Fulcrum Therapeutics (FULC)
NASDAQ:FULC
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Fulcrum Therapeutics
(NASDAQ:FULC)
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Rating:49Neutral
Price Target:
$7.50
▼(-2.98% Downside)
Action:ReiteratedDate:02/25/26
The score is held down primarily by weak financial performance (persistent losses and renewed 2025 cash burn) and bearish technicals (price below key moving averages with negative momentum). These are partially offset by a more positive earnings-call backdrop driven by encouraging early clinical signals and a defined regulatory path, while valuation support is limited due to a negative P/E and no dividend yield.
Positive Factors
Robust pharmacodynamic response
Sizable HbF induction and doubled F-cell rates are durable biological proof-of-mechanism that can materially de-risk later‑stage studies. Persistent, reproducible PD effects support using HbF/F‑cell as a regulatory/clinical surrogate and underpin differentiated product positioning versus oral comparators.
Negative Factors
Rising cash burn
A material increase in cash burn materially elevates financing risk over the medium term. Sustained negative operating and free cash flow will force reliance on external capital, potentially diluting shareholders and constraining strategic optionality for trials, partnerships, or commercialization investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust pharmacodynamic response
Sizable HbF induction and doubled F-cell rates are durable biological proof-of-mechanism that can materially de-risk later‑stage studies. Persistent, reproducible PD effects support using HbF/F‑cell as a regulatory/clinical surrogate and underpin differentiated product positioning versus oral comparators.
Read all positive factors
Fulcrum Therapeutics (FULC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$514.82M
Dividend YieldN/A
Average Volume (3M)1.19M
Price to Earnings (P/E)―
Beta (1Y)1.06
Revenue Growth-100.00%
EPS Growth-305.92%
CountryUS
Employees45
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.31
Shares Outstanding66,600,210
10 Day Avg. Volume1,083,166
30 Day Avg. Volume1,194,584
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)2.05
Price to Sales (P/S)0.00
P/FCF Ratio-11.87
Enterprise Value/Market Cap0.46
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda-3.10
Forecast
1Y Price Target
$18.86Price Target Upside143.98% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)-1.28
Revenue Forecast (FY)N/A
Fulcrum Therapeutics Business Overview & Revenue Model
Company Description
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 product ...
How the Company Makes Money
As a clinical-stage biotechnology company, Fulcrum Therapeutics has historically generated little to no revenue from commercial product sales and has primarily funded operations through external financing and, when applicable, collaboration-relate...
Fulcrum Therapeutics Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presented a strong set of early biologic and hematologic signals at the 20 mg dose — substantial HbF induction (+12.2% absolute), doubled F-cell percentages, marked reductions in hemolysis markers (LDH -34%, indirect bilirubin -40%), reticulocyte decline (-42%), and a ~1.1 g/dL hemoglobin increase — alongside an acceptable short-term safety profile and a clear regulatory path forward. Major caveats are small sample size, short duration (12 weeks), assay missingness/variability, and that clinical endpoints (VOCs, long-term durability, broader safety) remain exploratory and unproven. On balance the data are encouraging and support advancing to a potential registration-enabling study, while recognizing the need for larger, longer trials to confirm clinical benefit and durability.Positive Updates
Comparative Potential vs. Standard of Care
Pociredir 20 mg HbF and F-cell levels at 12 weeks (~20% HbF, ~60% F cells) are comparable to the highest quartile responders to hydroxyurea (which averaged ~10% HbF and ~35% F cells overall), suggesting potential to be a best-in-class oral HbF inducer.
Negative Updates
Small Sample Size and Short Follow-Up
Data are from a small cohort (13 enrolled, 12 evaluable for PD) with only 12 weeks of treatment — limits statistical power, especially for clinical endpoints like VOC reduction and durability assessment.
Read all updates
Q4-2025 Updates
Positive
Negative
Comparative Potential vs. Standard of Care
Pociredir 20 mg HbF and F-cell levels at 12 weeks (~20% HbF, ~60% F cells) are comparable to the highest quartile responders to hydroxyurea (which averaged ~10% HbF and ~35% F cells overall), suggesting potential to be a best-in-class oral HbF inducer.
Read all positive updates
Company Guidance
Guidance from the call centered on advancing the 20 mg dose into regulatory discussions and a potential registration-enabling study: the 20 mg cohort (data cutoff 12/23/2025; 13 enrolled, 12 PD-evaluable) will be the dose taken to the FDA, with an FDA follow-up/update on next trial design in Q2 2026 and planned initiation of a registration-enabling trial in H2 2026 pending FDA feedback; the company will seek EMA protocol assistance mid‑2026 and is activating sites for an open‑label extension. Key metrics supporting that path included a mean HbF rise from 7.1% baseline to 19.3% at week 12 (Δ12.2%), 7/12 patients (58%) ≥20% HbF, F‑cells doubling from ~31% to ~63%, LDH down 34%, indirect bilirubin down 40%, reticulocytes down 42%, RDW normalizing, and a mean total hemoglobin increase of ~1.1 g/dL at week 12 (versus 0.9 g/dL at 12 mg); VOCs were fewer than expected (16 expected vs 6 observed during treatment in the PD set; 9 total including safety follow‑up), safety showed no treatment‑related SAEs, three treatment‑related AEs that resolved with continued dosing, no treatment‑related discontinuations, and pociredir has been dosed in ~150 adults to date.Fulcrum Therapeutics Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 80.00M | 2.81M | 6.34M | 19.16M |
| Gross Profit | -1.39M | 78.41M | 2.81M | -70.44M | -50.54M |
| EBITDA | -73.49M | -18.24M | -108.49M | -109.72M | -78.54M |
| Net Income | -74.88M | -9.72M | -97.33M | -109.87M | -80.85M |
Balance Sheet | |||||
| Total Assets | 366.28M | 260.72M | 257.69M | 226.69M | 235.00M |
| Cash, Cash Equivalents and Short-Term Investments | 352.31M | 241.02M | 236.22M | 202.92M | 218.16M |
| Total Debt | 6.44M | 8.63M | 10.82M | 13.42M | 0.00 |
| Total Liabilities | 17.28M | 17.68M | 22.50M | 27.74M | 23.46M |
| Stockholders Equity | 349.00M | 243.03M | 235.19M | 198.94M | 211.54M |
Cash Flow | |||||
| Free Cash Flow | -60.38M | -2.50M | -91.47M | -99.01M | -80.19M |
| Operating Cash Flow | -60.06M | -2.22M | -90.97M | -97.05M | -78.48M |
| Investing Cash Flow | 30.72M | 32.23M | -36.69M | 12.41M | -129.67M |
| Financing Cash Flow | 168.67M | 2.75M | 118.12M | 84.32M | 186.51M |
Fulcrum Therapeutics Technical Analysis
Neutral
7.73
Price Trends
8.59
Negative
9.84
Negative
8.82
Negative
Market Momentum
-0.16
Negative
48.93
Neutral
66.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FULC, the sentiment is Neutral. The current price of 7.73 is above the 20-day moving average (MA) of 7.32, below the 50-day MA of 8.59, and below the 200-day MA of 8.82, indicating a neutral trend. The MACD of -0.16 indicates Negative momentum. The RSI at 48.93 is Neutral, neither overbought nor oversold. The STOCH value of 66.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FULC.
Fulcrum Therapeutics Risk Analysis
Fulcrum Therapeutics disclosed 71 risk factors in its most recent earnings report. Fulcrum Therapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fulcrum Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $1.40B | -33.72 | -15.12% | ― | 1112.27% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $514.82M | -9.57 | -30.25% | ― | -100.00% | -305.92% | |
47 Neutral | $484.04M | -3.14 | 76.03% | ― | 6.35% | 39.57% | |
46 Neutral | $1.10B | ― | -269.56% | ― | ― | ― | |
45 Neutral | $375.30M | -35.28 | -0.04% | ― | ― | -73.48% |
* Healthcare Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.