Fulcrum Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
FULC$3.720.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(In thousands)
| Year EndedDecember 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities | ||
| Net loss | $(74,880) | $(9,725) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation expense | 1,390 | 1,593 |
| Stock-based compensation expense | 12,468 | 14,554 |
| Net accretion of discounts on marketable securities | (2,953) | (4,392) |
| Changes in operating assets and liabilities: | ||
| Unbilled accounts receivable | 2,096 | (1,559) |
| Prepaid expenses and other current assets | 1,632 | (1,365) |
| Operating lease assets and liabilities | (743) | (700) |
| Other assets | (528) | 2,001 |
| Accounts payable | 428 | (1,593) |
| Accrued expenses and other liabilities | 1,025 | (1,032) |
| Net cash used in operating activities | $(60,065) | $(2,218) |
| Investing activities | ||
| Purchases of marketable securities | (180,220) | (178,594) |
| Maturities of marketable securities | 211,253 | 211,102 |
| Purchases of property and equipment | (314) | (278) |
| Net cash provided by investing activities | 30,719 | 32,230 |
| Financing activities | ||
| Proceeds from issuance of common stock and pre-funded warrants in connection with public offerings, net of issuance costs | 164,500 | — |
| Proceeds from issuance of common stock under benefit plans, net | 4,167 | 2,746 |
| Net cash provided by financing activities | 168,667 | 2,746 |
| Net increase in cash, cash equivalents and restricted cash | 139,321 | 32,758 |
| Cash, cash equivalents, and restricted cash, beginning of period | 59,413 | 26,655 |
| Cash, cash equivalents, and restricted cash, end of period | $198,734 | $59,413 |
| Supplemental cash flow information | ||
| Cash paid for operating lease liabilities | $2,649 | $2,782 |
| Non-cash investing and financing activities: | ||
| Offering costs unpaid at end of period | $333 | $— |
The following table provides a reconciliation of the cash, cash equivalents, and restricted cash balances as of each of the periods shown above:
| December 31,2025 | December 31,2024 | |
|---|---|---|
| Cash and cash equivalents | $197,533 | $58,212 |
| Restricted cash | 1,201 | 1,201 |
| Total cash, cash equivalents, and restricted cash | $198,734 | $59,413 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.