$GUTS

FRACTYL HEALTH, INC.

CIK:0001572616|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 13,812	$ 21,151	$ 29,410	$ 40,586
Selling, general and administrative	5,284	4,928	10,506	10,252
Total operating expenses	19,096	26,079	39,916	50,838
Loss from operations	(19,096)	(26,079)	(39,916)	(50,838)
Other income (expense), net:
Interest income, net	431	226	1,024	729
Change in fair value of notes payable	(1,382)	(1,673)	(1,992)	(1,956)
Change in fair value of warrant liabilities	(5,484)	(348)	24,571	477
Other expense, net	(7)	(15)	(7)	(36)
Total other income (expense), net	(6,442)	(1,810)	23,596	(786)
Net loss and comprehensive loss	$ (25,538)	$ (27,889)	$ (16,320)	$ (51,624)
Net loss per share, basic	$ (0.16)	$ (0.57)	$ (0.1)	$ (1.05)
Net loss per share, diluted	$ (0.16)	$ (0.57)	$ (0.1)	$ (1.05)
Weighted-average number of common shares outstanding, basic	158,648,963	49,042,926	158,570,993	48,952,525
Weighted-average number of common shares outstanding, diluted	158,648,963	49,042,926	158,570,993	48,952,525

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Operating activities:
Net loss			$ (16,320)	$ (51,624)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			559	560
Non-cash interest expense			127	155
Non-cash operating lease expense			860	774
Stock-based compensation expense			5,027	3,191
Change in fair value of warrant liabilities	$ 5,484	$ 348	(24,571)	(477)
Change in fair value of notes payable, non-cash			(140)	(177)
Changes in operating assets and liabilities:
Inventory				73
Prepaid expenses and other current assets			(484)	(171)
Accounts payable			(568)	671
Accrued expenses and other current liabilities			(1,888)	1,394
Operating lease liabilities			(770)	(605)
Other long-term assets and liabilities			(210)	(42)
Net cash used in operating activities			(38,378)	(46,278)
Investing activities:
Purchases of property and equipment				(546)
Net cash used in investing activities				(546)
Financing activities:
Proceeds from exercise of stock options				280
Proceeds from exercise of common stock warrants			4,058
Proceeds from issuance of common stock under employee stock purchase plan			170
Issuance of common stock in connection with at-the-market offering, net of issuance costs				1,592
Principal payments on finance lease obligations			(250)	(221)
Net cash provided by financing activities			3,978	1,651
Net increase (decrease) in cash, cash equivalents and restricted cash			(34,400)	(45,173)
Cash, cash equivalents and restricted cash at beginning of period			85,795	71,719	$ 71,719
Cash, cash equivalents and restricted cash at end of period	$ 51,395	$ 26,546	51,395	26,546	$ 85,795
Supplemental disclosure of cash flow information:
Interest paid			2,132	2,133
Payment for operating leases within operating activities			$ 2,689	$ 2,611

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 47,140	$ 81,540
Prepaid expenses and other current assets	2,462	6,036
Total current assets	49,602	87,576
Restricted cash, long-term	4,255	4,255
Property and equipment, net	1,848	2,407
Right-of-use lease assets, operating	25,967	26,827
Other long-term assets	304	337
Total assets	81,976	121,402
Current liabilities:
Accounts payable	1,006	1,574
Accrued expenses and other current liabilities	9,550	11,651
Operating lease liabilities, current	5,180	5,104
Total current liabilities	15,736	18,329
Notes payable, long-term	30,446	30,586
Operating lease liabilities, long-term	25,110	25,956
Warrant liabilities, long-term	11,839	36,410
Other long-term liabilities	510	663
Total liabilities	83,641	111,944
Stockholders' equity (deficit):
Preferred stock, $0.00001 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock, $0.00001 par value; 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 158,648,963 and 153,372,044 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	1	1
Additional paid-in capital	570,918	565,721
Accumulated deficit	(572,584)	(556,264)
Total stockholders' equity (deficit)	(1,665)	9,458
Total liabilities and stockholders' equity (deficit)	$ 81,976	$ 121,402