{"url_path":"/sec/fulc/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-04-27","source_url":"https://www.sec.gov/Archives/edgar/data/1680581/0001193125-26-178814-index.html","accession_number":"0001193125-26-178814","cik":"0001680581","ticker":"FULC","issuer_name":"Fulcrum Therapeutics, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1680581/0001193125-26-178814-index.html","primary_entity_key":"0001680581","primary_entity_name":"Fulcrum Therapeutics, 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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n(Mark One)\n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nor\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from to\n\nCommission File Number: 001-38978\n\n \n\nFULCRUM THERAPEUTICS, INC.\n\n(Exact name of registrant as specified in its charter)\n\n \n\n \n\nDelaware\n\n47-4839948\n\n(State or other jurisdiction of incorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n26 Landsdowne Street\nCambridge, Massachusetts\n\n02139\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n \n\n(617) 651-8851\n\n(Registrant’s telephone number, including area code)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\n \n\nTrading Symbol(s)\n\n \n\nName of each exchange on which registered\n\nCommon stock, par value $0.001 per share\n\n \n\nFULC\n\n \n\nThe Nasdaq Global Market\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\n \n\n \n\n \n\n \n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEmerging growth company\n\n \n\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nAs of April 20, 2026, the registrant had 66,633,321 shares of common stock, $0.001 par value per share, outstanding.\n\n \n\n \n\n \n\n \n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\n \n\nThis Quarterly Report on Form 10-Q contains forward-looking statements, which reflect our current views with respect to, among other things, our operations and financial performance. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and the negative version of these words and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words and include, among other statements, express or implied statements regarding:\n\n \n\n•\nour clinical development of pociredir, including interactions with regulatory authorities and future clinical trials;\n\n•\nthe timing of and our ability to submit applications for, and obtain and maintain regulatory approvals for pociredir and any other product candidates;\n\n•\nour expectations regarding our ability to fund our operating expenses and capital expenditure requirements with our cash, cash equivalents, and marketable securities;\n\n•\nthe initiation, timing, progress and results of our current and future preclinical studies and clinical trials (including planned investigational new drug, or IND, application filings) and our research and development programs;\n\n•\nour plans to develop and, if approved, subsequently commercialize pociredir and any other product candidates, including in combination with other drugs and therapies;\n\n•\nthe potential advantages of our product candidates;\n\n•\nthe rate and degree of market acceptance and clinical utility of our products, if approved;\n\n•\nour estimates regarding the potential market opportunity for our product candidates;\n\n•\nour commercialization, marketing and manufacturing capabilities and strategy;\n\n•\nthe initiation, timing, progress and results of our drug target discovery screening programs;\n\n•\nour intellectual property position;\n\n•\nour ability to identify, in-license, acquire or develop additional products, product candidates or technologies with significant commercial potential that are consistent with our commercial objectives (particularly in light of our recent termination of our license agreement with CAMP4 Therapeutics Corp., or CAMP4);\n\n•\nour estimates regarding expenses, future revenue, timing of any future revenue, capital requirements and needs for additional financing;\n\n•\nour cash runway;\n\n•\nthe impact of government laws and regulations, including uncertainty resulting from changes in the administration, shifts in government policy and the evolving regulatory environment;\n\n•\nour competitive position;\n\n•\ndevelopments relating to our competitors and our industry;\n\n•\nour ability to maintain and establish collaborations, license agreements or obtain additional funding; and\n\n•\nthe impact of global pandemics or other geopolitical events or prolonged government shutdowns on our business and operations, including our clinical trials and development plans, as well as our future financial results.\n\ni\n\n \n\nWe may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Such forward looking statements are subject to various risks and uncertainties. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this Quarterly Report on Form 10-Q, particularly in the “Risk Factors” and “Management’s Discussion and Analysis of Results of Operations” sections, that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, collaborations, joint ventures or investments we may make or enter into.\n\nYou should read this Quarterly Report on Form 10-Q and the documents that we have filed as exhibits to this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. The forward-looking statements contained in this Quarterly Report on Form 10-Q are made as of the date of this Quarterly Report on Form 10-Q, and we do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.\n\nSUMMARY RISK FACTORS\n\nOur business is subject to a number of risks that if realized could materially affect our business, financial condition, results of operations, cash flows and access to liquidity. These risks are discussed more fully in the “Risk Factors” section of this Quarterly Report on Form 10-Q. Our principal risks include the following:\n\n•\nWe have incurred significant losses since our inception. Our net loss was $74.9 million for the year ended December 31, 2025. Our net loss was $18.9 million for the three months ended March 31, 2026. We expect to incur losses over the next several years and may never achieve or maintain profitability. As of March 31, 2026, we had an accumulated deficit of $613.2 million.\n\n•\nWe will need substantial additional funding. If we are unable to raise capital when needed, we could be forced to delay, reduce or eliminate our product development programs or commercialization efforts. We expect to devote substantial financial resources to our ongoing and planned activities, particularly as we continue our clinical trial of pociredir and continue research and development and initiate additional clinical trials of, and seek regulatory approval for, pociredir and other product candidates.\n\n•\nWe are early in our development efforts, and we only have one product candidate in clinical trials. If we are unable to complete clinical development of and commercialize our product candidates or experience significant delays in doing so, our business will be materially harmed.\n\n•\nClinical drug development involves a lengthy and expensive process, with an uncertain outcome. The results of preclinical studies and early clinical trials may not be predictive of future results. We may incur additional costs or experience further delays in completing, or ultimately be unable to complete, the development and commercialization of our product candidates.\n\n•\nBecause we are developing some of our product candidates for the treatment of diseases in which there is limited clinical experience and, in some cases, using new endpoints or methodologies, the U.S. Food and Drug Administration, or FDA, or other regulatory authorities may not consider the endpoints of our clinical trials to predict or provide clinically meaningful results.\n\n•\nIf serious adverse events or unacceptable side effects are identified during the development of our product candidates, including others’ product candidates in the same class of drugs, we may need to abandon or limit our development of some of our product candidates.\n\n•\nWe may not be successful in our efforts to use our discovery approach to build a pipeline of product candidates, or to in-license or acquire additional product candidates.\n\n•\nWe face substantial competition, which may result in others discovering, developing or commercializing products before or more successfully than we do.\n\n•\nWe rely, and expect to continue to rely, on contract manufacturing organizations, or CMOs, to manufacture our product candidates. If we are unable to enter into such arrangements as expected or if such organizations do not meet our supply requirements, development and/or commercialization of our product candidates may be delayed.\n\nii\n\n \n\n•\nWe rely, and expect to continue to rely, on third parties to conduct our clinical trials, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials, which may harm our business.\n\n•\nWe have entered into, and may in the future enter into, collaborations and license agreements with third parties for the discovery, development or commercialization of product candidates. If our collaborations are not successful or we are not able to develop product candidates that we license-in, we may not be able to capitalize on the market potential of these product candidates and our business could be adversely affected.\n\n•\nIf we are unable to obtain, maintain, enforce and protect patent protection for our technology and product candidates or if the scope of the patent protection obtained is not sufficiently broad, our competitors could develop and commercialize technology and products similar or identical to ours, and our ability to successfully develop and commercialize our technology and product candidates may be adversely affected.\n\n•\nIf we fail to comply with our obligations in our intellectual property licenses and funding arrangements with third parties, or otherwise experience disruptions to our business relationships with our licensors, we could lose intellectual property rights that are important to our business.\n\n•\nOur business was negatively impacted by the COVID-19 pandemic and may in the future be impacted by any future pandemics, as well as other geopolitical events that can impact our clinical trials or the supply chain, both ex-U.S. and domestically, or changes in U.S. economic policy announced by the current administration. These events may adversely impact the U.S. economy and/or economies worldwide, which could result in adverse effects on our business and operations.\n\niii\n\n \n\nTable of Contents\n\n \n\nPage\n\nPART I.\n\n[FINANCIAL INFORMATION](#part_ifinancial_information)\n\n1"}