FRACTYL HEALTH, INC.

Our Company is a clinical stage metabolic therapeutics company focused on pioneering novel approaches to treat obesity and type 2 diabetes ("T2D"). The company's Revita® and Rejuva® candidates are designed to target root causes of metabolic diseases, aiming to advance metabolic disease treatment from chronic management towards prevention and reversion of the disease. Obesity and T2D are principal and rapidly growing drivers of morbidity and mortality. Approximately 115 million people in the U.S. have prediabetes and/or are living with obesity, and an additional approximately 27 million people have T2D and are potentially on medical therapy. The unmet need in obesity has shifted rapidly from identifying treatments for short-term weight loss to identifying treatments for durable weight maintenance. While highly potent drugs in the glucagon-like peptide-1 receptor agonist ("GLP-1RA") class are available to lower weight and blood sugar, these agents have high discontinuation rates that lead to a substantial risk of weight and metabolic rebound. According to a Kaiser Family Foundation Health Tracking Poll from November 2025, approximately 12% of adults are taking glucagon-like peptide-1 ("GLP-1") drugs, an increase of 6 percentage points from May 2024. This translates to approximately 30 million patients potentially on therapies that require chronic administration and do not correct the underlying disease of obesity. A Blue Health Intelligence brief from 2024 found that over 50% of patients discontinue GLP-1 drugs within three months of starting. Discontinuation of these agents typically leads to an immediate loss of metabolic benefit and weight rebound, as seen in Eli Lilly's SURMOUNT-4 study with tirzepatide and Novo Nordisk's STEP-1 extension study with semaglutide. For example, studies published in JAMA in 2023 found that patients lost approximately 20% of their body weight over 36 weeks while on tirzepatide.