7Baggers

Fulcrum Therapeutics, Inc
(NASDAQ:FULC) 

FULC stock logo

Fulcrum Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing products for improving the lives of patients with genetically defined diseases in the areas of high unmet medical need in the United States. Its product candidates are losmapimod, a small molecule that is i...

Founded: 2015
Full Time Employees: 73
CEO: Robert J. Gould  
Sector: Healthcare
Industry: Biotechnology
Pharmaceuticals
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At a glance:
Bull Thesis:
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Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 
                                
      operating expenses:
    		                            
      research and development
    		14,084,000 15,416,000 14,296,000 12,987,000 13,404,000 11,713,000 14,639,000 17,261,000 19,773,000 18,999,000 18,238,000 17,849,000 16,715,000 18,566,000 15,366,000 25,019,000 17,831,000 18,912,000 17,077,000 17,378,000 16,334,000 16,145,000 15,640,000 12,775,000 14,482,000 12,087,000 13,496,000 10,860,000 
      general and administrative
    		8,102,000 7,277,000 7,562,000 6,828,000 6,999,000 7,716,000 8,424,000 10,247,000 10,061,000 9,864,000 9,961,000 10,323,000 11,520,000 10,130,000 9,707,000 11,098,000 10,759,000 9,705,000 8,628,000 6,685,000 5,498,000 5,867,000 5,312,000 5,149,000 5,064,000 4,403,000 3,510,000 2,634,000 
      total operating expenses
    		22,186,000 22,693,000 21,858,000 19,815,000 20,403,000 19,429,000 25,126,000 27,508,000 29,834,000 28,863,000 28,199,000 28,172,000 28,235,000 28,658,000 25,538,000 36,117,000 28,590,000 28,617,000 25,705,000 24,063,000 21,832,000 22,012,000 20,952,000 17,924,000 19,546,000 16,490,000 17,006,000 13,494,000 
      income from operations
    		-22,186,000 -22,693,000 -21,858,000 -19,815,000 -20,403,000 -19,429,000 -25,126,000 52,492,000 -29,834,000 -27,992,000 -27,440,000 -27,292,000 -27,940,000 -27,973,000 -24,355,000 -34,235,000 -25,998,000 -23,559,000 -20,770,000 -19,682,000 -17,043,000 -17,787,000 -19,104,000 -15,924,000 -18,796,000 -16,490,000 -17,006,000 -13,494,000 
      yoy
    		8.74% 16.80% -13.01% -137.75% -31.61% -30.59% -8.43% -292.33% 6.78% 0.07% 12.67% -20.28% 7.47% 18.74% 17.26% 73.94% 52.54% 32.45% 8.72% 23.60% -9.33% 7.87% 12.34% 18.01%     
      qoq
    		-2.23% 3.82% 10.31% -2.88% 5.01% -22.67% -147.87% -275.95% 6.58% 2.01% 0.54% -2.32% -0.12% 14.86% -28.86% 31.68% 10.35% 13.43% 5.53% 15.48% -4.18% -6.89% 19.97% -15.28% 13.98% -3.03% 26.03%  
      other income
    		3,295,000 2,359,000 2,263,000 2,519,000 2,748,000 2,861,000 3,430,000 2,917,000 2,964,000 3,236,000 3,423,000 3,509,000 3,161,000 1,838,000 617,000 165,000 70,000 75,000 54,000 34,000 44,000 67,000 142,000 239,000 344,000 7,000 7,000 8,000 
      net income
    		-18,891,000 -20,334,000 -19,595,000 -17,296,000 -17,655,000 -16,568,000 -21,696,000 55,409,000 -26,870,000 -24,756,000 -24,017,000 -23,783,000 -24,779,000 -26,135,000 -23,738,000 -34,070,000 -25,928,000 -23,484,000 -20,716,000 -19,648,000 -16,999,000 -17,720,000 -18,962,000 -15,685,000 -18,452,000    
      yoy
    		7.00% 22.73% -9.68% -131.22% -34.29% -33.07% -9.66% -332.98% 8.44% -5.28% 1.18% -30.19% -4.43% 11.29% 14.59% 73.40% 52.53% 32.53% 9.25% 25.27% -7.87%        
      qoq
    		-7.10% 3.77% 13.29% -2.03% 6.56% -23.64% -139.16% -306.21% 8.54% 3.08% 0.98% -4.02% -5.19% 10.10% -30.33% 31.40% 10.41% 13.36% 5.44% 15.58% -4.07% -6.55% 20.89% -15.00%     
      net income per share
    		-0.25 -0.31 -0.31 -0.28 -0.28 -0.27 -0.35 0.89 -0.43 -0.4 -0.39 -0.38 -0.41 -0.47 -0.51 -0.83 -0.64 -0.58 -0.57 -0.6 -0.54 -0.63 -0.7 -0.66 -0.81 2.2 -0.97 -9.21 
      weighted-average common shares outstanding, basic and diluted
    		76,215 63,355   62,479 61,984   61,984 61,310 61,823 61,794 59,722 44,991 46,213 40,890 40,644 35,361 36,606 32,636 31,510        
      comprehensive loss:
    		                            
      other comprehensive loss:
    		                            
      unrealized loss on marketable securities
    		-687    -60            -693    -2        
      total other comprehensive loss
    		-687    -60           22 -693    -2    -53    
      comprehensive loss
    		-19,578    -17,715    -27,168 -24,006 -23,703 -24,332 -24,633 -26,011 -23,591 -34,048 -26,621 -23,794 -20,794 -19,653 -17,001 -17,753 -19,012 -15,551 -18,505    
      collaboration revenue
    		       80,000,000  871,000 759,000 880,000 295,000 685,000 1,183,000 1,882,000 2,592,000 5,058,000 4,935,000 4,381,000 4,789,000 4,225,000 1,848,000 2,000,000 750,000    
      restructuring expenses
    		      2,063,000       -38,000 465,000              
      weighted-average common shares outstanding, basic
    		  62,597 62,544   62,409 62,205                     
      weighted-average common shares outstanding, diluted
    		  62,597 62,544   62,409 63,587                     
      comprehensive income:
    		                            
      other comprehensive gain:
    		                            
      unrealized gain on marketable securities
    		 -67 159 12  -249 745 68 -298 750 314 -549 146 -131 147 22  -21.25 -78 -5  7.75 -50 134     
      total other comprehensive gain
    		 -67 159 12  -249 745 68 -298 750 314 -549 146 -131 147   -21.25 -78 -5         
      comprehensive income
    		 -13,608.75 -19,436 -17,284  1,839.5 -20,951 55,477                     
      cumulative convertible preferred stock dividends
    		                          -796,000 -3,291,000 
      net loss attributable to common stockholders
    		                     -17,720,000 -18,962,000 -15,685,000 -18,452,000    
      weighted-average number of common shares used in net loss per share attributable to common stockholders, basic and diluted
    		                     25,354 27,261 23,854 22,719 11,046   
      other comprehensive income:
    		                            
      total other comprehensive income
    		                     7.75 -50 134     
      unrealized losses on marketable securities
    		                        -53    
      other income, net:
    		                            
      interest income
    		                         360,000 457,000 317,000 
      net income and comprehensive loss
    		                         -16,638,500 -16,542,000 -13,169,000 
      net income attributable to common stockholders
    		                         -18,420,500 -17,338,000 -16,460,000 
      weighted-average number of common shares used in net income per share attributable to common stockholders, basic and diluted
    		                          17,785 1,787 
                                
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 
                                  
        assets
      		                            
        current assets:
      		                            
        cash and cash equivalents
      		50,261,000 197,533,000 47,078,000 42,588,000 42,178,000 58,212,000 72,630,000 86,702,000 39,949,000 25,563,000 30,080,000 33,966,000 34,734,000 35,098,000 90,938,000 40,153,000 33,313,000 35,412,000 65,473,000 56,779,000 100,745,000 57,052,000 85,221,000 75,718,000 25,379,000 96,713,000 101,597,000 49,628,000 
        marketable securities
      		283,055,000 154,773,000 153,567,000 171,523,000 184,425,000 182,809,000 184,604,000 187,076,000 173,365,000 210,658,000 227,011,000 244,198,000 263,106,000 167,823,000 130,851,000 128,820,000 161,799,000 182,750,000 174,872,000 68,771,000 43,111,000 55,862,000 41,804,000 56,020,000 55,828,000    
        prepaid expenses and other current assets
      		5,353,000 5,174,000 5,218,000 5,262,000 4,974,000 6,806,000 6,599,000 4,175,000 4,638,000 5,441,000 4,819,000 4,127,000 4,891,000 4,369,000 5,135,000 4,174,000 4,150,000 4,199,000 4,674,000 2,304,000 2,599,000 4,065,000 4,495,000 2,291,000 2,791,000 3,370,000 3,625,000 1,738,000 
        total current assets
      		338,669,000 357,480,000 205,863,000 219,373,000 232,556,000 249,923,000 267,489,000 280,286,000 217,952,000 242,199,000 262,490,000 282,947,000 302,830,000 207,519,000 227,727,000 174,247,000 200,064,000 225,998,000 246,187,000 128,511,000 146,987,000 119,510,000 132,112,000 134,784,000 84,323,000 100,083,000 105,222,000 51,366,000 
        property and equipment
      		2,494,000 2,824,000 3,171,000 3,269,000 3,547,000 3,900,000 4,218,000 4,408,000 4,765,000 5,216,000 5,646,000 6,161,000 6,563,000 6,906,000 7,375,000 7,834,000 7,888,000 7,368,000 7,749,000 7,745,000 7,834,000 8,397,000 8,395,000 8,910,000 9,362,000 9,205,000 9,583,000 10,005,000 
        operating lease right-of-use assets
      		3,860,000 4,241,000 4,614,000 4,979,000 5,335,000 5,684,000 6,024,000 6,357,000 6,682,000 7,176,000 7,661,000 8,137,000 8,604,000 9,063,000 9,513,000 9,954,000 10,388,000            
        restricted cash
      		1,201,000 1,201,000 1,201,000 1,205,000 1,201,000 1,201,000 1,201,000 1,216,000 1,201,000 1,092,000 1,092,000 1,092,000 1,092,000 1,092,000 1,092,000 1,092,000 1,092,000 1,092,000 1,092,000 1,092,000 1,092,000 1,092,000 1,092,000 1,092,000 1,092,000 1,092,000 1,092,000 1,092,000 
        other assets
      		546,000 538,000 9,000 12,000 10,000 10,000 76,000 1,989,000 1,988,000 2,011,000 1,990,000 1,995,000 2,031,000 2,105,000 2,098,000 2,106,000 816,000 542,000 519,000 531,000 563,000 578,000 616,000 76,000 79,000 59,000 59,000 624,000 
        total assets
      		346,770,000 366,284,000 214,858,000 228,838,000 242,649,000 260,718,000 279,008,000 294,256,000 232,588,000 257,694,000 278,879,000 300,332,000 321,120,000 226,685,000 247,805,000 195,233,000 220,248,000 235,000,000 255,547,000 137,879,000 156,476,000 129,577,000 142,215,000 144,862,000 94,856,000 110,439,000 115,956,000 65,151,000 
        liabilities and stockholders’ equity
      		                            
        current liabilities:
      		                            
        accounts payable
      		2,450,000 1,592,000 2,856,000 1,751,000 1,507,000 1,164,000 4,041,000 3,584,000 3,857,000 2,757,000 3,574,000 3,909,000 3,778,000 3,638,000 2,728,000 5,385,000 6,003,000 4,788,000 3,742,000 4,498,000 4,797,000 4,079,000 3,634,000 3,571,000 3,937,000 2,186,000 4,533,000 3,081,000 
        accrued expenses and other current liabilities
      		4,953,000 9,052,000 6,428,000 4,941,000 4,354,000 7,694,000 8,334,000 7,033,000 4,805,000 8,726,000 7,817,000 7,875,000 7,229,000 9,551,000 8,039,000 12,470,000 6,939,000 9,231,000 10,255,000 7,643,000 5,236,000 7,267,000 8,743,000 5,439,000 5,219,000 5,496,000 3,583,000 2,793,000 
        operating lease liability, current
      		2,461,000 2,404,000 2,348,000 2,293,000 2,239,000 2,186,000 2,134,000 2,082,000 2,032,000 2,192,000 2,350,000 2,507,000 2,663,000 2,602,000 2,543,000 2,484,000 2,426,000            
        total current liabilities
      		9,864,000 13,048,000 11,632,000 8,985,000 8,100,000 11,044,000 14,509,000 12,699,000 10,694,000 13,675,000 14,075,000 14,804,000 14,407,000 16,725,000 14,699,000 22,121,000 18,288,000 19,199,000 20,597,000 22,510,000 22,631,000 26,725,000 26,455,000 13,943,000 14,182,000 12,140,000 8,585,000 6,343,000 
        operating lease liability, excluding current portion
      		3,406,000 4,039,000 4,663,000 5,278,000 5,866,000 6,443,000 7,011,000 7,570,000 8,105,000 8,629,000 9,145,000 9,653,000 10,137,000 10,821,000 11,495,000 12,160,000 12,800,000            
        other liabilities, excluding current portion
      		197,000 197,000 197,000 197,000 197,000 197,000 197,000 197,000 197,000 197,000 197,000 447,000 320,000 197,000 197,000 197,000       7,000 15,000 31,000 55,000 78,000 101,000 
        total liabilities
      		13,467,000 17,284,000 16,492,000 14,460,000 14,163,000 17,684,000 21,717,000 20,466,000 18,996,000 22,501,000 23,417,000 24,904,000 24,864,000 27,743,000 26,391,000 34,478,000 31,088,000 23,461,000 24,938,000 26,989,000 28,722,000 34,396,000 37,230,000 22,731,000 24,225,000 23,286,000 13,828,000 11,696,000 
        commitments and contingencies
      		                            
        stockholders’ equity:
      		                            
        preferred stock, 0.001 par value...
      		                            
        common stock, 0.001 par value...
      		67,000 67,000 54,000 54,000 54,000 54,000 54,000 62,000 62,000 62,000 62,000 62,000 62,000 52,000 52,000 41,000 41,000 41,000 41,000 33,000 33,000 28,000 27,000 27,000 23,000 23,000 23,000 2,000 
        additional paid-in capital
      		946,918,000 943,037,000 772,015,000 768,591,000 765,415,000 762,248,000 759,688,000 755,228,000 750,507,000 744,940,000 741,203,000 737,466,000 733,962,000 612,025,000 608,486,000 524,247,000 518,604,000 514,362,000 509,638,000 369,133,000 366,344,000 316,775,000 308,827,000 306,961,000 239,914,000 237,931,000 236,783,000 6,453,000 
        accumulated other comprehensive gain
      		-513,000 174,000 241,000 82,000 70,000 130,000 379,000                      
        accumulated deficit
      		-613,169,000 -594,278,000 -573,944,000 -554,349,000 -537,053,000 -519,398,000 -502,830,000 -481,134,000 -536,543,000 -509,673,000 -484,917,000 -460,900,000 -437,117,000 -412,338,000 -386,203,000 -362,465,000 -328,395,000 -302,467,000 -278,983,000 -258,267,000 -238,619,000 -221,620,000 -203,900,000 -184,938,000 -169,253,000 -150,801,000 -134,678,000 -118,136,000 
        total stockholders’ equity
      		333,303,000 349,000,000 198,366,000 214,378,000 228,486,000 243,034,000 257,291,000 273,790,000 213,592,000 235,193,000 255,462,000 275,428,000 296,256,000 198,942,000 221,414,000 160,755,000 189,160,000 211,539,000 230,609,000 110,890,000 127,754,000 95,181,000 104,985,000 122,131,000 70,631,000 87,153,000 102,128,000  
        total liabilities and stockholders’ equity
      		346,770,000 366,284,000 214,858,000 228,838,000 242,649,000 260,718,000 279,008,000 294,256,000 232,588,000 257,694,000 278,879,000 300,332,000 321,120,000 226,685,000 247,805,000 195,233,000 220,248,000 235,000,000 255,547,000 137,879,000 156,476,000 129,577,000 142,215,000 144,862,000 94,856,000    
        unbilled accounts receivable
      		    979,000 2,096,000 3,656,000 2,333,000  537,000 580,000 656,000 99,000 229,000 790,000 743,000 802,000 1,137,000 1,168,000 657,000 532,000 531,000 592,000 755,000 325,000    
        accumulated other comprehensive loss
      		       -366,000 -434,000 -136,000 -886,000 -1,200,000 -651,000 -797,000 -921,000 -1,068,000 -1,090,000 -397,000 -87,000 -9,000 -4,000 -2,000   -53,000    
        deferred revenue, current portion
      		          334,000 513,000 737,000 934,000 1,389,000 1,782,000 2,920,000 4,711,000 6,131,000 9,900,000 12,129,000 14,910,000 13,609,000 4,464,000 4,557,000 3,989,000   
        treasury stock
      		                            
        accounts receivable
      		              13,000 357,000  2,500,000    2,000,000       
        deferred lease incentive, current portion
      		                 469,000 469,000 469,000 469,000 469,000 469,000 469,000 469,000 469,000 469,000 469,000 
        deferred rent, excluding current portion
      		                 1,680,000 1,642,000 1,662,000 1,663,000 1,649,000 1,634,000 1,620,000 1,590,000 1,559,000 1,527,000 1,496,000 
        deferred lease incentive, excluding current portion
      		                 2,582,000 2,699,000 2,817,000 2,934,000 3,051,000 3,169,000 3,286,000 3,404,000 3,521,000 3,638,000 3,756,000 
        deferred revenue, excluding current portion
      		                    1,494,000 2,971,000 5,965,000 3,867,000 5,018,000 6,011,000   
        accumulated other comprehensive income
      		                      31,000 81,000     
        liabilities, convertible preferred stock, and stockholders’ equity
      		                            
        series a convertible preferred stock, 0.001 par value...
      		                           59,909,000 
        series b convertible preferred stock, 0.001 par value...
      		                           105,227,000 
        stockholders’ equity
      		                            
        total liabilities, convertible preferred stock, and stockholders’ equity
      		                         110,439,000 115,956,000  
        deferred offering costs
      		                           2,064,000 
        liabilities, convertible preferred stock, and stockholders’ deficit
      		                            
        stockholders’ deficit:
      		                            
        total stockholders’ deficit
      		                           -111,681,000 
        total liabilities, convertible preferred stock, and stockholders’ deficit
      		                           65,151,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 
                                   
          operating activities
        		                           
          net loss
        		-18,891,000    -17,655,000    -26,870,000 -24,756,000 -24,017,000 -23,783,000 -24,779,000        -16,999,000 -17,720,000 -18,962,000 -15,685,000 -18,452,000 -16,123,000 -16,542,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                           
          depreciation expense
        		338,000 347,000 346,000 344,000 353,000 369,000 369,000 376,000 479,000 508,000 531,000 567,000 566,000 591,000 611,000 676,000 536,000 621,000 619,000 672,000 603,000 733,000 554,000 553,000 539,000 519,000 516,000 
          stock-based compensation expense
        		3,860,000 3,066,000 3,360,000 2,875,000 3,167,000 2,477,000 3,817,000 4,344,000 3,916,000 3,449,000 3,737,000 3,363,000 4,253,000 3,271,000 3,353,000 2,879,000 3,847,000 3,793,000 2,658,000 2,546,000 2,073,000 1,677,000 1,776,000 2,204,000 1,693,000 1,274,000 1,179,000 
          net accretion of discounts on marketable securities
        		-767,000 -383,000 -586,000 -1,085,000 -899,000 -945,000 -1,152,000 -1,134,000 -1,161,000                   
          changes in operating assets and liabilities:
        		                           
          unbilled accounts receivable
        		 0 0 979,000 1,117,000 1,560,000 -1,323,000 -2,333,000 537,000 43,000 76,000 -557,000 130,000 561,000 -47,000 59,000 335,000 31,000 -511,000 -125,000 -1,000 61,000 163,000 -430,000 -325,000   
          prepaid expenses and other current assets
        		-179,000 44,000 44,000 -288,000 1,832,000 -207,000 -2,424,000 463,000 803,000 -622,000 -692,000 764,000 -522,000 766,000 -961,000 -71,000 96,000 436,000 -2,343,000 307,000 1,466,000 429,000 -2,205,000 500,000 579,000 255,000 -1,886,000 
          operating lease assets and liabilities
        		-195,000 -195,000 -195,000 -178,000 -175,000 -176,000 -174,000 -160,000 -190,000 -189,000 -189,000 -173,000 -164,000 -165,000 -165,000 -149,000 107,000           
          other assets
        		-8,000 -529,000 3,000   66,000 1,913,000 -1,000 23,000 -21,000 5,000 36,000 74,000 -6,000 7,000 -1,289,000 -274,000 -23,000 12,000 32,000 15,000 38,000 -540,000 3,000 -20,000 0 566,000 
          accounts payable
        		858,000 -1,105,000 946,000 244,000 343,000 -2,697,000 297,000 -293,000 1,100,000 -817,000 -287,000 163,000 88,000 903,000 -2,550,000 -38,000 509,000 1,176,000 -825,000 -298,000 920,000 183,000 154,000 7,000 1,429,000 -2,046,000 2,398,000 
          accrued expenses and other liabilities
        		-3,766,000 2,291,000 1,487,000 587,000 -3,340,000 -640,000 1,301,000 2,228,000 -3,921,000 909,000 -306,000 771,000 -2,199,000 1,562,000 -4,455,000 5,845,000 -2,397,000 -795,000 2,348,000 2,413,000 -2,016,000 -1,466,000 3,433,000 100,000 -91,000 1,712,000 838,000 
          net cash from operating activities
        		-18,750,000 -16,798,000 -14,190,000 -13,820,000 -15,257,000 -16,761,000 -19,072,000 58,899,000 -25,284,000 -23,158,000 -22,906,000 -20,785,000 -24,116,000 -19,696,000 -27,882,000 -27,366,000 -22,106,000 -21,858,000 -22,573,000 -17,821,000 -16,226,000 -19,826,000 -4,504,000 -14,121,000 -15,204,000 -4,495,000 -13,017,000 
          capital expenditures
        		-8,000 -159,000 -90,000 0  -231,000 -19,000 0 -28,000 -77,000 -65,000 -195,000 -171,000 -116,000 -283,000 -1,318,000 -246,000 -519,000 -367,000 -565,000 -262,000 -472,000 -93,000 -210,000 -567,000 -108,000 -214,000 
          free cash flows
        		-18,758,000 -16,957,000 -14,280,000 -13,820,000  -16,992,000 -19,091,000 58,899,000 -25,312,000 -23,235,000 -22,971,000 -20,980,000 -24,287,000 -19,812,000 -28,165,000 -28,684,000 -22,352,000 -22,377,000 -22,940,000 -18,386,000 -16,488,000 -20,298,000 -4,597,000 -14,331,000 -15,771,000 -4,603,000 -13,231,000 
          investing activities
        		                           
          purchases of marketable securities
        		-155,337,000 -26,137,000 -17,293,000 -76,393,000 -60,397,000 -21,409,000 -38,131,000 -63,238,000 -55,816,000 -25,074,000 -25,986,000 -17,328,000 -126,504,000 -83,289,000 -52,698,000 -10,176,000 -4,990,000 -34,885,000 -129,564,000 -48,788,000 -2,997,000 -43,000,000 -8,617,000 -16,816,000 -55,837,000   
          maturities of marketable securities
        		27,135,000 25,247,000 35,995,000 90,391,000 59,620,000 23,900,000 42,500,000 50,730,000 93,972,000 43,505,000 45,071,000 37,398,000 32,734,000 47,043,000 50,702,000 42,889,000 24,895,000 26,310,000 23,295,000 22,999,000 15,674,000 28,874,000 22,800,000     
          purchases of property and equipment
        		-8,000 -159,000 -90,000   -231,000 -19,000 0 -28,000 -77,000 -65,000 -195,000 -171,000 -116,000 -283,000 -1,318,000 -246,000 -519,000 -367,000 -565,000 -262,000 -472,000 -93,000 -210,000 -567,000 -108,000 -214,000 
          net cash from investing activities
        		-128,210,000 -1,049,000 18,612,000 13,933,000 -777,000 2,260,000 4,350,000 -12,508,000 38,128,000 18,354,000 19,020,000 19,875,000 -93,941,000 -36,362,000 -2,279,000 31,395,000 19,659,000 -9,094,000 -106,636,000 -26,354,000 12,415,000 -14,598,000 14,090,000 -226,000 -56,404,000 -108,000 -214,000 
          financing activities
        		                           
          payments of offering costs associated with the issuance of common stock and pre-funded warrants
        		-333,000                           
          proceeds from issuance of common stock under benefit plans
        		21,000 3,802,000 64,000   83,000 635,000 377,000 1,651,000 287,000 0 142,000 348,000 267,000 93,000 2,811,000 348,000 969,000 2,375,000 231,000 93,000 532,000 88,000 523,000 286,000 0  
          net cash from financing activities
        		-312,000 168,302,000 64,000   83,000 635,000 377,000 1,651,000 287,000 0 142,000 117,693,000 218,000 80,946,000 2,811,000 348,000 891,000 137,903,000 209,000 47,504,000 6,255,000 -83,000 64,686,000 274,000 -281,000 65,200,000 
          net decrease in cash, cash equivalents and restricted cash
        		-147,272,000            -364,000           50,339,000 -71,334,000   
          cash, cash equivalents, and restricted cash, beginning of period
        		198,734,000 0 0 0 59,413,000 0 0 0 26,655,000 0 0 0 36,190,000 0 0 0 36,504,000 0 0 0 58,144,000 0 0 0 97,805,000 0 0 
          cash, cash equivalents, and restricted cash, end of period
        		51,462,000 150,455,000 4,486,000 414,000 43,379,000 -14,418,000 -14,087,000 46,768,000 41,150,000 -4,517,000 -3,886,000 -768,000 35,826,000 -55,840,000 50,785,000 6,840,000 34,405,000 -30,061,000 8,694,000 -43,966,000 101,837,000 -28,169,000 9,503,000 50,339,000 26,471,000 -4,884,000 51,969,000 
          supplemental cash flow information
        		                           
          cash paid for operating lease liabilities
        		671,000 671,000 672,000 654,000 652,000 651,000 653,000 635,000 843,000 844,000 843,000 827,000 819,000 0 819,000 803,000 597,000           
          proceeds from issuance of common stock and pre-funded warrants in connection with public offerings, net of issuance costs
        		                           
          net increase in cash, cash equivalents and restricted cash
        		 150,455,000 4,486,000 414,000 -16,034,000 -14,418,000 -14,087,000 46,768,000 14,495,000 -4,517,000 -3,886,000    50,785,000 6,840,000 -2,099,000    43,693,000 -28,169,000    -4,884,000 51,969,000 
          non-cash investing and financing activities:
        		                           
          offering costs unpaid at end of period
        		                           
          net income
        		  -19,595,000    -21,696,000        -23,738,000 -34,070,000 -25,928,000           
          adjustments to reconcile net income to net cash from operating activities:
        		                           
          property and equipment purchases unpaid at end of period
        		      161,000     -32,000 79,000 6,000 -131,000 -696,000 847,000 -277,000 255,000 19,000 40,000   -109,000 163,000   
          deferred revenue
        		         -334,000 -179,000 -224,000 -197,000 -455,000 -393,000 -1,139,000 -1,790,000 -1,420,000 -3,769,000 -3,723,000 -4,258,000 -1,693,000 11,243,000 -1,244,000 -425,000   
          proceeds from issuance of common stock in connection with public offerings, net of issuance costs
        		         0 0 0 117,345,000 -49,000    -77,000          
          net (accretion of discounts) amortization of premiums on marketable securities
        		         -1,328,000 -1,585,000 -1,712,000 -1,366,000               
          accounts receivable
        		             13,000 344,000 -357,000 2,500,000 -2,500,000 0 0 2,000,000       
          issuance of common stock receivable
        		                47,000           
          net amortization of premiums on marketable securities
        		             -601,000 112,000             
          principal payments on capital lease obligations
        		                 -1,000 1,000 -5,000 -13,000 -13,000 -13,000 -12,000 -12,000 -11,000 -13,000 
          proceeds from issuance of common stock in connection with follow-on offering, net of issuance costs
        		                   -17,000 47,424,000       
          net amortization of premiums and discounts on marketable securities
        		                353,000 386,000 92,000 121,000 74,000 35,000 -17,000 -41,000 -45,000   
          deferred rent and deferred lease incentive
        		                 -79,000 -138,000 -118,000 -103,000 -103,000 -103,000 -88,000 -86,000 -86,000 -86,000 
          payment of initial public offering costs
        		                           
          proceeds from issuance of common stock in connection with private placement, net of placement agent fees and offering costs
        		                      -158,000     
          proceeds from issuance of common stock in connection with at-the-market offering, net of issuance costs
        		                           
          cash paid for interest
        		                     1,000 2,000 0 1,000 1,000 2,000 
          public offering costs unpaid at end of period
        		                    18,000    301,000 -141,000  
          in-process research and development expense
        		                           
          transaction costs associated with asset acquisition
        		                         0 0 
          payment of series b convertible preferred stock issuance costs
        		                           
          proceeds from initial public offering of common stock, net of underwriting discounts and commissions
        		                     0    -270,000  
          proceeds from issuance of common stock in connection with private placement, net of issuance costs
        		                           
          acquisition of in process research and development through issuance of stock
        		                         0 0 
          conversion of convertible preferred stock into common stock
        		                         0  
          in-process research and development expenses
        		                         0 0 
          issuance costs associated with issuance of series b convertible preferred stock
        		                           
          private placement offering costs unpaid at end of period
        		                           
          proceeds from issuance of series a convertible preferred stock, net of issuance costs
        		                           
          proceeds from issuance of series b convertible preferred stock, net of issuance costs
        		                         0  
          proceeds from issuance of common stock
        		                           
          deferred offering costs unpaid at end of period