Fulcrum Therapeutics, Inc.
- Open
- 3.70
- Day high
- 3.74
- Day low
- 3.62
- Prev close
- 3.69
- Volume
- 900K
- Mkt cap
- $284M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.9
- P/S
- —
- Yield
- —
- Per share
- —
- ▲Insiders net buying $1.4M over the last 3 months (6 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
Fulcrum Therapeutics, Inc. (FULC) is a Healthcare company listed on NASDAQ. The stock is down 46% over the past year. Over the trailing 3 months, insiders filed 6 open-market buys and 1 sale (SEC Form 4).
Fulcrum Therapeutics, Inc. (FULC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FULC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $-0.24 | $-0.21 | +13.7% | — | — |
| Apr 27, 2026 | $-0.31 | $-0.25 | +19.4% | — | — |
| Feb 24, 2026 | $-0.31 | $-0.31 | +0.0% | — | — |
| Oct 29, 2025 | $-0.29 | $-0.31 | -6.9% | — | — |
| Jul 29, 2025 | $-0.29 | $-0.28 | +3.4% | — | — |
| May 1, 2025 | $-0.29 | $-0.28 | +3.4% | — | — |
| Jul 31, 2024 | $0.01 | $0.87 | +7060.5% | $80M | +439.9% |
| Feb 27, 2024 | $-0.44 | $-0.40 | +9.1% | $871000 | +89.3% |
| Aug 3, 2023 | $-0.44 | $-0.38 | +13.6% | $880000 | -21.4% |
| Jun 23, 2023 | — | $-0.45 | — | $685000 | — |
| Aug 11, 2022 | $-0.66 | $-0.83 | -25.8% | $2M | -36.5% |
| Mar 3, 2022 | $-0.65 | $-0.58 | +10.8% | $5M | +88.7% |
FULC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 20, 2026 | TANG KEVIN10 percent owner | Buy | 50,945 | $3.52 |
| Jul 20, 2026 | TANG KEVIN10 percent owner | Buy | 116,671 | $3.56 |
| Jul 15, 2026 | TANG KEVIN10 percent owner | Buy | 53,651 | $3.56 |
| Jul 15, 2026 | TANG KEVIN10 percent owner | Buy | 12,966 | $3.54 |
| Jul 15, 2026 | TANG KEVIN10 percent owner | Buy | 107,377 | $3.56 |
| Jul 15, 2026 | TANG KEVIN10 percent owner | Buy | 75,952 | $3.58 |
| Jul 2, 2026 | GERAGHTY JAMES Adirector | Grant | 32,000 | $3.66 |
| Jul 2, 2026 | Hill Colindirector | Grant | 32,000 | $3.66 |
| Jul 2, 2026 | Ezekowitz Alandirector | Grant | 32,000 | $3.66 |
| Jul 2, 2026 | Banks Sonjadirector | Grant | 32,000 | $3.66 |
| Jul 2, 2026 | Dorton Katinadirector | Grant | 32,000 | $3.66 |
| Jul 2, 2026 | Gould Robert Jdirector | Grant | 32,000 | $3.66 |
| Jul 2, 2026 | Haviland Katedirector | Grant | 32,000 | $3.66 |
| Jul 2, 2026 | King Rachel K.director | Grant | 32,000 | $3.66 |
| Jun 30, 2026 | Ezekowitz Alandirector | Sell | 18,000 | $3.65 |
Source: FULC SEC Form 4 filings, latest Jul 20, 2026. For informational purposes only — not investment advice.
See the full FULC insider & 13F page →Fulcrum Therapeutics, Inc. company profile
Overview
Fulcrum Therapeutics, Inc. (NASDAQ:FULC) is a clinical-stage biopharmaceutical company founded in 2015 and headquartered in Cambridge, Massachusetts. The company went public in July 2019 and focuses on developing treatments for genetically defined rare diseases with high unmet medical need. Fulcrum has evolved from pursuing multiple therapeutic programs to concentrating primarily on pociredir for sickle cell disease, following the discontinuation of its lead program losmapimod for facioscapulohumeral muscular dystrophy (FSHD) in 2024 after Phase 3 trial results failed to meet endpoints.
Business
Fulcrum Therapeutics operates in the rare disease biotechnology sector, developing small molecule therapeutics that target specific genetic pathways underlying inherited disorders. The company's approach centers on modulating gene expression to treat diseases caused by genetic mutations. The company's primary focus is pociredir (formerly FTX-6058), an oral fetal hemoglobin inducer for treating sickle cell disease and other hemoglobinopathies including beta-thalassemia. Sickle cell disease is a genetic blood disorder affecting approximately 100,000 Americans, where abnormal hemoglobin causes red blood cells to become rigid and sickle-shaped, leading to painful vaso-occlusive crises, organ damage, and reduced life expectancy. Pociredir works by increasing production of fetal hemoglobin (HbF), a protective form of hemoglobin that can prevent red blood cells from sickling. Even modest increases in fetal hemoglobin levels can significantly reduce painful crises and complications. The company is also developing treatments for inherited aplastic anemias, including Diamond-Blackfan anemia, Schwachman-Diamond syndrome, and Fanconi anemia. These are rare bone marrow failure disorders where the body cannot produce sufficient blood cells. Previously, Fulcrum's lead program was losmapimod for FSHD, a rare genetic muscle-wasting disease affecting approximately 30,000 patients in the U.S. However, the Phase 3 REACH trial failed to demonstrate efficacy in late 2024, leading to program discontinuation and workforce reduction. Revenue composition has been minimal, with the company generating approximately $80 million in 2024 primarily from a one-time upfront payment from Sanofi for losmapimod licensing rights, though this partnership was terminated following the failed trial results.
Revenue model
Fulcrum Therapeutics operates a traditional biotech business model focused on drug development and licensing. The company generates revenue primarily through strategic partnerships and licensing agreements with larger pharmaceutical companies, rather than direct product sales, as it has no approved therapies yet. The company's main revenue source in 2024 was an $80 million upfront payment from Sanofi for global development and commercialization rights to losmapimod, with potential milestone payments up to $975 million. However, this partnership was terminated after the Phase 3 trial failure. Going forward, revenue will likely come from future licensing deals or collaboration agreements for pociredir and other pipeline programs. As a clinical-stage company, Fulcrum's primary customers are pharmaceutical partners rather than end patients. The ultimate paying customers would be healthcare systems, insurance companies, and patients for approved therapies, typically in the rare disease premium pricing range of $100,000-$300,000+ annually. Key factors that could increase profitability include successful clinical trial outcomes for pociredir, which could command premium rare disease pricing given the limited treatment options for sickle cell disease. The oral administration route provides convenience advantages over existing therapies. Regulatory approval speed and market access through payer coverage decisions will significantly impact revenue potential. Factors that could decrease margins include clinical trial failures requiring program pivots, increased competition from other sickle cell therapies including gene therapies, regulatory delays, and the high costs of rare disease clinical development. The company's cash burn rate of $55-65 million annually reflects the expensive nature of clinical-stage drug development, with no guarantee of success.
Competitive moat
Fulcrum Therapeutics operates in a weak moat position typical of clinical-stage biotechnology companies. The company's primary competitive advantages are limited and largely dependent on successful clinical execution. The company's main potential moat lies in its proprietary small molecule approach to fetal hemoglobin induction for sickle cell disease. If pociredir proves effective, it could offer advantages over existing treatments through oral administration convenience compared to injectable therapies, and potentially broader patient applicability compared to gene therapies that require complex procedures and have limited manufacturing capacity. However, this moat is fragile and unproven. The sickle cell disease treatment landscape is increasingly competitive, with multiple approaches including gene therapies (Casgevy, Lyfgenia), other fetal hemoglobin inducers (hydroxyurea), and various pipeline candidates from larger pharmaceutical companies with greater resources. The company faces significant execution risk - clinical trials can fail as demonstrated by the losmapimod program, which had a strong scientific rationale but failed to show efficacy in Phase 3. Fulcrum lacks the diversified pipeline and financial resources of larger biotechnology companies, making it vulnerable to single program failures. Potential disruption comes from gene therapies that could provide functional cures for sickle cell disease, though these face manufacturing and accessibility challenges. Large pharmaceutical companies with greater resources could develop competing oral therapies, and existing treatments like hydroxyurea provide a low-cost alternative despite inferior efficacy profiles. The company's intellectual property position and regulatory pathway advantages are not clearly differentiated, making this a high-risk investment dependent primarily on clinical trial success rather than sustainable competitive advantages.
Risks & safety
Fulcrum Therapeutics presents a moderate margin of safety from a liquidity perspective but high execution risk typical of clinical-stage biotechnology companies. **Liquidity and Solvency:** • Strong cash position of $241 million as of Q4 2024 • Very low debt levels with debt-to-equity ratio of 0.035 • Excellent current ratio of 28.7x indicating strong short-term liquidity • Cash runway extending into at least 2027 based on projected burn rate of $55-65 million annually • No immediate solvency concerns **Valuation Metrics:** • Trading below book value with P/B ratio of 0.79 • Graham Net-Net ratio of 3.4x suggests potential asset-based value • Negative earnings make traditional P/E ratios less meaningful • Enterprise value reflects primarily cash and pipeline value **Other Considerations:** • Single-asset risk concentrated in pociredir program • No revenue-generating products, entirely dependent on clinical success • Workforce already reduced by 40% following losmapimod failure • Strong balance sheet provides time for clinical execution but no guarantee of success
Recent development
Fulcrum has undergone significant strategic transformation over the past two years, pivoting from a multi-asset rare disease company to a focused sickle cell disease specialist following major setbacks and strategic decisions. The most significant development was the failure of losmapimod in its Phase 3 REACH trial for FSHD in late 2024. Despite strong preclinical rationale and a partnership with Sanofi that provided $80 million upfront, the trial failed to show separation from placebo, leading to program termination and a 40% workforce reduction. This represented a major strategic pivot away from what was previously the company's lead asset. Concurrently, Fulcrum has doubled down on pociredir for sickle cell disease. After resolving an FDA clinical hold in 2023, the company reinitiated its Phase 1b PIONEER trial, focusing on higher-risk sickle cell patients. The program has shown promising early signals with fetal hemoglobin increases up to 10 percentage points in previous studies. The company is now targeting data readouts for the 12mg cohort in mid-2025 and 20mg cohort by year-end 2025. The company has also expanded into inherited aplastic anemias, conducting IND-enabling studies for conditions like Diamond-Blackfan anemia, with plans to submit an IND application in Q4 2025. This represents an effort to diversify the pipeline while leveraging similar underlying biology. Operationally, Fulcrum has implemented significant cost reduction measures and streamlined operations following the losmapimod failure, extending its cash runway while maintaining focus on its core pociredir program. The company has also strengthened its hematology expertise with key hires including Dr. Thomas Winkler as VP of Hematology Clinical Development.
FULC company profile · for informational purposes only — not investment advice.
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