Fractyl Health, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Fractyl Health, Inc. filed its Q1 2024 10-Q, detailing financial status and equity instruments.</b>

AI Summary

FRACTYL HEALTH, INC. (GUTS) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Fractyl Health, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing details financial activities and stock-related information for Q1 2024. Key financial statement components like Retained Earnings and Additional Paid-In Capital are updated. Information regarding outstanding stock options, restricted stock units, and warrants is provided. The report references various series of convertible preferred stock (Series A through F) and convertible debt.

Why It Matters

For investors and stakeholders tracking FRACTYL HEALTH, INC., this filing contains several important signals. This 10-Q provides investors with an updated view of Fractyl Health's financial position and equity structure as of March 31, 2024. The detailed breakdown of stock and debt instruments is crucial for understanding the company's capital structure and potential future dilution.

Risk Assessment

Risk Level: low — FRACTYL HEALTH, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or major operational changes based on the provided metadata.

Analyst Insight

Monitor future filings for revenue growth, R&D spending trends, and any updates on the company's clinical pipeline and commercialization efforts.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-13 — Filing Date (Filed as of date)
• 0.4660 — EPS (Implied) (Value associated with Q1 2024, likely EPS)
• 2023-12-31 — Previous Year End Date (Additional Paid In Capital Member date)
• 2023-09-07 — Specific Note Date (Two Thousand And Twenty Three Notes Member date)
• 2024-01-01 — Q1 2024 Start Date (Outstanding Stock Options Member period start)
• 2024-03-31 — Q1 2024 End Date (Outstanding Stock Options Member period end)
• 2023-01-01 — Full Year 2023 Start Date (Series D Convertible Preferred Stock Member period start)

Key Players & Entities

• FRACTYL HEALTH, INC. (company) — Filer name
• GUTS (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-13 (date) — Filed as of date
• 3 VAN DE GRAAFF DRIVE (address) — Business address street 1
• BURLINGTON (location) — Business address city
• MA (location) — Business address state
• 01803 (postal_code) — Business address zip

FAQ

Risk Factors

• Risk Factors [medium — financial]: The filing likely contains standard risk factors related to clinical development, regulatory approvals, market adoption, and financial sustainability, typical for a company in the medical device/biotech sector.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q.
• 2024-05-13: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.00001 — nge on which registered Common Stock, $0.00001 par value per share GUTS The Nasdaq

Filing Documents

• guts-20240331.htm (10-Q) — 1981KB
• guts-ex10_1.htm (EX-10.1) — 292KB
• guts-ex10_7.htm (EX-10.7) — 196KB
• guts-ex10_8.htm (EX-10.8) — 148KB
• guts-ex10_9.htm (EX-10.9) — 177KB
• guts-ex31_1.htm (EX-31.1) — 12KB
• guts-ex31_2.htm (EX-31.2) — 12KB
• guts-ex32_1.htm (EX-32.1) — 6KB
• guts-ex32_2.htm (EX-32.2) — 6KB
• img161410974_0.jpg (GRAPHIC) — 191KB
• img161410974_1.jpg (GRAPHIC) — 191KB
• img161410974_2.jpg (GRAPHIC) — 191KB
• img162334495_0.jpg (GRAPHIC) — 191KB
• 0000950170-24-058634.txt (&nbsp;) — 8924KB
• guts-20240331.xsd (EX-101.SCH) — 1038KB
• guts-20240331_htm.xml (XML) — 955KB

Financial Statements

Financial Statements 8 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 8 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024 and 2023 (unaudited) 9 Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) for the three months ended March 31, 2024 and 2023 (unaudited) 10 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 11 Notes to Condensed Consolidated Financial Statements (unaudited) 12 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 32 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 92 Item 3. Defaults Upon Senior Securities 92 Item 4. Mine Safety Disclosures 92 Item 5. Other Information 92 Item 6. Exhibits 93

—FIN ANCIAL INFORMATION

PART I—FIN ANCIAL INFORMATION

Fina ncial Statements

Item 1. Fina ncial Statements. Fractyl Health, Inc. C ondensed Consolidated Balance Sheets (in thousands, except for share and per share information) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 121,441 $ 33,209 Accounts receivable 15 22 Inventory 73 73 Restricted cash, current 315 315 Prepaid expenses and other current assets 2,628 2,029 Total current assets 124,472 35,648 Restricted cash, long-term 4,255 4,255 Property and equipment, net 1,902 490 Right-of-use lease assets, operating 29,613 30,282 Other long-term assets 3,277 5,537 Total assets $ 163,519 $ 76,212 Liabilities, Convertible Preferred Stock and Stockholders' Equity (Deficit) Current liabilities: Accounts payable $ 1,027 $ 553 Accrued expenses and other current liabilities 8,653 7,331 Operating lease liabilities, current 3,592 2,731 Warrant liabilities, current — 573 Total current liabilities 13,272 11,188 Notes payable, long-term 28,695 55,152 Operating lease liabilities, long-term 28,246 28,508 Warrant liabilities, long-term 8,798 19,096 Other long-term liabilities 330 — Total liabilities 79,341 113,944 Commitments and contingencies Convertible preferred stock (Series A, B, C-1, C-2, D, E and F), $ 0.00001 par value; no shares authorized and no shares issued or outstanding at March 31, 2024; 78,112,639 shares authorized and 77,994,156 shares issued and outstanding at December 31, 2023; aggregate liquidation preference of $ 0 and $ 379,081 at March 31, 2024 and December 31, 2023, respectively — 287,330 Stockholders' equity (deficit): Preferred stock, $ 0.00001 par value; 10,000,000 shares authorized, no shares issued or outstanding at March 31, 2024; no shares authorized, issued or outstanding at December 31, 2023 — — Common stock, $ 0.00001 par value; 300,000,000 shares authorized, 47,89

View Full Filing

View this 10-Q filing on SEC EDGAR