Fulcrum Therapeutics Q2 net loss $34.1M; cuts 18 jobs, saves $40-50M, cash into mid-2024

Fulcrum Therapeutics, Inc.

Net loss $34.1M ($0.65 per share) vs $19.6M in Q2 2021; cash $169M as of June 30.
Workforce reduction of 18 positions (~25% of planned headcount) primarily in discovery, research, and G&A.
Expects ~$40-50M operating expense savings fully realized by mid-2024; cash runway extended into mid-2024.
Phase 1b data for FTX-6058 in SCD showed HbF increases up to 6.3%; first patient enrolled in Phase 3 REACH trial for losmapimod in FSHD.
Promoted Mel Hayes to COO and Curt Oltmans to Chief Legal Officer.

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