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Mar 31, 2024
Fulcrum Therapeutics Q1 2024 Earnings Report
Fulcrum Therapeutics reported financial results for the first quarter of 2024 and provided a business update.
Key Takeaways
Fulcrum Therapeutics reported its Q1 2024 financial results, highlighting a collaboration agreement with Sanofi for losmapimod, progress in the Phase 3 REACH trial for FSHD, and the appointment of Patrick Horn as Chief Medical Officer. The company's cash position was $213.3 million as of March 31, 2024, with a pro forma cash position of $293.3 million including the Sanofi upfront payment.
Entered into a collaboration and license agreement with Sanofi for losmapimod development and commercialization outside the U.S.
On track to report topline data for the Phase 3 REACH trial of losmapimod in FSHD in the fourth quarter of 2024.
Appointed Patrick Horn as Chief Medical Officer.
Cash, cash equivalents, and marketable securities were $213.3 million as of March 31, 2024, with a pro forma amount of $293.3 million inclusive of the Sanofi upfront payment.
Forward Guidance
Based on current operating plans, Fulcrum expects that its cash, cash equivalents, and marketable securities as of March 31, 2024, together with the $80.0 million upfront payment to be received from Sanofi, will be sufficient to fund its operating requirements into 2027.
Positive Outlook
- Cash runway extended into 2027.
- Upfront payment of $80.0 million from Sanofi.
- Potential for additional $975.0 million in regulatory and sales-based milestones from Sanofi.
- Tiered royalties starting in the low-teens of annual net sales of losmapimod outside the U.S. from Sanofi.
- Global development costs will be equally shared between Fulcrum and Sanofi.
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