FULC
Fulcrum Therapeutics, Inc.
NasdaqGMUSDEQUITY
Healthcare
DELAYED
Sell
-38/100
Last price
3.69
▼ 0.02 (0.54%)
MARKET · —
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Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
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Tool
1D
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Open
—
Prev close
3.71
Day high
3.73
Day low
3.68
Volume
757.03K
Market cap
$281.54M
P/E (TTM)
—
52W range
2.83 – 15.74
Trailing performance
Returnvs SPY
1W
-0.27%
-2.2%
1M
-4.16%
-5.3%
3M
-1.07%
-5.6%
6M
-52.87%
-71.1%
YTD
-67.37%
-81.6%
1Y
-59.98%
-76.4%
3Y
-16.89%
-99.1%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
11 more panels on FULC open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
+399.56K
Net buying
Buy transactions
2
417.56K shares
Sell transactions
1
18.00K shares
Net transactions
+3
Buys less sells
Sell : buy shares
0.0 : 1
Mixed
Insider-held shares
2.55M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jul 17, 26 | TANG KEVIN C Beneficial Owner of more than 10% of a Class of Security |
BUY | 167.62K | $594.67K | Indirect |
| Jul 15, 26 | TANG KEVIN C Beneficial Owner of more than 10% of a Class of Security |
BUY | 249.95K | $891.07K | Indirect |
| Jun 26, 26 | EZEKOWITZ ALAN Director |
SELL | 18.00K | $65.61K | Direct |
| Feb 2, 26 | GOULD ROBERT J. Director |
SELL | 15.00K | $160.86K | Direct |
| Jan 2, 26 | GOULD ROBERT J. Director |
SELL | 15.00K | $178.09K | Direct |
| Jan 2, 26 | GOULD ROBERT J. Director |
SELL | 15.00K | $163.09K | Direct |
| Dec 15, 25 | OLTMANS CURTIS GALE Officer |
SELL | 3.45K | $44.60K | Direct |
| Dec 8, 25 | RA CAPITAL HEALTHCARE FUND,L.P. Beneficial Owner of more than 10% of a Class of Security |
SELL | 4.18M | $58.38M | Indirect |
| Nov 19, 25 | GOULD ROBERT J. Director |
SELL | 15.00K | $165.50K | Direct |
| May 8, 25 | TOURANGEAU GREG Officer |
SELL | 498 | $2.52K | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
EZEKOWITZ ALAN |
Director | 10.93K | Sale |
GOULD ROBERT J. |
Director | 454.86K | Sale |
OLTMANS CURTIS GALE |
Officer | 10.25K | Sale |
RA CAPITAL HEALTHCARE FUND,L.P. |
Beneficial Owner of more than 10% of a Class of Security | — | Sale |
TANG KEVIN C |
Beneficial Owner of more than 10% of a Class of Security | — | Purchase |
TOURANGEAU GREG |
Officer | 14.06K | Sale |
Fundamentals
Market cap$281.54M
Enterprise value$-32.03M
Revenue (TTM)—
Gross profit$-56.10M
EBITDA$-85.40M
Net income$-85.00M
EPS (TTM)$-1.21
Free cash flow$-37.37M
Total cash$318.84M
Total debt$5.28M
Book value / share$4.07
Shares outstanding76.30M
Float63.49M
Short % of float9.53%
Dividend yield0.00%
Beta (5Y)2.63
Valuation & profitability ratios
Trailing P/E—
Forward P/E-6.74
PEG ratio—
Price / sales—
Price / book0.91
EV / revenue—
EV / EBITDA0.38
Gross margin0.00%
Operating margin0.00%
Profit margin0.00%
Return on equity-32.38%
Return on assets-19.59%
Debt / equity1.70
Current ratio31.35
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $0 | $80.00M | $2.81M | $6.34M | -100.0% |
| Operating revenue | $0 | $80.00M | $2.81M | $6.34M | -100.0% |
| Research & development | $56.10M | $63.39M | $71.80M | $76.78M | -11.5% |
| Selling, general & admin | $28.67M | $36.45M | $41.67M | $41.69M | -21.4% |
| Total operating expense | $84.77M | $99.83M | $113.47M | $118.48M | -15.1% |
| Operating income | -$84.77M | -$19.83M | -$110.66M | -$112.13M | -327.4% |
| Pre-tax income | -$74.88M | -$9.72M | -$97.33M | -$109.87M | -670.0% |
| Net income | -$74.88M | -$9.72M | -$97.33M | -$109.87M | -670.0% |
| Net income to common | -$74.88M | -$9.72M | -$97.33M | -$109.87M | -670.0% |
| Basic EPS | -1.18 | -0.16 | -1.59 | -2.44 | -637.5% |
| Diluted EPS | -1.18 | -0.16 | -1.59 | -2.44 | -637.5% |
| EBIT | -$84.77M | -$19.83M | -$110.66M | -$112.13M | -327.4% |
| EBITDA | -$83.38M | -$18.24M | -$108.49M | -$109.72M | -357.1% |
| Basic shares | 63.35M | 61.98M | 61.31M | 44.99M | +2.2% |
| Diluted shares | 63.35M | 61.98M | 61.31M | 44.99M | +2.2% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $197.53M | $58.21M | $25.56M | $35.10M | — | +239.3% |
| Cash & short-term investments | $352.31M | $241.02M | $236.22M | $202.92M | — | +46.2% |
| Accounts receivable | — | — | — | $0 | $2.50M | — |
| Total current assets | $357.48M | $249.92M | $242.20M | $207.52M | — | +43.0% |
| Property, plant & equipment | $7.07M | $9.58M | $12.39M | $15.97M | — | -26.3% |
| Total assets | $366.28M | $260.72M | $257.69M | $226.69M | — | +40.5% |
| Total current liabilities | $13.05M | $11.04M | $13.68M | $16.73M | — | +18.1% |
| Total debt | $6.44M | $8.63M | $10.82M | $13.42M | — | -25.3% |
| Total liabilities | $17.28M | $17.68M | $22.50M | $27.74M | — | -2.3% |
| Retained earnings | -$594.28M | -$519.40M | -$509.67M | -$412.34M | — | -14.4% |
| Shareholder equity | $349.00M | $243.03M | $235.19M | $198.94M | — | +43.6% |
| Working capital | $344.43M | $238.88M | $228.52M | $190.79M | — | +44.2% |
| Net tangible assets | $349.00M | $243.03M | $235.19M | $198.94M | — | +43.6% |
| Shares issued | 66.58M | 53.97M | 61.92M | 52.10M | — | +23.4% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | -$74.88M | -$9.72M | -$97.33M | -$109.87M | -670.0% |
| Depreciation & amortisation | $1.39M | $1.59M | $2.17M | $2.41M | -12.7% |
| Stock-based compensation | $12.47M | $14.55M | $14.80M | $13.35M | -14.3% |
| Change in working capital | $3.91M | -$4.25M | -$4.61M | -$3.09M | +192.0% |
| Operating cash flow | -$60.06M | -$2.22M | -$90.97M | -$97.05M | -2,608.1% |
| Capital expenditure | -$314.00K | -$278.00K | -$508.00K | -$1.96M | -12.9% |
| Investing cash flow | $30.72M | $32.23M | -$36.69M | $12.41M | -4.7% |
| Financing cash flow | $168.67M | $2.75M | $118.12M | $84.32M | +6,042.3% |
| Free cash flow | -$60.38M | -$2.50M | -$91.47M | -$99.01M | -2,319.0% |
| End cash position | $198.73M | $59.41M | $26.66M | $36.19M | +234.5% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $0 | $0 | $0 | $0 | $0 | — |
| Operating revenue | $0 | $0 | $0 | $0 | $0 | — |
| Research & development | $12.44M | $14.08M | $15.42M | $14.30M | $12.99M | -11.6% |
| Selling, general & admin | $7.46M | $8.10M | $7.28M | $7.56M | $6.83M | -7.9% |
| Total operating expense | $19.91M | $22.19M | $22.69M | $21.86M | $19.82M | -10.3% |
| Operating income | -$19.91M | -$22.19M | -$22.69M | -$21.86M | -$19.82M | +10.3% |
| Pre-tax income | -$26.18M | -$18.89M | -$20.33M | -$19.59M | -$17.30M | -38.6% |
| Net income | -$26.18M | -$18.89M | -$20.33M | -$19.59M | -$17.30M | -38.6% |
| Net income to common | -$26.18M | -$18.89M | -$20.33M | -$19.59M | -$17.30M | -38.6% |
| Basic EPS | -0.34 | -0.25 | -0.31 | -0.31 | -0.28 | -36.0% |
| Diluted EPS | -0.34 | -0.25 | -0.31 | -0.31 | -0.28 | -36.0% |
| EBIT | -$19.91M | -$22.19M | -$22.69M | -$21.86M | -$19.82M | +10.3% |
| EBITDA | -$19.69M | -$21.85M | -$22.35M | -$21.51M | -$19.47M | +9.9% |
| Basic shares | 76.26M | 76.22M | 65.78M | 62.60M | 62.54M | +0.1% |
| Diluted shares | 76.26M | 76.22M | 65.78M | 62.60M | 62.54M | +0.1% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $48.47M | $50.26M | $197.53M | $47.08M | $42.59M | -3.6% |
| Cash & short-term investments | $318.84M | $333.32M | $352.31M | $200.65M | $214.11M | -4.3% |
| Total current assets | $322.85M | $338.67M | $357.48M | $205.86M | $219.37M | -4.7% |
| Property, plant & equipment | $0 | $6.35M | $7.07M | $7.79M | $8.25M | -100.0% |
| Total assets | $323.95M | $346.77M | $366.28M | $214.86M | $228.84M | -6.6% |
| Total current liabilities | $10.30M | $9.86M | $13.05M | $11.63M | $8.98M | +4.4% |
| Total debt | $5.28M | $5.87M | $6.44M | $7.01M | $7.57M | -10.0% |
| Total liabilities | $13.26M | $13.47M | $17.28M | $16.49M | $14.46M | -1.6% |
| Retained earnings | -$639.35M | -$613.17M | -$594.28M | -$573.94M | -$554.35M | -4.3% |
| Shareholder equity | $310.70M | $333.30M | $349.00M | $198.37M | $214.38M | -6.8% |
| Working capital | $312.55M | $328.81M | $344.43M | $194.23M | $210.39M | -4.9% |
| Net tangible assets | $310.70M | $333.30M | $349.00M | $198.37M | $214.38M | -6.8% |
| Shares issued | 76.29M | 66.61M | 66.58M | 54.11M | 54.09M | +14.5% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$26.18M | -$18.89M | -$20.33M | -$19.59M | -$17.30M | -38.6% |
| Depreciation & amortisation | $216.00K | $338.00K | $347.00K | $346.00K | $344.00K | -36.1% |
| Stock-based compensation | $3.27M | $3.86M | $3.07M | $3.36M | $2.88M | -15.3% |
| Change in working capital | $2.38M | -$3.29M | $506.00K | $2.29M | $1.34M | +172.3% |
| Operating cash flow | -$16.04M | -$18.75M | -$16.80M | -$14.19M | -$13.82M | +14.5% |
| Capital expenditure | -$108.00K | -$8.00K | -$159.00K | -$90.00K | — | -1,250.0% |
| Investing cash flow | $13.78M | -$128.21M | -$1.05M | $18.61M | $13.93M | +110.7% |
| Financing cash flow | $356.00K | -$312.00K | $168.30M | $64.00K | $301.00K | +214.1% |
| Free cash flow | -$16.15M | -$18.76M | -$16.96M | -$14.28M | -$13.88M | +13.9% |
| End cash position | $49.56M | $51.46M | $198.73M | $48.28M | $43.79M | -3.7% |
Options analytics
Put / call volume
0.50
Call-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
3.00
-18.7% from spot
ATM implied vol
12.5%
Nearest strike to spot
Skew (10% OTM)
-12.5%
Calls bid over puts
Call volume
10
Contracts, this expiry
Put volume
5
Contracts, this expiry
Heaviest call OI
3.00
0 contracts
Heaviest put OI
4.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.22 | -0.22 | +1.7% |
| Mar 2026 | -0.30 | -0.25 | +16.8% |
| Dec 2025 | -0.30 | -0.31 | -2.3% |
| Sep 2025 | -0.29 | -0.31 | -5.5% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | -0.11 | 2 | $0 | 0.0% |
| Next quarter | -0.07 | 2 | $0 | 0.0% |
| Current year | -0.66 | 3 | $0 | 0.0% |
| Next year | -0.55 | 6 | $0 | 0.0% |
Analyst targets & ownership
Mean target$3.67
High target$4.00
Low target$3.00
Implied upside-0.63%
Analyst count3
ConsensusNONE
Strong buy / Buy0 / 0
Hold4
Sell / Strong sell0 / 1
Held by insiders3.35%
Held by institutions102.96%
Institutions holding201
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
3.72
-0.87% from price
SMA 20
3.76
-1.86% from price
SMA 50
3.78
-2.41% from price
SMA 100
4.05
-8.92% from price
SMA 200
6.53
-43.45% from price
EMA 12
3.73
-0.99% from price
EMA 26
3.76
-1.85% from price
EMA 50
3.86
-4.51% from price
RSI (14)
38.8
Neutral
MACD (12,26,9)
-0.03
Hist -0.01
ATR (14)
0.07
1.80% of price
Realised vol 30D
9.3%
Annualised
Bollinger upper
3.86
20, 2σ
Bollinger lower
3.66
20, 2σ
50 / 200 cross
Death
3.78 vs 6.53
Trend bias
Below 200
-43.45%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.71
Less volatile than market
Correlation to SPY
0.10
Largely independent
Realised vol 30D
9.3%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-78.5%
Peak to trough
Max drawdown 5Y
-92.1%
Peak to trough
ATR 14
0.07
1.80% of price
Beta (reported)
2.63
5Y monthly, from filing
Short interest
Shares short
7.19M
Prior 6.66M
Change vs prior
+8.1%
Shorts adding
% of float
9.53%
Normal
% of shares out
9.43%
Against total outstanding
Days to cover
4.2
Liquid
Float
63.49M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Jun 3, 26 | JP Morgan | DOWNGRADE | Overweight | Underweight |
| Jun 2, 26 | Stifel | DOWNGRADE | Buy | Hold |
| Jun 2, 26 | Piper Sandler | DOWNGRADE | Overweight | Underweight |
| Jun 2, 26 | Truist Securities | DOWNGRADE | Buy | Hold |
| Jun 2, 26 | Leerink Partners | DOWNGRADE | Outperform | Market Perform |
| Jun 2, 26 | HC Wainwright & Co. | DOWNGRADE | Buy | Neutral |
| Jan 12, 26 | JP Morgan | INITIATED | — | Overweight |
| Dec 11, 25 | Truist Securities | MAINTAINED | Buy | Buy |
| Dec 9, 25 | B of A Securities | MAINTAINED | Underperform | Underperform |
| Dec 8, 25 | RBC Capital | MAINTAINED | Sector Perform | Sector Perform |
| Dec 8, 25 | Cantor Fitzgerald | MAINTAINED | Overweight | Overweight |
| Dec 8, 25 | Piper Sandler | MAINTAINED | Overweight | Overweight |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay date—
Last split—
Split date—
SEC filings
Offering Registrations
S-4 · 2026-09-02
Corporate Changes & Voting Matters
8-K · 2026-08-17
Corporate Changes & Voting Matters
8-K · 2026-08-10
Periodic Financial Reports
10-Q · 2026-07-30
Corporate Changes & Voting Matters
8-K · 2026-06-25
Corporate Changes & Voting Matters
8-K · 2026-06-11
Corporate Changes & Voting Matters
8-K · 2026-06-04
Corporate Changes & Voting Matters
8-K · 2026-06-01
Headlines
Slate Medicines Starts Migraine Treatment Study
Exec Edge · 40d ago
Fulcrum (FULC) is Allocating 95% of the Combined Company to Slate and PIPE Investors. Is the $270M Dividend Enough?
Insider Monkey · 43d ago
Fulcrum and Slate Medicines sign merger agreement
Hospital Management · 50d ago
Fulcrum and Slate Medicines sign merger agreement
Pharmaceutical Technology · 50d ago
Fulcrum Therapeutics & Slate Medicines Merge for Next-Generation Migraine Therapies
Exec Edge · 51d ago
Fulcrum Therapeutics Merges With Slate in $245M Migraine Biotech Deal
MarketBeat · 51d ago
Fulcrum Therapeutics, Slate Medicines to Combine in All-Stock Merger
MT Newswires · 51d ago
Fulcrum Therapeutics and Slate Medicines Announce Merger Agreement to Advance Next-Generation Migraine Therapies
GlobeNewswire · 51d ago
PRIVATE STRATEGY · BY QUALIFICATION
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