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Is Fulcrum Therapeutics (NASDAQ:FULC) In A Good Position To Invest In Growth?

Is Fulcrum Therapeutics (NASDAQ:FULC) In A Good Position To Invest In Growth?

Fulcrum Therapeutics(納斯達克股票代碼:FULC)是否處於投資增長的有利地位?
Simply Wall St ·  2023/12/18 07:36

We can readily understand why investors are attracted to unprofitable companies. For example, although Amazon.com made losses for many years after listing, if you had bought and held the shares since 1999, you would have made a fortune. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly.

我們可以很容易理解爲什麼投資者被無利可圖的公司所吸引。例如,儘管Amazon.com在上市後多年虧損,但如果您自1999年以來一直買入並持有股票,您本來可以發大財。儘管如此,只有傻瓜才會忽視虧損公司過快耗盡現金的風險。

Given this risk, we thought we'd take a look at whether Fulcrum Therapeutics (NASDAQ:FULC) shareholders should be worried about its cash burn. For the purposes of this article, cash burn is the annual rate at which an unprofitable company spends cash to fund its growth; its negative free cash flow. Let's start with an examination of the business' cash, relative to its cash burn.

鑑於這種風險,我們認爲可以看看Fulcrum Therapeutics(納斯達克股票代碼:FULC)的股東是否應該擔心其現金消耗。就本文而言,現金消耗是指一家無利可圖的公司花費現金爲其增長提供資金的年率;其負的自由現金流。讓我們首先研究一下企業的現金,與其現金消耗的關係。

Check out our latest analysis for Fulcrum Therapeutics

查看我們對 Fulcrum Therapeutics 的最新分析

Does Fulcrum Therapeutics Have A Long Cash Runway?

Fulcrum Therapeutics 的現金跑道很長嗎?

You can calculate a company's cash runway by dividing the amount of cash it has by the rate at which it is spending that cash. As at September 2023, Fulcrum Therapeutics had cash of US$257m and no debt. Importantly, its cash burn was US$88m over the trailing twelve months. So it had a cash runway of about 2.9 years from September 2023. That's decent, giving the company a couple years to develop its business. You can see how its cash balance has changed over time in the image below.

你可以通過將公司擁有的現金數額除以現金支出率來計算公司的現金跑道。截至2023年9月,Fulcrum Therapeutics擁有2.57億美元的現金,沒有債務。重要的是,在過去的十二個月中,其現金消耗爲8,800萬美元。因此,從2023年9月起,它的現金週轉期約爲2.9年。這很不錯,給了公司幾年的時間來發展業務。在下圖中,您可以看到其現金餘額如何隨着時間的推移而變化。

debt-equity-history-analysis
NasdaqGM:FULC Debt to Equity History December 18th 2023
納斯達克GMM: FULC 債轉股歷史記錄 2023 年 12 月 18 日

How Well Is Fulcrum Therapeutics Growing?

Fulcrum Therapeutics 的增長情況如何?

On balance, we think it's mildly positive that Fulcrum Therapeutics trimmed its cash burn by 13% over the last twelve months. But it makes us pessimistic to see that operating revenue slid 76% in that time. Considering both these metrics, we're a little concerned about how the company is developing. Clearly, however, the crucial factor is whether the company will grow its business going forward. So you might want to take a peek at how much the company is expected to grow in the next few years.

總的來說,我們認爲Fulcrum Therapeutics在過去十二個月中將其現金消耗削減了13%,這略有樂觀。但是,看到當時的營業收入下降了76%,這讓我們感到悲觀。考慮到這兩個指標,我們有點擔心公司的發展情況。但是,顯然,關鍵因素是該公司未來是否會發展業務。因此,您可能想看看該公司在未來幾年內預計將增長多少。

Can Fulcrum Therapeutics Raise More Cash Easily?

Fulcrum Therapeutics 能否輕鬆籌集更多現金?

Even though it seems like Fulcrum Therapeutics is developing its business nicely, we still like to consider how easily it could raise more money to accelerate growth. Companies can raise capital through either debt or equity. Many companies end up issuing new shares to fund future growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate).

儘管Fulcrum Therapeutics的業務發展似乎良好,但我們仍然想考慮它如何容易地籌集更多資金來加速增長。公司可以通過債務或股權籌集資金。許多公司最終發行新股來爲未來的增長提供資金。通過將一家公司的年度現金消耗與其總市值進行比較,我們可以大致估計該公司必須發行多少股才能再運營一年(以相同的消耗率)。

Since it has a market capitalisation of US$333m, Fulcrum Therapeutics' US$88m in cash burn equates to about 26% of its market value. That's not insignificant, and if the company had to sell enough shares to fund another year's growth at the current share price, you'd likely witness fairly costly dilution.

由於市值爲3.33億美元,Fulcrum Therapeutics的8,800萬美元現金消耗相當於其市值的26%左右。這並非微不足道,如果該公司必須以當前股價出售足夠的股票來爲又一年的增長提供資金,那麼您可能會目睹相當昂貴的攤薄。

How Risky Is Fulcrum Therapeutics' Cash Burn Situation?

Fulcrum Therapeutics的現金消耗情況有多危險?

Even though its falling revenue makes us a little nervous, we are compelled to mention that we thought Fulcrum Therapeutics' cash runway was relatively promising. Even though we don't think it has a problem with its cash burn, the analysis we've done in this article does suggest that shareholders should give some careful thought to the potential cost of raising more money in the future. Taking a deeper dive, we've spotted 5 warning signs for Fulcrum Therapeutics you should be aware of, and 1 of them is a bit unpleasant.

儘管其收入下降使我們有些緊張,但我們不得不提到,我們認爲Fulcrum Therapeutics的現金渠道相對樂觀。儘管我們認爲它的現金消耗沒有問題,但我們在本文中所做的分析確實表明,股東應該仔細考慮未來籌集更多資金的潛在成本。更深入地講,我們發現了 Fulcrum Therapeutics 的 5 個警告信號,你應該注意,其中 1 個有點不愉快。

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies, and this list of stocks growth stocks (according to analyst forecasts)

當然,通過尋找其他地方,你可能會找到一筆不錯的投資。因此,來看看這份免費的有趣公司名單以及這份成長型股票清單(根據分析師的預測)

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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