FRACTYL HEALTH, INC.
Business
Fractyl Health is a clinical-stage metabolic therapeutics company developing procedural and gene therapy approaches to treat obesity and type 2 diabetes. Revita is an investigational endoscopic procedure using hydrothermal ablation to remodel the duodenal lining, currently in pivotal trials. Rejuva is an AAV-delivered pancreatic gene therapy platform designed to reprogram beta cells to produce metabolic hormones, addressing disease remission through single-administration intervention.
Summary from 10-K filed 2026-03-24
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Revenue | 0 | 93,000 | 120,000 | |
| Cost of goods sold | 0 | 50,000 | 77,000 | |
| Gross Profit | — | 43,000 | 43,000 | |
| Research and development | 75 | 70 | 38 | |
| Selling, general and administrative | 22 | 23 | 13 | |
| Total operating expenses | 97 | 94 | 51 | |
| Loss from operations | −97 | −94 | −51 | |
| Interest income, net | 2 | 4 | 1 | |
| Change in fair value of notes payable | −5 | 3 | −21 | |
| Change in fair value of warrant liabilities | −41 | 18 | −7 | |
| Other expense, net | −53,000 | −47,000 | −24,000 | |
| Total other income (expense), net | −44 | 25 | −26 | |
| Net loss and comprehensive loss | −141 | −69 | −77 | |
| Accretion of dividends on convertible preferred stock | — | −2 | −17 | |
| Net loss attributable to common stockholders | −141 | −70 | −94 | |
| Net loss per share attributable to common stockholders, basic | −1.86 | −1.62 | −45.29 | |
| Net loss per share attributable to common stockholders, diluted | −1.86 | −1.62 | −45.29 | |
| Weighted-average number of common shares outstanding, basic | 76 | 44 | 2 | |
| Weighted-average number of common shares outstanding, diluted | 76 | 44 | 2 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 82 | 67 | 33 | — | |
| Inventory | — | 73,000 | 73,000 | — | |
| Prepaid expenses and other current assets | 6 | 4 | 2 | — | |
| Total current assets | 88 | 72 | 36 | — | |
| Restricted cash, long-term | 4 | 4 | 4 | — | |
| Property and equipment, net | 2 | 3 | 490,000 | — | |
| Right-of-use lease assets, operating | 27 | 28 | 30 | — | |
| Other long-term assets | 337,000 | 666,000 | 6 | — | |
| Total assets | 121 | 108 | 76 | — | |
| Accounts payable | 2 | 3 | 553,000 | — | |
| Accrued expenses and other current liabilities | 12 | 12 | 7 | — | |
| Operating lease liabilities, current | 5 | 5 | 3 | — | |
| Total current liabilities | 18 | 20 | 11 | — | |
| Notes payable, long-term | 31 | 30 | 55 | — | |
| Operating lease liabilities, long-term | 26 | 27 | 29 | — | |
| Warrant liabilities, long-term | 36 | 1 | 19 | — | |
| Other long-term liabilities | 663,000 | 998,000 | — | — | |
| Total liabilities | 112 | 80 | 114 | — | |
| Preferred stock, $0.00001 par value; 10,000,000 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024 | 0 | 0 | 0 | — | |
| Common stock, $0.00001 par value; 300,000,000 shares authorized at December 31, 2025 and 2024; 153,372,044 and 48,755,451 shares issued and outstanding at December 31, 2025 and 2024, respectively | 1,000 | 0 | 0 | — | |
| Additional paid-in capital | 566 | 444 | 22 | — | |
| Accumulated deficit | −556 | −415 | −347 | — | |
| Total stockholders' equity | 9 | 28 | −325 | −252 | |
| Total liabilities and stockholders' equity | 121 | 108 | 76 | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Net loss | −141 | −69 | −77 | |
| Depreciation | 1 | 700,000 | 286,000 | |
| Non-cash interest expense | 296,000 | 357,000 | — | |
| Non-cash operating lease expense | 2 | 2 | — | |
| Stock-based compensation expense | 7 | 14 | 4 | |
| Change in fair value of notes payable, non-cash | 424,000 | −6 | 20 | |
| Accounts receivable | — | 22,000 | −22,000 | |
| Inventory | 73,000 | — | −73,000 | |
| Prepaid expenses and other current assets | 2 | −2 | 331,000 | |
| Accounts payable | −2 | 3 | −427,000 | |
| Accrued expenses and other current liabilities | 414,000 | 6 | 543,000 | |
| Operating lease liabilities | −1 | 1 | 563,000 | |
| Other long-term assets and liabilities | −186,000 | 2 | 74,000 | |
| Net cash used in operating activities | −90 | −66 | −43 | |
| Purchases of property and equipment | −557,000 | −2 | −359,000 | |
| Net cash used in investing activities | −557,000 | −2 | −359,000 | |
| Proceeds from initial public offering, net of underwriting discounts and commissions | — | 104 | — | |
| Payments related to initial public offering costs | — | −3 | −563,000 | |
| Issuance of common stock in connection with at-the-market offering, net of underwriting commissions and offering costs | 7 | — | — | |
| Issuance of common stock and warrants in August 2025 public offering, net of underwriting commissions and offering costs | 23 | — | — | |
| Issuance of common stock in September 2025 public offering, net of underwriting commissions and offering costs | 56 | — | — | |
| Proceeds from issuance of common stock under share purchase agreement | 20,000 | — | — | |
| Exercises of common stock warrants | 20 | — | — | |
| Exercises of common stock options | 280,000 | 572,000 | 52,000 | |
| Principal payments on finance lease obligations | −457,000 | −187,000 | −9,000 | |
| Net cash provided by financing activities | 105 | 101 | 27 | |
| Net increase in cash, cash equivalents and restricted cash | 14 | 34 | −16 | |
| Interest paid | 4 | 3 | 762,000 | |
| Payment for operating leases within operating activities | 5 | 3 | 2 | |
| Fair value of warrant liabilities recognized in connection with August 2025 public offering | 19 | — | 3 | |
| Reclassification of warrant liabilities into equity upon exercises | 25 | — | — | |
| Conversion of convertible preferred stock into common stock upon initial public offering | — | 287 | — | |
| Conversion of 2022 Convertible Notes into common stock upon initial public offering | — | 19 | — | |
| Reclassification of warrant liability to equity upon initial public offering | — | 425,000 | — | |
| Finance lease right-of-use asset obtained in exchange for lease liability | — | 1 | — | |
| Reclassification of deferred offering costs to additional paid-in capital | — | 3 | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is FRACTYL HEALTH, INC.'s CIK number?
FRACTYL HEALTH, INC.'s SEC CIK number is 0001572616 (1572616). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find FRACTYL HEALTH, INC.'s SEC filings?
All of FRACTYL HEALTH, INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did FRACTYL HEALTH, INC. last report earnings?
FRACTYL HEALTH, INC. (GUTS) most recently filed an earnings 8-K with the SEC on May 12, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-219365). This is FRACTYL HEALTH, INC.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is FRACTYL HEALTH, INC.'s most recent earnings 8-K?
FRACTYL HEALTH, INC.'s latest earnings 8-K (Item 2.02) was filed May 12, 2026 under accession 0001193125-26-219365. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View FRACTYL HEALTH, INC.'s latest earnings 8-K →
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