Estados financieros detallados de Fulcrum Therapeutics, Inc. (FULC): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 0.0%, margen operativo 0.0%, margen neto 0.0%.
Al precio actual de $3.79, FULC presenta beneficios negativos (P/E no significativo) y un ROE del -28.54%. La capitalización bursátil es de $289M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | $8.8M | $19.2M | $6.3M | $2.8M | $80.0M | 0 |
| Coste de Ventas | $715000 | $1.3M | $2.1M | $59.0M | $69.7M | $76.8M | $71.8M | $63.4M | $1.4M |
| Beneficio Bruto | -$715000 | -$1.3M | -$2.1M | -$50.2M | -$50.5M | -$70.4M | -$69.0M | $16.6M | -$1.4M |
| I+D | $18.5M | $25.2M | $43.4M | $59.0M | $69.7M | $76.8M | $71.8M | $63.4M | $56.1M |
| Generales y Administrativos | $4.5M | $8.3M | $13.1M | $21.4M | $30.5M | $41.7M | $41.7M | $36.4M | $28.7M |
| Gastos Operativos | $23.0M | $33.5M | $56.6M | $21.4M | $30.5M | $42.1M | $41.7M | $38.5M | $83.4M |
| Beneficio Operativo | -$23.0M | -$33.5M | -$58.6M | -$71.6M | -$81.1M | -$112.6M | -$110.7M | -$21.9M | -$84.8M |
| EBITDA | -$22.3M | -$32.2M | -$80.6M | -$69.2M | -$78.3M | -$109.7M | -$95.2M | -$18.2M | -$73.5M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$23.0M | -$32.6M | -$82.7M | -$70.8M | -$80.8M | -$109.9M | -$97.3M | -$9.7M | -$74.9M |
| Impuestos | -$1000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$23.0M | -$32.6M | -$82.7M | -$70.8M | -$80.8M | -$109.9M | -$97.3M | -$9.7M | -$74.9M |
| BPA | $-1.36 | $-1.92 | $-3.49 | $-2.70 | $-2.22 | $-2.35 | $-1.59 | $-0.16 | $-1.18 |
| BPA Diluido | $-1.36 | $-1.92 | $-3.49 | $-2.70 | $-2.22 | $-2.35 | $-1.59 | $-0.16 | $-1.18 |
| Acciones en Circulación (Diluidas) | $16.9M | $16.9M | $22.7M | $25.4M | $35.4M | $45.0M | $61.3M | $62.0M | $63.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | -$14.3M | $300000 | -$338000 | -$216000 |
| Beneficio Operativo | -$21.9M | -$22.7M | -$22.2M | -$19.9M |
| EBITDA | -$19.2M | -$20.0M | -$18.6M | -$19.7M |
| Beneficio Neto | -$19.6M | -$20.3M | -$18.9M | -$26.2M |
| BPA | $-0.31 | $-0.31 | $-0.25 | $-0.34 |
| BPA Diluido | $-0.31 | $-0.31 | $-0.25 | $-0.34 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $407000 | $72.8M | $96.7M | $57.1M | $35.4M | $35.1M | $25.6M | $58.2M | $197.5M |
| Inversiones a Corto | 0 | 0 | 0 | $55.9M | $182.8M | $167.8M | $210.7M | $182.8M | $154.8M |
| Cuentas por Cobrar | $39000 | $501000 | $111000 | $2.7M | $4.1M | $1.1M | $2.2M | $3.3M | $1.1M |
| Inventario | $734000 | $559000 | $3.0M | -$2.8M | -$473000 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $1.3M | $74.1M | $100.1M | $112.9M | $226.0M | $207.5M | $242.2M | $249.9M | $357.5M |
| Inmovilizado Material | $2.9M | $10.5M | $87.9M | $8.4M | $7.4M | $16.0M | $12.4M | $9.6M | $7.1M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $4.3M | $85.8M | $110.4M | $129.6M | $235.0M | $226.7M | $257.7M | $260.7M | $366.3M |
| Cuentas por Pagar | $1.7M | $1.3M | $2.2M | $4.1M | $4.8M | $3.6M | $2.8M | $1.2M | $1.6M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | $2.6M | 0 | 0 | 0 |
| Pasivos Corrientes | $2.8M | $4.2M | $12.1M | $26.7M | $19.2M | $16.7M | $13.7M | $11.0M | $13.0M |
| Deuda a Largo | $34.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $4.0M |
| Pasivos Totales | $3.0M | $9.8M | $23.3M | $34.4M | $23.5M | $27.7M | $22.5M | $17.7M | $17.3M |
| Reservas | -$35.5M | -$68.1M | -$150.8M | -$221.6M | -$302.5M | -$412.3M | -$509.7M | -$519.4M | -$594.3M |
| Patrimonio Neto | $1.3M | $76.0M | $87.2M | $95.2M | $211.5M | $198.9M | $235.2M | $243.0M | $349.0M |
| Deuda Total | $34.6M | $46000 | $50000 | $17000 | 0 | $13.4M | $10.8M | $8.6M | $6.4M |
| Deuda Neta | $34.2M | -$72.8M | -$96.7M | -$112.9M | -$218.2M | -$189.5M | -$225.4M | -$232.4M | -$345.9M |
| Capital Circulante | -$1.4M | $69.9M | $87.9M | $86.2M | $206.8M | $190.8M | $228.5M | $238.9M | $344.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $47.1M | $197.5M | $50.3M | $48.5M |
| Activos Totales | $214.9M | $366.3M | $346.8M | $324.0M |
| Pasivos Totales | $16.5M | $17.3M | $13.5M | $13.3M |
| Patrimonio Neto | $198.4M | $349.0M | $333.3M | $310.7M |
| Deuda Total | $7.0M | $6.4M | $5.9M | $5.3M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$23.0M | -$32.6M | -$82.7M | -$70.8M | -$80.8M | -$109.9M | -$97.3M | -$9.7M | -$74.9M |
| Amortizaciones | $715000 | $1.3M | $2.1M | $2.4M | $2.5M | $2.4M | $2.2M | $1.6M | $1.4M |
| Compensación en Acciones | $1.4M | $2.2M | $4.2M | $7.3M | $11.1M | $13.3M | $14.8M | $14.6M | $12.5M |
| Cambio en Capital Circulante | $804000 | $6.5M | $11.3M | $7.5M | -$11.9M | -$3.1M | -$4.6M | -$4.2M | $3.9M |
| Flujo de Caja Operativo | -$20.1M | -$22.6M | -$39.5M | -$53.7M | -$78.5M | -$97.0M | -$91.0M | -$2.2M | -$60.1M |
| Inversiones (CapEx) | -$1.9M | -$9.0M | -$853000 | -$1.3M | -$1.7M | -$2.0M | -$508000 | -$278000 | -$314000 |
| Adquisiciones | 0 | 0 | 0 | $55.8M | $128.0M | -$14.4M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$22.0M | -$31.5M | -$40.3M | -$55.0M | -$80.2M | -$99.0M | -$91.5M | -$2.5M | -$60.4M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$14.2M | -$16.8M | -$18.8M | -$16.0M |
| Inversiones (CapEx) | -$90000 | -$159000 | -$8000 | -$108000 |
| Flujo de Caja Libre | -$14.3M | -$17.0M | -$18.8M | -$16.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $3.4M | $3.1M | $3.9M | $3.3M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | +117.2% | -66.9% | -55.8% | +2752.0% | -100.0% |
| Crecimiento Beneficio Neto (anual) | | -41.9% | -153.7% | +14.3% | -14.2% | -35.9% | +11.4% | +90.0% | -670.0% |
| Crecimiento BPA (anual) | | -41.2% | -81.8% | +22.6% | +17.8% | -5.9% | +32.3% | +89.9% | -637.5% |
| Cambio en Acciones (anual) | | +0.0% | +33.8% | +11.9% | +39.5% | +27.2% | +36.3% | +1.1% | +2.2% |
| Crecimiento FCF (anual) | | -43.5% | -27.9% | -36.3% | -45.8% | -23.5% | +7.6% | +97.3% | -2319.0% |
| Margen Bruto | | | | -569.2% | -263.7% | -1110.7% | -2459.8% | 20.8% | |
| Margen Operativo | | | | -811.6% | -423.0% | -1774.9% | -3945.2% | -27.4% | |
| Margen EBITDA | | | | -784.7% | -408.8% | -1730.1% | -3392.6% | -22.8% | |
| Margen Neto | | | | -802.7% | -421.9% | -1732.4% | -3470.1% | -12.2% | |
| Margen FCF | | | | -623.3% | -418.5% | -1561.2% | -3261.1% | -3.1% | |
| Tasa Impositiva Efectiva | 0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.30 | $-1.86 | $-1.78 | $-2.17 | $-2.27 | $-2.20 | $-1.49 | $-0.04 | $-0.95 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $16.9M | $16.9M | $22.7M | $25.4M | $35.4M | $45.0M | $61.3M | $62.0M | $63.4M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -28.54% |
| Rentabilidad sobre capital invertido | -27.40% |
| Rentabilidad sobre activos | -26.24% |
| Margen bruto | 0.00% |
| Margen operativo | 0.00% |
| Margen neto | 0.00% |
Salud financiera
| Deuda / Patrimonio | 0.02 |
| Ratio corriente | 31.35 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 22.97 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -9.93 | -7.03 | -4.77 | -4.34 | -7.97 | -3.10 | -4.25 | -29.38 | -9.58 |
| P/VC | 172.99 | 3.01 | 4.33 | 3.12 | 2.96 | 1.65 | 1.76 | 1.20 | 2.05 |
| P/V | 0.00 | 0.00 | 0.00 | 33.65 | 32.64 | 51.65 | 147.54 | 3.64 | 0.00 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | -569.2% | -263.7% | -1110.7% | -2459.8% | 20.8% | 0.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | -811.6% | -423.0% | -1774.9% | -3945.2% | -27.4% | 0.0% |
| Margen Neto | 0.0% | 0.0% | 0.0% | -802.7% | -421.9% | -1732.4% | -3470.1% | -12.2% | 0.0% |