FULC Stock — Fulcrum Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a clinical-stage biopharmaceutical company focused on developing small molecules to improve the lives of patients with genetically defined rare diseases in areas of high unmet medical need. Our lead product candidate, pociredir, is an oral small molecule designed to induce fetal hemoglobin, or HbF, and is in clinical development for the treatment of sickle cell disease, or SCD.

Source: 10-K FY2025 via SEC EDGAR

Share price

$3.70

Market cap

$282.6M

Cash

$318.8M

Enterprise value

-$36.2M

Balance sheet

Cash	$318.8M
Debt	$0.0M
Net cash	$318.8M
Enterprise value	-$36.2M
Basic shares	76.3M shares
Fully diluted shares	90.4M shares
Fully diluted market cap	$334.4M
Cash per share	$4.18
Quarterly burn	$16.0M
Cash runway	19.9 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

76.3M

Pre-funded warrants

0.0M

Options

11.6M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

2.4M

FDSO

90.4M

Cap table as of 2026-06-30.

Price history

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Next catalyst

Pociredir · Mar 18 - Apr 29 in 41 mo · Phase 2 · Sickle Cell Disease

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Mar 18 - Apr 29 in 41 mo	Pociredir	Phase 2	Sickle Cell Disease	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

pociredir

Phase 1 · Terminated Modality: small molecule (oral)

Target PRC2

Partnerships n/a (all rights retained)

Indications

Sickle cell disease (SCD) (Phase 1)

Status note Discontinued June 2026 following end-of-Phase-I meeting minutes (received late May 2026) reflecting heightened FDA concerns on benefit-risk in SCD, informed by preclinical hematologic malignancy observations with pociredir and malignancy signals reported with other PRC2 inhibitors. Company subsequently ceased R&D activities, initiated a restructuring (~85% workforce reduction) and is evaluating strategic alternatives.

losmapimod

Phase 3 · Terminated Modality: small molecule (oral)

Partnerships Genzyme/Sanofi (ex-U.S. commercialization license, May 2024; Sanofi terminated for convenience December 2024; agreement ended April 17, 2025)

Indications

Facioscapulohumeral muscular dystrophy (FSHD) (Phase 3)

Status note Development discontinued September 2024 following Phase 3 REACH topline results.

CAMP4-licensed DBA program

Preclinical · Terminated Modality: small molecule

Partnerships CAMP4 Therapeutics (worldwide exclusive license, July 2023; notice to terminate delivered April 23, 2026)

Indications

Bone marrow failure syndromes, including Diamond-Blackfan anemia (DBA) (Preclinical)

Status note Bone marrow failure syndromes program, including DBA, discontinued February 2026.

FTX-6274

Preclinical · Active Modality: small molecule (oral)

Target EED

Indications

Prostate cancer (Preclinical)

Status note Oral EED inhibitor candidate; preclinical data presented at ESMO 2025. Company ceased R&D activities in June 2026 and is evaluating strategic alternatives; no product candidates in active clinical development.

Per-asset detail extracted from the 10-Q filed 2026-07-30. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Pociredir
Lead indication	Sickle Cell Disease
Lead phase	Phase 2
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07401823	Phase 2	Enrolling by invitation	Sponsor	Fulcrum Therapeutics	—	Sickle Cell Disease	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Fulcrum Therapeutics on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
EcoR1 Capital	6,549,866	+6,549,866	1.19%	2026-08-14
Tang Capital Partners	6,521,412	+6,521,412	1.08%	2026-08-14
ADAR1 Capital Management	1,565,029	+1,434,469	0.27%	2026-08-14
Ikarian Capital	1,049,161	no change	0.63%	2026-08-14
Braidwell LP	0	-3,134,922	0.00%	2026-08-14
RA Capital Management	0	-6,053,960	0.00%	2026-08-14
DAFNA Capital	0	-205,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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FULC — Fulcrum Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

FULC — Fulcrum Therapeutics Inc.