Revenue: As of FY2026 Q2, the actual value is USD 0.

EPS: As of FY2026 Q2, the actual value is USD -0.16.

EBIT: As of FY2026 Q2, the actual value is USD -18.67 M.

Financial Results for the Quarter Ended June 30, 2026

Operating Expenses

• Research and Development Expenses: Fractyl Health, Inc. reported $13.8 million, a decrease from $21.2 million in the same period of 2025, primarily due to reduced spending on Revita and Rejuva programs.
• Selling, General and Administrative Expenses: SG&A expenses were $5.3 million, an increase from $4.9 million in the same period of 2025, mainly driven by higher stock compensation expenses.
• Total Operating Expenses: Total operating expenses were $19.1 million, down from $26.1 million in the prior year period.

Profitability

• Loss from Operations: The loss from operations was - $19.1 million, compared to - $26.1 million for the same period in 2025.
• Net Loss: Fractyl Health, Inc. reported a net loss of - $25.5 million, a decrease from a net loss of - $27.9 million in the same period of 2025.
• Adjusted EBITDA: Adjusted EBITDA was - $16.3 million, an improvement from - $24.0 million in the same period of 2025, primarily due to reduced operating expenses excluding stock compensation expenses.

Other Income (Expense), Net

• Interest Income, Net: $0.4 million, compared to $0.2 million for the same period in 2025.
• Change in fair value of notes payable: - $1.4 million, compared to - $1.7 million for the same period in 2025.
• Change in fair value of warrant liabilities: - $5.5 million, compared to - $0.3 million for the same period in 2025.
• Total other income (expense), net: - $6.4 million, compared to - $1.8 million for the same period in 2025.

Financial Results for the Six Months Ended June 30, 2026

Operating Expenses

• Research and Development Expenses: $29.4 million, compared to $40.6 million for the same period in 2025.
• Selling, General and Administrative Expenses: $10.5 million, compared to $10.3 million for the same period in 2025.
• Total Operating Expenses: Total operating expenses were $39.9 million, down from $50.8 million in the prior year period.

Profitability

• Loss from Operations: The loss from operations was - $39.9 million, compared to - $50.8 million for the same period in 2025.
• Net Loss: Fractyl Health, Inc. reported a net loss of - $16.3 million, compared to - $51.6 million for the same period in 2025.
• Adjusted EBITDA: Adjusted EBITDA was - $34.3 million, compared to - $47.1 million for the same period in 2025.

Other Income (Expense), Net

• Interest Income, Net: $1.0 million, compared to $0.7 million for the same period in 2025.
• Change in fair value of notes payable: - $2.0 million, compared to - $2.0 million for the same period in 2025.
• Change in fair value of warrant liabilities: $24.6 million, compared to $0.5 million for the same period in 2025.
• Total other income (expense), net: $23.6 million, compared to - $0.8 million for the same period in 2025.

Balance Sheet Highlights (as of June 30, 2026)

• Cash and cash equivalents: $47.1 million, down from $81.5 million as of December 31, 2025.
• Restricted cash: $4.3 million, unchanged from December 31, 2025.
• Working capital: $33.9 million, compared to $69.2 million as of December 31, 2025.
• Total assets: $82.0 million, compared to $121.4 million as of December 31, 2025.
• Notes payable, long-term: $30.4 million, compared to $30.6 million as of December 31, 2025.
• Total liabilities: $83.6 million, compared to $111.9 million as of December 31, 2025.
• Total stockholders’ equity (deficit): - $1.7 million, compared to $9.5 million as of December 31, 2025.

Operational Metrics

• REMAIN-1 Midpoint Cohort Data: One-year data indicated Revita patients maintained up to 84% of prior GLP-1-induced weight loss, versus 46% with sham, in patients receiving complete duodenal ablations.
• REVEAL-1 Cohort Data: One-year open-label data showed patients maintained approximately 78% of their prior GLP-1-induced weight loss after a single Revita procedure, with a mean total body weight change of 5.3% after GLP-1 discontinuation.

Outlook and Guidance

Fractyl Health, Inc. reiterated its cash runway guidance into early 2027, extending beyond the anticipated pivotal data readout and FDA De Novo Submission. The company expects topline 6-month randomized data from the REMAIN-1 Pivotal Cohort in early Q4 2026, with a potential FDA De Novo marketing application submission in late Q4 2026 for post-GLP-1 weight maintenance. For its Rejuva program, the first-in-human dosing of RJVA-001 and preliminary data reporting are anticipated in H2 2026, subject to site activation.