Fulcrum Therapeutics, Inc.
FULC · Pharmaceutical Preparations · 66.6M shares · +25%/yr ↑ dilution · EDGAR filings ↗
Reference price $10.72 · est. market cap ~$715M — last insider sale, 2026-02-02 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — genetic-disease clinical, very cash-rich.
Strengths
- Liquidity — current ratio 27.4 (98th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Chronic dilutionShare count +25%/yr over 4y (dilution, book value/share -33%)
- Cash burnNegative free cash flow (-60.4M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $198M cash & investments, ~13 quarters of runway
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 3 open-market sale(s) by 1 insider(s) (~$502,035, last 6mo) Form 4 ↗
Key metrics
Return on equity
-21.5%
Return on assets
-20.4%
Current ratio
27.4×
Free cash flow
-$60M
Tangible book value
$349M
Cash & investments
$198M
Cash runway
13q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-02-02 | Gould Robert J | Sell | 15K | $10.72 |
| 2026-01-02 | Gould Robert J | Sell | 15K | $10.87 |
| 2026-01-02 | Gould Robert J | Sell | 15K | $11.87 |
| 2025-12-15 | Oltmans Curtis Gale | Sell | 3.5K | $12.92 |
| 2025-12-08 | RA CAPITAL MANAGEMENT, L.P. | Sell | 1.4M | $13.33 |
| 2025-12-08 | RA CAPITAL MANAGEMENT, L.P. | Sell | 2.7M | $14.28 |
| 2025-12-08 | RA CAPITAL MANAGEMENT, L.P. | Sell | 92K | $14.98 |
| 2025-11-19 | Gould Robert J | Sell | 15K | $11.03 |
| 2025-05-08 | Tourangeau Greg | Sell | 498 | $5.06 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-25 | Shareholder vote | filing ↗ |
| 2026-06-11 | Exec/director change | filing ↗ |
| 2026-06-04 | 2.05Other | filing ↗ |
| 2026-06-01 | OtherExhibits | filing ↗ |
| 2026-04-27 | 1.02ResultsExec/director changeExhibits | filing ↗ |
| 2026-02-24 | ResultsExhibits | filing ↗ |
| 2026-01-12 | ResultsReg FDExhibits | filing ↗ |
| 2025-12-11 | Material agreementOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-24 | 0001193125-26-282873 ↗ |
| 8-K | 2026-06-11 | 2026-06-05 | 0001193125-26-267659 ↗ |
| 8-K | 2026-06-04 | 2026-05-31 | 0001193125-26-257376 ↗ |
| 8-K | 2026-06-01 | 2026-06-01 | 0001193125-26-251394 ↗ |
| 10-Q | 2026-04-27 | 2026-03-31 | 0001193125-26-178814 ↗ |
| 8-K | 2026-04-27 | 2026-04-23 | 0001193125-26-178806 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0001193125-26-065197 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001193125-26-065190 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-009845 ↗ |
| 8-K | 2025-12-11 | 2025-12-10 | 0001193125-25-314728 ↗ |
| 8-K | 2025-12-08 | 2025-12-08 | 0001193125-25-310509 ↗ |
| 10-Q | 2025-10-29 | 2025-09-30 | 0001193125-25-254633 ↗ |