1.Sales and profit
See section β- Fulcrum Therapeutics, Inc. had $0.0M of revenue in fiscal 2025, down 100.0% on the year before.
- Fulcrum Therapeutics, Inc. lost $74.9M in fiscal 2025.
Fulcrum Therapeutics, Inc.
FULC Nasdaq Pharmaceutical Preparations Financials FY2018βFY2025
Fulcrum Therapeutics, Inc. had $0.0M of revenue in fiscal 2025, down 100.0% on the year before.
Download report
3-page PDF: the company, its results and charts with peers.
Last close Β· Oct 23, 2026
$3.68
0.0%KIRAβs summary AI analyst
Hi! I read Fulcrum Therapeutics, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
4 to watch
2.Cash and shareholders
See section β- Free cash flow was β$60.4M in fiscal 2025, β of revenue.
- No open-market insider trades in the last 12 months.
3.Financial health
See section β- Fulcrum Therapeutics, Inc. passes 2 of 7 financial health tests (Piotroski F-score).
Fulcrum Therapeutics, Inc. in 30 seconds
Good So-so Weak
Weak
Are sales growing?
β100.0%
No. Sales fell 100.0% last year.
Weak
Does it make a profit?
β$74.9M
No. It lost money last year.
Weak
How healthy are the accounts?
2 / 7
Weak. It passes 2 of 7 health tests.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$281M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$1.21 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Results dates
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Fulcrum Therapeutics, Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 4, 2026
Wednesday Β· in 9 days
- Time
- Time not announced
- Covers
- Period ended Sep 30, 2026
- Expected EPS
- β$0.10
- Source
- Earnings calendar
| Date | Results for | Time | Source |
|---|---|---|---|
| Jul 30, 2026 | Q2 '26 | After the market closes | 10-Q β |
| Apr 23, 2026 | Q1 '26 | Time not announced | 8-K β |
| Jan 12, 2026 | Q4 '25 | Before the market opens | 8-K β |
| Oct 29, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Jul 29, 2025 | Q2 '25 | Before the market opens | 8-K β |
| May 1, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Jan 13, 2025 | Q4 '24 | Before the market opens | 8-K β |
| Nov 13, 2024 | Q3 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
Revenue and margins
KIRA Β· Fulcrum Therapeutics, Inc. had $0.0M of revenue in fiscal 2025, down 100.0% on the year before.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY18
Revenue β
FY19
Revenue β
FY20
Revenue $8.8M
FY21
Revenue $19.2M
FY22
Revenue $6.3M
FY23
Revenue $2.8M
FY24
Revenue $80.0M
FY25
Revenue $0.0M
Revenue
Q3 '23
Revenue $0.8M
Q4 '23
Revenue $0.9M
Q1 '24
Revenue $0.0M
Q2 '24
Revenue $80.0M
Q3 '24
Revenue $0.0M
Q4 '24
Revenue $0.0M
Q1 '25
Revenue β
Q2 '25
Revenue $0.0M
Q3 '25
Revenue $0.0M
Q4 '25
Revenue $0.0M
Q1 '26
Revenue β
Q2 '26
Revenue β
Margins, % of revenue
FY18
Gross β
Operating β
Net β
FCF β
FY19
Gross β
Operating β
Net β
FCF β
FY20
Gross β
Operating β811.6%
Net β802.7%
FCF β623.3%
FY21
Gross β
Operating β423.0%
Net β421.9%
FCF β418.5%
FY22
Gross β
Operating β1,774.9%
Net β1,732.4%
FCF β1,561.2%
FY23
Gross β
Operating β3,945.2%
Net β3,470.1%
FCF β3,261.1%
FY24
Gross β
Operating β27.4%
Net β12.2%
FCF β3.1%
FY25
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross β
Operating β3,615.3%
Net β3,164.3%
FCF β3,026.5%
Q4 '23
Gross β
Operating β3,213.8%
Net β2,842.3%
FCF β2,667.6%
Q1 '24
Gross β
Operating β
Net β
FCF β
Q2 '24
Gross β
Operating 65.6%
Net 69.3%
FCF 73.6%
Q3 '24
Gross β
Operating β
Net β
FCF β
Q4 '24
Gross β
Operating β
Net β
FCF β
Q1 '25
Gross β
Operating β
Net β
FCF β
Q2 '25
Gross β
Operating β
Net β
FCF β
Q3 '25
Gross β
Operating β
Net β
FCF β
Q4 '25
Gross β
Operating β
Net β
FCF β
Q1 '26
Gross β
Operating β
Net β
FCF β
Q2 '26
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Fulcrum Therapeutics, Inc. lost $74.9M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY18
Net income β$32.6M
FY19
Net income β$82.7M
FY20
Net income β$70.8M
FY21
Net income β$80.8M
FY22
Net income β$110M
FY23
Net income β$97.3M
FY24
Net income β$9.7M
FY25
Net income β$74.9M
Net income
Q3 '23
Net income β$24.0M
Q4 '23
Net income β$24.8M
Q1 '24
Net income β$26.9M
Q2 '24
Net income $55.4M
Q3 '24
Net income β$21.7M
Q4 '24
Net income β$16.6M
Q1 '25
Net income β$17.7M
Q2 '25
Net income β$17.3M
Q3 '25
Net income β$19.6M
Q4 '25
Net income β$20.3M
Q1 '26
Net income β$18.9M
Q2 '26
Net income β$26.2M
Diluted EPS
FY18
Diluted EPS β$31.14
FY19
Diluted EPS β$8.13
FY20
Diluted EPS β$2.79
FY21
Diluted EPS β$2.29
FY22
Diluted EPS β$2.44
FY23
Diluted EPS β$1.59
FY24
Diluted EPS β$0.16
FY25
Diluted EPS β$1.18
Diluted EPS
Q3 '23
Diluted EPS β$0.39
Q4 '23
Diluted EPS β$0.41
Q1 '24
Diluted EPS β$0.43
Q2 '24
Diluted EPS $0.87
Q3 '24
Diluted EPS β$0.35
Q4 '24
Diluted EPS β$0.25
Q1 '25
Diluted EPS β$0.28
Q2 '25
Diluted EPS β$0.28
Q3 '25
Diluted EPS β$0.31
Q4 '25
Diluted EPS β$0.31
Q1 '26
Diluted EPS β$0.25
Q2 '26
Diluted EPS β$0.34
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was β$60.4M in fiscal 2025, β of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY18
Free cash flow β$31.5M
FY19
Free cash flow β$40.3M
FY20
Free cash flow β$55.0M
FY21
Free cash flow β$80.2M
FY22
Free cash flow β$99.0M
FY23
Free cash flow β$91.5M
FY24
Free cash flow β$2.5M
FY25
Free cash flow β$60.4M
Free cash flow
Q3 '23
Free cash flow β$23.0M
Q4 '23
Free cash flow β$23.2M
Q1 '24
Free cash flow β$25.3M
Q2 '24
Free cash flow $58.9M
Q3 '24
Free cash flow β$19.1M
Q4 '24
Free cash flow β$17.0M
Q1 '25
Free cash flow β$15.3M
Q2 '25
Free cash flow β$13.9M
Q3 '25
Free cash flow β$14.3M
Q4 '25
Free cash flow β$17.0M
Q1 '26
Free cash flow β$18.8M
Q2 '26
Free cash flow β$16.1M
Cash from operations vs capital spending
FY18
Cash from operations β$22.6M
Capital spending $9.0M
FY19
Cash from operations β$39.5M
Capital spending $0.9M
FY20
Cash from operations β$53.7M
Capital spending $1.3M
FY21
Cash from operations β$78.5M
Capital spending $1.7M
FY22
Cash from operations β$97.1M
Capital spending $2.0M
FY23
Cash from operations β$91.0M
Capital spending $0.5M
FY24
Cash from operations β$2.2M
Capital spending $0.3M
FY25
Cash from operations β$60.1M
Capital spending $0.3M
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations β$22.9M
Capital spending $0.1M
Q4 '23
Cash from operations β$23.2M
Capital spending $0.1M
Q1 '24
Cash from operations β$25.3M
Capital spending $0.0M
Q2 '24
Cash from operations $58.9M
Capital spending $0.0M
Q3 '24
Cash from operations β$19.1M
Capital spending $0.0M
Q4 '24
Cash from operations β$16.8M
Capital spending $0.2M
Q1 '25
Cash from operations β$15.3M
Capital spending $0.0M
Q2 '25
Cash from operations β$13.8M
Capital spending $0.1M
Q3 '25
Cash from operations β$14.2M
Capital spending $0.1M
Q4 '25
Cash from operations β$16.8M
Capital spending $0.2M
Q1 '26
Cash from operations β$18.8M
Capital spending $0.0M
Q2 '26
Cash from operations β$16.0M
Capital spending $0.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY18
Dividends β
Buybacks β
FY19
Dividends β
Buybacks β
FY20
Dividends β
Buybacks β
FY21
Dividends β
Buybacks β
FY22
Dividends β
Buybacks β
FY23
Dividends β
Buybacks β
FY24
Dividends β
Buybacks β
FY25
Dividends β
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.00B
FY22
Diluted shares 0.00B
FY23
Diluted shares 0.00B
FY24
Diluted shares 0.00B
FY25
Diluted shares 0.00B
Insider trades
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably Fulcrum Therapeutics, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY18
Cash $72.8M
Debt β
FY19
Cash $96.7M
Debt β
FY20
Cash $57.1M
Debt β
FY21
Cash $35.4M
Debt β
FY22
Cash $35.1M
Debt β
FY23
Cash $25.6M
Debt β
FY24
Cash $58.2M
Debt β
FY25
Cash $198M
Debt β
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $35.4M | $35.1M | $25.6M | $58.2M | $198M |
| Current ratio | 11.8x | 12.4x | 17.7x | 22.6x | 27.4x |
| Quick ratio | 11.8x | 12.4x | 17.7x | 22.6x | 27.4x |
| Total assets | $235M | $227M | $258M | $261M | $366M |
| Total liabilities | $23.5M | $27.7M | $22.5M | $17.7M | $17.3M |
| Shareholders' equity | $212M | $199M | $235M | $243M | $349M |
| Net debt (β = net cash) | β | β | β | β | β |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY18
Return on capital β
Return on equity β
Return on assets β38.0%
FY19
Return on capital β
Return on equity β704.1%
Return on assets β84.3%
FY20
Return on capital β
Return on equity β77.7%
Return on assets β59.0%
FY21
Return on capital β
Return on equity β52.7%
Return on assets β44.4%
FY22
Return on capital β
Return on equity β53.5%
Return on assets β47.6%
FY23
Return on capital β
Return on equity β44.8%
Return on assets β40.2%
FY24
Return on capital β
Return on equity β4.1%
Return on assets β3.8%
FY25
Return on capital β
Return on equity β25.3%
Return on assets β23.9%
Return on capital
Return on equity
Return on assets
Piotroski F-score
KIRA Β· Fulcrum Therapeutics, Inc. passes 2 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | β / 6 | 4 / 7 | 2 / 7 | 3 / 7 | 4 / 7 | 2 / 7 |
| Accruals ratio | β11.7% | β44.0% | β14.3% | β1.3% | β5.6% | β2.6% | β2.9% | β4.7% |
| Altman Z'' | β6.71 | β0.42 | β1.69 | 8.73 | 3.78 | 7.46 | 13.38 | 20.53 |
All figures
Every number, year by year.
8 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | β | β | $8.8M | $19.2M | $6.3M | $2.8M | $80.0M | $0.0M |
| Research and development | $25.2M | $71.1M | $59.0M | $69.7M | $76.8M | $71.8M | $63.4M | $56.1M |
| Operating income | β$33.5M | β$84.2M | β$71.6M | β$81.1M | β$113M | β$111M | β$21.9M | β$84.8M |
| Income tax | β | β | β | β | β | β | $0.0M | $0.0M |
| Net income | β$32.6M | β$82.7M | β$70.8M | β$80.8M | β$110M | β$97.3M | β$9.7M | β$74.9M |
| Net income to common | β$39.1M | β$89.8M | β$70.8M | β | β | β | β | β |
| Diluted EPS | β$31.14 | β$8.13 | β$2.79 | β$2.29 | β$2.44 | β$1.59 | β$0.16 | β$1.18 |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B |
| Cash flow | ||||||||
| Cash from operations | β$22.6M | β$39.5M | β$53.7M | β$78.5M | β$97.1M | β$91.0M | β$2.2M | β$60.1M |
| Capital expenditure | $9.0M | $0.9M | $1.3M | $1.7M | $2.0M | $0.5M | $0.3M | $0.3M |
| Free cash flow | β$31.5M | β$40.3M | β$55.0M | β$80.2M | β$99.0M | β$91.5M | β$2.5M | β$60.4M |
| Depreciation and amortization | $1.3M | $2.1M | $2.4M | $2.5M | $2.4M | $2.2M | $1.6M | $1.4M |
| Stock-based compensation | $2.2M | $4.2M | $7.4M | $11.1M | $13.4M | $14.8M | $14.6M | $12.5M |
| Balance sheet | ||||||||
| Cash and short-term investments | $72.8M | $96.7M | $57.1M | $35.4M | $35.1M | $25.6M | $58.2M | $198M |
| Current assets | $74.1M | $100M | $120M | $226M | $208M | $242M | $250M | $357M |
| Current liabilities | $4.2M | $12.1M | $26.7M | $19.2M | $16.7M | $13.7M | $11.0M | $13.0M |
| Property and equipment, net | $10.5M | $9.2M | $8.4M | $7.4M | $6.9M | $5.2M | $3.9M | $2.8M |
| Total assets | $85.8M | $110M | $130M | $235M | $227M | $258M | $261M | $366M |
| Total liabilities | $9.8M | $23.3M | $34.4M | $23.5M | $27.7M | $22.5M | $17.7M | $17.3M |
| Preferred stock | β | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$63.7M | $87.2M | $95.2M | $212M | $199M | $235M | $243M | $349M |
| Margins | ||||||||
| Operating margin | β | β | β811.6% | β423.0% | β1,774.9% | β3,945.2% | β27.4% | β |
| EBITDA margin | β | β | β784.7% | β409.8% | β1,736.8% | β3,867.8% | β25.4% | β |
| Net margin | β | β | β802.7% | β421.9% | β1,732.4% | β3,470.1% | β12.2% | β |
| FCF margin | β | β | β623.3% | β418.5% | β1,561.2% | β3,261.1% | β3.1% | β |
| Returns | ||||||||
| Return on capital employed | β41.1% | β85.7% | β69.6% | β37.6% | β53.6% | β45.4% | β8.8% | β24.0% |
| Return on equity | β | β704.1% | β77.7% | β52.7% | β53.5% | β44.8% | β4.1% | β25.3% |
| Return on assets | β38.0% | β84.3% | β59.0% | β44.4% | β47.6% | β40.2% | β3.8% | β23.9% |
| Return on tangible equity | β | β103.0% | β74.4% | β38.2% | β55.2% | β41.4% | β4.0% | β21.5% |
| Growth | ||||||||
| Revenue growth | β | β | β | 117.2% | β66.9% | β55.8% | 2,752.0% | β100.0% |
| Share count change | β | 746.2% | 130.9% | 39.4% | 27.1% | 36.2% | 1.1% | 2.3% |
| Financial health | ||||||||
| Current ratio | 17.5x | 8.2x | 4.5x | 11.8x | 12.4x | 17.7x | 22.6x | 27.4x |
| Quick ratio | 17.5x | 8.2x | 4.5x | 11.8x | 12.4x | 17.7x | 22.6x | 27.4x |
| Capital allocation | ||||||||
| Capex / revenue | β | β | 15.2% | 8.9% | 31.0% | 18.1% | 0.3% | β |
| Stock comp / revenue | β | β | 83.3% | 57.8% | 210.5% | 527.7% | 18.2% | β |
| Quality scores | ||||||||
| Piotroski F-score | β | β | β | 4.0 | 2.0 | 3.0 | 4.0 | 2.0 |
| Altman Z'' | β6.7 | β0.4 | β1.7 | 8.7 | 3.8 | 7.5 | 13.4 | 20.5 |
| Accruals ratio | β11.7% | β44.0% | β14.3% | β1.3% | β5.6% | β2.6% | β2.9% | β4.7% |
Source: SEC EDGAR XBRL filings (CIK 0001680581). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.