# Fulcrum Therapeutics, Inc. (FULC)

> Source: Nexqual · https://nexqual.com/FULC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Fulcrum Therapeutics, Inc. (FULC), nexqual.com/FULC" · informational, not investment advice.

**Price:** USD 3.68 (-0.54% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 3.7 · day 3.67–3.74 · 52w 2.83–15.74 · market cap $281M · NGM

## Key facts
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $66K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $1.5M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.40 on a 1–5 scale) (5 analysts), mean target USD 3.67 (range 3–4).
- Total return with dividends: 1Y -58.9% vs S&P 500 +14.9%; 5Y -85.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD -0.11, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $19.2M | $6.3M | $2.8M | $80.0M | $0K | — |
| Operating income | -$81.1M | -$113M | -$111M | -$21.9M | -$84.8M | -$96.0M |
| Net income | -$80.8M | -$110M | -$97.3M | -$9.7M | -$74.9M | -$85.0M |
| EPS (diluted) | -$2.29 | -$2.44 | -$1.59 | -$0.16 | -$1.18 | — |
| Free cash flow | -$80.2M | -$99.0M | -$91.5M | -$2.5M | -$60.4M | -$66.1M |
| Operating margin | -423.0% | -1774.9% | -3945.2% | -27.4% | — | — |
| Net margin | -421.9% | -1732.4% | -3470.1% | -12.2% | — | — |
| Revenue growth | +117.2% | -66.9% | -55.8% | +2752.0% | -100.0% | — |
| Cash + short-term investments | — | $35.1M | $25.6M | $58.2M | $198M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 0.9x · FCF yield -23.53% · Earnings yield -30.24%

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-26 | Ezekowitz Alan | Director | 18,000 | $66K | 62.2% | Yes (adopted March 27, 2026) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $1.5M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-16…2026-07-17 | Tang Kevin |  | 167,616 | $595K | 3.55 | Too little history (no open-market trades in 2023–2025) |
| 2026-07-13…2026-07-15 | Tang Kevin |  | 249,946 | $891K | 3.57 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 3.40 on a 1–5 scale), 5 analysts; mean target USD 3.67 (low 3, high 4).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -58.9% | -85.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -59.0% | -31.6% |
| Volatility (annualized) | 103.3% | 105.8% |
| Max drawdown | -78.5% (Dec 2025→Jun 2026) | -90.4% (Oct 2021→Apr 2023) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/FULC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name FULC in their own reports (relationship from FULC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Camp4 Therapeutics Corp (CAMP) | 10-K 2026-03-05 | "In July 2023, we entered into a license agreement (the "Fulcrum Agreement") with Fulcrum." |

## Company outlook (8-K filed 2026-04-27)

- "Based on its current operating plans, Fulcrum expects that its current cash, cash equivalents, and marketable securities will be sufficient to fund its operating requirements into 2029."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.11 | $-0.18 | -40.1% | $0 | 2 |
| Next quarter (ends 2026-12-31) | $-0.07 | $-0.17 | -60.0% | $0 | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.66 | $-0.82 | -20.2% | $0 | 3 |
| Next fiscal year (ends 2027-12-31) | $-0.55 | $-0.66 | -16.8% | $0 | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-10-29): ±35.9%; last 8 reports averaged ±14.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 105.1% | ±35.9% |
| 2027-01-15 | 84 | 166.4% | ±14.6% |
| 2027-03-19 | 147 | 56.3% | ±24.4% |