# Fulcrum Therapeutics, Inc. (FULC)

Informational only - not investment advice.

CIK: 0001680581
SIC: 2834 Pharmaceutical Preparations
SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2834 Pharmaceutical Preparations](/industry/2834/)
Latest 10-K filed: 2026-02-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=1680581
Filing source: https://www.sec.gov/Archives/edgar/data/1680581/000119312526065197/fulc-20251231.htm

## At a glance

No standardized annual SEC companyfacts metrics were extracted for this company; the at-a-glance panel is omitted rather than estimated.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | FULC | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| ROE | -21.5% | -30.7% | 60 | 171 |
| ROA | -20.4% | -21.8% | 53 | 187 |
| Liabilities / equity | 0.05 | 0.38 | 6 | 173 |
| Current ratio | 27.40 | 4.89 | 97 | 188 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2834 Pharmaceutical Preparations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Net income | -74880000 | USD | 2025 | 2026-02-24 |
| Assets | 366284000 | USD | 2025 | 2026-02-24 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001680581.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net income |  | -32,588,000 | -82,677,000 | -70,819,000 | -80,847,000 | -109,871,000 | -97,335,000 | -9,725,000 | -74,880,000 |
| Operating income |  | -33,498,000 | -84,217,000 | -71,611,000 | -81,054,000 | -112,561,000 | -110,664,000 | -21,897,000 | -84,769,000 |
| Diluted EPS |  |  |  | -2.79 | -2.29 | -2.44 | -1.59 | -0.16 | -1.18 |
| Operating cash flow |  | -22,562,000 | -39,483,000 | -53,655,000 | -78,478,000 | -97,050,000 | -90,965,000 | -2,218,000 | -60,065,000 |
| Capital expenditures |  | 8,981,000 | 853,000 | 1,342,000 | 1,713,000 | 1,963,000 | 508,000 | 278,000 | 314,000 |
| Assets |  | 85,771,000 | 110,439,000 | 129,577,000 | 235,000,000 | 226,685,000 | 257,694,000 | 260,718,000 | 366,284,000 |
| Liabilities |  | 9,771,000 | 23,286,000 | 34,396,000 | 23,461,000 | 27,743,000 | 22,501,000 | 17,684,000 | 17,284,000 |
| Stockholders' equity | -33,265,000 | -63,670,000 | 87,153,000 | 95,181,000 | 211,539,000 | 198,942,000 | 235,193,000 | 243,034,000 | 349,000,000 |
| Cash and cash equivalents |  | 72,797,000 | 96,713,000 | 57,052,000 | 35,412,000 | 35,098,000 | 25,563,000 | 58,212,000 | 197,533,000 |
| Free cash flow |  | -31,543,000 | -40,336,000 | -54,997,000 | -80,191,000 | -99,013,000 | -91,473,000 | -2,496,000 | -60,379,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Return on equity |  |  | -94.86% | -74.40% | -38.22% | -55.23% | -41.39% | -4.00% | -21.46% |
| Return on assets |  | -37.99% | -74.86% | -54.65% | -34.40% | -48.47% | -37.77% | -3.73% | -20.44% |
| Liabilities / equity |  |  | 0.27 | 0.36 | 0.11 | 0.14 | 0.10 | 0.07 | 0.05 |
| Current ratio |  | 17.52 | 8.24 | 4.47 | 11.77 | 12.41 | 17.71 | 22.63 | 27.40 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001680581.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | -0.83 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 | 1,183,000 |  | -0.51 | reported discrete quarter |
| 2022-Q4 | 2022-12-31 | 685,000 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2023-Q1 | 2023-06-30 | 880,000 |  | -0.38 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | -23,783,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 759,000 |  | -0.39 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 871,000 | -24,756,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 0.00 | -26,870,000 | -0.43 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | -26,870,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 80,000,000 |  | 0.87 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | 55,409,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 0.00 |  | -0.35 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 0.00 | -16,568,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 |  | -17,655,000 | -0.28 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | -17,655,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 0.00 |  | -0.28 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | -17,296,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 0.00 |  | -0.31 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 0.00 | -20,334,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 |  | -18,891,000 | -0.25 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | -18,891,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 |  |  | -0.34 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from FULC's latest 10-K: [/company/FULC/business/](/company/FULC/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from FULC's latest 10-K: [/company/FULC/risk-factors/](/company/FULC/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1680581/000119312526326098/fulc-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on February 24, 2026. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of this Quarterly Report on Form 10-Q, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. See “Cautionary Note Regarding Forward-Looking Statements.”

Overview

We are a clinical-stage biopharmaceutical company that historically focused on developing small molecules to improve the lives of patients with genetically defined rare diseases in areas of high unmet medical need. In June 2026, we announced the discontinuation of our pociredir program for the treatment of sickle cell disease, or SCD, and the initiation of a comprehensive review of strategic alternatives intended to maximize stockholder value.

On May 28, 2026, we received meeting minutes from recent end-of-phase interactions with the U.S. Food and Drug Administration, or FDA, that reflected heightened FDA concerns regarding pociredir's benefit-risk profile in SCD. Following a review of that regulatory feedback and the totality of available data, we concluded that there was no viable regulatory path forward for the continued clinical development of pociredir, and on June 1, 2026 we announced the discontinuation of the pociredir program.

On May 31, 2026, our board of directors approved a restructuring plan to significantly reduce our operating expenses and preserve capital. The restructuring plan reduced our workforce by approximately 85%, from 57 to nine full-time employees, and was substantially completed during the second quarter of 2026. In connection with the restructuring, we have ceased our research and development activities, and we are seeking to exit our leased facility, including by marketing the space for sublease and exploring an early termination of the lease with our landlord.

We have also initiated a comprehensive review of strategic alternatives intended to maximize stockholder value, including, but not limited to, a merger, acquisition, business combination, sale or licensing of assets, or other strategic transaction involving the company or its assets. We have engaged Leerink Partners LLC as our financial advisor to assist our board of directors in this review. We have not set a timeline for the completion of this review, and there can be no assurance that the review will result in any transaction or other strategic outcome. If we are unable to identify and complete a strategic transaction, our board of directors may determine to pursue a dissolution and liquidation of the company.

We have incurred significant operating losses since our inception. Our net losses were $45.1 million and $35.0 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $639.3 million.

Following the discontinuation of pociredir and the restructuring, we have ceased our research and development activities and expect our operating expenses to decrease substantially in future periods. In the near term, however, we expect to incur restructuring charges, long-lived asset impairment charges, and professional and advisory fees and other costs in connection with our evaluation of strategic alternatives, a considerable portion of which will be incurred regardless of whether any particular transaction is completed.

As of June 30, 2026, we had $318.8 million in cash, cash equivalents, and marketable securities. We believe that our existing cash, cash equivalents, and marketable securities as of June 30, 2026 will enable us to fund our operating expenses and capital expenditure requirements for at least the next 12 months from the date of this Quarterly Report on Form 10-Q. See “—Liquidity and Capital Resources.”

Components of Results of Operations

Revenue

We have not generated any revenue from product sales. Following the discontinuation of our pociredir program, we do not expect to generate revenue from the sale of any products unless we resume our prior research and development activities.

We may generate revenue in the future from license or collaboration agreements, or from other transactions involving our product candidates, intellectual property or other assets, including in connection with our review of strategic alternatives. We cannot

17

predict if, when or to what extent we will generate any such revenue.

Operating Expenses

Research and Development Expenses

Research and development expenses represent costs incurred by us for the discovery, development, and manufacture of our product candidates and include:

•
external research and development expenses incurred under agreements with contract research organizations, contract manufacturing organizations, and consultants;

•
salaries, payroll taxes, employee benefits and stock-based compensation expenses for individuals involved in research and development efforts;

•
laboratory supplies;

•
costs related to compliance with regulatory requirements; and

•
facilities, depreciation and other allocated expenses, which include direct and allocated expenses for rent, maintenance of facilities, insurance and other operating costs.

We expense research and development costs as incurred. We recognize expenses for certain development activities, such as clinical trials and manufacturing, based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment or other information provided to us by our vendors. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of expenses incurred. Non-refundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. These amounts are recognized as an expense as the goods are delivered or the related services are performed, or until it is no longer expected that the goods will be delivered or the services rendered.

External costs represent a significant portion of our research and development expenses, which we track on a program-by-program basis following the nomination of a development candidate. Our internal research and development expenses consist primarily of personnel-related expenses, including stock-based compensation expense. We do not track our internal research and development expenses on a program-by-program basis as the resources are deployed across multiple projects.

The following table summarizes our external research and development expenses by program for the three and six months ended June 30, 2026 and 2025. Pre-development candidate expenses, unallocated expenses and internal research and development expenses are classified separately.

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","","Six Months Ended June 30,"],["(in thousands)","","2026","","","2025","","","2026","","","2025"],["Pociredir external expenses","","$","5,166","","","$","4,093","","","$","10,580","","","$","8,357"],["Losmapimod external expenses","","","\u2014","","","","(89",")","","","\u2014","","","","935"],["Pre-development candidate expenses and unallocated expenses","","","4,488","","","","5,620","","","","7,787","","","","9,673"],["Internal research and development expenses","","","2,790","","","","3,363","","","","8,161","","","","7,426"],["Total research and development expenses","","$","12,444","","","$","12,987","","","$","26,528","","","$","26,391"]]
[[/GREPCENT_TABLE]]

18

On June 1, 2026, we announced the discontinuation of our pociredir program. In connection with the related restructuring, we have ceased our research and development activities. As a result, we expect our research and development expenses to decline significantly in future periods.

General and Administrative Expenses

General and administrative expenses consist of personnel-related costs, including salaries, benefits and stock-based compensation expense, for our personnel in executive, finance and accounting, human resources, business operations and other administrative functions, legal fees related to patent, intellectual property and corporate matters, fees paid for accounting and tax services, consulting fees and facility-related costs not otherwise included in research and development expenses.

We expect general and administrative expenses to decrease in future periods as a result of the reduction in our workforce, offset in part by professional, legal, accounting and advisory fees that we are incurring, and expect to continue to incur, in connection with our evaluation of strategic alternatives and our continuing obligations as a public company.

Impairment of Long-Lived Assets

Impairment of long-lived assets consists of charges to write down the carrying value of our operating lease right-of-use asset, related leasehold improvements, and laboratory equipment to their estimated fair values. These charges were recognized in connection with the restructuring and the wind-down of our research and development operations, which reduced the recoverable value of these assets. We are marketing our leased facility for sublease and are exploring an early termination of the lease with our landlord.

Restructuring Expenses

Restructuring expenses consist of one-time employee termination benefits, including severance, employee benefits and related costs, recognized in connection with the restructuring plan approved by our board of directors on May 31, 2026.

Other Income, Net

Other income, net consists primarily of interest income related to our investments in cash equivalents and marketable securities.

Results of Operations

Comparison of the Three Months ended June 30, 2026 and 2025

The following summarizes our results of operations for the three months ended June 30, 2026 and 2025 along with the changes in those items in dollars:

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","","Change"],["(in thousands)","","2026","","","2025","","","$"],["Operating expenses:"],["Research and development","","","12,444","","","","12,987","","","","(543",")"],["General and administrative","","","7,462","","","","6,828","","","","634"],["Impairment of long-lived assets","","","5,086","","","","\u2014","","","","5,086"],["Restructuring expenses","","","4,318","","","","\u2014","","","","4,318"],["Total operating expenses","","","29,310","","","","19,815","","","","9,495"],["Loss from operations","","","(29,310",")","","","(19,815",")","","","(9,495",")"],["Other income, net","","","3,131","","","","2,519","","","","612"],["Net loss","","$","(26,179",")","","$","(17,296",")","","$","(8,883",")"]]
[[/GREPCENT_TABLE]]

19

Research and Development Expenses

The following table summarizes our research and development expenses for the three months ended June 30, 2026 and 2025:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1680581/000119312526065197/fulc-20251231.htm
Complete FY 2025 MD&A: /company/FULC/mda/fy2025/

Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-02-24
Report date: 2025-12-31

Overview

We are a clinical-stage biopharmaceutical company focused on developing small molecules to improve the lives of patients with genetically defined rare diseases in areas of high unmet medical need. Our lead product candidate, pociredir, is in clinical development for the potential treatment of SCD.

In February 2026, we announced updated 20 mg cohort results from the PIONEER trial as of the December 23, 2025 data cut off date showing:

•
Mean absolute HbF increased by 12.2% at 12 weeks of treatment with pociredir (vs. 8.6% at Week 12 in the 12 mg cohort), increasing from a baseline of 7.1% to 19.3%. Seven of 12 patients (58%) achieved absolute HbF levels ≥20% at Week 12, and all patients demonstrated a clinically relevant HbF increase. HbF levels of 20% are associated with ~90% of patients experiencing zero VOCs per year, based on real-world data that we presented at the 20th Annual Sickle Cell & Thalassemia Conference in October 2025.

•
The proportion of HbF-containing red blood cells, or F-cells, increased from a mean of 31% at baseline to 63% at Week 12 (n=10), indicating progression toward pan-cellular HbF induction (HbF distributed across a substantial proportion of RBCs). F-cells are more resistant to sickling and hemolysis because of HbF-mediated inhibition of HbS polymerization. Higher proportions of F-cells are associated with improved RBC health.

•
Mean changes in markers of hemolysis and erythropoiesis improved during the 12-week treatment period:

o
Indirect bilirubin decreased by 40% (vs. 37% at Week 12 in the 12 mg cohort)

o
Lactate dehydrogenase decreased by 34% (vs. 28% at Week 12 in the 12 mg cohort)

o
RBC distribution width decreased by 26% (vs. 27% at Week 12 in the 12 mg cohort)

o
Reticulocyte counts decreased by 42% (vs. 31% at Week 12 in the 12 mg cohort)

•
Mean hemoglobin increased by 1.1 g/dL at Week 12 (vs. 0.9 g/dL at Week 12 in the 12 mg cohort), increasing from a baseline of 7.3 g/dL to 8.4 g/dL.

•
Based on treating physician-documented medical records from the 6-12 months prior to enrollment, approximately 16 VOCs would have been expected during the 12-week treatment period. During the 12-week treatment period, six VOCs were reported. Seven of 12 patients (58%) reported no VOCs during the treatment period.

•
Through the completion of the 20 mg dose cohort, pociredir has been dosed in 148 adults, including 89 subjects in multiple dose cohorts up to 12 weeks.

o
103 healthy subjects, including 44 who received pociredir for 10 to 14 days treatment duration

o
45 SCD patients who received pociredir for up to 12 weeks treatment duration

•
The safety profile observed in the 20 mg dose cohort as of the December 23, 2025 data cut off date remained consistent with previously reported safety data. Pociredir was generally well-tolerated, with no treatment-related serious adverse events and no discontinuations due to treatment-related adverse events through the December 23, 2025 data cut off date.

We are currently activating sites in an open-label extension trial to evaluate longer-term safety and PD durability in patients who completed the PIONEER trial. We plan to provide details regarding the design of the next trial in the second quarter of 2026 following receipt of meeting minutes from our End-of-Phase meeting with the FDA. Pending feedback from the FDA, we plan to initiate a potential registration-enabling trial in the second half of 2026. We also plan to engage with the EMA in mid-2026 to obtain protocol assistance and feedback on the design of the next trial.

79

In addition to our product candidates, we developed a discovery approach that we employ to systematically identify and validate cellular drug targets that can potentially modulate gene expression to treat known root causes of genetically defined rare diseases. Our discovery approach led to the identification of pociredir for SCD, as well as other drug candidates. We are applying our discovery capabilities to explore additional mechanisms that may complement pociredir’s mechanism of action to induce HbF for the potential treatment of SCD. We also presented preclinical data for FTX-6274, an oral EED inhibitor candidate, at the European Society for Medical Oncology (ESMO) Congress 2025, demonstrating tumor growth inhibition in castration resistant prostate cancer models.

Based on results from IND-enabling studies, we have decided not to advance our program for bone marrow failure syndromes into clinical development and will focus our resources on advancing pociredir and our core benign hematology programs.

We have incurred significant operating losses since our inception and we expect to continue to incur significant operating losses for the foreseeable future. Our ability to generate product revenue sufficient to achieve profitability, if ever, will depend heavily on the successful development and eventual commercialization of one or more of our product candidates. Our net losses were $74.9 million and $9.7 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, we had an accumulated deficit of $594.3 million. We expect our expenses and operating losses will increase over the next several years in connection with our ongoing activities, as we:

•
continue our clinical development of pociredir and advance the program into a later stage trial;

•
continue our ongoing preclinical studies;

•
pursue the discovery of drug targets for other genetically-defined rare diseases and the subsequent development of any resulting product candidates;

•
seek regulatory approvals for any product candidates that successfully complete clinical trials;

•
scale up our manufacturing processes and capabilities, or arrange for a third party to do so on our behalf, to support our clinical trials of our product candidates and commercialization of any of our product candidates for which we obtain marketing approval;

•
establish a sales, marketing and distribution infrastructure to commercialize any products for which we may obtain regulatory approval and that we have not out-licensed;

•
acquire or in-license products, product candidates, technologies and/or data referencing rights, such as our agreement with CAMP4;

•
make any milestone payments to CAMP4 under our license agreement;

•
maintain, expand, enforce, defend and protect our intellectual property;

•
hire additional clinical, quality control and scientific personnel; and

•
add operational, financial and management information systems and personnel, including personnel to support our product development and planned future commercialization efforts and our operations as a public company.

As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and marketing, distribution or licensing arrangements. We may be unable to raise additional funds or enter into such other agreements or arrangements when needed on favorable terms, or at all. If we fail to raise capital or enter into such agreements as, and when, needed, we may have to significantly delay, scale back or discontinue the development and commercialization of one or more of our product candidates, or grant rights to develop and market our product candidates even if we would otherwise prefer to develop and market such product candidates ourselves.

Because of the numerous risks and uncertainties associated with drug development, we are unable to predict the timing or amount of increased expenses or the timing of when or if we will be able to achieve or maintain profitability. Even if we are able to generate product sales, we may not become profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations at planned levels and be forced to reduce or terminate our operations.

As of December 31, 2025, we had $352.3 million in cash, cash equivalents, and marketable securities. We believe that our existing cash, cash equivalents, and marketable securities as of December 31, 2025 will enable us to fund our operating expenses and capital expenditure requirements into 2029. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. See “—Liquidity and Capital Resources.”

80

Components of Results of Operations

Revenue

We have not generated any revenue from product sales and do not expect to generate revenue from the sale of products for several years, if at all. If our development efforts for our current or future product candidates are successful and result in marketing approval, we may generate revenue in the future from product sales. We cannot predict if, when or to what extent we will generate revenue from the commercialization and sale of our product candidates. We may never succeed in obtaining regulatory approval for any of our product candidates.

In May 2024, we entered into a collaboration and license agreement with Sanofi, pursuant to which we granted Sanofi an exclusive license under certain intellectual property rights to commercialize losmapimod, an oral small molecule that we were developing for the treatment of FSHD outside of the United States and received an upfront payment of $80.0 million.

During the year ended December 31, 2025, we recorded a $1.0 million reduction in research and development expenses in connection with global development activities for losmapimod. During the year ended December 31, 2025, we recognized no revenue associated with the Sanofi territory-specific manufacturing activities for losmapimod. As a result of the suspension of future development of losmapimod following our September 2024 announcement that there was no statistically significant difference between losmapimod and placebo on the primary endpoint in the Phase 3 REACH trial, Sanofi terminated the license. Accordingly, we will not recognize additional revenues under the Sanofi collaboration agreement.

In the future, we may enter into additional license or collaboration agreements for our product candidates or intellectual property, and we may generate revenue in the future from payments as a result of such license or collaboration agreements.

Operating Expenses

Research and Development Expenses

Research and development expenses represent costs incurred by us for the discovery, development, and manufacture of our product candidates and include:

•
external research and development expenses incurred under agreements with contract research organizations, contract manufacturing organizations, and consultants;

•
salaries, payroll taxes, employee benefits and stock-based compensation expenses for individuals involved in research and development efforts;

•
laboratory supplies;

•
costs related to compliance with regulatory requirements; and

•
facilities, depreciation and other allocated expenses, which include direct and allocated expenses for rent, maintenance of facilities, insurance and other operating costs.

We expense research and development costs as incurred. We recognize expenses for certain development activities, such as clinical trials and manufacturing, based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment or other information provided to us by our vendors. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of expenses incurred. Non-refundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. These amounts are recognized as an expense as the goods are delivere

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/FULC/mda/fy2025/
All MD&A years: /company/FULC/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/FULC/mda/fy2024/): filed 2025-02-25; accession 0000950170-25-026068 (https://www.sec.gov/Archives/edgar/data/1680581/000095017025026068/fulc-20241231.htm)
- [FY 2023 MD&A](/company/FULC/mda/fy2023/): filed 2024-02-27; accession 0000950170-24-021074 (https://www.sec.gov/Archives/edgar/data/1680581/000095017024021074/fulc-20231231.htm)
- [FY 2022 MD&A](/company/FULC/mda/fy2022/): filed 2023-03-09; accession 0000950170-23-006841 (https://www.sec.gov/Archives/edgar/data/1680581/000095017023006841/fulc-20221231.htm)
- [FY 2021 MD&A](/company/FULC/mda/fy2021/): filed 2022-03-03; accession 0000950170-22-002727 (https://www.sec.gov/Archives/edgar/data/1680581/000095017022002727/fulc-20211231.htm)


## FDA-approved drug applications

Applications listed under this company's exact-matched sponsor name. Approved applications only.

No resolved FDA applications were found for this company under the exact-unique, approved-only publish rule.

Sponsor as listed in Drugs@FDA at retrieval (2026-08-07); FDA sponsor listings can lag ownership transfers.

This list covers FDA applications whose listed sponsor name maps to this company by an exact-unique match; applications listed under sponsor names not mapped to this company (subsidiaries, name variants, joint ventures) are absent.


## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2834 Pharmaceutical Preparations) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/FULC.md · JSON record: /company/FULC.json · verified financials: /company/FULC/financials.json / /company/FULC/financials.csv · machine TOC for the whole site: /llms.txt