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FRACTYL HEALTH, INC. logo
GUTS$0.9008-4.43%

Fractyl Health, Inc.

Sector: Surgical & Medical Instruments & ApparatusIndustry: BiotechnologyCountry: USExchange: Nasdaq

Mkt Cap$11.95M
Float & O/S
Inst Own

DilutionScan read 29 of FRACTYL HEALTH, INC.'s SEC filings and found 6 warrant series, 1 convertible, 1 ATM program, 1 shelf registration, 1 S-1 registration and 3 completed offerings on file for GUTS. The latest dilution event on file is ATM sales on Apr 6, 2026. Analysis updated Oct 14, 2026.

Signal8 Summary

GUTS

Going-concern-level cash crunch despite trial win

Business
WeakNo revenue, $141M net loss, 5.3-month runway
Stock risk
HighMicro-cap, fresh reverse split, shares +252% YoY

Snapshot

Fractyl Health is a pre-revenue biotech developing a procedural therapy for diabetes and obesity. FY 2025 revenue was $0, with a $141.0M net loss and $90.3M burned from operations.

What's Happening Right Now

  • : Fractyl's REMAIN-1 pivotal study hit its six-month weight-regain endpoint with strong statistical significance, and the company now plans an FDA De Novo filing in late Q4 2026, targeting a possible 2028 launch.
  • : Sell-side coverage settled on a consensus 'Hold' rating, made up of one sell, one hold, and three buy recommendations.
  • : Fractyl completed a 1-for-12 reverse stock split effective Oct 2, 2026, a move typically used to stay compliant with Nasdaq's minimum share price rule.
  • : On Sep 24, 2026, stockholders approved giving the board discretion to set the reverse-split ratio anywhere from 1-for-5 to 1-for-15.
  • : Sold $22K net through its at-the-market program.
  • : Sold $6.78M net / 392K shares through its at-the-market program, as stated for Jan 1, 2025 to Dec 31, 2025.
  • : Issued warrants.

Raise routes on file: effective shelf · latest dilution event 211 days ago

Overall Risk
Offering Ability
Overhead Supply
Historical
Cash Need

AI dilution summary

The dominant contractual driver and its mechanism, then each further driver ranked.

Latest dilution event

Apr 6, 2026 · ATM Sale

How we read filings

Every warrant, convertible, ATM and shelf, cited to the filing

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Share count and cash history

Shares outstanding, potential dilution and cash over time

S-1 · 1

What is this?

Size, shares registered and dates with Pro

S-1 · primary offering

Issued 2023

Completed

Proposed maximum

Shares registered

Filed
Effective
Filing link and full terms

Warrants · 6

What is this?

Exercise price, shares and dates with Pro

August 2025 Tranche B Warrants

Issued 2025

Outstanding

Shares Underlying

Exercise Price

Outstanding
Type
Anti-Dilution
Cashless Exercise
Expiration
Filing link and full terms

Warrant

Outstanding

Shares Underlying

Exercise Price

Outstanding
Type
Anti-Dilution
Cashless Exercise
Expiration
Filing link and full terms

July 2023 Warrants (2022 Convertible Notes)

Issued 2023

Outstanding

Shares Underlying

Exercise Price

Outstanding
Type
Anti-Dilution
Cashless Exercise
Expiration
Filing link and full terms

Warrant

Issued 2023

Outstanding

Shares Underlying

Exercise Price

Outstanding
Type
Anti-Dilution
Cashless Exercise
Expiration
Filing link and full terms

August 2025 Tranche A Warrants

Issued 2025

Exercised

Shares Underlying

Exercise Price

Outstanding
Type
Anti-Dilution
Cashless Exercise
Expiration
Filing link and full terms

Warrant

Issued 2025

Exercised

Shares Underlying

Exercise Price

Outstanding
Type
Anti-Dilution
Cashless Exercise
Expiration
Filing link and full terms

Convertibles · 1

What is this?

Principal, conversion terms and dates with Pro

2022 Convertible Notes

Converted

Principal

Conversion Price

Remaining principal
Shares on conversion
Interest rate
Maturity
Filing link and full terms

ATM · 1

What is this?

Capacity, sold to date and agent with Pro

ATM program

Issued 2025

Terminated

Total capacity

Sold to date

Remaining capacity
Sales agent
Agreement date
Commission
Filing link and full terms

Shelf · 1

What is this?

Capacity, dates and baby-shelf status with Pro

S-3 shelf registration

Issued 2025

Active

Total capacity

Remaining

Filed
Effective
Expires
Baby shelf
Filing link and full terms

Offerings · 3

What is this?

Proceeds, price, shares and agent with Pro

Public offering

Issued 2025

Gross proceeds

Price per share

Shares issued
Warrant coverage
Placement agent
Filing link and full terms

Public offering

Issued 2025

Gross proceeds

Price per share

Shares issued
Warrant coverage
Placement agent
Filing link and full terms

Offering

Gross proceeds

Price per share

Shares issued
Warrant coverage
Placement agent
Filing link and full terms

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Exercise prices, conversion terms, shelf headroom and the filing sentence behind every number.

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