Fulcrum Therapeutics (FULC): Montanova and affiliates report 5.5% ownership stake

Rhea-AI Filing Summary

Fulcrum Therapeutics, Inc. common stock is reported as beneficially owned by Montanova Capital, LLC, Averill Master Fund, Ltd., and Aaron Cowen in an Amendment No. 2 to a Schedule 13G. Montanova Capital and Aaron Cowen each report 3,680,921 shares, representing 5.5% of the common stock, with shared voting and dispositive power over these shares. Averill Master Fund reports 2,553,201 shares, representing 3.8% of the class, also with shared voting and dispositive power. All securities are directly owned by advisory clients of Montanova Capital, and the reporting persons disclaim beneficial ownership beyond their pecuniary interest.

Key Figures

Shares beneficially owned - Montanova Capital, LLC: 3,680,921 shares Percent of class - Montanova Capital, LLC: 5.5% Shares beneficially owned - Averill Master Fund, Ltd.: 2,553,201 shares +3 more

6 metrics

Shares beneficially owned - Montanova Capital, LLC 3,680,921 shares Beneficial ownership of Fulcrum Therapeutics common stock by Montanova Capital, LLC

Percent of class - Montanova Capital, LLC 5.5% Reported ownership percentage of Fulcrum Therapeutics common stock

Shares beneficially owned - Averill Master Fund, Ltd. 2,553,201 shares Beneficial ownership of Fulcrum Therapeutics common stock by Averill Master Fund, Ltd.

Percent of class - Averill Master Fund, Ltd. 3.8% Reported ownership percentage of Fulcrum Therapeutics common stock

Shares beneficially owned - Aaron Cowen 3,680,921 shares Beneficial ownership of Fulcrum Therapeutics common stock by Aaron Cowen

Percent of class - Aaron Cowen 5.5% Reported ownership percentage of Fulcrum Therapeutics common stock

Key Terms

beneficially owned, shared voting power, shared dispositive power, pecuniary interest, +2 more

6 terms

beneficially owned financial

"Amount beneficially owned: Montanova Capital, LLC - 3,680,921"

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 financial

"Shared Voting Power 3,680,921.00"

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.

shared dispositive power financial

"Shared Dispositive Power 3,680,921.00"

pecuniary interest financial

"disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest"

Investment Company Act of 1940 regulatory

"shareholders of an investment company registered under the Investment Company Act of 1940"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

Section 16 of the Securities Exchange Act of 1934 regulatory

"for purposes of Section 16 of the Securities Exchange Act of 1934, as amended"

A provision of federal securities law that requires company insiders—directors, officers and large shareholders—to publicly report their stock holdings and trades and to surrender any “short-swing” profits from purchases and sales within a six-month window. It acts like a rule that forces leaders to announce their trades and prevents quick buy-sell windfalls, giving investors transparency into insider activity and reducing opportunities for unfair gain.

FAQ

How many FULC shares does Montanova Capital, LLC report owning?

Montanova Capital, LLC reports 3,680,921 shares of Fulcrum Therapeutics common stock, representing 5.5% of the outstanding class, with shared voting and shared dispositive power over all of these shares.

What is Averill Master Fund, Ltd.’s ownership stake in FULC?

Averill Master Fund, Ltd. reports beneficial ownership of 2,553,201 shares of Fulcrum Therapeutics common stock, equal to 3.8% of the class, with shared voting and shared dispositive power over those shares.

What does Aaron Cowen report owning in Fulcrum Therapeutics (FULC)?

Aaron Cowen reports beneficial ownership of 3,680,921 shares of Fulcrum Therapeutics common stock, or 5.5% of the class, with no sole voting or dispositive power and shared voting and dispositive power over all reported shares.

Who directly owns the FULC shares reported in this Schedule 13G/A?

All reported Fulcrum Therapeutics shares are directly owned by advisory clients of Montanova Capital, LLC. The reporting persons state that none of these advisory clients may be deemed to beneficially own more than 5% of the common stock.

Do the reporting persons fully concede beneficial ownership of their FULC positions?

No. Each reporting person disclaims beneficial ownership of the securities except to the extent of his, her, or its pecuniary interest, stating that the report is not an admission of beneficial ownership for Section 16 or other purposes.

Do Montanova Capital and the others have sole or shared voting power over FULC shares?

Montanova Capital, Averill Master Fund, and Aaron Cowen report zero sole voting or dispositive power and only shared voting and shared dispositive power over their respective Fulcrum Therapeutics share positions.

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

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Available on EDGAR 08/14/2026 - 04:29 PM Accepted by SEC EDGAR 08/14/2026 - 04:22 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. 2)

Fulcrum Therapeutics, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

359616109

(CUSIP Number)

06/30/2026

(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

Montanova Capital, 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 3,680,921.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,680,921.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,680,921.00

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)

5.5 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP Number(s): 359616109

1

Names of Reporting Persons

Averill Master Fund, Ltd.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,553,201.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,553,201.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,553,201.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s): 359616109

1

Names of Reporting Persons

Aaron Cowen

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 3,680,921.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,680,921.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,680,921.00

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)

5.5 %

12

Type of Reporting Person (See Instructions)

HC, IN

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: Montanova Capital, LLC Averill Master Fund, Ltd. Aaron Cowen
(b)	Address or principal business office or, if none, residence: Montanova Capital, LLC 11 E 26th Street, 16th Floor New York, New York 10010 United States of America Averill Master Fund, Ltd. c/o Maples Corporate Services Limited P.O. Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands Aaron Cowen c/o Montanova Capital, LLC 11 E 26th Street, 16th Floor New York, New York 10010 United States of America
(c)	Citizenship: Montanova Capital, LLC - Delaware Averill Master Fund, Ltd. - Cayman Islands Aaron Cowen - United States
(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: Montanova Capital, LLC - 3,680,921 Averill Master Fund, Ltd. - 2,553,201 Aaron Cowen - 3,680,921
(b)	Percent of class: Montanova Capital, LLC - 5.5% Averill Master Fund, Ltd. - 3.8% Aaron Cowen - 5.5%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Montanova Capital, LLC - 0 Averill Master Fund, Ltd. - 0 Aaron Cowen - 0
	(ii) Shared power to vote or to direct the vote: Montanova Capital, LLC - 3,680,921 Averill Master Fund, Ltd. - 2,553,201 Aaron Cowen - 3,680,921
	(iii) Sole power to dispose or to direct the disposition of: Montanova Capital, LLC - 0 Averill Master Fund, Ltd. - 0 Aaron Cowen - 0
	(iv) Shared power to dispose or to direct the disposition of: Montanova Capital, LLC - 3,680,921 Averill Master Fund, Ltd. - 2,553,201 Aaron Cowen - 3,680,921
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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. All of the securities reported in this Schedule 13G Amendment No. 2 are directly owned by advisory clients of Montanova Capital, LLC. None of those advisory clients may be deemed to beneficially own more than 5% of the Common Stock, par value $0.001 per share.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Please see Exhibit B attached hereto.
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 acquired and are held in the ordinary course of business and 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.

Montanova Capital, LLC

Signature:	/s/ Andrew Nathanson
Name/Title:	Andrew Nathanson, General Counsel and Chief Compliance Officer
Date:	08/14/2026

Averill Master Fund, Ltd.

Signature:	/s/ Andrew Nathanson
Name/Title:	Andrew Nathanson, Authorized Signatory
Date:	08/14/2026

Aaron Cowen

Signature:	/s/ Aaron Cowen
Name/Title:	Aaron Cowen
Date:	08/14/2026

Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.

Exhibit Information

Exhibit A - Joint Filing Agreement Exhibit B - Control Person Identification