Fulcrum Therapeutics, Inc. priced an upsized public offering of 11,851,853 shares of common stock at $13.50 per share, generating $175.0 million in gross proceeds before underwriting discounts and commissions. The offering also includes pre‑funded warrants to purchase up to 1,111,193 shares at $13.499 per warrant, and grants underwriters a 30‑day option to purchase an additional 1,944,456 shares on the same terms. The transaction is expected to close on or about December 11, 2025.
The capital raise is intended to strengthen Fulcrum’s liquidity position, providing additional resources to fund ongoing clinical trials, regulatory submissions, and potential strategic acquisitions. By raising $175 million, the company extends its financial runway well into 2028, giving it the flexibility to pursue its pipeline without immediate debt pressure.
Prior to the upsized offering, Fulcrum had announced a proposed $150 million public offering on December 8, 2025. The upsizing reflects favorable market conditions and the company’s recent positive data from its lead program, pociredir, for sickle cell disease. The trial results contributed to a 12% increase in the company’s share price the day before the pricing announcement, and the stock has delivered a 260% return over the past year, trading near its 52‑week high of $15.74 on the day of the pricing.
Financially, Fulcrum reported a net loss of $19.6 million for Q3 2025, compared with a $21.7 million loss in Q3 2024, and a net loss of $17.3 million for Q2 2025 versus a $55.4 million net income in Q2 2024. The company’s most recent reporting period showed an EBITDA of –$80.09 million. Despite these losses, Fulcrum’s cash, cash equivalents, and marketable securities are sufficient to fund its operating requirements through 2028, a fact underscored by the recent capital raise.
CEO Alex C. Sapir emphasized the significance of the funding for the company’s pipeline, stating, “We are extremely pleased with the compelling data from the 12 mg dose cohort of the PIONEER trial, which demonstrates that pociredir has the potential to meaningfully improve outcomes for people living with sickle cell disease.” He added that the data “could transform the standard of care with a once‑daily oral treatment option.”
Investors weighed the dilutive effect of the new share issuance against the long‑term benefits of the capital raise. While the immediate dilution is a concern, the infusion of capital is expected to support the company’s clinical development and strategic growth initiatives, reinforcing its position in the rare‑disease therapeutic space.
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