Deep Value: cash covers more than 100% of the stock price

This company holds roughly $319M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Fulcrum Therapeutics

FULC

Biotechnology · Healthcare

Exchange

NASDAQ

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

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Winston Score History

The full picture

Fulcrum Therapeutics is a small biotech company that works on developing new medicines for rare genetic diseases. Its main focus is on conditions caused by genes that are not working the way they should. The company's lead drug candidate, losmapimod, is being tested as a treatment for facioscapulohumeral muscular dystrophy, or FSHD, a rare muscle-wasting disease that currently has no approved treatments.

Fulcrum does not yet sell any products, so it earns no revenue from product sales. Instead, it funds its research through partnerships, grants, and by raising money from investors. The company operates primarily in the United States and is considered a clinical-stage biotech, meaning it is still running clinical trials rather than generating commercial sales. Its biggest risk is straightforward: if losmapimod fails in late-stage trials, the company loses its primary path to becoming a viable business, and its cash runway will determine how much time it has to find another way forward.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

YoY Growth Rate

Revenue data limited

EPS Growth

+10.7% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

11.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 years

$333M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$333M cash & investments at current burn rate

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

N/A

Data not available

Profit after running costs

Operating Margin

N/A

Data not available

Return on the money invested

ROCE

-25.7%

Weak — -25.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-100.0%

Shrinking sales (-100.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

N/A

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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