	62M	-1.9%	+0.9%
Q4 24	54M	-13.5%	-12.8%
Q1 25	62M	+15.8%	+0.8%
Q2 25	63M	+0.1%	-1.6%
Q3 25	63M	+0.1%	+0.3%
Q4 25	63M	+1.2%	+17.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$24.9K	104
Q2 22	$18.1K	104
Q3 22	$11.4K	104
Q4 22	$7.7K	89
Q1 23	$3.3K	89
Q2 23	$9.9K	89
Q3 23	$8.5K	89
Q4 23	$11.5K	76
Q1 24	$0	76
Q2 24	$1M	76
Q3 24	$0	76
Q4 24	$0	51
Q1 25	$0	51
Q2 25	$0	51
Q3 25	$0	51
Q4 25	$0	200K

Revenue / Employee