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what it is
Fulcrum develops drugs for rare genetic diseases, led by pociredir for sickle cell disease.
how it gets paid
Last year Fulcrum Therapeutics made $0 in revenue.
why growth slowed
Revenue fell 100.0% last year. The $0 revenue line is the whole story.
what just happened
FULC posted $0 revenue and -$0.87 EPS last quarter.
At a glance
B balance sheet — gets the job done, barely
35/100 earnings predictability — expect surprises
-$0.16 fy2024 eps est
$80M fy2024 rev est
1.5 beta
xvary composite: 62/100 — average
What they do
Fulcrum develops drugs for rare genetic diseases, led by pociredir for sickle cell disease.
Fulcrum has 45 employees and a $509M market cap. That is a tiny team carrying a huge sticker price. Your upside depends on pociredir, while sales stay at $0.
How they make money
$0
annual revenue · revenue declined -100.0% last year
The products that matter
sickle cell disease drug candidate
pociredir
Phase 1b · central to the $509M story
this is the lead asset on the page, and it matters because the company has zero current revenue. if the data disappoints, the stock loses the main reason investors tolerate a $74.9M annual loss.
lead asset
licensed rare-disease program
losmapimod
Sanofi-linked program · REACH Phase 3 referenced
the snapshot also references losmapimod, Sanofi, and the REACH Phase 3 trial. that gives you more than one scientific thread, but not enough current economics to offset a $74.9M yearly loss by itself.
pipeline optionality
Key numbers
$509M
market cap
You are paying $509M for a company with $0 sales.
$0
annual revenue
No sales means no operating cushion.
$5M
debt load
Long-term debt is tiny at 1% of capital.
1.5
beta
The stock has moved about 50% more than the market.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 1 — safer than 95% of stocks
- price stability 5 / 100
- long-term debt $5M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FULC right now.
source: institutional data · return history unavailable
What just happened
missed estimates
FULC posted $0 revenue and -$0.87 EPS last quarter.
The report shows a company still spending on trials while sales stay at zero. EDGAR shows the latest quarter at $0 revenue and -$0.87 EPS.
$0
revenue
-$0.87
eps
n/a
n/a
revenue
The $0 revenue line is the whole story. You are buying clinical progress, not a business with sales.
source: EDGAR filing, 2026
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What could go wrong
Fulcrum's biggest risk is specific, not abstract: pociredir has to justify a $509M market cap before recurring financing becomes the story.
med
pociredir data can fail
The page frames pociredir as the lead asset in Phase 1b. With zero current revenue, weak efficacy or safety data does not just dent sentiment — it hits the core reason the stock trades at $509M.
Impact: the valuation rests on pipeline credibility, not on a fallback business with cash generation.
med
$74.9M annual losses plus zero current revenue is a financing problem waiting for a trigger
Biotech math is blunt. If losses stay near the 2025 level and revenue stays at zero in practice, time becomes a capital-markets question rather than an operating one.
Impact: dilution risk rises the longer meaningful data, partnership cash, or a cleaner funding path fails to show up.
med
the second-half 2026 trial plan can slip
Management's registration-enabling trial target depends on FDA and EMA feedback. That means timeline control sits partly with regulators, not only with the company.
Impact: each delay pushes any commercial timeline further out while the expense clock keeps running.
med
analysts disagree more than the average target implies
Targets range from $7.07 to $26.25, with an average of $19.38. That is not tight agreement. It is the market admitting the pipeline is still being priced through assumptions that have not converged.
Impact: headline flow can create sharp repricing because there is no settled view of what the asset is worth.
A weak readout or a material delay would pressure the whole thesis, and a $74.9M annual loss means the company does not have room to be wrong for long.
source: institutional data · regulatory filings · risk analysis
Pay attention to
lead signal
Phase 1b pociredir data quality
This is the number that matters. The stock can live with ugly accounting for a while. It will have a much harder time living with weak lead-asset data.
timeline
registration-enabling trial timing
Management is targeting the second half of 2026, pending FDA and EMA feedback. If that date slides, your dilution math gets worse.
cash
whether losses stay near $74.9M
A clinical-stage company can burn cash. It cannot ignore the burn rate. If expenses keep running at this level without clearer funding support, financing becomes part of the thesis.
consensus
price-target dispersion
A $7.07 low and $26.25 high tell you this name still trades on interpretation. Narrower dispersion would mean the market is finally getting a firmer read on value.
Analyst rankings
earnings predictability
35 / 100
in human-speak, analysts do not expect this income statement to behave like a normal operating business because milestone timing and clinical progress still drive the numbers.
beta
1.5
This has moved more than the market on average. When sentiment turns, it tends to turn with extra force.
target dispersion
$7.07–$26.25
That spread says the quiet part loud. Analysts are not debating a small margin tweak. They are debating the basic value of the pipeline.
source: institutional data
Institutional activity
institutional ownership data for FULC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$12
current price
n/a
target midpoint · n/a from current
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