Fractyl Health Inc. reported its first quarter 2025 financial results, highlighting a net loss of $23.7 million for the quarter ended March 31, 2025, compared to a net loss of $3.3 million for the same period in 2024. This increase in net loss was largely attributed to fluctuations in the non-cash change in fair value of notes and warrants, alongside an increase in operating expenses by $3.2 million. The company's selling, general and administrative expenses were $5.3 million, down from $7.1 million in the first quarter of 2024, primarily due to lower stock-based compensation expenses, although public company costs increased. As of March 31, 2025, Fractyl held approximately $42.1 million in cash and cash equivalents. The company anticipates this cash position will fund operations into the fourth quarter of 2025 based on current operating plans. In terms of business updates, Fractyl Health is making progress with its clinical trials and research. The company expects to release the REVEAL-1 Cohort 3-month open-label data update in June 2025, which has shown early clinical signals that support Revita's potential in maintaining weight loss after the discontinuation of GLP-1 therapy. Additionally, the REMAIN-1 Midpoint Cohort data is expected in the third quarter of 2025, marking the first randomized data on post-GLP-1 weight maintenance. The REMAIN-1 Pivotal Cohort has completed enrollment ahead of schedule, with 6-month primary endpoint data anticipated in the second half of 2026. Furthermore, the Rejuva gene therapy platform is progressing towards its first-in-human studies, with the first CTA module submission for RJVA-001 expected in June 2025.