Fractyl Health Inc. reported a net loss of $45.6 million for the third quarter ended September 30, 2025, compared to a net loss of $23.2 million for the same period in 2024. The increase was primarily due to a $23.5 million non-cash accounting change in fair value related to warrants. Research and development expenses decreased to $17.5 million from $19.0 million in the prior year, mainly due to lower spending on the REVITALIZE-1 study and reduced stock-based compensation. Selling, general and administrative expenses were $5.2 million, up from $4.8 million, driven by costs associated with warrant issuance in August 2025. As of September 30, 2025, the company had $77.7 million in cash and cash equivalents and expects its cash position to fund operations into early 2027. During the quarter, Fractyl expanded its Board of Directors and reported progress in its Revita clinical programs, with several key data readouts and a potential PMA filing anticipated in 2026.