Fulcrum Therapeutics, Inc. (FULC) stock rallied today after the announcement of second-quarter 2021 financial results. FULC stock price saw an uptrend of 57.32% to reach $13.10 a share as of this writing. The stock was also gaining in the previous trade and went high by 2.84% at closing. Let’s discuss the financial results in detail.
Second Quarter 2021 Financial Results:
- Fulcrum stock reported $4.4 million in collaboration revenue for the second quarter of 2021. The previous year’s same quarter collaboration revenue was $2.0 million. The increase in collaboration revenue in the reported quarter is due to collaboration and license agreement with MyoKardia as well as with Acceleron.
- FULC stock suffered a net loss of $19.6 million in Q2,2021 as compared to a net loss of $15.7 million for the same tenure of the previous year.
- FULC stock reported that it has spent $17.4 million in research and development expenses in the second quarter of 2021. These are higher than $12.8 million research and development costs in Q2,2020 due to increased cost to support stock’s planned and ongoing clinical trials.
- FULC stock spent $6.7 million in general and administrative expenses in Q2,2021 as compared to $5.1 million in Q2,2020. The employee-related costs, stock-based compensation expenses and professional costs resulted in this increase.
- FULC stock had $125.6 million in cash and cash equivalents and marketable securities by the end of this quarter.
Developments of FULC stock:
- Fulcrum stock reported interim results of ongoing Phase 1 trial in healthy adult volunteers with FTX-6058. In the MAD portion, all FTX-6058 achieved maximal target engagement and were well tolerated with no adverse effects.
- FULC stock in June released the data of ReDUX4, a Phase 2b trial of losmapimod that showed slow disease progression and improved function in FSHD.
- FULC stock participated in the American Chemical Society (ACS) Spring 2021 National Meeting and presented FTX-6058 medicinal chemical strategy.
- Fulcrum stock advanced the strategic collaboration with the subsidiary of Bristol-Myers Squibb Company.e., Acceleron and MyoKardia
- Fulcrum stock appointed Mani Sundararajan, Ph.D. as Vice President, Technical Operations in July 2021.
- In May 2021 , FULC stock appointed Christopher J. Morabito, M.D as Chief Medical Officer.
- Judith A. Dunn, Ph.D. started to serve Fulcrum as President of Research and Development in April 2021.
Wrap Up:
Fulcrum stock has captivated the attention of investors after the release of second-quarter 2021 financial results. The stock is progressing well in terms of its ongoing study and can be a good bet for investors in the long run.
