Fulcrum Therapeutics, Inc. (ticker: FULC) has an impressive amount of cash equivalents and marketable securities in its financial portfolio. As of December 31, 2022, their total cash equivalents and marketable securities stood at $218.2 million. This figure represents the financial stability and growth potential of the company.
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In 2022, Fulcrum Therapeutics did not sell any of its marketable securities.
The fair value of securities in an unrealized loss position for less than 12 months was $111.1 million, while those in a loss position for more than 12 months totaled $42.9 million. As of year’s end, the company determined that there were no marketable securities with any other-than-temporary impairment.
Moreover, for marketable securities with a remaining contractual maturity of more than one year, the aggregate fair value was $37.3 million as of December 31, 2022. The company also confirmed that it did not intend to sell, and would not likely be required to sell, the marketable securities before they recovered their amortized cost bases.
When looking at property and equipment, Fulcrum Therapeutics has a diverse range of assets at its disposal.
As of December 31, 2022, their property and equipment were comprised of lab equipment totalling $9.1 million, furniture and fixtures worth $0.8 million, computer equipment valued at $0.4 million, software valued at $0.2 million, leasehold improvements worth $7.1 million, and construction in the process amounting to $0.03 million.
The total value of property and equipment was $17.6 million by year’s end. However, accumulated depreciation, which is the measure of wear and tear on assets over time, reduced this value to $6.9 million. Depreciation expense in 2022 was $2.4 million, a slight decrease from the $2.5 million reported in 2021.
In terms of cash resources and the company’s balance sheet, Fulcrum Therapeutics shows stability with prepaid expenses totalling $3.4 million as of December 31, 2022,
as well as sign-on bonuses worth $0.1 million, and interest income receivables totalling $0.85 million. In the same vein, the company’s accrued expenses and other current liabilities comprised external research and development costs of $4.7 million, payroll and benefits worth $4.2 million, professional services amounting to $0.5 million, and other liabilities valued at $0.1 million.
Fulcrum Therapeutics has authorized 5 million shares of undesignated preferred stock and 200 million shares of common stock as of December 31, 2022.
While there were no shares of preferred stock issued or outstanding during this period, common stockholders have voting rights, and are entitled to receive dividends, upon approval by the company’s board of directors.
At the end of 2022, Fulcrum Therapeutics reserved several shares of common stock for future issuance, including over 6.5 million shares for exercises of outstanding stock options and nearly 77,000 shares for the vesting of restricted stock units. Additionally, they reserved approximately 1.9 million shares under the 2019 Stock Incentive Plan, over 1.1 million shares for the 2019 Employee Stock Purchase Plan, and nearly 330,000 shares for the 2022 Inducement Stock Incentive Plan.
Demonstrating its continued financial stability and growth potential, Fulcrum Therapeutics’ substantial cash equivalents, marketable securities, and property investments provide the company with the resources needed to pursue research and development, establish partnerships, and continue expanding into new markets. With strong financials and a robust balance sheet, Fulcrum Therapeutics is well-positioned to continue contributing to the advancement of therapies and treatments in the healthcare industry.
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% | – | – | – |
Note that we may hold securities mentioned in this article. All data is based on recent SEC filings. Even though we have implemented various manual and automatic fact-checking and data acquisition processes, some incorrect information may have slipped through (false positive). Let us know if you find any inconsistencies!