Fulcrum Therapeutics, Inc. (ticker: FULC) is a clinical-stage biotechnology company focused on the development of therapies for severe diseases. The company’s latest SEC report provides insights into their research and development progress and their strategy to finance it. Fulcrum has been able to raise more than $380 million through multiple public offerings, which has played a significant role in the financial growth of the company. This article aims to highlight the progress of the company and the importance of these public offerings in advancing their research and development efforts.
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Fulcrum’s expansion has been fueled by the successful completion of several public offerings.
According to the SEC report, the company completed an offering in January 2021, issuing and selling 4,600,000 shares of common stock at $11.00 per share. This resulted in net proceeds of $47.4 million after deducting underwriting discounts, commissions, and offering expenses.
Subsequently, in August 2021, the company completed another public offering, selling 7,590,000 shares of common stock at a public offering price of $19.00 per share. This translated into net proceeds of $135.5 million after accounting for underwriting discounts, commissions, and offering expenses.
Fulcrum continued its fundraising efforts, with yet another public offering in August 2022, where 11,029,410 shares of common stock were issued and sold at a public offering price of $7.82 per share. This brought in net proceeds of $80.8 million after deducting related expenses. Finally, in January 2023, the company completed another public offering, selling 9,615,384 shares of common stock at $13.00 per share, which resulted in net proceeds of $117.3 million.
As of December 31, 2022, Fulcrum’s accumulated deficit stood at $412.3 million.
The company is aware that it will continue to incur losses and negative cash flows due to their ongoing research and development activities. However, with the funds raised through the public offerings and other financial avenues like collaborations, strategic alliances, and licensing arrangements, the company is well-positioned to support its expansion for at least 12 months from the issuance of the financial statements.
It is noteworthy that Fulcrum’s expansion strategy is dependent on a combination of equity offerings, debt financings, collaborations, and licensing arrangements.
They have collaborated with partners like Acceleron Pharma Inc., a subsidiary of Merck & Co., Inc., and MyoKardia, Inc., a subsidiary of Bristol Myers Squibb Company. These collaborations have brought valuable resources to Fulcrum, contributing to the overall growth of the company.
Fulcrum Therapeutics is deeply involved in research and development for the treatment of severe diseases. The company has been able to maintain its momentum, thanks in part to the successful public offerings that have augmented its financial position. These funds have played a crucial role in ensuring operational stability and growth for Fulcrum Therapeutics, Inc., allowing it to bring life-changing treatments closer to patients. As the company continues on its expansion journey, it remains focused on fulfilling its mission to develop innovative therapies for patients in need, supported by its robust financial backing.
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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