Fulcrum Therapeutics Files Q2 2024 10-Q

TL;DR

**Fulcrum Therapeutics Q2 10-Q is in! Check financials and biz updates.**

AI Summary

Fulcrum Therapeutics, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial results and provided updates on its business operations. Key financial data and operational highlights are detailed within the filing, which is crucial for investors to assess the company's performance and outlook.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Fulcrum Therapeutics, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — As a biotechnology company, Fulcrum Therapeutics is subject to inherent risks related to drug development, regulatory approvals, and market competition.

Key Players & Entities

• Fulcrum Therapeutics, Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of the reporting period
• 2024-07-31 (date) — Filing date
• 26 LANDSDOWNE STREET, CAMBRIDGE, MA 02139 (location) — Company's business and mailing address
• GSK (company) — Mentioned in relation to an agreement

FAQ

Key Financial Figures

• $0.001 — ch registered Common stock, par value $0.001 per share FULC The Nasdaq Global Ma
• $97.3 million — s since our inception. Our net loss was $97.3 million for the year ended December 31, 2023. O
• $28.5 million — d December 31, 2023. Our net income was $28.5 million for the six months ended June 30, 2024,
• $80.0 million — ded June 30, 2024, primarily due to the $80.0 million upfront payment under our collaboration
• $481.1 million — 2024, we had an accumulated deficit of $481.1 million. We will need substantial additional

Filing Documents

• fulc-20240630.htm (10-Q) — 2180KB
• fulc-ex10_1.htm (EX-10.1) — 1571KB
• fulc-ex10_2.htm (EX-10.2) — 4KB
• fulc-ex10_3.htm (EX-10.3) — 28KB
• fulc-ex31_1.htm (EX-31.1) — 12KB
• fulc-ex31_2.htm (EX-31.2) — 12KB
• fulc-ex32_1.htm (EX-32.1) — 7KB
• fulc-ex32_2.htm (EX-32.2) — 6KB
• img3036894_0.jpg (GRAPHIC) — 6KB
• img3036894_1.jpg (GRAPHIC) — 3KB
• 0000950170-24-088238.txt ( ) — 10116KB
• fulc-20240630.xsd (EX-101.SCH) — 1196KB
• fulc-20240630_htm.xml (XML) — 1368KB

Financial Statements

Financial Statements 1 Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 2 Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 3 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 4

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31 PART II. OTHER INFORMATION 32 Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 73 Item 3. Defaults Upon Senior Securities 73 Item 4. Mine Safety Disclosures 73 Item 5. Other Information 73 Item 6. Exhibits 74

Signatures

Signatures 75 In this Quarterly Report on Form 10-Q, unless otherwise stated or as the context otherwise requires, references to "Fulcrum," "Fulcrum Therapeutics," "the Company," "we," "us," "our" and similar references refer to Fulcrum Therapeutics, Inc. together with its consolidated subsidiary. The Fulcrum Therapeutics logo and other trademarks or service marks of Fulcrum Therapeutics, Inc. appearing in this Quarterly Report on Form 10-Q are the property of Fulcrum Therapeutics, Inc. This Quarterly Report on Form 10-Q also contains registered marks, trademarks and trade names of other companies. All other trademarks, registered marks and trade names appearing herein are the property of their respective holders.

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. Fulcrum Therapeutics, Inc. Consolidated Ba lance Sheets (In thousands, except share and per share amounts) (Unaudited) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 86,702 $ 25,563 Marketable securities 187,076 210,658 Unbilled accounts receivable 2,333 537 Prepaid expenses and other current assets 4,175 5,441 Total current assets 280,286 242,199 Property and equipment, net 4,408 5,216 Operating lease right-of-use assets 6,357 7,176 Restricted cash 1,216 1,092 Other assets 1,989 2,011 Total assets $ 294,256 $ 257,694 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 3,584 $ 2,757 Accrued expenses and other current liabilities 7,033 8,726 Operating lease liability, current 2,082 2,192 Total current liabilities 12,699 13,675 Operating lease liability, excluding current portion 7,570 8,629 Other liabilities, excluding current portion 197 197 Total liabilities 20,466 22,501 Commitments and contingencies (Note 12) Stockholders' equity: Preferred stock, $ 0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding — — Common stock, $ 0.001 par value; 200,000,000 shares authorized; 62,250,631 and 61,915,367 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 62 62 Additional paid-in capital 755,228 744,940 Accumulated other comprehensive loss ( 366 ) ( 136 ) Accumulated deficit ( 481,134 ) ( 509,673 ) Total stockholders' equity 273,790 235,193 Total liabilities and stockholders' equity $ 294,256 $ 257,694 The accompanying notes are an integral part of these financial statements. 1 Fulcrum Therapeutics, Inc. Consolidated Statements of Oper ations and Comprehensive Income (Loss) (In thousands, except per share data) (Unaudited)

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 1. Nature of the Business and Basis of Presentation Fulcrum Therapeutics, Inc. (the "Company" or "Fulcrum") was incorporated in Delaware on August 18, 2015. The Company is focused on developing small molecules to improve the lives of patients with genetically-defined rare diseases in areas of high unmet medical need. The Company is subject to a number of risks similar to other companies in the biotechnology industry, including, but not limited to, risks of failure of preclinical studies and clinical trials, dependence on key personnel, protection of proprietary technology, reliance on third party organizations, risks of obtaining regulatory approval for any product candidate that it may develop, development by competitors of technological innovations, compliance with government regulations, and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing, and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance-reporting capabilities. Even if the Company's development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Updates ("ASU") of the Financial Accounting Standards Board ("FASB"). The accompanying consolidated financial statements and footnotes to the financial statements have been prepared on the same basis

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View this 10-Q filing on SEC EDGAR