Fulcrum Therapeutics Reports No Collaboration Revenue and $17.3 Million Net Loss for Q2 2025

Fulcrum Therapeutics, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded no collaboration revenue during the quarter, a stark contrast to the $80 million recognized in the same period last year, primarily due to the termination of its collaboration agreement with Sanofi for the development of losmapimod. This led to a net loss of $17.3 million for the quarter, compared to a net income of $55.4 million in the prior year, resulting in a loss per share of $0.28, down from earnings of $0.89 per share.

Operating expenses for the quarter decreased to $19.8 million from $27.5 million a year earlier, driven by reduced research and development costs, which fell to $13.0 million from $17.3 million. This decline was attributed to decreased employee compensation costs due to workforce reductions and lower external research expenses following the suspension of the losmapimod program. General and administrative expenses also decreased to $6.8 million from $10.2 million, reflecting lower professional services and employee compensation costs.

As of June 30, 2025, Fulcrum's total assets stood at $228.8 million, down from $260.7 million at the end of 2024. The company reported cash and cash equivalents of $42.6 million, alongside marketable securities valued at $171.5 million. The accumulated deficit increased to $554.3 million, highlighting the ongoing financial challenges faced by the company as it continues to invest in its research and development pipeline.

In terms of operational developments, Fulcrum is focusing on its clinical-stage product candidate, pociredir, which is being developed for the treatment of sickle cell disease. The company has recently resumed its Phase 1b clinical trial after a temporary hold by the FDA. Preliminary results from the trial indicate promising increases in fetal hemoglobin levels among participants, with further data expected by the end of 2025. Fulcrum also plans to submit an Investigational New Drug (IND) application for Diamond-Blackfan Anemia (DBA) in the fourth quarter of 2025.

Looking ahead, Fulcrum anticipates continued operating losses as it advances its clinical programs and seeks regulatory approvals. The company expects to finance its operations through a combination of equity offerings, debt financings, and collaborations. Fulcrum's management believes that its current cash and marketable securities will be sufficient to fund operations into 2028, although they caution that this estimate is based on assumptions that may not hold true.