Fulcrum Therapeutics Posts $18.9M Net Loss in Q1 2026 as Operating Costs Rise

Fulcrum Therapeutics Inc., a clinical-stage biopharmaceutical company, reported a net loss of $18.9 million for the three months ending March 31, 2026, widening 7% from the $17.7 million loss posted in the same quarter of 2025. The company reported no revenue for the period. Read more earnings reports.

Operating expenses for the quarter totaled $22.2 million, up from $20.4 million in the first quarter of 2025. Research and development costs rose to $14.1 million from $13.4 million year-over-year, while other operating expenses increased to $5.4 million from $4.3 million.

Cash and cash equivalents stood at $50.3 million as of March 31, 2026, down sharply from $197.5 million at the end of December 2025. The company used $18.8 million in cash from operations during the quarter, compared to $15.3 million in the year-earlier period. Cash from investing activities showed an outflow of $128.2 million, primarily driven by changes in investment holdings.

Total assets declined to $346.8 million from $366.3 million at year-end 2025. Current assets fell to $338.7 million from $357.5 million over the same period. Total liabilities decreased to $13.5 million from $17.3 million, while stockholders' equity stood at $333.3 million compared to $349.0 million at December 31, 2025.

The company reported a loss per share of $0.25 for the quarter, an improvement from the $0.28 loss per share in the first quarter of 2025. Weighted average shares outstanding increased to 76.2 million from 62.5 million year-over-year.