Fulcrum Therapeutics, Inc. reported a net loss of $17.7 million for the first quarter of 2025, a significant improvement compared to a net loss of $26.9 million during the same period in 2024. The company's total operating expenses decreased to $20.4 million from $29.8 million year-over-year, primarily due to reduced research and development costs, which fell from $19.8 million to $13.4 million. This reduction was attributed to the suspension of the losmapimod program and a decrease in employee compensation costs resulting from a workforce reduction.
As of March 31, 2025, Fulcrum's total assets amounted to $242.6 million, down from $260.7 million at the end of 2024. The decrease in assets was driven by a decline in cash and cash equivalents, which fell to $42.2 million from $58.2 million. The company’s accumulated deficit increased to $537.1 million, reflecting ongoing operational losses. Fulcrum's cash, cash equivalents, and marketable securities totaled $226.6 million, which management believes will be sufficient to fund operations into at least 2027.
In terms of strategic developments, Fulcrum entered into a collaboration and license agreement with Sanofi in May 2024, granting Sanofi rights to commercialize losmapimod outside the U.S. However, following disappointing trial results, Sanofi terminated the agreement in April 2025, which will impact future revenue expectations. The company also continues to advance its clinical-stage product candidate, pociredir, for the treatment of sickle cell disease, with plans to submit an Investigational New Drug (IND) application for Diamond-Blackfan anemia by late 2025.
Operationally, Fulcrum's workforce has been reduced from 80 to 51 employees as part of a restructuring plan aimed at prioritizing research and development activities. The company reported a decrease in external research and development expenses, which fell to $7.3 million from $12.2 million, reflecting the suspension of certain programs. Fulcrum's management anticipates that expenses will continue to rise as the company advances its clinical trials and seeks regulatory approvals for its product candidates. The outlook remains cautious, with the need for substantial additional funding to support ongoing operations and development efforts.
About Fulcrum Therapeutics, Inc.
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