Fulcrum Therapeutics, Inc. (FULC) Balance Sheet
FULC balance sheet, 2025
December 31, 2025 · U.S. dollars$366.3M assets = $17.3M liabilities + $349.0M equity
Both columns are drawn to the same scale: what FULC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FULC financial health
Descriptive bands, not a rating. Fiscal 2025.
FULC balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.3M2017 | $366.3M2025 | +74.1%/yr | |
| Total liabilities | $3.0M2017 | $17.3M2025 | +24.4%/yr | |
| Shareholders’ equity | $1.3M2017 | $349.0M2025 | +100.8%/yr | |
| Cash & short-term investments | $407,0002017 | $352.3M2025 | +132.9%/yr | |
| Total debt | $34.6M2017 | $6.4M2025 | −18.9%/yr | |
| Net cash (debt) | −$34.2M2017 | $345.9M2025 | +$380.0M | |
| Working capital | −$1.4M2017 | $344.4M2025 | +$345.9M | |
| Book value per share | $0.082017 | $5.512025 | +70.3%/yr | |
| Debt / equity | 26.162017 | 0.022025 | −26.14 | |
| Shares outstanding | 16.9M2017 | 63.4M2025 | +17.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FULC assets
FULC liabilities and equity
FULC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FULC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $352.3M | $241.0M | $236.2M | $202.9M | $218.2M | $112.9M | $96.7M | $72.8M | $407,000 |
| Cash & equivalents | $197.5M | $58.2M | $25.6M | $35.1M | $35.4M | $57.1M | $96.7M | $72.8M | $407,000 |
| Short-term investments | $154.8M | $182.8M | $210.7M | $167.8M | $182.8M | $55.9M | — | $0 | $0 |
| Receivables | $1.1M | $3.3M | $2.2M | $1.1M | $4.1M | $2.7M | $111,000 | $501,000 | $39,000 |
| Inventory | $0 | $0 | $0 | −$473,000 | −$473,000 | −$2.8M | $3.0M | $559,000 | $734,000 |
| Other current assets | $4.1M | $5.6M | $3.7M | $4.0M | $4.2M | $74,000 | $284,000 | $238,000 | $158,000 |
| Total current assets | $357.5M | $249.9M | $242.2M | $207.5M | $226.0M | $112.9M | $100.1M | $74.1M | $1.3M |
| Property, plant & equipment (net) | $7.1M | $9.6M | $12.4M | $16.0M | $7.4M | $8.4M | $87.9M | $10.5M | $2.9M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.7M | $1.2M | $3.1M | $3.2M | $1.6M | $8.3M | $0 | $1.1M | $60,000 |
| Total assets | $366.3M | $260.7M | $257.7M | $226.7M | $235.0M | $129.6M | $110.4M | $85.8M | $4.3M |
| Liabilities | |||||||||
| Accounts payable | $1.6M | $1.2M | $2.8M | $3.6M | $4.8M | $4.1M | $2.2M | $1.3M | $1.7M |
| Short-term debt | $2.4M | $2.2M | $2.2M | $2.6M | $9.6M | $17,000 | $50,000 | $46,000 | $0 |
| Deferred revenue | — | — | $1.4M | $934,000 | $4.7M | $14.9M | $4.0M | $2.8M | — |
| Total current liabilities | $13.0M | $11.0M | $13.7M | $16.7M | $19.2M | $26.7M | $12.1M | $4.2M | $2.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $6.4M | $8.6M | $10.8M | $13.4M | $0 | $17,000 | $50,000 | $46,000 | $0 |
| Other long-term liabilities | $4.2M | $6.6M | $8.8M | $11.0M | $4.3M | $7.7M | $11.1M | $5.5M | $233,000 |
| Total liabilities | $17.3M | $17.7M | $22.5M | $27.7M | $23.5M | $34.4M | $23.3M | $9.8M | $3.0M |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $67,000 | $54,000 | $62,000 | $52,000 | $41,000 | $28,000 | $23,000 | $16,000 | $1,000 |
| Retained earnings (deficit) | −$594.3M | −$519.4M | −$509.7M | −$412.3M | −$302.5M | −$221.6M | −$150.8M | −$68.1M | −$35.5M |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $174,000 | $130,000 | −$136,000 | −$797,000 | −$397,000 | −$2,000 | −$110.4M | −$2.0M | −$893,000 |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $349.0M | $243.0M | $235.2M | $198.9M | $211.5M | $95.2M | $87.2M | $76.0M | $1.3M |
| Key figures | |||||||||
| Total debt | $6.4M | $8.6M | $10.8M | $13.4M | $469,000 | $17,000 | $50,000 | $46,000 | $34.6M |
| Net cash (debt) | $345.9M | $232.4M | $225.4M | $189.5M | $217.7M | $112.9M | $96.7M | $72.8M | −$34.2M |
| Working capital | $344.4M | $238.9M | $228.5M | $190.8M | $206.8M | $86.2M | $87.9M | $69.9M | −$1.4M |
| Tangible book value | $349.0M | $243.0M | $235.2M | $198.9M | $211.5M | $95.2M | $87.2M | $76.0M | $1.3M |
| Book value per share | $5.51 | $3.92 | $3.84 | $4.42 | $5.98 | $3.75 | $3.85 | $4.49 | $0.08 |
| Shares outstanding | 63.4M | 62.0M | 61.3M | 45.0M | 35.4M | 25.4M | 22.7M | 16.9M | 16.9M |
| Current ratio | 27.40 | 22.63 | 17.71 | 12.41 | 11.77 | 4.23 | 8.24 | 17.52 | 0.48 |
| Quick ratio | 27.08 | 22.13 | 17.44 | 12.20 | 11.58 | 4.33 | 7.98 | 17.33 | 0.16 |
| Debt / equity | 0.02 | 0.04 | 0.05 | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 | 26.16 |
| Equity / assets | 95.3% | 93.2% | 91.3% | 87.8% | 90.0% | 73.5% | 78.9% | 88.6% | 30.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $318.8M | $333.3M | $352.3M | $200.6M | $214.1M | $226.6M | $241.0M | $257.2M | $273.8M | $213.3M | $236.2M | $257.1M |
| Cash & equivalents | $48.5M | $50.3M | $197.5M | $47.1M | $42.6M | $42.2M | $58.2M | $72.6M | $86.7M | $39.9M | $25.6M | $30.1M |
| Short-term investments | $270.4M | $283.1M | $154.8M | $153.6M | $171.5M | $184.4M | $182.8M | $184.6M | $187.1M | $173.4M | $210.7M | $227.0M |
| Receivables | $2.0M | $1.8M | $1.1M | $934,000 | $1.3M | $2.5M | $3.3M | $3.7M | $3.5M | $1.1M | $2.2M | $1.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$1.1M |
| Other current assets | $2.0M | $3.6M | $4.1M | $4.3M | $3.9M | $3.4M | $5.6M | $6.6M | $3.0M | $3.6M | $3.7M | $4.8M |
| Total current assets | $322.9M | $338.7M | $357.5M | $205.9M | $219.4M | $232.6M | $249.9M | $267.5M | $280.3M | $218.0M | $242.2M | $262.5M |
| Property, plant & equipment (net) | $0 | $6.4M | $7.1M | $7.8M | $8.2M | $8.9M | $9.6M | $10.2M | $10.8M | $11.4M | $12.4M | $13.3M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.1M | $1.7M | $1.7M | $1.2M | $1.2M | $1.2M | $1.2M | $1.3M | $3.2M | $3.2M | $3.1M | $3.1M |
| Total assets | $324.0M | $346.8M | $366.3M | $214.9M | $228.8M | $242.6M | $260.7M | $279.0M | $294.3M | $232.6M | $257.7M | $278.9M |
| Liabilities | ||||||||||||
| Accounts payable | $3.4M | $2.5M | $1.6M | $2.9M | $1.8M | $1.5M | $1.2M | $4.0M | $3.6M | $3.9M | $2.8M | $3.6M |
| Short-term debt | $2.5M | $2.5M | $2.4M | $2.3M | $2.3M | $2.2M | $2.2M | $2.1M | $2.1M | $2.0M | $2.2M | $2.4M |
| Deferred revenue | — | — | — | — | — | — | — | — | $1 | −$2.0M | — | $334,000 |
| Total current liabilities | $10.3M | $9.9M | $13.0M | $11.6M | $9.0M | $8.1M | $11.0M | $14.5M | $12.7M | $10.7M | $13.7M | $14.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $5.3M | $5.9M | $6.4M | $7.0M | $7.6M | $8.1M | $8.6M | $9.1M | $9.7M | $10.1M | $10.8M | $11.5M |
| Other long-term liabilities | $3.0M | $3.6M | $4.2M | $4.9M | $5.5M | $6.1M | $6.6M | $7.2M | $7.8M | $8.3M | $8.8M | $9.3M |
| Total liabilities | $13.3M | $13.5M | $17.3M | $16.5M | $14.5M | $14.2M | $17.7M | $21.7M | $20.5M | $19.0M | $22.5M | $23.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $76,000 | $67,000 | $67,000 | $54,000 | $54,000 | $54,000 | $54,000 | $54,000 | $62,000 | $62,000 | $62,000 | $62,000 |
| Retained earnings (deficit) | −$639.3M | −$613.2M | −$594.3M | −$573.9M | −$554.3M | −$537.1M | −$519.4M | −$502.8M | −$481.1M | −$536.5M | −$509.7M | −$484.9M |
| Accumulated other comprehensive income | −$567,000 | −$513,000 | $174,000 | $241,000 | $82,000 | $70,000 | $130,000 | $379,000 | −$366,000 | −$434,000 | −$136,000 | −$886,000 |
| Total shareholders' equity | $310.7M | $333.3M | $349.0M | $198.4M | $214.4M | $228.5M | $243.0M | $257.3M | $273.8M | $213.6M | $235.2M | $255.5M |
| Key figures | ||||||||||||
| Total debt | $5.3M | $5.9M | $6.4M | $7.0M | $7.6M | $8.1M | $8.6M | $9.1M | $9.7M | $10.1M | $10.8M | $11.5M |
| Net cash (debt) | $313.6M | $327.4M | $345.9M | $193.6M | $206.5M | $218.5M | $232.4M | $248.1M | $264.1M | $203.2M | $225.4M | $245.6M |
| Working capital | $312.6M | $328.8M | $344.4M | $194.2M | $210.4M | $224.5M | $238.9M | $253.0M | $267.6M | $207.3M | $228.5M | $248.4M |
| Tangible book value | $310.7M | $333.3M | $349.0M | $198.4M | $214.4M | $228.5M | $243.0M | $257.3M | $273.8M | $213.6M | $235.2M | $255.5M |
| Book value per share | $4.07 | $4.37 | $5.51 | $3.17 | $3.43 | $3.66 | $4.50 | $4.12 | $4.31 | $3.45 | $3.80 | $4.13 |
| Shares outstanding | 76.3M | 76.2M | 63.4M | 62.6M | 62.5M | 62.5M | 54.0M | 62.4M | 63.6M | 62.0M | 61.9M | 61.8M |
| Current ratio | 31.35 | 34.33 | 27.40 | 17.70 | 24.42 | 28.71 | 22.63 | 18.44 | 22.07 | 20.38 | 17.71 | 18.65 |
| Quick ratio | 31.16 | 33.97 | 27.08 | 17.33 | 23.98 | 28.29 | 22.13 | 17.98 | 21.84 | 20.05 | 17.44 | 18.39 |
| Debt / equity | 0.02 | 0.02 | 0.02 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 |
| Equity / assets | 95.9% | 96.1% | 95.3% | 92.3% | 93.7% | 94.2% | 93.2% | 92.2% | 93.0% | 91.8% | 91.3% | 91.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
FULC financial position
At the end of fiscal 2025 (December 31, 2025), Fulcrum Therapeutics had total assets of $366.3 million (up 40.5% from a year earlier), total liabilities of $17.3 million and shareholders' equity of $349.0 million. It held $352.3 million in cash and short-term investments against $6.4 million of debt, a net cash position of $345.9 million. Its current ratio was 27.40. In the latest quarter (ended June 30, 2026) total assets were $324.0 million and equity $310.7 million.
Related: FULC income statement, FULC cash flow statement, FULC key metrics. See the FULC stock overview for the latest quote and news.
FULC balance sheet FAQ
What are Fulcrum Therapeutics's total assets?
Fulcrum Therapeutics reported total assets of $366.3 million at the end of fiscal 2025 (December 31, 2025), compared with $260.7 million a year earlier.
How much debt does Fulcrum Therapeutics have?
Fulcrum Therapeutics had $6.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.02.
How much cash does Fulcrum Therapeutics have?
Fulcrum Therapeutics held $352.3 million in cash and short-term investments at the end of fiscal 2025; with $6.4 million of debt that is net cash of $345.9 million.
What is Fulcrum Therapeutics's book value?
Fulcrum Therapeutics's shareholders' equity (book value) was $349.0 million at the end of fiscal 2025, or $5.51 per share.
What is Fulcrum Therapeutics's current ratio?
Fulcrum Therapeutics had current assets of $357.5 million and current liabilities of $13.0 million, a current ratio of 27.40 (it can cover its short-term obligations).