Fulcrum Therapeutics, Inc. (NASDAQ:FULC) Q3 2024 Earnings Conference Call November 13, 2024 8:00 AM ET
Company Participants
Alex Sapir - President and Chief Executive Officer
Alan Musso - Chief Financial Officer
Iain Fraser - Senior Vice President, Early Development
Patrick Horn - Chief Medical Officer
Conference Call Participants
Matthew Biegler - Oppenheimer
Dae Gon Ha - Stifel
Edward Tenthoff - Piper Sandler
Rick Miller - Cantor Fitzgerald
Greg Renza - RBC Capital
Joori Park - Leerink
Corinne Johnson - Goldman Sachs
Operator
Good morning, and welcome to Fulcrum Therapeutics Third Quarter 2024 Financial Results and Business Update Conference Call. Currently, all participants are in a listen-only mode. This call is being webcast live and can be accessed on the Investors section of Fulcrum's website at www.fulcrumtx.com and is being recorded.
Please be reminded that remarks during this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. And may include statements about the company's future expectations and plans, clinical development time lines and financial projections. While these forward-looking statements represent Fulcrum's views as of today, this should not be relied upon as representing the company's views in the future.
Fulcrum may update these statements in the future, but is not taking on an obligation to do so. Please refer to Fulcrum's most recent filings with the Securities and Exchange Commission for discussions of certain risks and uncertainties associated with the company's business.
Leading the call today will be Alex Sapir, CEO and President of Fulcrum. Joining Alex on the call are Alan Musso, Chief Financial Officer; Dr. Pat Horn, Chief Medical Officer; and Dr. Iain Fraser, Senior Vice President of Development. After providing updates on our key programs, there will be a brief Q&A, in which Alex, Alan, Pat and Iain will be available to answer your questions.
With that, it's my pleasure to turn the call over to Alex.
Alex Sapir
That's great. Thanks, Michelle, and good morning, everyone. I appreciate you joining us for our third quarter conference call. Today, I'll provide you with updates on recent progress and upcoming milestones. I'll then hand the call over to Alan to review financials. And finally, we'll end by taking your questions.
I'll begin with a very brief review of the update we provided on the losmapimod program back in September. As you'll recall, we reported that losmapimod did not show separation from the placebo group on the primary or key secondary endpoints in the Phase 3 REACH trial. In light of these results, we suspended the development of losmapimod and announced a workforce reduction of approximately 40% in order to focus our research and development efforts on advancing pociredir and our preclinical pipeline. This included a reduction of positions across both research and development as well as general and administrative functions.