Fulcrum Therapeutics, Inc. (FULC) Stock Analysis
Fulcrum Therapeutics, Inc.
▾ What's in the 42/100 risk score? (higher = riskier)
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.
How to read FULC (pre-profit growth)
This company is reinvesting instead of generating profit, so a standard DCF cannot price it. The useful question is whether the growth the market is paying for is achievable — and whether the company can fund itself until then.
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Reverse-DCF — the growth the price demands ↓
It shows exactly how fast the business must grow to justify today's price. Compare that to what comparable companies have actually achieved.
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Cash runway ↓
Can it reach profitability before it has to raise money and dilute shareholders?
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Interactive calculator ↓
Set your own growth + margin assumptions and see what the business would be worth if you are right.
Standard DCF doesn't fit FULC well — but that's expected for this kind of business. The Rule of 40 (Pre-Profit Growth) Lens below uses the metrics actually used by analysts who value pharmaceuticals. Reverse DCF + Football Field also work as cross-checks.
Quality & solvency checks
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
The Z-score needs working capital, retained earnings, EBIT, sales and total assets from the latest balance sheet, and at least one of those isn't reported in machine-readable form here — common for foreign private issuers. We leave it blank rather than compute a distress verdict from an estimated input. It doesn't affect the reported figures in the financial tables below.
▾ The checks — what passed, what didn't (and what we couldn't measure)
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✗ Positive net incomeNet income -$74.9M in FY2025.Why this matters: Does the company actually earn a profit? Sustained losses eventually force it to raise money — diluting you — or take on debt.
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✗ Positive operating cash flowOperating cash flow -$60.1M (was -$2.2M the prior year).Why this matters: Profit can be an accounting figure; cash from running the business is harder to fake. Negative operating cash flow means the core business consumes cash and must be funded externally.
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✓ Cash flow backs up reported profitOperating cash flow -$60.1M vs net income -$74.9M.
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✗ Return on assets improvingReturn on assets -20.4% vs -3.7% a year ago.Why this matters: Is the company squeezing more profit out of each dollar of assets than last year? Rising = getting more efficient; falling = the opposite.
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✓ Debt load (vs assets)The filing reports no interest-bearing debt in either year (total assets $366.3M).
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✓ Short-term liquidity (current ratio)Current ratio 27.40x vs 22.63x a year ago.
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✗ Share count (dilution)Share count rose 2.2% (0.1M → 0.1M year-over-year).Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
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· Pricing power (gross margin) (n/a — data not reported; not scored)
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· Sales per asset (asset turnover) (n/a — data not reported; not scored)
Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.
Plain English: the company holds about $198M in cash and is burning roughly $60M/year in operations. At that pace, the cash lasts 3.3 yrs before it must raise capital (diluting shareholders), take on debt, or cut spending.
Assumes constant burn and ignores financing/asset sales. For pre-profit biotech and growth companies, this matters more than a DCF — a great drug pipeline is worthless if they run out of money before approval.
A standard discounted cash flowDCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
Full explanation → (DCF) valuation is not meaningful for Fulcrum Therapeutics because its operating cash flow is negative and it has not been profitable in the last five years. Investors are likely betting on the success of its drug pipeline and future revenue growth, rather than current cash flows. To value it, one would need to project the probability and timing of drug approvals and commercialization. The number one quantifiable risk is continued negative operating cash flow, which implies ongoing cash burn.
As of 3 months ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
- Phase 3 clinical trial results for lead candidates
- Regulatory approval decisions (e.g., FDA)
- New partnership announcements
The trend, in plain numbers (FY2024 → FY2025, latest reported)
Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.
- Revenue fell -100% to $0.
- Free cash flow is negative at -$72.8M — the cash burn widened vs last year.
- Still unprofitable at -$74.9M — loss widening.
Nothing was clearly improving year-over-year.
Management & Leadership
Robert J. Gould serves as the President and Chief Executive Officer of Fulcrum Therapeutics, Inc. He has been with the company since 2019, leading its strategic direction and drug development efforts. The company focuses on discovering and developing small molecule therapies.
What They Make
Fulcrum Therapeutics is a biopharmaceutical company that discovers and develops small molecule therapies to treat genetically defined rare diseases. Their products are intended for patients suffering from conditions like facioscapulohumeral muscular dystrophy (FSHD) and sickle cell disease.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.
The market is pricing Fulcrum Therapeutics based on expectations for its drug pipeline and future commercialization success, rather than current financial performance, as evidenced by negative net income and operating cash flow. The market may be assigning value to potential drug approvals and subsequent market penetration, which is not in the model. Its adequate current ratio of 27.4 provides some cash runway for these development efforts.
Business Model & Valuation
How They Make Money
The company funds its operations primarily through equity raises, given its negative operating cash flow and lack of dividends or buybacks.
Growth / Revenue DCF
Negative free cash flow: revenue/margin growth model used - standard FCF DCF is unreliable for companies still scaling.
Show advanced inputs
| Revenue Growth | 15.0% |
What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project its revenue segments independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
Net income and operating cash flow have been negative in the latest period and for the past five years.
Geography & Markets
Fulcrum Therapeutics is headquartered in the United States and primarily focuses its research and development efforts there, with potential for global commercialization upon drug approval. Specific geographic revenue mix is not available from current data sources.
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)49.0NeutralMomentum is balanced — neither overbought nor oversold.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (4 notes — click to expand/collapse)
Guardrail Notes (4)
- FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.
- INVARIANT: weighted IV is non-positive. Model may not be appropriate.
- Model implies no positive equity value under these assumptions. Valuation is speculative/low-confidence.
- Illiquidity discount 7% applied (small/micro-cap — harder to exit, demand a margin).
FINANCIALS
Financial Statements (5-year tables — click to expand)
From Fulcrum Therapeutics, Inc.'s SEC filings (EDGAR).
Income (5yr)
| Year | Revenue | Net Income | EPS |
|---|---|---|---|
| 2025 | — | -74.9M | $-1.18 |
| 2024 | 80.0M | -9.7M | $-0.16 |
| 2023 | 2.8M | -97.3M | $-1.59 |
| 2022 | 6.3M | -109.9M | $-2.44 |
| 2021 | 19.2M | -80.8M | $-2.29 |
Cash Flow (5yr)
| Year | Operating CF | CapEx | − SBC & adj. | Free Cash Flow |
|---|---|---|---|---|
| 2025 | -60.1M | 314,000 | 12.5M | -72.8M |
| 2024 | -2.2M | 278,000 | 14.6M | -17.1M |
| 2023 | -91.0M | 508,000 | 14.8M | -106.3M |
| 2022 | -97.1M | 2.0M | 13.4M | -112.4M |
| 2021 | -78.5M | 1.7M | 11.1M | -91.3M |
How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: -60.1M − 314,000 − 12.5M (SBC & adj.) = -72.8M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a projected from revenue × terminal margin, not this single year.
Balance Sheet
| Total Assets | 366.3M |
| Total Liabilities | 17.3M |
| Equity | 349.0M |
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