Jun. 2 at 12:30 PM
$FULC this thing was set up to begin reverse merge process in April.
CFO announces his resignation April 23.
Josh Lehrer appointed as a Board member on April 27.
Josh Lehrer was CEO of Gossamer Bio who led the reverse merge into Lenz Therapeutics in 2023 after Gossamer pipeline blew up.
I'm not sure when, but FULC will be reverse merge shell for a new private biotech to go public.
FULC only had 55 employees as of 12/31 and burned
$22 million Q1. My guess is they take burn rate down to
$6-
$8 million per quarter while looking for reverse merge target.
They are in Cambridge MA so should have big network of private biotechs that could use their listing.
After severance/cash burn, maybe
$250 million is good net cash balance to think about for Exchange Ratio. Might not need a PIPE to go along with any deal.
$RLYB just announced reverse merge partner (actually second one after Candid Therapeutics decided to be acquired for
$2.2 billion)
