Fulcrum Therapeutics Inc · Q1 2023 earnings

Briefing

Fulcrum Therapeutics reported financial results for the first quarter of 2023 and provided a business update.

Fulcrum Therapeutics reported a net loss of $24.8 million for the first quarter of 2023. The company's cash, cash equivalents, and marketable securities were $297.8 million as of March 31, 2023. They are on track to complete enrollment in Phase 3 REACH trial of losmapimod in facioscapulohumeral muscular dystrophy (FSHD) during 2H’23 and active discussions continue with the U.S. Food and Drug Administration (FDA) to resolve clinical hold for FTX-6058 in sickle cell disease (SCD).

• Appointed Alex C. Sapir CEO & President, effective July 1st, 2023
• On track to complete enrollment in Phase 3 REACH trial of losmapimod in facioscapulohumeral muscular dystrophy (FSHD) during 2H’23
• Active discussions continue with the U.S. Food and Drug Administration (FDA) to resolve clinical hold for FTX-6058 in sickle cell disease (SCD)
• Completed underwritten public offering of common stock in January 2023, raising approximately $117.3 million in net proceeds.

Headline financials

Revenue & EPS history

Fulcrum expects that its existing cash, cash equivalents, and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements into mid-2025.