$FULC
Fulcrum Therapeutics, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023006841 Filed on March 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $295.0K $685.0K $6.342M
YoY Change -88.62% -86.46% -66.9%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.52M $10.13M $41.69M
YoY Change 7.07% 4.38% 36.63%
% of Gross Profit
Research & Development $16.72M $18.57M $76.78M
YoY Change -6.26% -1.83% 10.16%
% of Gross Profit
Depreciation & Amortization $600.0K $591.0K $2.400M
YoY Change 20.0% -4.83% -4.0%
% of Gross Profit
Operating Expenses $28.24M $28.70M $118.9M
YoY Change -1.24% 0.28% 18.65%
Operating Profit -$27.94M -$112.6M
YoY Change 7.47% 38.87%
Interest Expense $3.161M $2.690M
YoY Change 4415.71% 1199.52%
% of Operating Profit
Other Income/Expense, Net $3.161M $1.838M $2.690M
YoY Change 4415.71% 2350.67% 1199.52%
Pretax Income -$24.78M -$26.14M -$109.9M
YoY Change -4.43% 11.29% 35.9%
Income Tax
% Of Pretax Income
Net Earnings -$24.78M -$26.14M -$109.9M
YoY Change -4.43% 11.29% 35.9%
Net Earnings / Revenue -8399.66% -3815.33% -1732.43%
Basic Earnings Per Share -$0.41 -$2.44
Diluted Earnings Per Share -$0.41 -$0.50 -$2.44
COMMON SHARES
Basic Shares Outstanding 61.76M 52.05M 44.99K
Diluted Shares Outstanding 59.72K 44.99K

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $297.8M $202.9M $202.9M
YoY Change 52.65% -6.99% -6.99%
Cash & Equivalents $34.73M $35.10M $35.10M
Short-Term Investments $263.1M $167.8M $167.8M
Other Short-Term Assets $3.726M $3.517M $3.517M
YoY Change 7827.66% -5.61%
Inventory
Prepaid Expenses
Receivables $1.264M $1.081M $1.081M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $302.8M $207.5M $207.5M
YoY Change 51.37% -8.18% -8.18%
LONG-TERM ASSETS
Property, Plant & Equipment $6.563M $6.906M $15.97M
YoY Change -16.8% -6.27% 116.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.031M $2.105M $3.197M
YoY Change 148.9% 288.38% 95.65%
Total Long-Term Assets $18.29M $19.17M $19.17M
YoY Change -9.38% 112.91% 112.91%
TOTAL ASSETS
Total Short-Term Assets $302.8M $207.5M $207.5M
Total Long-Term Assets $18.29M $19.17M $19.17M
Total Assets $321.1M $226.7M $226.7M
YoY Change 45.8% -3.54% -3.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.778M $3.638M $3.638M
YoY Change -37.06% -24.02% -24.02%
Accrued Expenses $9.883M $12.05M $12.05M
YoY Change 7.06% 31.57% 31.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.41M $16.73M $16.73M
YoY Change -21.22% -12.89% -12.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $320.0K $197.0K $11.02M
YoY Change -97.5% 158.52%
Total Long-Term Liabilities $320.0K $197.0K $11.02M
YoY Change -97.5% 158.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.41M $16.73M $16.73M
Total Long-Term Liabilities $320.0K $197.0K $11.02M
Total Liabilities $24.86M $27.74M $27.74M
YoY Change -20.02% 18.25% 18.25%
SHAREHOLDERS EQUITY
Retained Earnings -$437.1M -$412.3M
YoY Change 33.1% 36.31%
Common Stock $734.0M $612.1M
YoY Change 41.53% 18.99%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $0.00
YoY Change
Treasury Stock Shares $0.00 $0.00
Shareholders Equity $296.3M $198.9M $198.9M
YoY Change
Total Liabilities & Shareholders Equity $321.1M $226.7M $226.7M
YoY Change 45.8% -3.54% -3.54%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$24.78M -$26.14M -$109.9M
YoY Change -4.43% 11.29% 35.9%
Depreciation, Depletion And Amortization $600.0K $591.0K $2.400M
YoY Change 20.0% -4.83% -4.0%
Cash From Operating Activities -$24.12M -$19.70M -$97.05M
YoY Change 9.09% -9.89% 23.67%
INVESTING ACTIVITIES
Capital Expenditures $171.0K $116.0K $1.963M
YoY Change -30.49% -122.35% 14.59%
Acquisitions
YoY Change
Other Investing Activities -$93.77M -$36.25M $14.38M
YoY Change -571.09% 322.69% -111.24%
Cash From Investing Activities -$93.94M -$36.36M $12.41M
YoY Change -577.85% 299.85% -109.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.519M
YoY Change -4.06%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 117.7M 218.0K 84.32M
YoY Change 33719.83% -75.53% -54.79%
NET CHANGE
Cash From Operating Activities -24.12M -19.70M -97.05M
Cash From Investing Activities -93.94M -36.36M 12.41M
Cash From Financing Activities 117.7M 218.0K 84.32M
Net Change In Cash -364.0K -55.84M -314.0K
YoY Change -82.66% 85.76% -98.55%
FREE CASH FLOW
Cash From Operating Activities -$24.12M -$19.70M -$97.05M
Capital Expenditures $171.0K $116.0K $1.963M
Free Cash Flow -$24.29M -$19.81M -$99.01M
YoY Change 8.66% -7.16% 23.47%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amount of expenses during the reported periods. Estimates inherent in the preparation of these consolidated financial statements include, but are not limited to, estimates related to revenue recognition, accrued expenses, stock-based compensation expense, and income taxes. The Company bases its estimates on historical experience and other market specific or other relevant assumptions it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Actual results could differ from those estimates or assumptions.</span>
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