Detailed financial statements for Fractyl Health, Inc. (GUTS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Fractyl Health, Inc., a metabolic therapeutics company, develops therapies for the treatment of type 2 diabetes (T2D) and obesity. The company develops Revita DMR System (Revita), an outpatient procedural therapy designed to durably modify duodenal dysfunction, a pathologic consequence of a high fat and high sugar diet, which can initiate T2D and obesity in humans.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.56, GUTS has negative trailing earnings (P/E not meaningful) and an ROE of -16.26%. Market capitalisation stands at $89M.
Balance sheet quality for GUTS: current ratio of 4.8, net cash position of $19.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | $120000 | $93000 | 0 |
| Cost of Revenue | $893000 | $770000 | 0 | $452000 | $77000 | $50000 | 0 |
| Gross Profit | -$893000 | -$770000 | 0 | -$452000 | $43000 | $43000 | 0 |
| Research & Development | $20.9M | $22.4M | $26.4M | $34.4M | $38.0M | $70.5M | $74.5M |
| Selling, General & Admin | $8.1M | $5.8M | $10.5M | $14.6M | 0 | 0 | $22.3M |
| Operating Expenses | $29.0M | $28.2M | $36.9M | $48.9M | $50.9M | $93.6M | $96.8M |
| Operating Income | -$29.9M | -$29.0M | -$36.9M | -$49.4M | -$50.8M | -$93.5M | -$96.8M |
| EBITDA | -$29.0M | -$28.2M | -$36.6M | -$46.0M | -$76.8M | -$68.0M | -$139.8M |
| Interest Expense | $635000 | $1.5M | $1.4M | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$30.6M | -$30.5M | -$38.7M | -$46.5M | -$77.1M | -$68.7M | -$141.0M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$30.6M | -$30.5M | -$38.7M | -$46.5M | -$77.1M | -$68.7M | -$141.0M |
| EPS | $-0.64 | $-0.86 | $-1.12 | $-1.34 | $-1.98 | $-1.62 | $-0.92 |
| EPS (Diluted) | $-0.64 | $-0.86 | $-1.12 | $-1.34 | $-1.98 | $-1.62 | $-0.92 |
| Shares Outstanding (Diluted) | $47.6M | $47.6M | $47.6M | $47.6M | $47.6M | $43.5M | $153.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$22.7M | -$23.3M | -$20.8M | -$19.1M |
| EBITDA | -$45.3M | -$43.4M | $9.5M | -$25.0M |
| Net Income | -$45.6M | -$43.7M | $9.2M | -$25.5M |
| EPS | $-0.71 | $-0.29 | $0.06 | $-0.16 |
| EPS (Diluted) | $-0.71 | $-0.29 | $0.06 | $-0.16 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $5.8M | $29.1M | $95.5M | $49.3M | $33.5M | $67.5M | $81.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | $22000 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | $73000 | $73000 | 0 |
| Total Current Assets | $6.8M | $30.9M | $96.4M | $51.6M | $35.6M | $71.8M | $87.6M |
| Property, Plant & Equipment | $2.1M | $1.4M | $1.3M | $1.6M | $30.8M | $31.4M | $29.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | $863000 | $835000 | 0 | 0 |
| Total Assets | $8.9M | $34.8M | $102.5M | $61.0M | $76.2M | $108.1M | $121.4M |
| Accounts Payable | $608000 | $304000 | $970000 | $980000 | $553000 | $3.2M | $1.6M |
| Short-term Debt | 0 | $7.2M | $15.7M | 0 | $2.7M | 0 | $5.1M |
| Total Current Liabilities | $3.4M | $10.9M | $23.7M | $7.3M | $11.2M | $19.8M | $18.3M |
| Long-term Debt | $14.9M | $8.1M | $287.3M | $305.1M | $342.5M | $30.2M | $30.6M |
| Total Liabilities | $152.9M | $19.8M | $311.9M | $313.3M | $401.3M | $79.7M | $111.9M |
| Retained Earnings | -$153.9M | -$184.3M | -$223.1M | -$269.5M | -$346.6M | -$415.3M | -$556.3M |
| Total Equity | -$144.0M | $15.0M | -$209.3M | -$252.3M | -$325.1M | $28.4M | $9.5M |
| Total Debt | $14.9M | $15.3M | $304.3M | $306.8M | $373.7M | $62.5M | $61.6M |
| Net Debt | $9.1M | -$13.8M | $208.9M | $257.5M | $340.2M | -$5.0M | -$19.9M |
| Working Capital | $3.4M | $20.0M | $72.7M | $44.3M | $24.5M | $52.0M | $69.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $77.7M | $81.5M | $63.2M | $47.1M |
| Total Assets | $114.3M | $121.4M | $99.4M | $82.0M |
| Total Liabilities | $117.5M | $111.9M | $78.0M | $83.6M |
| Total Equity | -$3.2M | $9.5M | $21.4M | -$1.7M |
| Total Debt | $62.2M | $61.6M | $60.8M | $60.7M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$30.6M | -$30.5M | -$38.7M | -$46.5M | -$77.1M | -$68.7M | -$141.0M |
| Depreciation & Amortization | $893000 | $770000 | $676000 | $452000 | $286000 | $677000 | $1.1M |
| Stock-based Compensation | $2.5M | $1.6M | $2.1M | $3.1M | $4.3M | $14.4M | $6.7M |
| Change in Working Capital | -$824000 | -$3.5M | $1.7M | -$1.2M | $989000 | $9.6M | -$395000 |
| Operating Cash Flow | -$27.7M | -$31.1M | -$33.5M | -$46.2M | -$42.8M | -$65.5M | -$90.3M |
| Capital Expenditure | -$97000 | -$2000 | -$51000 | -$56000 | -$359000 | -$1.8M | -$557000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$27.8M | -$31.1M | -$33.5M | -$46.3M | -$43.2M | -$67.3M | -$90.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$22.7M | -$21.3M | -$22.5M | -$15.9M |
| Capital Expenditure | -$8000 | -$3000 | 0 | 0 |
| Free Cash Flow | -$22.7M | -$21.3M | -$22.5M | -$15.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.6M | $1.9M | $2.5M | $2.5M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | | -22.5% | -100.0% |
| Net Income Growth (YoY) | | +0.4% | -27.1% | -19.9% | -66.0% | +10.9% | -105.2% |
| EPS Growth (YoY) | | -34.4% | -30.2% | -19.6% | -47.8% | +18.2% | +43.2% |
| Shares Change (YoY) | | +0.0% | +0.0% | +0.0% | +0.0% | -8.5% | +252.2% |
| FCF Growth (YoY) | | -11.7% | -7.8% | -38.2% | +6.7% | -55.8% | -35.1% |
| Gross Margin | | | | | 35.8% | 46.2% | |
| Operating Margin | | | | | -42363.3% | -100571.0% | |
| EBITDA Margin | | | | | -64004.2% | -73136.6% | |
| Net Margin | | | | | -64242.5% | -73864.5% | |
| FCF Margin | | | | | -35985.0% | -72350.5% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.58 | $-0.65 | $-0.70 | $-0.97 | $-0.91 | $-1.55 | $-0.59 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $47.6M | $47.6M | $47.6M | $47.6M | $47.6M | $43.5M | $153.4M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -1625.88% |
| Return on Invested Capital | -120.27% |
| Return on Assets | -128.88% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | -36.48 |
| Current Ratio | 3.15 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -7.47 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -20.08 | -14.94 | -11.47 | -9.59 | -6.49 | -1.27 | -2.39 |
| P/B | -4.25 | 40.92 | -2.92 | -2.42 | -1.88 | 3.16 | 35.68 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 5097.94 | 964.47 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 35.8% | 46.2% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -42363.3% | -100571.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | -64242.5% | -73864.5% | 0.0% |