--- title: "Fulcrum proposes $150.0 million stock offering" url: "https://aibio.space/news/fulcrum-proposes-150-0-million-stock-offering-later-upsized-175-0/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-12-08" section: "Financings" tickers: "NASDAQ:FULC" source: "https://www.sec.gov/Archives/edgar/data/1680581/000119312525311359/d59184d424b5.htm" summary: "The $150.0 million offering priced on December 10, 2025 at $13.50 a share and was upsized to $175.0 million. Its lead drug data come from 12 patients in on" --- By the aibio.space news desk. Sources - [Fulcrum Therapeutics, Inc. 424B5 (2025-12-08)](https://www.sec.gov/Archives/edgar/data/1680581/000119312525311359/d59184d424b5.htm) - [d59184d424b5.htm](https://www.sec.gov/Archives/edgar/data/1680581/000119312525314724/d59184d424b5.htm) - [fulc-ex99_1.htm](https://www.sec.gov/Archives/edgar/data/1680581/000119312525314728/fulc-ex99_1.htm) - [Fulcrum Therapeutics, Inc. 10-K (2025-02-25): business](https://www.sec.gov/Archives/edgar/data/1680581/000095017025026068/fulc-20241231.htm) [FULC](https://aibio.space/companies/fulcrum-therapeutics/) 2025-12-08 # Fulcrum proposes $150.0 million stock offering, later upsized to $175.0 million Tickers [FULC](https://aibio.space/companies/fulcrum-therapeutics/) The $150.0 million offering priced on December 10, 2025 at $13.50 a share and was upsized to $175.0 million. Its lead drug data come from 12 patients in one dose cohort, and the dose comparison rests on six. ## Key facts - **Company**: Fulcrum Therapeutics, Inc. (NASDAQ: FULC) - **News type**: Financings - **Primary source**: [Fulcrum Therapeutics, Inc. 424B5 (2025-12-08)](https://www.sec.gov/Archives/edgar/data/1680581/000119312525311359/d59184d424b5.htm) *A financial district skyline and bay. Photo: Carol M Highsmith, CC0, via rawpixel. The picture shows the field, not the companies named.* ## The offering Fulcrum Therapeutics, Inc. (Nasdaq: [FULC](https://aibio.space/companies/fulcrum-therapeutics/)) filed a preliminary prospectus supplement on December 8, 2025 for an underwritten offering of $150.0 million of common stock. The preliminary filing gave no price. It said the underwriters could buy up to an additional $22,500,000 of shares within 30 days, and that the last reported sale price that day was $12.99. The [final prospectus supplement](https://www.sec.gov/Archives/edgar/data/1680581/000119312525314724/d59184d424b5.htm), dated December 10, 2025, priced 11,851,853 common shares at $13.50 each. Fulcrum also offered pre-funded warrants for up to 1,111,193 shares at $13.499 per warrant, which carry a $0.001 exercise price, to certain investors in place of common stock. The upsizing to $175.0 million gross is reported in the same December 10 release. Underwriting discounts are $0.81 per share, or $10,500,067.26 in total, leaving proceeds of $164,499,942.55 before expenses. The underwriters hold a 30-day option on 1,944,456 more shares, which would raise total discounts to $12,075,076.62. Other expenses are estimated at about $0.4 million. The company expects net proceeds of about $164.1 million. ## The banks The supplement names J.P. Morgan, Leerink Partners and Cantor as book-running managers, with Oppenheimer & Co. and Truist Securities also acting as book-running managers. The filing does not say which of them leads the deal. The December 10 release names J.P. Morgan Securities LLC, Leerink Partners LLC, Cantor Fitzgerald & Co., Oppenheimer & Co. Inc. and Truist Securities, Inc. as the places to request the final prospectus. Fulcrum agreed not to sell or register similar securities for 60 days after the supplement date without the representatives' prior written consent. ## What the company says its drug shows The lead asset is pociredir, a small molecule that Fulcrum is developing for sickle cell disease, or SCD. Its Phase 1b PIONEER trial is the source of the data the company announced on December 6, 2025, from the ongoing 20 mg dose cohort of 12 patients. The data cutoff was November 11, 2025. The company says mean absolute fetal hemoglobin rose 9.9% at six weeks, from a baseline of 7.1% to 16.9%. Seven of 12 patients (58%) reached absolute fetal hemoglobin levels of at least 20% at week six. Of the 12, eight (67%) reported no vaso-occlusive crises during treatment, and the company describes a trend of fewer crises compared with the six to 12 months before enrollment. The dose comparison is narrower than the headline figures. The company reports a more than 3.75-fold mean induction at week 12, but that rests on six patients. Those six had an average baseline of 5.0%, against 7.1% for the full 20 mg cohort. The company says fold induction adjusts for baseline differences, and it cites 2.4-fold at week 12 in the 12 mg cohort. Mean hemoglobin rose 0.8 g/dL at week six, from 7.3 g/dL to 8.1 g/dL. On safety, the company says pociredir has been given to 148 adults, including 45 patients with SCD who received up to 12 weeks of treatment, and 103 healthy subjects. It reports no treatment-related serious adverse events and no discontinuations due to treatment-related adverse events. The company also plans to submit an investigational new drug application for bone marrow failure syndromes in the first half of 2026. ## Dilution and the money As of September 30, 2025, Fulcrum had 54,108,438 shares outstanding. It also had options for 11,870,785 shares at a weighted average exercise price of $6.57. The supplement puts as-adjusted net tangible book value at $5.50 per share after the offering, and says purchasers face immediate dilution of about $8.00 per share. The stock has ranged from a high of $30.97 to a low of $2.26 since July 18, 2019, the supplement says, and it warns that the price may be volatile. The company intends to use the net proceeds, together with its existing cash, cash equivalents and marketable securities, mainly for general corporate purposes. Those include research and development, clinical trials, regulatory submissions, commercialization and acquisitions. The supplement does not state the amount of existing cash. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story FULC Fulcrum Therapeutics, Inc. NASDAQ ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/fulcrum-proposes-150-0-million-stock-offering-later-upsized-175-0/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Fulcrum proposes $150.0 million stock offering", 2025-12-08, https://aibio.space/news/fulcrum-proposes-150-0-million-stock-offering-later-upsized-175-0/