Tang Capital reports 10.4% stake in Fulcrum Therapeutics

Tang Capital Management, LLC and related investment entities report beneficial ownership of 6,913,329 shares of Fulcrum Therapeutics, Inc. common stock, representing 10.4% of the class based on 66,633,321 shares outstanding as of April 20, 2026.

Rhea-AI Filing Summary

Tang Capital Management, LLC and related investment entities report beneficial ownership of 6,913,329 shares of Fulcrum Therapeutics, Inc. common stock, representing 10.4% of the class based on 66,633,321 shares outstanding as of April 20, 2026. All reported shares are held with shared voting and dispositive power, with no sole voting or dispositive authority for any filer.

Within this aggregate position, Tang Capital Partners, LP, Tang Capital Partners International, LP, Tang Capital Partners III, Inc. and Tang Capital Partners IV, Inc. respectively report shared power over 1,630,142, 2,160,423, 1,630,127 and 1,492,637 shares, all under the oversight of Kevin Tang.

Key Figures

Beneficial ownership: 6,913,329 shares Ownership percentage: 10.4 % Shares outstanding: 66,633,321 shares +4 more

7 metrics

Beneficial ownership 6,913,329 shares Shares of Fulcrum Therapeutics common stock beneficially owned by Tang Capital filers

Ownership percentage 10.4 % Percentage of Fulcrum Therapeutics common stock class beneficially owned

Shares outstanding 66,633,321 shares Fulcrum Therapeutics common shares outstanding as of April 20, 2026

TCP shared voting power 1,630,142 shares Shares over which Tang Capital Partners, LP has shared voting and dispositive power

TCPI shared voting power 2,160,423 shares Shares over which Tang Capital Partners International, LP has shared voting and dispositive power

TCP III shared voting power 1,630,127 shares Shares over which Tang Capital Partners III, Inc. has shared voting and dispositive power

TCP IV shared voting power 1,492,637 shares Shares over which Tang Capital Partners IV, Inc. has shared voting and dispositive power

Key Terms

beneficially owned, shared voting power, dispositive power, Schedule 13G/A

4 terms

beneficially owned regulatory

"Item 4 lists the amount beneficially owned: 6,913,329"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power regulatory

"Reports 0 sole voting power and 6,913,329 shares of shared voting power"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

dispositive power regulatory

"0 sole dispositive power and 6,913,329 shares of shared dispositive power"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

Schedule 13G/A regulatory

"Form type is identified as SCHEDULE 13G/A in the header"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

FAQ

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

What percentage of Fulcrum Therapeutics (FULC) does Tang Capital beneficially own?

Tang Capital–related filers beneficially own 10.4% of Fulcrum Therapeutics’ common stock. This corresponds to 6,913,329 shares, calculated using 66,633,321 shares outstanding as of April 20, 2026, with all voting and dispositive power reported as shared.

How many Fulcrum Therapeutics (FULC) shares are reported as beneficially owned in this Schedule 13G/A?

The filing reports beneficial ownership of 6,913,329 Fulcrum Therapeutics common shares. This stake represents 10.4% of the company’s outstanding stock, based on 66,633,321 shares outstanding as of April 20, 2026, with no sole voting authority disclosed.

Which Tang Capital entities share voting power over Fulcrum Therapeutics (FULC) shares?

Shared voting and dispositive power is reported for Tang Capital Management, Tang Capital Partners, Tang Capital Partners International, Tang Capital Partners III, Tang Capital Partners IV, and Kevin Tang, collectively over 6,913,329 Fulcrum Therapeutics shares, with each entity holding a portion of this aggregate position.

How is the 10.4% ownership in Fulcrum Therapeutics (FULC) calculated?

The 10.4% ownership is based on 6,913,329 shares beneficially owned divided by 66,633,321 Fulcrum Therapeutics shares outstanding as of April 20, 2026, as referenced from the company’s Form 10-Q, providing the denominator for the ownership percentage.

Does Kevin Tang have sole voting power over any Fulcrum Therapeutics (FULC) shares?

No. The filing lists 0 shares with sole voting or dispositive power for Kevin Tang. Instead, he shares voting and dispositive power over 6,913,329 Fulcrum Therapeutics shares with Tang Capital Management and the affiliated Tang Capital funds named in the report.

What are the individual Fulcrum Therapeutics (FULC) positions of the Tang Capital funds?

Tang Capital Partners reports shared power over 1,630,142 shares, Tang Capital Partners International 2,160,423 shares, Tang Capital Partners III 1,630,127 shares, and Tang Capital Partners IV 1,492,637 shares, all counted within the aggregate 6,913,329-share beneficial ownership position.

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

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Available on EDGAR 07/15/2026 - 07:53 PM Accepted by SEC EDGAR 07/15/2026 - 07:53 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Fulcrum Therapeutics, Inc.

(Name of Issuer)

Common stock, par value $0.001 per share

(Title of Class of Securities)

359616109

(CUSIP Number)

07/13/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 359616109

1

Names of Reporting Persons

TANG CAPITAL MANAGEMENT, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,913,329.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,913,329.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,913,329.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.4 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Tang Capital Management, LLC ("TCM") shares voting and dispositive power over such shares with Tang Capital Partners, LP ("TCP"), Tang Capital Partners International, LP ("TCPI"), Tang Capital Partners III, Inc. ("TCP III"), Tang Capital Partners IV, Inc. ("TCP IV") and Kevin Tang. The percentages used herein are based on 66,633,321 shares of Common Stock outstanding as of April 20, 2026, as set forth in the Quarterly Report filed on Form 10-Q that was filed with the Securities and Exchange Commission on April 27, 2026.

SCHEDULE 13G

CUSIP Number(s): 359616109

1

Names of Reporting Persons

KEVIN TANG

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,913,329.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,913,329.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,913,329.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.4 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Kevin Tang shares voting and dispositive power over such shares with TCP, TCPI, TCP III, TCP IV and TCM.

SCHEDULE 13G

CUSIP Number(s): 359616109

1

Names of Reporting Persons

TANG CAPITAL PARTNERS, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,630,142.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,630,142.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,630,142.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.5 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: TCP shares voting and dispositive power over such shares with TCM and Kevin Tang.

SCHEDULE 13G

CUSIP Number(s): 359616109

1

Names of Reporting Persons

TANG CAPITAL PARTNERS INTERNATIONAL, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,160,423.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,160,423.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,160,423.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.2 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: TCPI shares voting and dispositive power over such shares with TCM and Kevin Tang.

SCHEDULE 13G

CUSIP Number(s): 359616109

1

Names of Reporting Persons

TANG CAPITAL PARTNERS III, INC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,630,127.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,630,127.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,630,127.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.5 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: TCP III shares voting and dispositive power over such shares with TCM and Kevin Tang.

SCHEDULE 13G

CUSIP Number(s): 359616109

1

Names of Reporting Persons

TANG CAPITAL PARTNERS IV, INC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,492,637.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,492,637.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,492,637.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.2 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: TCP IV shares voting and dispositive power over such shares with TCM and Kevin Tang.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Fulcrum Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 26 Landsdowne Street, Cambridge, MA, 02139
Item 2.
(a)	Name of person filing: This Statement on Schedule 13G (this "Statement") is filed by TCM, the general partner of TCP and TCPI; Kevin Tang, the manager of TCM and Chief Executive Officer of TCP III and TCP IV; TCP; TCPI; TCP III; and TCP IV.
(b)	Address or principal business office or, if none, residence: The address of TCM, Kevin Tang, TCP and TCPI is 4747 Executive Drive, Suite 210, San Diego, CA 92121. The address of TCP III and TCP IV is 400 S. 4th Street, 3rd Floor, Las Vegas, NV 89101.
(c)	Citizenship: TCM is a Delaware limited liability company. Mr. Tang is a United States citizen. TCP and TCPI are Delaware limited partnerships. TCP III and TCP IV are Nevada corporations that are indirectly wholly owned by TCP.
(d)	Title of class of securities: Common stock, par value $0.001 per share
(e)	CUSIP No.: 359616109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 6,913,329
(b)	Percent of class: 10.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0 shares
	(ii) Shared power to vote or to direct the vote: 6,913,329 shares
	(iii) Sole power to dispose or to direct the disposition of: 0 shares
	(iv) Shared power to dispose or to direct the disposition of: 6,913,329 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

TANG CAPITAL MANAGEMENT, LLC

Signature:	/s/ Kevin Tang
Name/Title:	Manager
Date:	07/15/2026

KEVIN TANG

Signature:	/s/ Kevin Tang
Name/Title:	Self
Date:	07/15/2026

TANG CAPITAL PARTNERS, LP

Signature:	/s/ Kevin Tang
Name/Title:	Manager, Tang Capital Management, LLC, General Partner
Date:	07/15/2026

TANG CAPITAL PARTNERS INTERNATIONAL, LP

Signature:	/s/ Kevin Tang
Name/Title:	Manager, Tang Capital Management, LLC, General Partner
Date:	07/15/2026

TANG CAPITAL PARTNERS III, INC

Signature:	/s/ Kevin Tang
Name/Title:	Chief Executive Officer
Date:	07/15/2026

TANG CAPITAL PARTNERS IV, INC

Signature:	/s/ Kevin Tang
Name/Title:	Chief Executive Officer
Date:	07/15/2026