FRACTYL HEALTH, INC. GUTS

Healthcare SIC 3841 - Surgical & Medical Instruments & Apparatus Nasdaq

We are a clinical stage metabolic therapeutics company focused on pioneering novel approaches to treat obesity and type 2 diabetes ("T2D"). Our Revita® and Rejuva® candidates are designed to target root causes of metabolic diseases, allowing us to advance metabolic disease treatment from chronic management towards prevention and reversion of the disease.

Despite advances in treatment over the last 50 years, obesity and T2D continue to be principal and rapidly growing drivers of morbidity and mortality. According to the Centers for Disease Control approximately 115 million people in the U.S. have prediabetes and/or are living with obesity, and an additional approximately 27 million people have T2D and are potentially on medical therapy. Within the past two years, the unmet need in obesity has shifted rapidly from identifying treatments that can achieve short-term weight loss to identifying treatments that can enable durable weight maintenance. While highly potent drugs in the glucagon-like peptide-1 receptor agonist ("GLP-1RA") class are now available to lower weight and blood sugar, these agents have high discontinuation rates that lead to a substantial risk of weight and metabolic rebound. According to a Kaiser Family Foundation Health Tracking Poll from November 2025, approximately 12% of adults are taking glucagon-like peptide-1 ("GLP-1") drugs (an increase of 6 percentage points from May 2024), translating to approximately 30 million patients potentially on therapies that require chronic administration and do not correct the underlying disease of obesity. Despite the growing interest in these drugs, a Blue Health Intelligence brief from 2024 found that over 50% of patients discontinue GLP-1 drugs within three months of starting, long before patients can experience clinical benefit from these agents. Discontinuation of these agents typically leads to an immediate loss of metabolic benefit and weight rebound, as seen in Eli Lilly's SURMOUNT-4 study with tirzepatide and Novo Nordisk's STEP-1 extension study with semaglutide. For example, studies published in JAMA in 2023 found that patients lost approximately 20% of their body weight over 36 weeks while on tirzepatide. However, when patients discontinued the drug, they experienced approximately 14% weight regain in 52 weeks, approximately 5% of which was regained in the first three months after discontinuation. These high rates of drug discontinuation and weight regain demonstrate the need for new approaches that can enable durable maintenance of weight and metabolic health without requiring daily or weekly pharmacotherapy.

Last close 0.70 2026-09-04
Market cap $110.9M 2026-06-30 share count
52-week range 0.38 - 2.44

Valuation FY2025 figures against the last close

P/S
P/E
P/FCF
EV/EBITDA
Dividend yield
Diluted EPS-1.86

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022
Revenue $0$93.0K$120.0K
Cost of revenue $0$50.0K$77.0K
Gross profit $0$43.0K$43.0K
R&D $74.5M$70.5M$38.0M
SG&A $22.3M$23.1M$12.8M
Total operating expenses $96.8M$93.6M$50.9M
Operating income -$96.8M-$93.5M-$50.8M
Pre-tax income -$141.0M-$68.7M-$77.1M
Income tax $0$0$0
Net income -$141.0M-$68.7M-$77.1M
EPS, basic -1.86-1.62-45.29
EPS, diluted -1.86-1.62-45.29
Shares, diluted (wtd. avg.) $75.8M$43.5M$2.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022
Cash and equivalents $81.5M$67.5M$37.8M$53.5M
Receivables $0$22.0K
Inventory $73.0K$73.0K
Total current assets $87.6M$71.8M$35.6M
Property, plant and equipment $2.4M$3.0M$490.0K
Total assets $121.4M$108.1M$76.2M
Accounts payable $1.6M$3.2M$553.0K
Total current liabilities $18.3M$19.8M$11.2M
Total liabilities $111.9M$79.7M$113.9M
Retained earnings -$556.3M-$415.3M-$346.6M
Total equity $9.5M$28.4M-$325.1M-$252.3M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022
Operating cash flow -$90.3M-$65.5M-$42.8M
Depreciation and amortisation $1.1M$677.0K$286.0K
Stock-based compensation $6.7M$14.4M$4.3M
Capital expenditure $557.0K$1.8M$359.0K
Investing cash flow -$557.0K-$1.8M-$359.0K
Financing cash flow $105.0M$101.2M$27.4M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-121793.

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