FULC Healthcare

Fulcrum Therapeutics, Inc.

$3.74+2.47%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 285.4M USD
Enterprise value: -33.6M USD
Full-time employees: 9

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 2.63 vs a peer median of 0.63)bigger price swings (beta 2.63 vs peers 0.63)

Ranks #857 of 1,157 healthcare companies (bottom 27%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 46% from December 2022 to July 2026.
Fulcrum Therapeutics had 46% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Fulcrum Therapeutics had 46% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Cash exceeds market value plus debt. Its cash is worth more than its market value plus debt.
Fulcrum Therapeutics's cash is larger than its market value and debt combined (enterprise value at or below zero). The market is valuing the operating business at nothing or less, which is rare.Fulcrum Therapeutics's cash is larger than its market value and debt combined. The market is valuing the operating business at nothing or less, which is rare.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Fulcrum Therapeutics looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Fulcrum Therapeutics reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

38/ 100

Oct 5 39 → Nov 4 38 (-1)

Valuation

Is the price right?

33/100

Weak

2/3 inputs reported · Partial data

Since last quarter: ▼ Weaker

Share count up 41.0% (existing holders diluted)

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-29.8%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yieldUnavailable

Cash exceeds market value plus debt, so EBITDA yield is not meaningful and is left out · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0401 · MAD: 0.0401

Free cash flow yield-23.2%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield108.9%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

8/100

Weak

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0584 · MAD: 0.0840

Revenue growth-100.0%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.87Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

21/100

Weak

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating marginUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0706 · MAD: 0.1217

Return on assets-26.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -5.20Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-28.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.35Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin0.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-27.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.63

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -4.28Sector median: 0.6250 · MAD: 0.3380

Current ratio31.35×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 11.07Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.02×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 1.00Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Fulcrum Therapeutics

Is Fulcrum Therapeutics getting weaker?: Its latest SEC filing (Sep 2, 2026) got weaker in some ways: share count up 41.0%. Its overall score is unchanged at 38/100 since Oct 28, 2026.
How is Fulcrum Therapeutics valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 33/100 against 1,393 healthcare peers. Earnings yield -29.8% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -29.8% vs peers 1.5% (weaker than 100% of peers).
Is Fulcrum Therapeutics growing?: More slowly than most of its peers. Growth scores 8/100 against 1,393 healthcare peers. Revenue growth -100.0% vs a peer median of 6.1% (weaker than 100% of peers).Revenue growth -100.0% vs peers 6.1% (weaker than 100% of peers).
How profitable is Fulcrum Therapeutics?: Less profitable than most of its peers. Profitability scores 21/100 against 1,393 healthcare peers. Return on assets -26.2% vs a peer median of 1.7% (weaker than 84% of peers).Return on assets -26.2% vs peers 1.7% (weaker than 84% of peers).
How risky is Fulcrum Therapeutics?: Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 31.35× vs a peer median of 2.59× (stronger than 95% of peers).Current ratio 31.35× vs peers 2.59× (stronger than 95% of peers). Beta 2.63 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.63 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Sep 2, 2026 · compared with the quarter ended Sep 30, 2025

Got weaker

Share count up 41.0% (existing holders diluted)

	Previous quarter	Latest quarter	Change
Revenue (12 months)	0 USD	0 USD	—
Net income (12 months)	−71.1M USD	−85.0M USD	+19.5%
Free cash flow (12 months)	−60.4M USD	−66.1M USD	+9.5%
Cash	47.1M USD	48.5M USD	+2.9%
Shares outstanding	54.1M	76.3M	+41.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-423.0%	-1774.9%	-3945.2%	-27.4%	—	—
Net margin	-421.9%	-1732.4%	-3470.1%	-12.2%	—	—
Return on assets (ROA)	-34.4%	-48.5%	-37.8%	-3.7%	-20.4%	▼ 17 pts
Return on equity (ROE)	-38.2%	-55.2%	-41.4%	-4.0%	-21.5%	▼ 17 pts
Free cash flow margin	-418.5%	-1561.2%	-3261.1%	-3.1%	—	—
Current ratio	11.77×	12.41×	17.71×	22.63×	27.40×	▲ 21%

FULC price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

BB Biotech AGBBZA.DE100/ 100

Arbutus Biopharma CorporationABUS97/ 100

Q32 Bio Inc.QTTB97/ 100

Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 2.63 vs a peer median of 0.63)bigger price swings (beta 2.63 vs peers 0.63)

Ranks #857 of 1,157 healthcare companies (bottom 27%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 46% from December 2022 to July 2026.

Fulcrum Therapeutics had 46% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Fulcrum Therapeutics had 46% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Cash exceeds market value plus debt. Its cash is worth more than its market value plus debt.

Fulcrum Therapeutics's cash is larger than its market value and debt combined (enterprise value at or below zero). The market is valuing the operating business at nothing or less, which is rare.Fulcrum Therapeutics's cash is larger than its market value and debt combined. The market is valuing the operating business at nothing or less, which is rare.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Fulcrum Therapeutics looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Fulcrum Therapeutics reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Questions investors ask about Fulcrum Therapeutics

Is Fulcrum Therapeutics getting weaker?

Its latest SEC filing (Sep 2, 2026) got weaker in some ways: share count up 41.0%. Its overall score is unchanged at 38/100 since Oct 28, 2026.

How is Fulcrum Therapeutics valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 33/100 against 1,393 healthcare peers. Earnings yield -29.8% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -29.8% vs peers 1.5% (weaker than 100% of peers).

Is Fulcrum Therapeutics growing?

More slowly than most of its peers. Growth scores 8/100 against 1,393 healthcare peers. Revenue growth -100.0% vs a peer median of 6.1% (weaker than 100% of peers).Revenue growth -100.0% vs peers 6.1% (weaker than 100% of peers).

How profitable is Fulcrum Therapeutics?

Less profitable than most of its peers. Profitability scores 21/100 against 1,393 healthcare peers. Return on assets -26.2% vs a peer median of 1.7% (weaker than 84% of peers).Return on assets -26.2% vs peers 1.7% (weaker than 84% of peers).

How risky is Fulcrum Therapeutics?

Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 31.35× vs a peer median of 2.59× (stronger than 95% of peers).Current ratio 31.35× vs peers 2.59× (stronger than 95% of peers). Beta 2.63 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.63 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

0 USD

0 USD

—

Net income (12 months)

−71.1M USD

−85.0M USD

+19.5%

Free cash flow (12 months)

−60.4M USD

−66.1M USD

+9.5%

Cash

47.1M USD

48.5M USD

+2.9%

Shares outstanding

54.1M

76.3M

+41.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-423.0%

-1774.9%

-3945.2%

-27.4%

—

Net margin

-421.9%

-1732.4%

-3470.1%

-12.2%

—

Return on assets (ROA)

-34.4%

-48.5%

-37.8%

-3.7%

-20.4%

▼ 17 pts

Return on equity (ROE)

-38.2%

-55.2%

-41.4%

-4.0%

-21.5%

▼ 17 pts

Free cash flow margin

-418.5%

-1561.2%

-3261.1%

-3.1%

—

Current ratio

11.77×

12.41×

17.71×

22.63×

27.40×

▲ 21%