Fulcrum Therapeutics, Inc. Fair Value Disclosure
3. Fair Value Measurements
The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the fair value hierarchy classification of such fair values as of December 31, 2025 and 2024 (in thousands):
|
|
Fair Value Measurements at |
|
|||||||||||||
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
||||
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds |
|
$ |
197,533 |
|
|
$ |
197,533 |
|
|
$ |
— |
|
|
$ |
— |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Government agency securities |
|
|
3,501 |
|
|
|
— |
|
|
|
3,501 |
|
|
|
— |
|
Corporate bonds |
|
|
151,272 |
|
|
|
— |
|
|
|
151,272 |
|
|
|
— |
|
Total |
|
$ |
352,306 |
|
|
$ |
197,533 |
|
|
$ |
154,773 |
|
|
$ |
— |
|
|
|
Fair Value Measurements at |
|
|||||||||||||
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
||||
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds |
|
$ |
45,722 |
|
|
$ |
45,722 |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. Treasury securities |
|
|
12,490 |
|
|
|
— |
|
|
|
12,490 |
|
|
|
— |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury securities |
|
|
2,496 |
|
|
|
— |
|
|
|
2,496 |
|
|
|
— |
|
Government agency securities |
|
|
11,282 |
|
|
|
— |
|
|
|
11,282 |
|
|
|
— |
|
Corporate bonds |
|
|
169,031 |
|
|
|
— |
|
|
|
169,031 |
|
|
|
— |
|
Total |
|
$ |
241,021 |
|
|
$ |
45,722 |
|
|
$ |
195,299 |
|
|
$ |
— |
|
There were no transfers between fair value levels during the years ended December 31, 2025 and 2024.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Mar 9, 2023 | |
| 2021 | Mar 3, 2022 | |
| 2020 | Mar 4, 2021 | |
| 2019 | Mar 5, 2020 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.