FULC · CIK 0001680581

FULCRUM THERAPEUTICS, INC.

Annual figures as reported, FY2017–FY2025. Ratios and growth rates derived on-page.

Revenue

▼ −100.0% vs FY2024

Net income

−$74.9M

▼ −670.0% vs FY2024

Free cash flow

−$60.4M

▼ −2319.0% vs FY2024

Diluted EPS

−$1.18

▼ −637.5% vs FY2024

Revenue

Annual, as reported

Net income

Losses shown in terracotta

Recent quarters

momentum · last 12 quarters

Revenue — Sep ’25 quarter

Net income — Mar ’26 quarter

−$18.9M

▼ −7.0% vs Mar ’25

Revenue — trailing 12 months

$80.0M

▲ +2752.0% vs Dec ’23

Diluted EPS — trailing 12 months

−$1.15

▼ −11400.0% vs Mar ’25

Quarterly revenue

Discrete quarters; Q4 derived from the annual figure

Quarterly net income

Losses shown in terracotta

Quarter	Revenue	Rev. YoY	Gross margin	Net income	Net margin	Diluted EPS
Sep ’25	$0	—	—	−$19.6M	—	−$0.31
Jun ’25	$0	−100.0%	—	−$17.3M	—	−$0.28
Dec ’24	$0	−100.0%	—	−$16.6M	—	−$0.25
Sep ’24	$0	−100.0%	—	−$21.7M	—	−$0.35
Jun ’24	$80.0M	8990.9%	—	$55.4M	69.3%	$0.87
Mar ’24	$0	−100.0%	—	−$26.9M	—	−$0.43
Dec ’23	$871K	27.2%	—	−$24.8M	−2842.3%	−$0.41
Sep ’23	$759K	−35.8%	—	−$24.0M	−3164.3%	−$0.39

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

Operating marginNet margin

Returns on capital

Net income vs year-end equity and assets

Return on equityReturn on assets

Cash flow

cash generation

Free cash flow

Operating cash flow less capital expenditure

Operating cash flow

Net cash from operations

Shareholder returns

capital allocation

Diluted shares outstanding

Falling count means buybacks outpace dilution

Balance sheet

financial position

Stockholders’ equity

At fiscal year end

Growth rates

compounding, annualized

Share count change (split-adjusted)

+149.9%

Key ratios

derived per fiscal year

Fiscal year	Op. margin	Net margin	FCF margin	ROE	ROA	Current ratio
FY2025	—	—	—	−21.5%	−20.4%	27.40×
FY2024	−27.4%	−12.2%	−3.1%	−4.0%	−3.7%	22.63×
FY2023	−3945.2%	−3470.1%	−3261.1%	−41.4%	−37.8%	17.71×
FY2022	−1774.9%	−1732.4%	−1561.2%	−55.2%	−48.5%	12.41×
FY2021	−423.0%	−421.9%	−418.5%	−38.2%	−34.4%	11.77×
FY2020	−811.6%	−802.7%	−623.3%	−74.4%	−54.7%	4.47×
FY2019	—	—	—	−94.9%	−74.9%	8.24×
FY2018	—	—	—	—	−38.0%	17.52×
FY2017	—	—	—	—	—	—

Annual figures

as reported

Fiscal year	Revenue	Gross profit	Op. income	Net income	Diluted EPS	Op. cash flow	Capex	Total assets	Liabilities	Equity	Cash	LT debt
FY2025	$0	—	−$84.8M	−$74.9M	−$1.18	−$60.1M	$314K	$366.3M	$17.3M	$349.0M	$197.5M	—
FY2024	$80.0M	—	−$21.9M	−$9.7M	−$0.16	−$2.2M	$278K	$260.7M	$17.7M	$243.0M	$58.2M	—
FY2023	$2.8M	—	−$110.7M	−$97.3M	−$1.59	−$91.0M	$508K	$257.7M	$22.5M	$235.2M	$25.6M	—
FY2022	$6.3M	—	−$112.6M	−$109.9M	−$2.44	−$97.0M	$2.0M	$226.7M	$27.7M	$198.9M	$35.1M	—
FY2021	$19.2M	—	−$81.1M	−$80.8M	−$2.29	−$78.5M	$1.7M	$235.0M	$23.5M	$211.5M	$35.4M	—
FY2020	$8.8M	—	−$71.6M	−$70.8M	−$2.79	−$53.7M	$1.3M	$129.6M	$34.4M	$95.2M	$57.1M	—
FY2019	—	—	−$84.2M	−$82.7M	−$8.13	−$39.5M	$853K	$110.4M	$23.3M	$87.2M	$96.7M	—
FY2018	—	—	−$33.5M	−$32.6M	−$31.14	−$22.6M	$9.0M	$85.8M	$9.8M	−$63.7M	$72.8M	—
FY2017	—	—	—	—	—	—	—	—	—	−$33.3M	—	—

Latest filings

the most recent regulatory filings

4Insider ownership filing2026-07-02 ↗4Insider ownership filing2026-07-02 ↗4Insider ownership filing2026-07-02 ↗4Insider ownership filing2026-07-02 ↗4Insider ownership filing2026-07-02 ↗4Insider ownership filing2026-07-02 ↗4Insider ownership filing2026-07-02 ↗4Insider ownership filing2026-07-02 ↗4Insider ownership filing2026-06-30 ↗144Notice of proposed insider sale2026-06-26 ↗

Company logos by Elbstream and unavatar.

All third-party trademarks, service marks, logos, and brand names used on this site are the property of their respective owners. The use of these logos is for identification and illustrative purposes only and does not imply any affiliation, sponsorship, or endorsement by the respective owners.

Quarter

Revenue

Rev. YoY

Gross margin

Net income

Net margin

Diluted EPS

Sep ’25

—

−$19.6M

—

−$0.31

Jun ’25

−100.0%

—

−$17.3M

—

−$0.28

Dec ’24

−100.0%

—

−$16.6M

—

−$0.25

Sep ’24

−100.0%

—

−$21.7M

—

−$0.35

Jun ’24

$80.0M

8990.9%

—

$55.4M

69.3%

$0.87

Mar ’24

−100.0%

—

−$26.9M

—

−$0.43

Dec ’23

$871K

27.2%

—

−$24.8M

−2842.3%

−$0.41

Sep ’23

$759K

−35.8%

—

−$24.0M

−3164.3%

−$0.39

Fiscal year

Op. margin

Net margin

FCF margin

ROE

ROA

Current ratio

FY2025

—

−21.5%

−20.4%

27.40×

FY2024

−27.4%

−12.2%

−3.1%

−4.0%

−3.7%

22.63×

FY2023

−3945.2%

−3470.1%

−3261.1%

−41.4%

−37.8%

17.71×

FY2022

−1774.9%

−1732.4%

−1561.2%

−55.2%

−48.5%

12.41×

FY2021

−423.0%

−421.9%

−418.5%

−38.2%

−34.4%

11.77×

FY2020

−811.6%

−802.7%

−623.3%

−74.4%

−54.7%

4.47×

FY2019

—

−94.9%

−74.9%

8.24×

FY2018

—

−38.0%

17.52×

FY2017

—

Fiscal year

Revenue

Gross profit

Op. income

Net income

Diluted EPS

Op. cash flow

Capex

Total assets

Liabilities

Equity

Cash

LT debt

FY2025

—

−$84.8M

−$74.9M

−$1.18

−$60.1M

$314K

$366.3M

$17.3M

$349.0M

$197.5M

—

FY2024

$80.0M

—

−$21.9M

−$9.7M

−$0.16

−$2.2M

$278K

$260.7M

$17.7M

$243.0M

$58.2M

—

FY2023

$2.8M

—

−$110.7M

−$97.3M

−$1.59

−$91.0M

$508K

$257.7M

$22.5M

$235.2M

$25.6M

—

FY2022

$6.3M

—

−$112.6M

−$109.9M

−$2.44

−$97.0M

$2.0M

$226.7M

$27.7M

$198.9M

$35.1M

—

FY2021

$19.2M

—

−$81.1M

−$80.8M

−$2.29

−$78.5M

$1.7M

$235.0M

$23.5M

$211.5M

$35.4M

—

FY2020

$8.8M

—

−$71.6M

−$70.8M

−$2.79

−$53.7M

$1.3M

$129.6M

$34.4M

$95.2M

$57.1M

—

FY2019

—

−$84.2M

−$82.7M

−$8.13

−$39.5M

$853K

$110.4M

$23.3M

$87.2M

$96.7M

—

FY2018

—

−$33.5M

−$32.6M

−$31.14

−$22.6M

$9.0M

$85.8M

$9.8M

−$63.7M

$72.8M

—

FY2017

—

−$33.3M

—