$FULC
Fulcrum Therapeutics, Inc.

2019 Q4 Form 10-K Financial Statement

#000156459021010715 Filed on March 04, 2021

View on sec.gov

Income Statement

Concept 2019 Q4 2019 2018 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.400M $13.15M $2.390M
YoY Change 84.1% 58.24%
% of Gross Profit
Research & Development $12.09M $71.07M $6.860M
YoY Change 76.24% 182.21%
% of Gross Profit
Depreciation & Amortization $520.0K $2.053M $510.0K
YoY Change 1.96% 52.64%
% of Gross Profit
Operating Expenses $16.49M $84.22M $9.250M
YoY Change 78.27% 151.41%
Operating Profit -$84.22M
YoY Change
Interest Expense $360.0K $1.540M $390.0K
YoY Change -7.69% 196.15%
% of Operating Profit
Other Income/Expense, Net $10.00K $30.00K $10.00K
YoY Change 0.0% -92.31%
Pretax Income -$16.12M -$82.68M -$8.860M
YoY Change 81.94% 153.7%
Income Tax
% Of Pretax Income
Net Earnings -$16.12M -$82.68M -$8.860M
YoY Change 81.94% 153.7%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$679.0K -$3.650M -$397.5K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $96.70M $96.70M
YoY Change 32.83%
Cash & Equivalents $96.71M $96.70M $72.80M
Short-Term Investments
Other Short-Term Assets $284.0K $3.300M $238.0K
YoY Change 19.33% 312.5%
Inventory
Prepaid Expenses
Receivables $100.0K $100.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $100.1M $100.1M $74.10M
YoY Change 35.07% 35.09%
LONG-TERM ASSETS
Property, Plant & Equipment $9.205M $9.200M $10.55M
YoY Change -12.72% -12.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $59.00K $1.200M $38.00K
YoY Change 55.26% 9.09%
Total Long-Term Assets $10.36M $10.30M $11.68M
YoY Change -11.31% -11.97%
TOTAL ASSETS
Total Short-Term Assets $100.1M $100.1M $74.10M
Total Long-Term Assets $10.36M $10.30M $11.68M
Total Assets $110.4M $110.4M $85.77M
YoY Change 28.76% 28.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.186M $2.200M $1.263M
YoY Change 73.08% 69.23%
Accrued Expenses $5.400M $5.400M
YoY Change 145.45%
Deferred Revenue $3.989M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K
YoY Change
Total Short-Term Liabilities $12.14M $12.10M $4.229M
YoY Change 187.07% 188.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $55.00K $11.10M $150.0K
YoY Change -63.33% 101.82%
Total Long-Term Liabilities $55.00K $11.10M $150.0K
YoY Change -63.33% 101.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.14M $12.10M $4.229M
Total Long-Term Liabilities $55.00K $11.10M $150.0K
Total Liabilities $23.29M $23.30M $9.771M
YoY Change 138.32% 137.76%
SHAREHOLDERS EQUITY
Retained Earnings -$150.8M -$68.12M
YoY Change 121.36%
Common Stock $238.0M $4.454M
YoY Change 5242.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $0.00 $67.02K
Shareholders Equity $87.15M $87.20M -$63.67M
YoY Change
Total Liabilities & Shareholders Equity $110.4M $110.4M $85.77M
YoY Change 28.76% 28.67%

Cashflow Statement

Concept 2019 Q4 2019 2018 Q4
OPERATING ACTIVITIES
Net Income -$16.12M -$82.68M -$8.860M
YoY Change 81.94% 153.7%
Depreciation, Depletion And Amortization $520.0K $2.053M $510.0K
YoY Change 1.96% 52.64%
Cash From Operating Activities -$4.490M -$39.48M -$6.400M
YoY Change -29.84% 75.0%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K $853.0K -$3.460M
YoY Change -97.11% -90.5%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$90.00K
YoY Change
Cash From Investing Activities -$100.0K -$944.0K -$3.460M
YoY Change -97.11% -89.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $249.0K
YoY Change 1975.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -280.0K 64.34M -90.00K
YoY Change 211.11% -38.74%
NET CHANGE
Cash From Operating Activities -4.490M -39.48M -6.400M
Cash From Investing Activities -100.0K -944.0K -3.460M
Cash From Financing Activities -280.0K 64.34M -90.00K
Net Change In Cash -4.870M 23.92M -9.950M
YoY Change -51.06% -67.45%
FREE CASH FLOW
Cash From Operating Activities -$4.490M -$39.48M -$6.400M
Capital Expenditures -$100.0K $853.0K -$3.460M
Free Cash Flow -$4.390M -$40.34M -$2.940M
YoY Change 49.32% 27.88%

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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:6pt;text-indent:4.86%;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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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6118000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3947000
CY2020Q4 fulc Prepaid Expenses
PrepaidExpenses
3668000
CY2019Q4 fulc Prepaid Expenses
PrepaidExpenses
2796000
CY2020Q4 fulc Prepaid Sign On Bonuses Subject To Vesting Provisions
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147000
CY2019Q4 fulc Prepaid Sign On Bonuses Subject To Vesting Provisions
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179000
CY2020Q4 us-gaap Interest Receivable
InterestReceivable
176000
CY2019Q4 us-gaap Other Assets Current
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284000
CY2020Q4 fulc Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
4082000
CY2019Q4 fulc Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
2250000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2928000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2239000
CY2020Q4 us-gaap Accrued Professional Fees Current
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196000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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CY2020Q4 us-gaap Capital Lease Obligations Current
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17000
CY2019Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
50000
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AccruedRestrictedStockLiabilityCurrent
6000
CY2019Q4 fulc Accrued Restricted Stock Liability Current
AccruedRestrictedStockLiabilityCurrent
17000
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
38000
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
49000
CY2020Q4 fulc Capital Leases Future Minimum Payments Due After Year Two
CapitalLeasesFutureMinimumPaymentsDueAfterYearTwo
0
CY2020 us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
On the date of issuance, the estimated fair value of common stock into which the Preferred Stock was convertible was less than the effective conversion price of the Preferred Stock, and as such, there was no beneficial conversion feature at the commitment dates.
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 Dividends Common Stock
DividendsCommonStock
0
CY2020 fulc Minimum Percentage Of Outstanding Shares Of Preferred Stock For Liquidation Preference
MinimumPercentageOfOutstandingSharesOfPreferredStockForLiquidationPreference
0.65
CY2020 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
CY2020Q4 fulc Number Of Common Stock Voting Rights
NumberOfCommonStockVotingRights
1
us-gaap Dividends
Dividends
0
CY2020Q4 fulc Shares Reserved For Conversion Of Preferred Stock And Future Issuance Of Common Stock
SharesReservedForConversionOfPreferredStockAndFutureIssuanceOfCommonStock
5156962
CY2019Q4 fulc Shares Reserved For Conversion Of Preferred Stock And Future Issuance Of Common Stock
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4142664
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
16000000
CY2020 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y6M25D
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2354000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2424000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2497000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2572000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2649000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
6966000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
19462000
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.0079
CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.0067
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.0257
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.0206
CY2020 fulc Effective Income Tax Rate Reconciliation Federal Orphan Drug Credits
EffectiveIncomeTaxRateReconciliationFederalOrphanDrugCredits
0.0428
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0614
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0616
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.0047
CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.0048
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.3367
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2903
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
46603000
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
30444000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
6842000
CY2019Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
4658000
CY2020Q4 fulc Deferred Tax Assets Orphan Drug Credit Carryforwards
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3032000
CY2020Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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6722000
CY2019Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
7235000
CY2020Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
1791000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
2240000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
1149000
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0
CY2019Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0
CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2019 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2020 fulc Defined Contribution Plan Name
DefinedContributionPlanName
401(k)
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3088183
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2704898
CY2020Q4 fulc Deferred Tax Assets Lease Incentive
DeferredTaxAssetsLeaseIncentive
962000
CY2019Q4 fulc Deferred Tax Assets Lease Incentive
DeferredTaxAssetsLeaseIncentive
1090000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Deferred Rent
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsDeferredRent
450000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Deferred Rent
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsDeferredRent
426000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
68642000
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
45002000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
67427000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
43586000
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1215000
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1416000
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
1215000
CY2019Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
1416000
CY2020Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
23800000
CY2020 us-gaap Open Tax Year
OpenTaxYear
2016 2016 2017 2018 2019 2020
CY2020Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0
CY2019Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0

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