The Q1 print itself is a non-event — the GAAP net income is purely accounting. The stock's next catalyst is the 1-year REVEAL-1 Cohort data expected in Q2 2026 (any day now). The pivotal REMAIN-1 readout in early Q4 2026 is the binary event. Monitor for any pre-announcement or data leaks ahead of those dates.
Price Chart
Executive Summary
Fractyl Health reported Q1 2026 results with a GAAP net income of $9.2M (EPS $0.06) vs a net loss of $23.7M (EPS -$0.49) in Q1 2025, driven entirely by a $30.1M non-cash warrant liability fair value adjustment. Operating loss improved to -$20.8M from -$24.8M, and cash burn narrowed (Adjusted EBITDA -$18.0M vs -$23.1M). The company reiterated all key clinical milestones and cash runway into early 2027. The stock will move on the reaffirmed pivotal data timeline (early Q4 2026), not on the accounting-driven net income swing.
Key Financial Metrics
Key Facts
- GAAP net income of $9.2M in Q1 2026 vs net loss of $23.7M in Q1 2025, driven by $30.1M non-cash warrant liability fair value change
- Operating loss improved to $20.8M from $24.8M YoY; R&D spending down to $15.6M from $19.4M
- Adjusted EBITDA improved to -$18.0M from -$23.0M YoY
- Cash and equivalents $63.2M at March 31, 2026, down from $81.5M at Dec 31, 2025; runway into early 2027 reiterated
- All 2026 Revita milestones reaffirmed: 1-year REVEAL-1 data Q2, 1-year REMAIN-1 Midpoint data Q3, topline pivotal data early Q4, potential De Novo submission late Q4
- CTA authorization received in Netherlands for RJVA-001 first-in-human study; first dosing expected H2 2026
- No revenue reported; pre-revenue clinical-stage company
Financial Impact
Operating cash burn of ~$18M/quarter; cash position of $63.2M provides runway into early 2027
Risk Factors
- Cash burn rate of ~$18M/quarter gives runway only into early 2027 — dilutive financing likely needed if pivotal data is delayed or negative
- Pivotal REMAIN-1 data (early Q4 2026) is binary; failure would severely impair stock value
- No revenue; entirely dependent on clinical and regulatory milestones
- Warrant liability fair value changes create large GAAP earnings volatility with no operational meaning
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-219365 |
| Document: guts-20260512.htm | 0001193125-26-219365 |
| Document: 0001193125-26-219365-index-headers.html | 0001193125-26-219365 |
| Document: 0001193125-26-219365-index.html | 0001193125-26-219365 |
| Document: 0001193125-26-219365.txt | 0001193125-26-219365 |
| 8-K Data (Synthetic) | 0001193125-26-219365 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $1.13 | awaiting T+5 | — | $1.08 (−4.42%) |
Oct 16, 2026 10d ago | 8-K | $1.55 $1.08 | ▼ −30.32% | ▼ −30.42% | $1.08 (−30.32%) |
Oct 13, 2026 12d ago | SC 13G | $4.03 $1.33 | ▼ −66.96% | ▼ −65.80% | $1.08 (−73.17%) |
Aug 10, 2026 10w ago | 8-K | $0.7018 $0.7171 | ▲ +2.18% | ▲ +2.58% | $1.08 (+53.89%) |
Aug 10, 2026 10w ago | Press Release | $0.7018 $0.7171 | ▲ +2.18% | ▲ +2.58% | $1.08 (+53.89%) |
Jul 15, 2026 14w ago | 8-K | $0.9100 $0.7580 | ▼ −16.70% | ▼ −15.72% | $1.08 (+18.68%) |
Jun 12, 2026 19w ago | Institutional Cluster | $0.8500 $0.8583 | ▲ +0.98% | ▲ +0.30% | $1.08 (+27.06%) |
Jun 11, 2026 19w ago | Insider Cluster | $0.8500 $0.8583 | ▲ +0.98% | ▲ +0.30% | $1.08 (+27.06%) |
Jun 11, 2026 19w ago | Institutional Cluster | $0.7239 $0.8500 | ▲ +17.42% | ▲ +16.99% | $1.08 (+49.19%) |
Jun 4, 2026 20w ago | 8-K | $0.7340 $0.7240 | ▼ −1.36% | ▲ +1.19% | $1.08 (+47.14%) |
US Market Status
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