$FULC
Fulcrum Therapeutics, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020052732 Filed on November 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $1.848M $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.310M $4.400M $3.510M
YoY Change 51.28% 84.1% 64.79%
% of Gross Profit
Research & Development $15.64M $12.09M $13.50M
YoY Change 15.89% 76.24% 93.82%
% of Gross Profit
Depreciation & Amortization $500.0K $520.0K $500.0K
YoY Change 0.0% 1.96% 25.0%
% of Gross Profit
Operating Expenses $20.95M $16.49M $17.01M
YoY Change 23.2% 78.27% 87.13%
Operating Profit -$19.10M -$17.01M
YoY Change 12.34% 87.13%
Interest Expense $142.0K $360.0K $464.0K
YoY Change -69.4% -7.69% 236.23%
% of Operating Profit
Other Income/Expense, Net $140.0K $10.00K $10.00K
YoY Change 1300.0% 0.0% 0.0%
Pretax Income -$18.96M -$16.12M -$16.54M
YoY Change 14.63% 81.94% 85.01%
Income Tax
% Of Pretax Income
Net Earnings -$18.96M -$16.12M -$16.54M
YoY Change 14.63% 81.94% 84.97%
Net Earnings / Revenue -1026.08%
Basic Earnings Per Share
Diluted Earnings Per Share -$695.5K -$679.0K -$742.0K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.0M $96.70M $101.6M
YoY Change 25.0%
Cash & Equivalents $85.22M $96.71M $101.6M
Short-Term Investments $41.80M
Other Short-Term Assets $72.00K $284.0K $305.0K
YoY Change -76.39% 19.33%
Inventory
Prepaid Expenses
Receivables $700.0K $100.0K $200.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $132.1M $100.1M $105.2M
YoY Change 25.56% 35.07%
LONG-TERM ASSETS
Property, Plant & Equipment $8.395M $9.205M $9.583M
YoY Change -12.4% -12.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $616.0K $59.00K $59.00K
YoY Change 944.07% 55.26%
Total Long-Term Assets $10.10M $10.36M $10.73M
YoY Change -5.88% -11.31%
TOTAL ASSETS
Total Short-Term Assets $132.1M $100.1M $105.2M
Total Long-Term Assets $10.10M $10.36M $10.73M
Total Assets $142.2M $110.4M $116.0M
YoY Change 22.65% 28.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.634M $2.186M $4.533M
YoY Change -19.83% 73.08%
Accrued Expenses $8.600M $5.400M $3.500M
YoY Change 145.71%
Deferred Revenue $13.61M $3.989M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $100.0K $0.00
YoY Change
Total Short-Term Liabilities $26.50M $12.14M $8.585M
YoY Change 208.68% 187.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.80M $55.00K $78.00K
YoY Change 13746.15% -63.33%
Total Long-Term Liabilities $10.80M $55.00K $78.00K
YoY Change 13746.15% -63.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.50M $12.14M $8.585M
Total Long-Term Liabilities $10.80M $55.00K $78.00K
Total Liabilities $37.20M $23.29M $13.83M
YoY Change 169.02% 138.32%
SHAREHOLDERS EQUITY
Retained Earnings -$150.8M -$134.7M
YoY Change 121.36%
Common Stock $238.0M $236.8M
YoY Change 5242.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $0.00 $0.00 $0.00
Shareholders Equity $105.0M $87.15M $102.1M
YoY Change
Total Liabilities & Shareholders Equity $142.2M $110.4M $116.0M
YoY Change 22.63% 28.76%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$18.96M -$16.12M -$16.54M
YoY Change 14.63% 81.94% 84.97%
Depreciation, Depletion And Amortization $500.0K $520.0K $500.0K
YoY Change 0.0% 1.96% 25.0%
Cash From Operating Activities -$4.500M -$4.490M -$13.02M
YoY Change -65.44% -29.84% 216.02%
INVESTING ACTIVITIES
Capital Expenditures -$90.00K -$100.0K -$220.0K
YoY Change -59.09% -97.11% -76.34%
Acquisitions
YoY Change
Other Investing Activities $14.18M $0.00 $0.00
YoY Change
Cash From Investing Activities $14.09M -$100.0K -$220.0K
YoY Change -6504.55% -97.11% -76.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -80.00K -280.0K 65.20M
YoY Change -100.12% 211.11% -18.33%
NET CHANGE
Cash From Operating Activities -4.500M -4.490M -13.02M
Cash From Investing Activities 14.09M -100.0K -220.0K
Cash From Financing Activities -80.00K -280.0K 65.20M
Net Change In Cash 9.510M -4.870M 51.96M
YoY Change -81.7% -51.06% -30.52%
FREE CASH FLOW
Cash From Operating Activities -$4.500M -$4.490M -$13.02M
Capital Expenditures -$90.00K -$100.0K -$220.0K
Free Cash Flow -$4.410M -$4.390M -$12.80M
YoY Change -65.55% 49.32% 301.25%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, the fair value of the Company&#8217;s common stock and convertible preferred stock prior to the completion of the IPO, 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. </p>
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2255000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2239000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
431000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
891000
CY2020Q3 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
30000
CY2019Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
50000
CY2020Q3 fulc Accrued Restricted Stock Liability Current
AccruedRestrictedStockLiabilityCurrent
9000
CY2019Q4 fulc Accrued Restricted Stock Liability Current
AccruedRestrictedStockLiabilityCurrent
17000
CY2020Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
64000
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
49000
CY2019Q3 fulc Gross Proceeds Threshold Of Automatic Conversion Of Preferred Stock To Common Stock
GrossProceedsThresholdOfAutomaticConversionOfPreferredStockToCommonStock
45000000
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders
CY2020Q3 fulc Number Of Common Stock Voting Rights
NumberOfCommonStockVotingRights
1
us-gaap Dividends
Dividends
0
CY2020Q3 fulc Shares Reserved For Conversion Of Preferred Stock And Future Issuance Of Common Stock
SharesReservedForConversionOfPreferredStockAndFutureIssuanceOfCommonStock
5215168
CY2019Q4 fulc Shares Reserved For Conversion Of Preferred Stock And Future Issuance Of Common Stock
SharesReservedForConversionOfPreferredStockAndFutureIssuanceOfCommonStock
4142664
CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1776000
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1179000
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
16700000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M13D
CY2019Q1 us-gaap Research And Development In Process
ResearchAndDevelopmentInProcess
25600000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
579000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2354000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2424000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2497000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2572000
CY2020Q3 fulc Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
9615000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
20041000
fulc Defined Contribution Plan Name
DefinedContributionPlanName
401(k)
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3049906
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2764005
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3049906
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2764005

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