$FULC
Fulcrum Therapeutics, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024021074 Filed on February 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $871.0K $2.805M
YoY Change -100.0% 27.15% -55.77%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.06M $9.864M $41.67M
YoY Change -12.66% -2.63% -0.06%
% of Gross Profit
Research & Development $19.77M $19.00M $71.80M
YoY Change 18.29% 2.33% -6.49%
% of Gross Profit
Depreciation & Amortization $500.0K $508.0K $2.200M
YoY Change -16.67% -14.04% -8.33%
% of Gross Profit
Operating Expenses $29.83M $28.86M $113.5M
YoY Change 5.66% 0.58% -4.57%
Operating Profit -$29.83M -$110.7M
YoY Change 6.78% -1.69%
Interest Expense $2.964M $13.33M
YoY Change -6.23% 395.5%
% of Operating Profit
Other Income/Expense, Net $2.964M $3.236M $13.33M
YoY Change -6.23% 76.06% 395.5%
Pretax Income -$26.87M -$24.76M -$97.34M
YoY Change 8.44% -5.28% -11.41%
Income Tax
% Of Pretax Income
Net Earnings -$26.87M -$24.76M -$97.34M
YoY Change 8.44% -5.28% -11.41%
Net Earnings / Revenue -2842.25% -3470.05%
Basic Earnings Per Share -$0.43 -$1.59
Diluted Earnings Per Share -$0.43 -$0.40 -$1.59
COMMON SHARES
Basic Shares Outstanding 61.94M 61.82M 61.31K
Diluted Shares Outstanding 61.98K 61.31K

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $213.3M $236.2M $236.2M
YoY Change -28.38% 16.41% 16.41%
Cash & Equivalents $39.95M $25.56M $25.56M
Short-Term Investments $173.4M $210.7M $210.7M
Other Short-Term Assets $3.554M $3.729M $3.729M
YoY Change -4.62% 6.03% 6.03%
Inventory
Prepaid Expenses
Receivables $1.084M $2.249M $2.249M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $218.0M $242.2M $242.2M
YoY Change -28.03% 16.71% 16.71%
LONG-TERM ASSETS
Property, Plant & Equipment $4.765M $5.216M $12.39M
YoY Change -27.4% -24.47% -22.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.988M $2.011M $3.103M
YoY Change -2.12% -4.47% -2.94%
Total Long-Term Assets $14.64M $15.50M $15.50M
YoY Change -19.98% -19.15% -19.15%
TOTAL ASSETS
Total Short-Term Assets $218.0M $242.2M $242.2M
Total Long-Term Assets $14.64M $15.50M $15.50M
Total Assets $232.6M $257.7M $257.7M
YoY Change -27.57% 13.68% 13.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.857M $2.757M $2.757M
YoY Change 2.09% -24.22% -24.22%
Accrued Expenses $6.452M $10.52M $10.52M
YoY Change -34.72% -12.67% -12.67%
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 $10.69M $13.68M $13.68M
YoY Change -25.77% -18.24% -18.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $197.0K $197.0K $8.826M
YoY Change -38.44% 0.0% -19.89%
Total Long-Term Liabilities $197.0K $197.0K $8.826M
YoY Change -38.44% 0.0% -19.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.69M $13.68M $13.68M
Total Long-Term Liabilities $197.0K $197.0K $8.826M
Total Liabilities $19.00M $22.50M $22.50M
YoY Change -23.6% -18.89% -18.89%
SHAREHOLDERS EQUITY
Retained Earnings -$536.5M -$509.7M
YoY Change 22.74% 23.62%
Common Stock $750.6M $745.0M
YoY Change 2.25% 21.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $213.6M $235.2M $235.2M
YoY Change
Total Liabilities & Shareholders Equity $232.6M $257.7M $257.7M
YoY Change -27.57% 13.68% 13.68%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$26.87M -$24.76M -$97.34M
YoY Change 8.44% -5.28% -11.41%
Depreciation, Depletion And Amortization $500.0K $508.0K $2.200M
YoY Change -16.67% -14.04% -8.33%
Cash From Operating Activities -$25.28M -$23.16M -$90.97M
YoY Change 4.84% 17.58% -6.27%
INVESTING ACTIVITIES
Capital Expenditures $28.00K $77.00K $508.0K
YoY Change -83.63% -33.62% -74.12%
Acquisitions
YoY Change
Other Investing Activities $38.16M $18.43M -$36.18M
YoY Change -140.69% -150.85% -351.7%
Cash From Investing Activities $38.13M $18.35M -$36.69M
YoY Change -140.59% -150.48% -395.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $777.0K
YoY Change -77.92%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.651M 287.0K 118.1M
YoY Change -98.6% 31.65% 40.08%
NET CHANGE
Cash From Operating Activities -25.28M -23.16M -90.97M
Cash From Investing Activities 38.13M 18.35M -36.69M
Cash From Financing Activities 1.651M 287.0K 118.1M
Net Change In Cash 14.50M -4.517M -9.535M
YoY Change -4082.14% -91.91% 2936.62%
FREE CASH FLOW
Cash From Operating Activities -$25.28M -$23.16M -$90.97M
Capital Expenditures $28.00K $77.00K $508.0K
Free Cash Flow -$25.31M -$23.24M -$91.47M
YoY Change 4.22% 17.28% -7.62%

Facts In Submission

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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">the </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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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