Fulcrum signs $80M upfront Sanofi deal for losmapimod ex-U.S.; Q1 net loss $26.9M

Fulcrum Therapeutics, Inc.

Sanofi pays $80M upfront; Fulcrum eligible for up to $975M in milestones and tiered low-teens to mid-twenties royalties on ex-U.S. sales.
Cash, equivalents, and securities $213.3M at March 31; pro forma ~$293.3M including Sanofi upfront; runway into 2027.
Net loss $26.9M for Q1 2024 vs $24.8M in Q1 2023; R&D expenses $19.8M due to REACH trial advancement.
Phase 3 REACH trial for losmapimod in FSHD on track to report topline data in Q4 2024.
Appointed Patrick Horn, M.D., Ph.D., as CMO; Phase 1b pociredir trial in sickle cell disease expanding to cohorts 3 and 4.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.45

Fulcrum Therapeutics, Inc. reported first quarter of 2024 results: net income Net loss was $26.9 million for the three months ended March 31, 2024. Guidance reaffirmed.

Period: first quarter of 2024
Net income: Net loss was $26.9 million for the three months ended March 31, 2024
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Fulcrum Therapeutics Announces Recent Business Highlights and Financial Results for First Quarter 2024

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Fulcrum Therapeutics, Inc. entered into a collaboration with Genzyme Corporation, a wholly-owned subsidiary of Sanofi valued at $80.0 million (effective 2024-05-11).

Action: entry
Agreement: collaboration
Counterparty: Genzyme Corporation, a wholly-owned subsidiary of Sanofi
Value: $80.0 million
Effective: 2024-05-11

Exact text from the filing

On May 11, 2024, Fulcrum Therapeutics, Inc., or Fulcrum, entered into a collaboration and license agreement with Genzyme Corporation, a wholly-owned subsidiary of Sanofi, or Sanofi, pursuant to which Fulcrum granted Sanofi an exclusive license under certain intellectual property rights to commercialize losmapimod, an oral small molecule for the treatment of facioscapulohumeral muscular dystrophy, or FSHD, outside of the United States.

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Fulcrum Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-058187

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