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Fulcrum Therapeutics
(NASDAQ:FULC)
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Rating:49Neutral
Price Target:
$3.50
▼(-5.91% Downside)
Action:Reiterated
Date:07/31/26
The score is held down primarily by weak financial performance (zero revenue, large ongoing losses, and significant cash burn) and a bearish technical trend (price below key moving averages). The main support comes from balance-sheet strength/low leverage and a relatively positive earnings-call backdrop centered on clinical signals and multi-year cash runway, but regulatory and execution uncertainty remain material.
Positive Factors
Strong cash runway
A multi-year cash runway into 2029 materially reduces near-term solvency risk and gives management time to evaluate strategic alternatives, fund prioritized R&D or seek partnerships without immediate dilutive financing. This financial buffer supports optionality during portfolio reassessment.
Negative Factors
Lead program discontinued
Ending the lead pociredir program is a structural setback that removes the company's primary near-term value driver, forces a strategic review, and may necessitate asset sales or pivots. Loss of the lead asset raises execution risk and compresses future clinical value creation timelines.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash runway
A multi-year cash runway into 2029 materially reduces near-term solvency risk and gives management time to evaluate strategic alternatives, fund prioritized R&D or seek partnerships without immediate dilutive financing. This financial buffer supports optionality during portfolio reassessment.
Read all positive factors
Fulcrum Therapeutics (FULC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$273.14M
Dividend YieldN/A
Average Volume (3M)2.55M
Price to Earnings (P/E)―
Beta (1Y)1.23
Revenue GrowthN/A
EPS Growth0.04%
CountryUS
Employees55
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.21
Shares Outstanding76,297,260
10 Day Avg. Volume1,424,404
30 Day Avg. Volume2,547,280
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 Cap>-0.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$3.43Price Target Upside-7.83% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering8
EPS Forecast (FY)-0.68
Revenue Forecast (FY)N/A
Fulcrum Therapeutics Business Overview & Revenue Model
Company Description
Fulcrum Therapeutics, Inc. is a clinical-stage biopharmaceutical firm committed to developing life-improving treatments for patients in the United States afflicted by genetically defined diseases with significant unmet medical needs. Its leading i...
How the Company Makes Money
Fulcrum Therapeutics primarily generates revenue through collaboration-related payments rather than product sales, as it is a clinical-stage company with no marketed products (null for product sales revenue). Its revenue model typically includes (...
Fulcrum Therapeutics Earnings Call Summary
Earnings Call Date:Apr 27, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call conveyed strong positive clinical momentum for potociredir — notably a large, rapid increase in HbF, early VOC reduction signals and a clean safety profile — paired with a solid balance sheet and a clear plan for regulatory interactions and a potential registration-enabling trial. Offsetting risks include modestly higher operating losses and expenses, a quarterly cash decline (while runway remains into 2029), delayed availability of meaningful long-term OLE data (likely into 2027), ongoing regulatory uncertainty about surrogate endpoints and emerging competition in the oral HbF inducer space. Overall, the clinical and financial highlights outweigh the operational and regulatory uncertainties.Positive Updates
Robust HbF Increase in Phase Ib PIONEER
Potociredir 20 mg once daily produced an increase in fetal hemoglobin (HbF) from 7.1% at baseline to 19.3% at Week 12 — an absolute increase of 12.2 percentage points (≈171.8% relative increase). Additional signals included improvements in markers of hemolysis and anemia and continued progression toward pancellular HbF expression.
Negative Updates
Increased Net Loss
Net loss for Q1 2026 was $22.2 million versus $20.4 million in Q1 2025 — an increase of $1.8 million (≈8.8%), reflecting ongoing investment in development and operations.
Read all updates
Q1-2026 Updates
Positive
Negative
Robust HbF Increase in Phase Ib PIONEER
Potociredir 20 mg once daily produced an increase in fetal hemoglobin (HbF) from 7.1% at baseline to 19.3% at Week 12 — an absolute increase of 12.2 percentage points (≈171.8% relative increase). Additional signals included improvements in markers of hemolysis and anemia and continued progression toward pancellular HbF expression.
Read all positive updates
Company Guidance
Management guided that after an upcoming end‑of‑phase meeting with the FDA they will provide a trial design update later this quarter and, pending FDA feedback and final meeting minutes, plan to initiate a potential registration‑enabling trial in H2 2026 (with EMA engagement later in the year and a full PIONEER presentation planned at a medical conference in 2026); operationally they enrolled the first patient in an open‑label long‑term dosing study (targeting up to 17 U.S. patients from Cohorts 3b/4) and expect meaningful longer‑term safety and durability data in 2027 (not ASH 2026); financial guidance included cash, cash equivalents and marketable securities of $333.3M at March 31, 2026 (down $19.0M from $352.3M at 12/31/25) providing runway into 2029, and Q1 results of R&D expense $14.1M (vs $13.4M Q1 2025), G&A $8.1M (vs $7.0M), and a net loss of $22.2M (vs $20.4M); clinical metrics reiterated: 20 mg once‑daily increased HbF from 7.1% baseline to 19.3% at week 12, 7 of 12 patients had no VOCs during 12 weeks, and no treatment‑related serious adverse events were reported.Fulcrum Therapeutics Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
66
Positive
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 80.00M | 2.81M | 6.34M | 19.16M |
| Gross Profit | -14.55M | -1.39M | 78.41M | -69.00M | -70.44M | -50.54M |
| EBITDA | -77.48M | -73.49M | -18.24M | -95.16M | -109.72M | -78.33M |
| Net Income | -85.00M | -74.88M | -9.72M | -97.33M | -109.87M | -80.85M |
Balance Sheet | ||||||
| Total Assets | 323.95M | 366.28M | 260.72M | 257.69M | 226.69M | 235.00M |
| Cash, Cash Equivalents and Short-Term Investments | 318.84M | 352.31M | 241.02M | 236.22M | 202.92M | 218.16M |
| Total Debt | 5.28M | 6.44M | 8.63M | 10.82M | 13.42M | 0.00 |
| Total Liabilities | 13.26M | 17.28M | 17.68M | 22.50M | 27.74M | 23.46M |
| Stockholders Equity | 310.70M | 349.00M | 243.03M | 235.19M | 198.94M | 211.54M |
Cash Flow | ||||||
| Free Cash Flow | -66.14M | -60.38M | -2.50M | -91.47M | -99.01M | -80.19M |
| Operating Cash Flow | -65.78M | -60.06M | -2.22M | -90.97M | -97.05M | -78.48M |
| Investing Cash Flow | -96.87M | 30.72M | 32.23M | -36.69M | 12.41M | -129.67M |
| Financing Cash Flow | 168.41M | 168.67M | 2.75M | 118.12M | 84.32M | 186.51M |
Fulcrum Therapeutics Technical Analysis
Neutral
3.72
Price Trends
3.82
Positive
5.53
Negative
7.82
Negative
Market Momentum
-0.04
Negative
54.13
Neutral
86.61
Negative
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 3.72 is above the 20-day moving average (MA) of 3.68, below the 50-day MA of 3.82, and below the 200-day MA of 7.82, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 54.13 is Neutral, neither overbought nor oversold. The STOCH value of 86.61 is Negative, 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 |
|---|---|---|---|---|---|---|---|
57 Neutral | $725.84M | -52.34 | -12.84% | ― | ― | 40.38% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $1.20B | -9.78 | -563.89% | ― | 550.00% | -107.04% | |
49 Neutral | $273.14M | -2.96 | -27.80% | ― | ― | 0.04% | |
43 Neutral | $133.55M | -1.00 | 65.27% | ― | 4.43% | 27.41% | |
43 Neutral | $1.40B | -8.88 | -40.99% | ― | -73.07% | -2335.85% |
* Healthcare Sector Average
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Fulcrum Therapeutics Corporate Events
Executive/Board ChangesShareholder Meetings
Fulcrum Therapeutics Shareholders Reaffirm Board and Governance Structure
Positive
Jun 25, 2026
At its annual meeting of stockholders held on June 24, 2026, Fulcrum Therapeutics, Inc. reported that shareholders elected Sonja Banks, Alan Ezekowitz, and Colin Hill as Class I directors to serve three-year terms ending in 2029, reinforcing conti...
Business Operations and StrategyExecutive/Board Changes
Fulcrum Therapeutics Advances Restructuring with Leadership Changes
Negative
Jun 11, 2026
On May 31, 2026, Fulcrum Therapeutics’ board approved a restructuring plan to cut operating expenses and conserve cash following the discontinuation of pociredir for sickle cell disease, leaving nine full-time employees. On June 5 and June 1...
Business Operations and Strategy
Fulcrum Therapeutics Undertakes Major Restructuring, Explores Strategic Alternatives
Negative
Jun 4, 2026
On May 31, 2026, Fulcrum Therapeutics’ board approved a restructuring plan to sharply cut operating expenses and preserve capital following the discontinuation of its sickle cell disease drug candidate, pociredir. The plan includes reducing ...
Business Operations and StrategyProduct-Related Announcements
Fulcrum Therapeutics Ends Pociredir, Begins Strategic Review
Negative
Jun 1, 2026
On June 1, 2026, Fulcrum Therapeutics announced it was discontinuing development of pociredir for sickle cell disease after the FDA, citing secondary hematologic malignancies seen with the PRC2 inhibitor Tazverik and its March 2026 market withdraw...
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.