Kevin Tang-linked funds buy 167,616 Fulcrum shares

Kevin Tang and affiliated Tang Capital entities, as 10% owners of Fulcrum Therapeutics, reported indirect open-market purchases totaling 167,616 shares of common stock on July 16–17, 2026.

Rhea-AI Filing Summary

Kevin Tang and affiliated Tang Capital entities, as 10% owners of Fulcrum Therapeutics, reported indirect open-market purchases totaling 167,616 shares of common stock on July 16–17, 2026. Reported weighted-average prices were $3.56 and $3.52 per share, with trade ranges from $3.46 to $3.60. These shares are held through Tang Capital funds, and the trades were not reported under a Rule 10b5-1 trading plan.

Insider Trade Summary

Net Buyer: 167,616 shares

Net Buy 2 txns

Insider TANG KEVIN, TANG CAPITAL MANAGEMENT LLC

Role 10% Owner | 10% Owner

Bought 167,616 shs ($595K)

Type	Security	Shares	Price	Value
Purchase	Common Stock F3, F2	50,945	$3.52	$179K
Purchase	Common Stock F1, F2	116,671	$3.56	$415K

Holdings After Transaction: Common Stock — 7,080,945 shares (Indirect, See Footnote)

Footnotes (3)

1. F1. The prices reported are weighted-average prices. These shares were purchased in multiple transactions at prices ranging from $3.50 to $3.60. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer or the SEC staff, upon request, all information regarding the number of shares purchased at each price within the ranges set forth in Footnotes 1 and 3.
2. F2. Tang Capital Partners, LP ("TCP") beneficially owns 1,668,554 shares, Tang Capital Partners International, LP ("TCPI") beneficially owns 2,212,803 shares, Tang Capital Partners III, Inc. ("TCP III") beneficially owns 1,668,539 shares, and Tang Capital Partners IV, Inc. ("TCP IV") beneficially owns 1,531,049 shares. Kevin Tang is the sole manager of Tang Capital Management, LLC, which is the general partner of TCP and TCPI. Kevin Tang is the sole director and Chief Executive Officer of TCP III and TCP IV, which are indirectly wholly owned by TCP. Mr. Tang has a pecuniary interest in the shares beneficially held by TCP, TCPI, TCP III and TCP IV.
3. F3. These shares were purchased in multiple transactions at prices ranging from $3.46 to $3.55.

Key Figures

Shares purchased 2026-07-16: 116,671 shares Shares purchased 2026-07-17: 50,945 shares Total shares purchased: 167,616 shares +4 more

7 metrics

Shares purchased 2026-07-16 116,671 shares Indirect open-market purchase of Fulcrum Therapeutics common stock at reported weighted-average price $3.56 with trades from $3.50 to $3.60

Shares purchased 2026-07-17 50,945 shares Indirect open-market purchase of Fulcrum Therapeutics common stock at reported weighted-average price $3.52 with trades from $3.46 to $3.55

Total shares purchased 167,616 shares Net common shares bought across reported Form 4 transactions on July 16–17, 2026 by Tang-affiliated entities

TCP beneficial ownership 1,668,554 shares Shares of Fulcrum Therapeutics beneficially owned by Tang Capital Partners, LP as described in footnotes

TCPI beneficial ownership 2,212,803 shares Shares of Fulcrum Therapeutics beneficially owned by Tang Capital Partners International, LP as described in footnotes

TCP III beneficial ownership 1,668,539 shares Shares of Fulcrum Therapeutics beneficially owned by Tang Capital Partners III, Inc. as described in footnotes

TCP IV beneficial ownership 1,531,049 shares Shares of Fulcrum Therapeutics beneficially owned by Tang Capital Partners IV, Inc. as described in footnotes

Key Terms

weighted-average prices, beneficially owns, pecuniary interest

3 terms

weighted-average prices financial

"The prices reported are weighted-average prices for multiple transactions."

beneficially owns regulatory

"Tang Capital Partners, LP ("TCP") beneficially owns 1,668,554 shares."

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

pecuniary interest financial

"Mr. Tang has a pecuniary interest in the shares beneficially held by TCP, TCPI, TCP III and TCP IV."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider buying did Fulcrum Therapeutics (FULC) report in mid-July 2026?

Fulcrum Therapeutics reported that entities associated with Kevin Tang purchased a total of 167,616 shares of common stock on July 16–17, 2026. The purchases were reported as indirect holdings through Tang Capital investment vehicles.

What prices were paid in Kevin Tang’s recent FULC stock purchases?

The reported weighted-average prices were $3.56 per share for 116,671 shares on July 16 and $3.52 per share for 50,945 shares on July 17. Trade prices ranged from $3.46 to $3.60 across the individual transactions.

Are Kevin Tang’s Fulcrum Therapeutics (FULC) shares held directly or through entities?

The reported Fulcrum Therapeutics shares are held indirectly through Tang Capital entities. Footnotes state that Tang Capital Partners and related funds hold the shares, and Kevin Tang has a pecuniary interest in those beneficially held positions.

How many FULC shares do Tang Capital entities beneficially own?

Footnotes state that Tang Capital Partners LP beneficially owns 1,668,554 shares, Tang Capital Partners International LP owns 2,212,803 shares, Tang Capital Partners III, Inc. owns 1,668,539 shares, and Tang Capital Partners IV, Inc. owns 1,531,049 shares of Fulcrum Therapeutics.

Were the recent FULC insider trades made under a Rule 10b5-1 plan?

The filing’s Rule 10b5-1 checkbox is not marked, and no footnote describes a trading plan. This indicates the reported mid-July 2026 purchases were not effected pursuant to an affirmed Rule 10b5-1 trading arrangement.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/20/2026 - 09:10 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

TANG KEVIN

(Last) (First) (Middle)

4747 EXECUTIVE DRIVE

SUITE 210

(Street)

SAN DIEGO CALIFORNIA 92121

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Fulcrum Therapeutics, Inc. [ FULC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/16/2026		P		116,671	A	$3.56(1)	7,030,000	I	See Footnote(2)
Common Stock	07/17/2026		P		50,945	A	$3.52(3)	7,080,945	I	See Footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

TANG KEVIN

(Last) (First) (Middle)

4747 EXECUTIVE DRIVE

SUITE 210

(Street)

SAN DIEGO CALIFORNIA 92121

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

TANG CAPITAL MANAGEMENT LLC

(Last) (First) (Middle)

4747 EXECUTIVE DRIVE

SUITE 210

(Street)

SAN DIEGO CALIFORNIA 92121

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The prices reported are weighted-average prices. These shares were purchased in multiple transactions at prices ranging from $3.50 to $3.60. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer or the SEC staff, upon request, all information regarding the number of shares purchased at each price within the ranges set forth in Footnotes 1 and 3.

2. Tang Capital Partners, LP ("TCP") beneficially owns 1,668,554 shares, Tang Capital Partners International, LP ("TCPI") beneficially owns 2,212,803 shares, Tang Capital Partners III, Inc. ("TCP III") beneficially owns 1,668,539 shares, and Tang Capital Partners IV, Inc. ("TCP IV") beneficially owns 1,531,049 shares. Kevin Tang is the sole manager of Tang Capital Management, LLC, which is the general partner of TCP and TCPI. Kevin Tang is the sole director and Chief Executive Officer of TCP III and TCP IV, which are indirectly wholly owned by TCP. Mr. Tang has a pecuniary interest in the shares beneficially held by TCP, TCPI, TCP III and TCP IV.

3. These shares were purchased in multiple transactions at prices ranging from $3.46 to $3.55.

	Kevin Tang	07/20/2026
	Kevin Tang, Manager	07/20/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)