Fulcrum Therapeutics
FULC on Nasdaq. Pharmaceutical preparations. Market value $283m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-23.49 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.69 a share, 30% above its 1-year low
Over the past year the price has ranged from $2.83 to $15.74.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $19m | $6m | $3m | $80m | $0 |
| Operating margin | |||||
| Operating margin | -423.0% | -1774.9% | -3945.2% | -27.4% | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.06bn | 0.05bn | 0.05bn | 0.08bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 47% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $26 million, compared with a loss of $17 million a year ago.
- Over the past 12 months it spent $66 million more cash than it brought in, compared with $65 million a year earlier.
- 22% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$22m |
| December 2024 | -$17m |
| March 2025 | -$18m |
| June 2025 | -$17m |
| September 2025 | -$20m |
| December 2025 | -$20m |
| March 2026 | -$19m |
| June 2026 | -$26m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
None of the long-term investors we follow own it. 155 funds in all.
Largest holders overall
- Nantahala Capital Management$40mAdded
- BlackRock$32mAdded
- EcoR1 Capital$24mNew
- Tang Capital Management$24mNew
- Montanova Capital$13mCut
- D. E. Shaw$11mAdded
- Citadel Advisors$10mAdded
- Vanguard Capital Management$10m
- Jane Street Group$8mAdded
- State Street$7mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
8 investors own more than 5%.
- TANG CAPITAL MANAGEMENT, LLCPassive investorat least 10.4%+2.2 pts(filed with 5 related holders)Since 13 July 2026
- EcoR1 Capital, LLCPassive investorat least 9.0%0.0 pts(filed with 2 related holders)Since 17 June 2026
- Nantahala Capital Management, LLCPassive investorat least 8.2%+3.6 pts(filed with 2 related holders)Since 30 June 2026
- BlackRock, Inc.Passive investor7.2%+1.2 ptsSince 30 June 2026
- BANK OF AMERICA CORP /DE/Passive investor6.7%Since 30 June 2026
- BlackRock Portfolio Management LLCPassive investor6.0%Since 30 June 2026
- Montanova Capital, LLCPassive investorat least 5.5%−3.9 pts(filed with 2 related holders)Since 30 June 2026
- Adage Capital Management, L.P.Passive investorat least 4.5%−4.0 pts(filed with 2 related holders)Since 30 September 2025
- RA Capital Management, L.P.Passive investorSold down below 5%Since 30 June 2026
- TCG Crossover GP II, LLCPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
TANG CAPITAL MANAGEMENT, LLC Passive investor | at least 10.4%+2.2 pts (filed with 5 related holders) | 13 July 2026 | |
EcoR1 Capital, LLC Passive investor | at least 9.0%0.0 pts (filed with 2 related holders) | 17 June 2026 | |
Nantahala Capital Management, LLC Passive investor | at least 8.2%+3.6 pts (filed with 2 related holders) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 7.2%+1.2 pts | 30 June 2026 | |
BANK OF AMERICA CORP /DE/ Passive investor | 6.7% | 30 June 2026 | |
BlackRock Portfolio Management LLC Passive investor | 6.0% | 30 June 2026 | |
Montanova Capital, LLC Passive investor | at least 5.5%−3.9 pts (filed with 2 related holders) | 30 June 2026 | |
Adage Capital Management, L.P. Passive investor | at least 4.5%−4.0 pts (filed with 2 related holders) | 30 September 2025 | |
RA Capital Management, L.P. Passive investor | Sold down below 5% | 30 June 2026 | |
TCG Crossover GP II, LLC Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $599,600.
- Ezekowitz AlanDirectorSold
- Date
- 26 June 2026
- Shares
- 18,000
- Price
- $3.65
- Value
- $65,700
- Gould Robert JDirectorSold
- Date
- 2 February 2026
- Shares
- 15,000
- Price
- $10.72
- Value
- $160,800
- Gould Robert JDirectorSold
- Date
- 2 January 2026
- Shares
- 15,000
- Price
- $10.87
- Value
- $163,050
- Oltmans Curtis GaleChief Legal OfficerSold
- Date
- 15 December 2025
- Shares
- 3,452
- Price
- $12.92
- Value
- $44,600
- Gould Robert JDirectorSold
- Date
- 19 November 2025
- Shares
- 15,000
- Price
- $11.03
- Value
- $165,450
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 26 June 2026 | Ezekowitz Alan Director | Sold | 18,000 | $3.65 | $65,700 |
| 2 February 2026 | Gould Robert J Director | Sold | 15,000 | $10.72 | $160,800 |
| 2 January 2026 | Gould Robert J Director | Sold | 15,000 | $10.87 | $163,050 |
| 15 December 2025 | Oltmans Curtis Gale Chief Legal Officer | Sold | 3,452 | $12.92 | $44,600 |
| 19 November 2025 | Gould Robert J Director | Sold | 15,000 | $11.03 | $165,450 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.