Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $8.82M | $19.2M | $6.34M | $2.81M | $80.0M | $0.00 |
| Revenue growth | — | — | — | 117.2% | -66.9% | -55.8% | 2752.0% | -100.0% |
| Operating income | -$33.5M | -$84.2M | -$71.6M | -$81.1M | -$113M | -$111M | -$21.9M | -$84.8M |
| Operating margin | — | — | -811.6% | -423.0% | -1774.9% | -3945.2% | -27.4% | — |
| Net income | -$32.6M | -$82.7M | -$70.8M | -$80.8M | -$110M | -$97.3M | -$9.72M | -$74.9M |
| Net margin | — | — | -802.7% | -421.9% | -1732.4% | -3470.1% | -12.2% | — |
| EPS (diluted) | -$31.14 | -$8.13 | -$2.79 | -$2.29 | -$2.44 | -$1.59 | -$0.16 | -$1.18 |
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$22.6M | -$39.5M | -$53.7M | -$78.5M | -$97.0M | -$91.0M | -$2.22M | -$60.1M |
| Capital expenditures | $8.98M | $853K | $1.34M | $1.71M | $1.96M | $508K | $278K | $314K |
| Free cash flow | -$31.5M | -$40.3M | -$55.0M | -$80.2M | -$99.0M | -$91.5M | -$2.50M | -$60.4M |
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $72.8M | $96.7M | $57.1M | $35.4M | $35.1M | $25.6M | $58.2M | $198M |
| Total assets | $85.8M | $110M | $130M | $235M | $227M | $258M | $261M | $366M |
| Total liabilities | $9.77M | $23.3M | $34.4M | $23.5M | $27.7M | $22.5M | $17.7M | $17.3M |
| Shareholders' equity | -$63.7M | $87.2M | $95.2M | $212M | $199M | $235M | $243M | $349M |
| Retained earnings | -$68.1M | -$151M | -$222M | -$302M | -$412M | -$510M | -$519M | -$594M |
| Shares (wtd avg diluted) | 1.59M | 22.7M | 27.9M | 35.4B | 45.0B | 61.3B | 62.0B | 63.4B |
Every figure is extracted from Fulcrum Therapeutics, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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