Fulcrum Therapeutics Inc. (FULC) will reduce its workforce

Fulcrum Therapeutics Inc. (NASDAQ: FULC) disclosed:

On September 24, 2024, Fulcrum announced the approval by its board of directors of a plan to reprioritize research and development activities to focus on advancing pociredir for the treatment of sickle cell disease, novel therapeutic agents for the treatment of Diamond-Blackfan anemia, and its early discovery programs. The plan will reduce the Company’s workforce from 80 to 51 full-time employees, including a reduction of positions across both research and development and general and administrative.

Fulcrum expects to incur one-time costs of approximately $2.0 million in connection with this workforce reduction, primarily related to cash payments for severance. The Company communicated the workforce reduction on September 24, 2024, and expects the majority of the costs associated with the reduction to be incurred during the third quarter ending September 30, 2024. The Company expects that the implementation of the workforce reduction will be substantially complete by the end of the third quarter of 2024. The workforce reduction is expected to result in annual operating expense savings of approximately $10.0 million beginning in the first quarter of 2025. The charges Fulcrum expects to incur in connection with this reduction in force are subject to a number of assumptions, risks and uncertainties, and actual results may materially differ. Fulcrum may also incur other material charges not currently contemplated due to events that may occur as a result of, or associated with, these actions.

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