Fulcrum Therapeutics, a clinical‑stage biopharmaceutical company focused on rare diseases, announced a $150 million underwritten public offering of its common stock, with a 30‑day option for underwriters to purchase an additional $22.5 million of shares. The offering is intended to fund research and development, clinical trials, and potential acquisitions, and to extend the company’s cash runway through 2028.
Fulcrum’s cash balance stood at $200.6 million as of September 30, 2025, down from $257.2 million at the end of the previous year and $241.0 million at the end of 2024. The net loss for the three months ended September 30, 2025 was $19.6 million, compared with a $21.7 million loss for the same period in 2024, indicating a modest improvement in operating performance.
The company’s lead program, pociredir, is an oral small‑molecule inhibitor of EED that increases fetal hemoglobin for sickle cell disease. Pociredir has received FDA Fast Track and Orphan Drug designations, and early Phase 1b data showed a significant rise in hemoglobin F levels at the 20 mg dose. CEO Alex C. Sapir highlighted the encouraging data, describing pociredir as a “best‑in‑class, once‑daily oral HbF inducer.”
By raising additional equity, Fulcrum aims to sustain the development of pociredir and other pipeline candidates while maintaining flexibility for strategic acquisitions. The offering reflects the company’s typical financing strategy for clinical‑stage biopharmaceuticals, which balances the need for capital with the goal of preserving long‑term growth prospects.
The $150 million raise, combined with the optional $22.5 million, will provide a substantial capital cushion, allowing Fulcrum to continue advancing its clinical programs without immediate reliance on debt or asset sales. The company’s strong cash position and disciplined loss trajectory suggest that the equity infusion will be used primarily to fund research milestones and to position the company for future regulatory milestones.
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