Fulcrum Therapeutics, Inc.
For the period ended Mar 31, 2025. Filed May 1, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 1, 2025
FULC$3.70+0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-13.
0000950170-24-125931
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0000950170-25-061442
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 148 previous paragraphs and 115 current paragraphs.
81 unchanged; 25 reworded; 8 added; 34 removed; 8 previous and 1 current paragraphs rearranged.
Tables are not compared: 8 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Research and Development Expenses
Current report
General and Administrative Expenses
Current report
Other Income, Net
Current report
Research and Development Expenses
Current report
partially offset by $0.2 million of increased laboratory supplies costs.
Current report
General and Administrative Expenses
Current report
Other Income, Net
Current report
Net cash used in operating activities was $15.3 million during the three months ended March 31, 2025 compared to $25.3 million during the three months ended March 31, 2024. The decrease in net cash used in operating activities of $10.0 million was primarily due to a decrease in our net loss, including as a result of decreased external research and development costs due to the suspension of the losmapimod program as well as decreased employee compensation costs.
Removed paragraphs (34)
Previous report
In September 2024, we announced topline results from our Phase 3 REACH clinical trial of losmapimod in facioscapulohumeral muscular dystrophy, or FSHD. The Phase 3 REACH trial did not achieve its primary endpoint of change from baseline in relative surface area with losmapimod compared to placebo. In addition, secondary endpoints did not achieve nominal statistical significance. The safety and tolerability profile of losmapimod was consistent with previously reported studies. We plan to share the results at an upcoming medical meeting. Based on the results of the REACH trial, we have suspended future development of losmapimod.
Previous report
In September 2024, we also announced a strategic plan to reprioritize research and development activities and are now focused on advancing pociredir for the treatment of SCD, novel therapeutic agents for the potential treatment of inherited aplastic anemias, such as DBA, Shwachman-Diamond syndrome, and Fanconi anemia, and our early discovery programs. The plan reduced our workforce from 80 to 51 full-time employees, including a reduction of positions across both research and development and general and administrative functions. This restructuring will result in annual operating expense savings of approximately $10.0 million beginning in the first quarter of 2025.
Previous report
Since inception, our operations have focused on organizing and staffing our company, business planning, raising capital, establishing our intellectual property, building our discovery platform, including our proprietary compound library and technologies, identifying drug targets and potential product candidates, in-licensing assets, producing drug substance and drug product material for use in clinical trials and conducting preclinical studies and clinical trials. To date, we have funded our operations primarily from the sale of shares of our capital stock and from upfront payments received under our collaboration and license agreements.
Previous report
In July 2020, we entered into a collaboration and license agreement with MyoKardia, which we amended in April 2023 and again in July 2024, pursuant to which we granted to MyoKardia an exclusive worldwide license under certain intellectual property rights to research, develop, make, have made, use, have used, sell, have sold, offer for sale, have offered for sale, import, have imported, export, have exported, distribute, have distributed, market, have marketed, promote, have promoted, or otherwise exploit products directed against certain biological targets identified by us that are capable of modulating up to a certain number of genes of interest with relevance to certain genetically defined cardiomyopathies. MyoKardia was subsequently acquired by Bristol-Myers Squibb Company in November 2020. The primary goal of the collaboration is to identify and validate potential biological targets for further research, in order to support the development, manufacture and commercialization of product candidates by MyoKardia for the potential treatment of certain genetically defined cardiomyopathies. We satisfied our obligation to perform research services as of December 31, 2023.
Previous report
Under the terms of the MyoKardia collaboration agreement, we received a $10.0 million upfront payment and a $2.5 million payment as prepaid research funding in July 2020. MyoKardia agreed to reimburse us for the costs of the research activities not covered by the prepaid research funding, up to a maximum amount of total research funding (including the prepaid research funding). Upon the achievement of specified preclinical, development and sales milestones, we will be entitled to preclinical milestone payments, development milestone payments and sales milestone payments of up to $298.5 million in the aggregate per target for certain potential cardiomyopathy gene targets, and of up to $150.0 million in the aggregate per target for certain other potential cardiomyopathy gene targets. To date, we have achieved a $2.5 million specified preclinical milestone. MyoKardia will also pay us tiered royalties ranging from a mid single-digit percentage to a low double-digit percentage based on MyoKardia’s, and any of its affiliates’ and sublicensees’, annual worldwide net sales of products under the MyoKardia collaboration agreement directed against any identified target. The royalties are payable on a product-by-product basis during a specified royalty term, and may be reduced in specified circumstances.
Previous report
For the three months ended September 30, 2024 and 2023, we recognized zero and $0.8 million, respectively, of collaboration revenue under the MyoKardia collaboration agreement. As of September 30, 2024 and December 31, 2023, we have recorded no deferred revenue associated with the MyoKardia collaboration agreement. As of September 30, 2024, we had received $7.7 million of cost reimbursement payments and $2.5 million of milestone payments under the MyoKardia collaboration agreement. As of September 30, 2024, we recorded no accounts receivable or unbilled accounts receivable under the MyoKardia collaboration agreement.
Previous report
In the future, we may generate revenue from milestones and royalty payments under the MyoKardia collaboration agreement. We expect that our revenue may fluctuate from quarter-to-quarter and year-to-year as a result of the timing, amount, and achievement of milestones under the MyoKardia collaboration agreement.
Previous report
our ability to maintain, enforce, defend and protect our rights in our intellectual property portfolio;
Previous report
In September 2024, we announced a plan to reprioritize research and development activities to focus on advancing pociredir for the treatment of SCD, novel therapeutic agents for the treatment of inherited aplastic anemias, such as DBA, Shwachman-Diamond syndrome, and Fanconi anemia, and our early discovery programs. The plan reduced our workforce from 80 to 51 full-time employees, including a reduction of positions across both research and development and general and administrative functions.
Previous report
Collaboration Revenue
Previous report
Collaboration revenue decreased by $0.8 million from $0.8 million for the three months ended September 30, 2023 to zero for the three months ended September 30, 2024. The decrease was attributable to the completion of our research services under our collaboration agreement with MyoKardia during the fourth quarter of 2023.
Previous report
$0.6 million of decreased employee compensation costs, which reflects a partial offset of $0.3 million in increased stock-based compensation expense.
Previous report
$0.5 million of decreased laboratory supplies costs;
Previous report
$0.1 million of decreased other costs.
Previous report
and $0.1 million of decreased other costs;
Previous report
Restructuring charges were $2.1 million for the three months ended September 30, 2024, compared to zero for the three months ended September 30, 2023.
Previous report
Other income, net increased by less than $0.1 million from $3.4 million for the three months ended September 30, 2023 to $3.4 million for the three months ended September 30, 2024. The slight increase was primarily attributable to an increase in investment income on our cash, cash equivalents, and marketable securities as a result of an overall increased rate of return.
Previous report
Comparison of the Nine Months ended September 30, 2024 and 2023
Previous report
Collaboration Revenue
Previous report
Collaboration revenue increased by $78.1 million from $1.9 million for the nine months ended September 30, 2023 to $80.0 million for the nine months ended September 30, 2024. The increase was primarily attributable to the recognition of $80.0 million of revenue associated with the upfront license payment received during the second quarter of 2024 under the Sanofi collaboration agreement.
Previous report
Research and development expense decreased by $1.1 million from $52.8 million for the nine months ended September 30, 2023 to $51.7 million for the nine months ended September 30, 2024. The decrease in research and development expense was primarily attributable to the following:
Previous report
$1.4 million of decreased laboratory supplies costs;
Previous report
and $0.4 million of decreased other costs;
Previous report
partially offset by $1.3 million of increased employee compensation costs, primarily due to increased stock-based compensation costs.
Previous report
partially offset by $1.3 million of increased professional services costs, primarily due to increased legal and commercial costs.
Previous report
Restructuring charges were $2.1 million for the nine months ended September 30, 2024, compared to zero for the nine months ended September 30, 2023.
Previous report
Net cash provided by operating activities was $14.5 million during the nine months ended September 30, 2024 compared to net cash used in operating activities of $67.8 million during the nine months ended September 30, 2023. The increase in net cash provided by operating activities of $82.3 million was primarily due to the receipt of the $80.0 million upfront license payment during the second quarter of 2024 under the Sanofi collaboration agreement.
Previous report
the success of our collaboration with MyoKardia;
Previous report
Collaborative Arrangements
Previous report
At contract inception, we analyze our collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and are exposed to significant risks and rewards dependent on the commercial success of such activities, and therefore within the scope of ASC Topic 808, Collaborative Arrangements(ASC 808). This assessment is performed on an ongoing basis throughout the collaboration based on changes in the responsibilities of the parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, we first determine which elements of the collaboration are deemed to be within the scope of ASC 808 and which elements of the collaboration are more reflective of a vendor-customer relationship and are therefore within the scope of ASC 606, Revenue from Contracts with Customers (ASC 606).
Previous report
For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. We evaluate the income statement classification for presentation of amounts due from or owed to collaborators associated with multiple activities in a collaboration arrangement based on the nature of each separate activity. We have made an accounting policy election to account for research and development reimbursements received from our collaboration partner that are outside of the scope of ASC 606 as a reduction of research and development expenses to best reflect the economics and nature of the transaction in the context of the unit-of-account.
Previous report
See Note 2, “Summary of Significant Accounting Policies”, in our audited consolidated financial statements for the year ended December 31, 2023 included in our Annual Report on Form 10-K for our accounting policies for arrangements within the scope of ASC 606.
Previous report
Emerging Growth Company Status
Previous report
The Jumpstart Our Business Startups Act of 2012 permits an “emerging growth company” such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. We have elected not to “opt out” of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we will adopt the new or revised standard at the time private companies adopt the new or revised standard and will do so until such time that we either (i) irrevocably elect to “opt out” of such extended transition period or (ii) no longer qualify as an emerging growth company.
Reworded paragraphs (25)
Previous wording
The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on February 27, 2024. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of this Quarterly Report on Form 10-Q, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis.
Current wording
The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on February 25, 2025. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of this Quarterly Report on Form 10-Q, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. See “Cautionary Note Regarding Forward-Looking Statements.”
Previous wording
In January 2023, we announced interim data from our Phase 1b clinical trial of pociredir in SCD. We completed enrollment in the 6 mg and 2 mg dose cohorts, and do not plan to enroll additional subjects in these cohorts. Although we commenced enrollment in the 12 mg dose cohort, in February 2023 the FDA placed a full clinical hold on the investigational new drug, or IND, application for pociredir for SCD, which was lifted in August 2023. Following the clinical hold, we amended the protocol to revise the inclusion and exclusion criteria for the Phase 1b clinical trial to target subjects with higher disease severity. We reinitiated the Phase 1b clinical trial at the 12 mg once daily dose level in the fourth quarter of 2023, with that cohort expected to enroll up to 10 subjects, to be followed by an additional cohort of up to 10 subjects at the 20 mg once daily dose level. We expect to provide clinical data from this trial in 2025.
Current wording
In January 2023, we announced interim data from our Phase 1b clinical trial of pociredir in SCD. We completed enrollment in the 6 mg and 2 mg once daily dose cohorts, and do not plan to enroll additional subjects in these cohorts. Although we commenced enrollment in the 12 mg dose cohort, in February 2023 the FDA placed a full clinical hold on the investigational new drug, or IND, application for pociredir for SCD, which was lifted in August 2023. Following the clinical hold, we amended the protocol to revise the inclusion and exclusion criteria for the Phase 1b clinical trial to target subjects with higher disease severity. We reinitiated the Phase 1b clinical trial at the 12 mg once daily dose level in the fourth quarter of 2023. Subjects are evaluated over a 12-week treatment period. We completed enrollment in the 12 mg dose cohort (with 16 patients), and we have initiated the 20 mg once daily dose cohort. We expect to provide clinical data from the 12 mg dose cohort in early third quarter 2025 and from the 20 mg dose cohort by the end of 2025. The median and mean baseline fetal hemoglobin, or HbF, levels of the 16 patients enrolled in the 12 mg dose cohort is 7.7% and 7.6%, respectively. No discontinuations have occurred to date in the 12 mg dose cohort, and we have observed greater than 90% adherence rates (patients took the prescribed dose at the prescribed time) to study drug for the patients in this 12 mg dose cohort.
Previous wording
In addition to our product candidates, we developed a discovery approach that we employ to systematically identify and validate cellular drug targets that can potentially modulate gene expression to treat known root causes of genetically defined rare diseases. Our discovery approach led to the identification of pociredir for SCD, as well as a robust discovery pipeline.
Current wording
In addition to our product candidates, we developed a discovery approach that we employ to systematically identify and validate cellular drug targets that can potentially modulate gene expression to treat known root causes of genetically defined rare diseases. Our discovery approach led to the identification of pociredir for SCD, as well as other drug candidates. We continue to advance our program for the potential treatment of inherited aplastic anemias, such as DBA, Shwachman-Diamond syndrome, and Fanconi anemia, and we plan to submit an IND for DBA during the fourth quarter of 2025.
Previous wording
We have incurred significant operating losses since our inception, with the exception of the nine months ended September 30, 2024, and we expect to continue to incur significant operating losses for the foreseeable future. Our ability to generate product revenue sufficient to achieve profitability, if ever, will depend heavily on the successful development and eventual commercialization of one or more of our product candidates. Our net income was $6.8 million for the nine months ended September 30, 2024, primarily due to the $80.0 million of collaboration revenue associated with our collaboration and license agreement with Sanofi that we recognized during the period. Our net loss was $72.6 million for the nine months ended September 30, 2023. As of September 30, 2024, we had an accumulated deficit of $502.8 million. We expect our expenses and operating losses will increase over the next several years in connection with our ongoing activities, as we:
Current wording
We have incurred significant operating losses since our inception and we expect to continue to incur significant operating losses for the foreseeable future. Our ability to generate product revenue sufficient to achieve profitability, if ever, will depend heavily on the successful development and eventual commercialization of one or more of our product candidates. Our net loss was $17.7 million for the three months ended March 31, 2025. Our net loss was $26.9 million for the three months ended March 31, 2024. As of March 31, 2025, we had an accumulated deficit of $537.1 million. We expect our expenses and operating losses will increase over the next several years in connection with our ongoing activities, as we:
Previous wording
As of September 30, 2024, we had $257.2 million in cash, cash equivalents, and marketable securities. We believe that our existing cash, cash equivalents, and marketable securities as of September 30, 2024 will enable us to fund our operating expenses and capital expenditure requirements into at least 2027. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. See “—Liquidity and Capital Resources.”
Current wording
As of March 31, 2025, we had $226.6 million in cash, cash equivalents, and marketable securities. We believe that our existing cash, cash equivalents, and marketable securities as of March 31, 2025 will enable us to fund our operating expenses and capital expenditure requirements into at least 2027. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. See “—Liquidity and Capital Resources.”
Previous wording
In May 2024, we entered into a collaboration and license agreement with Sanofi, pursuant to which we granted Sanofi an exclusive license under certain intellectual property rights to commercialize losmapimod, an oral small molecule for the treatment of FSHD outside of the United States.
Current wording
In May 2024, we entered into a collaboration and license agreement with Sanofi, pursuant to which we granted Sanofi an exclusive license under certain intellectual property rights to commercialize losmapimod, an oral small molecule for the treatment of facioscapulohumeral muscular dystrophy, or FSHD, outside of the United States and received an upfront payment of $80.0 million.
Previous wording
During the nine months ended September 30, 2024, we recognized $80.0 million of revenue associated with the upfront license payment. During the three and nine months ended September 30, 2024, we recorded a $3.7 million and $6.0 million reduction in research and development expenses in connection with global development activities for losmapimod, respectively. During the three and nine months ended September 30, 2024, we recognized no revenue associated with the Sanofi territory-specific manufacturing activities for losmapimod. As a result of the suspension offuture development of losmapimod, we do not expect to recognize additional revenues under the Sanofi collaboration agreement.
Current wording
During the three months ended March 31, 2025, we recorded a $1.0 million reduction in research and development expenses in connection with global development activities for losmapimod. During the three months ended March 31, 2025, we recognized no revenue associated with the Sanofi territory-specific manufacturing activities for losmapimod. As a result of the suspension of future development of losmapimod following our September 2024 announcement that there was no statistically significant difference between losmapimod and placebo on the primary endpoint in the Phase 3 REACH trial, Sanofi terminated the license. Accordingly, we do not expect to recognize additional revenues under the Sanofi collaboration agreement.
Previous wording
We may also in the future enter into additional license or collaboration agreements for our product candidates or intellectual property, and we may generate revenue in the future from payments as a result of such license or collaboration agreements.
Current wording
In the future, we may enter into additional license or collaboration agreements for our product candidates or intellectual property, and we may generate revenue in the future from payments as a result of such license or collaboration agreements.
Previous wording
The following table summarizes our external research and development expenses by program following nomination as a development candidate for the three and nine months ended September 30, 2024 and 2023. Pre-development candidate expenses, unallocated expenses and internal research and development expenses are classified separately. Payments to or reimbursements from Sanofi related to global development activities are accounted for as an increase to or reduction of losmapimod external expenses.
Current wording
The following table summarizes our external research and development expenses by program for the three months ended March 31, 2025 and 2024. Pre-development candidate expenses, unallocated expenses and internal research and development expenses are classified separately. Payments to or reimbursements from Sanofi related to global development activities are accounted for as an increase to or reduction of losmapimod external expenses.
Previous wording
our ability to obtain and maintain intellectual property protection and regulatory exclusivity, both in the United States and internationally;
Current wording
our ability to obtain and maintain intellectual property protection and regulatory exclusivity, both in the United States and internationally (including defending and enforcing our rights);
Previous wording
Research and development expense decreased by $3.6 million from $18.2 million for the three months ended September 30, 2023 to $14.6 million for the three months ended September 30, 2024. The decrease in research and development expense was primarily attributable to the following:
Current wording
Research and development expense decreased by $6.4 million from $19.8 million for the three months ended March 31, 2024 to $13.4 million for the three months ended March 31, 2025. The decrease in research and development expense was primarily attributable to the following:
Previous wording
$0.4 million of decreased external research and development costs, primarily due to $6.0 million of reimbursement from the global development cost sharing under our collaboration with Sanofi for losmapimod, partially offset by increased development costs associated with the advancement of REACH, as we completed enrollment in September 2023, as well as increased pociredir costs;
Current wording
$4.9 million of decreased external research and development costs, primarily due to the suspension of the losmapimod program as well as $1.0 million of reimbursement from the global development cost sharing under our collaboration with Sanofi for losmapimod, partially offset by increased development costs associated with the advancement of the Phase 1b PIONEER trial of pociredir;
Previous wording
$1.7 million of decreased employee compensation costs due to decreased headcount, including a $0.2 million decrease in stock-based compensation expense;
Current wording
$1.7 million of decreased employee compensation costs due to decreased headcount, including a $0.3 million decrease in stock-based compensation expense;
Previous wording
General and administrative expenses decreased by $1.6 million from $10.0 million for the three months ended September 30, 2023 to $8.4 million for the three months ended September 30, 2024. The decrease in general and administrative expenses was primarily attributable to the following:
Current wording
General and administrative expenses decreased by $3.1 million from $10.1 million for the three months ended March 31, 2024 to $7.0 million for the three months ended March 31, 2025. The decrease in general and administrative expenses was primarily attributable to the following:
Previous wording
$3.5 million of decreased employee compensation costs, including a $0.8 million decrease in stock-based compensation expense, due to decreased headcount;
Current wording
$1.4 million of decreased employee compensation costs due to decreased headcount, including a $0.4 million decrease in stock-based compensation expense;
Previous wording
partially offset by $0.6 million of increased professional services costs, primarily due to increased legal and commercial costs.
Current wording
$1.1 million of decreased professional services costs, primarily due to decreased commercial and legal costs.
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$0.4 million of decreased facility costs as a result of the expiration of our lease agreement for office space at 125 Sidney Street;
Current wording
$0.3 million of decreased facility costs as a result of the expiration of our lease agreement for office space at 125 Sidney Street; and
Previous wording
$0.2 million of decreased facility costs; and
Current wording
$0.2 million of decreased other costs.
Previous wording
Other income, net decreased by $0.8 million from $10.1 million for the nine months ended September 30, 2023 to $9.3 million for the nine months ended September 30, 2024. The decrease was primarily attributable to a decrease in our average cash, cash equivalents, and marketable securities balance.
Current wording
Other income, net decreased by $0.3 million from $3.0 million for the three months ended March 31, 2024 to $2.7 million for the three months ended March 31, 2025. The decrease was primarily attributable to the expiration of our sublease agreement for office space at 125 Sidney Street.
Previous wording
We have incurred significant operating losses since our inception and expect to continue to incur significant operating losses for the foreseeable future and may never become profitable. We have not yet commercialized any product candidates, which are in various phases of preclinical and clinical development, and we do not expect to generate revenue from sales of any products for several years, if at all. As of September 30, 2024, we have funded our operations primarily with aggregate gross proceeds of $792.5 million from the sale of shares of our capital stock and from upfront payments received under our collaboration and license agreements. As of September 30, 2024, we had cash, cash equivalents, and marketable securities of $257.2 million.
Current wording
We have incurred significant operating losses since our inception and expect to continue to incur significant operating losses for the foreseeable future and may never become profitable. We have not yet commercialized any of our product candidates, which are in various phases of preclinical and clinical development, and we do not expect to generate revenue from sales of any products for several years, if at all. As of March 31, 2025, we have funded our operations primarily with aggregate gross proceeds of $792.5 million from the sale of shares of our capital stock and from upfront payments received under our collaboration and license agreements. As of March 31, 2025, we had cash, cash equivalents, and marketable securities of $226.6 million.
Previous wording
The following table provides information regarding our cash flows for the nine months ended September 30, 2024:
Current wording
The following table provides information regarding our cash flows for the three months ended March 31, 2025:
Previous wording
Net Cash Provided by (Used in) Operating Activities
Current wording
Net Cash Used in Operating Activities
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Net cash provided by investing activities was $30.0 million during the nine months ended September 30, 2024 compared to net cash used in investing activities of $55.0 million during the nine months ended September 30, 2023. The increase in net cash provided by investing activities of $85.0 million was primarily due to net maturities of marketable securities during the nine months ended September 30, 2024, as compared to net purchases of marketable securities during the nine months ended September 30, 2023.
Current wording
Net cash used in investing activities was $0.8 million during the three months ended March 31, 2025 compared to net cash provided by investing activities of $38.1 million during the three months ended March 31, 2024. The increase in net cash used in investing activities of $38.9 million was primarily due to net purchases of marketable securities during the three months ended March 31, 2025, as compared to net maturities of marketable securities during the three months ended March 31, 2024.
Previous wording
Net cash provided by financing activities was $2.7 million during the nine months ended September 30, 2024 compared to net cash provided by financing activities of $117.8 million during the nine months ended September 30, 2023. Net cash provided by financing activities during the nine months ended September 30, 2024 consisted of net proceeds of $2.4 million from the issuance of common stock under our benefit plans. Net cash provided by financing activities during the nine months ended September 30, 2023 primarily consisted of net proceeds of $117.3 million from the January 2023 public offering of our common stock.
Current wording
Net cash provided by financing activities was zero during the three months ended March 31, 2025 compared to net cash provided by financing activities of $1.7 million during the three months ended March 31, 2024. Net cash provided by financing activities during the three months ended March 31, 2024 primarily consisted of net proceeds of $1.7 million from the issuance of common stock under our benefit plans.
Previous wording
Our management’s discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States. The preparation of these consolidated financial statements requires us to make judgments and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Our estimates are based on our historical experience, known trends and events, and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and amount of expense recognized that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We evaluate our estimates and assumptions on an ongoing basis. The effects of material revisions in estimates, if any, will be reflected in the consolidated financial statements prospectively from the date of change in estimates. During the three months ended September 30, 2024, there were no material changes to our critical accounting policies from those described in our Annual Report on Form 10-K filed with the SEC on February 27, 2024, except as noted below with respect to our accounting policies related to collaboration revenue.
Current wording
Our management’s discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States. The preparation of these consolidated financial statements requires us to make judgments and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Our estimates are based on our historical experience, known trends and events, and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and amount of expense recognized that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We evaluate our estimates and assumptions on an ongoing basis. The effects of material revisions in estimates, if any, will be reflected in the consolidated financial statements prospectively from the date of change in estimates. During the three months ended March 31, 2025, there were no material changes to our critical accounting policies from those described in our Annual Report on Form 10-K filed with the SEC on February 25, 2025.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Net Cash (Used in) Provided by Investing Activities
Rearranged previous paragraphs (8)
Previous report — wording carried elsewhere
$2.3 million of decreased external research and development costs, primarily due to $3.7 million of reimbursement from the global development cost sharing under our collaboration with Sanofi for losmapimod, partially offset by increased development costs associated with the advancement of REACH, as we completed enrollment in September 2023, as well as increased costs associated with pociredir;
Previous report — wording carried elsewhere
The following summarizes our results of operations for the nine months ended September 30, 2024 and 2023 along with the changes in those items in dollars:
Previous report — wording carried elsewhere
The following table summarizes our research and development expenses for the nine months ended September 30, 2024 and 2023:
Previous report — wording carried elsewhere
$0.3 million of decreased facility costs;
Previous report — wording carried elsewhere
The following table summarizes our general and administrative expenses for the nine months ended September 30, 2024 and 2023:
Previous report — wording carried elsewhere
General and administrative expenses decreased by $3.1 million from $31.8 million for the three months ended September 30, 2023 to $28.7 million for the nine months ended September 30, 2024. The decrease in general and administrative expenses was primarily attributable to the following:
Previous report — wording carried elsewhere
$0.8 million of decreased facility costs as a result of the expiration of our lease agreement for office space at 125 Sidney Street;
Previous report — wording carried elsewhere
Net Cash Provided by (Used in) Investing Activities