Fulcrum Therapeutics, Inc. (ticker: FULC), a biopharmaceutical company focusing on unlocking gene control to develop treatments for genetic diseases, has reported continued progress in its research and development activities for the fiscal year 2021, as per its recent SEC report on Form 10-K.
Established in 2015 in Massachusetts, Fulcrum Therapeutics is a pioneering drug discovery company on a mission to transform the lives of patients suffering from genetic diseases. With its expertise and proprietary technology platform, the company is targeting diseases of the genetic level and aims to develop sustainable solutions for patients worldwide who are in urgent need of care.
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Fulcrum’s Product Pipeline
Fulcrum’s product pipeline includes lead therapeutic candidate losmapimod, which is being developed to treat facioscapulohumeral muscular dystrophy (FSHD), a rare and devastating muscle disorder that primarily affects the face, shoulder blades, and upper arms. Losmapimod has advanced to a Phase 2b clinical trial with promising Phase 2 results. The company is also developing new treatments for sickle cell anemia, beta-thalassemia, and other hematological disorders.
Financial Position
The financial position of the company is solid, with cash and cash equivalents of $126.5 million and an accumulated deficit of $219.9 million as of December 31, 2021. Some of these financial resources are expected to be used for ongoing development of losmapimod, including the expansion of the ongoing Phase 2b clinical trial, as well as research and development for other potential programs.
Partnerships and Collaborations
Fulcrum Therapeutics has also entered into several partnership agreements to boost its research efforts, such as the collaboration agreement with MyoKardia, Inc., signed in 2020. The partnership aims to research, develop, and commercialize small molecule therapies for genetic cardiomyopathies. This joint effort could lead to considerable advancements in the treatment of heart diseases caused by genetic mutations and further solidify Fulcrum’s position as a leader in the field of genetic medicine.
Furthermore, the company collaborates with Biogen Inc. to co-develop a new class of targeted gene therapy-based medicines. This partnership leverages the strengths of both companies in the areas of gene control and gene therapy research, providing a unique opportunity to address complex and devastating neurological diseases. This collaborative effort could potentially act as an impetus to find life-changing treatments for people impacted by neurological disorders.
Conclusion
In conclusion, Fulcrum Therapeutics’ steady progress in advancing its research and development activities demonstrates the company’s commitment to achieving its mission of improving the lives of patients with genetic diseases. As the company continues to collaborate with leading industry partners and strengthen its position in the field of genetic medicine, Fulcrum is well poised for future growth and success. With its robust financial position, state-of-the-art research facilities, and a strong commitment to science, Fulcrum Therapeutics is ready to make its mark in the rapidly expanding world of genetic medicine.
Income Statement
Financials in millions USD. Fiscal year is January – December. source
| Year | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|
| 0 | Revenue | 6.34 | 19.16 | 8.82 | 0 | 0 | 0 |
| 1 | Revenue Growth (YoY) | -66.90% | 117.19% | – | – | – | – |
| 2 | Gross Profit | 6.34 | 19.16 | 8.82 | 0 | 0 | 0 |
| 3 | Selling, General & Admin | 41.69 | 30.52 | 21.39 | 13.15 | 8.31 | 4.5 |
| 4 | Research & Development | 76.78 | 69.7 | 59.04 | 71.07 | 25.18 | 18.49 |
| 5 | Other Operating Expenses | 0.43 | 0 | 0 | 0 | 0 | 0 |
| 6 | Operating Expenses | 118.9 | 100.22 | 80.43 | 84.22 | 33.5 | 22.99 |
| 7 | Operating Income | -112.56 | -81.05 | -71.61 | -84.22 | -33.5 | -22.99 |
| 8 | Other Expense / Income | -2.69 | -0.21 | -0.79 | -1.54 | -0.91 | -0.03 |
| 9 | Pretax Income | -109.87 | -80.85 | -70.82 | -82.68 | -32.59 | -22.96 |
| 10 | Net Income | -109.87 | -80.85 | -70.82 | -82.68 | -32.59 | -22.96 |
| 11 | Preferred Dividends | 0 | 0 | 0 | 7.13 | 6.56 | 2.41 |
| 12 | Net Income Common | -109.87 | -80.85 | -70.82 | -89.81 | -39.15 | -25.37 |
| 13 | Shares Outstanding (Basic) | 45 | 35 | 25 | 11 | 1 | 1 |
| 14 | Shares Outstanding (Diluted) | 45 | 35 | 25 | 11 | 1 | 1 |
| 15 | Shares Change | 27.23% | 39.47% | 129.53% | 778.76% | 76.79% | – |
| 16 | EPS (Basic) | -2.44 | -2.29 | -2.79 | -8.13 | -31.14 | -35.68 |
| 17 | EPS (Diluted) | -2.44 | -2.29 | -2.79 | -8.13 | -31.14 | -35.68 |
| 18 | Free Cash Flow Per Share | -2.20 | -2.27 | -2.17 | -3.65 | -25.09 | -30.92 |
| 19 | Gross Margin | 100.00% | 100.00% | 100.00% | – | – | – |
| 20 | Operating Margin | -1774.85% | -422.97% | -811.64% | – | – | – |
| 21 | Profit Margin | -1732.43% | -421.89% | -802.66% | – | – | – |
| 22 | Free Cash Flow Margin | -1561.23% | -418.47% | -623.34% | – | – | – |
| 23 | EBITDA | -107.46 | -78.33 | -68.44 | -80.62 | -31.24 | -22.25 |
| 24 | EBITDA Margin | -1694.37% | -408.77% | -775.70% | – | – | – |
| 25 | Depreciation & Amortization | 2.41 | 2.52 | 2.38 | 2.05 | 1.35 | 0.72 |
| 26 | EBIT | -109.87 | -80.85 | -70.82 | -82.68 | -32.59 | -22.96 |
| 27 | EBIT Margin | -1732.43% | -421.89% | -802.66% | – | – | – |
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