Fractyl Health, Inc. · NASDAQ:GUTS

Fractyl Health — Technical Presentation (May 2026)

19 slides from Fractyl Health's technical presentation, May 2026

  1. Slide 1: Pancreas-Targeted Dual GIP/GLP-1 Gene Therapy Reduces Body Weight and Hepatic Steatosis

    PANCREAS-TARGETED DUAL GIP/GLP-1 GENE THERAPY REDUCES BODY WEIGHT AND HEPATIC STEATOSIS IN A MURINE MODEL OF DIET-INDUCED OBESITY Alice Liou Fitzpatrick, Lin Quek, Junghun Lee, Jessie Von Stetina, Suya Wang, Lindsay Schulman, Nicole Picard, Abdul Alhamood, Zakir Siddiquee, Keiko Ishida, Rebecca Rees

  2. Slide 2: Speaker Disclosure

    SPEAKER DISCLOSURE Alice Liou Fitzpatrick I disclose the following financial relationship(s) with a commercial interest: I am an employee and shareholder of Fractyl Health, Inc. Rejuva is an investigational gene therapy program in preclinical development. RJVA-001 is the subject of planned first-in-

  3. Slide 3: GLP-1 and Dual Incretin Agonists Induce Substantial Weight Loss and Metabolic Benefit

    GLP-1 and Dual Incretin Agonists Induce Substantial Weight Loss and Metabolic Benefit Chronic Administration Required 11 • GLP-1RAs have transformed management of obesity and type 2 diabetes resulting in: • Significant weight loss3 • Reduction in HbA1c2 • Reduced liver fat4 • Other emerging cardiova

  4. Slide 4: GLP-1 and Dual Incretin Agonists Induce Substantial Weight Loss and Metabolic Benefit

    GLP-1 and Dual Incretin Agonists Induce Substantial Weight Loss and Metabolic Benefit Chronic Administration Required 1 • GLP-1RAs have transformed management of obesity and type 2 diabetes resulting in: • Significant weight loss3 • Reduction in HbA1c2 • Reduced liver fat4 • Other emerging cardiovas

  5. Slide 5: Persistence and Durability Limitations Prevent Sustained Metabolic Benefit

    Persistence and Durability Limitations Prevent Sustained Metabolic Benefit: A New Strategy is Needed • Low real-world persistence, even with modern incretin therapies1 • Up to 2/3 of patients discontinue within 1 year1 A durable, one-time interventional approach is needed to achieve and maintain wei

  6. Slide 6: Rejuva: An AAV Gene Therapy Platform to Treat Metabolic Disease with a Single Dose

    REJUVA: An AAV Gene Therapy Platform to Treat Metabolic Disease with a Single Dose Novel ROA Novel MOA Targeted administration via purpose-built Incretin(s) under Insulin-derived control for beta cell- endoscopic ultrasound-guided device AAV specific, meal-regulated expression and secretion Payload

  7. Slide 7: Rejuva: An AAV Gene Therapy Platform to Treat Metabolic Disease with a Single Dose

    REJUVA: An AAV Gene Therapy Platform to Treat Metabolic Disease with a Single Dose Novel ROA Novel MOA Targeted administration via purpose-built Incretin(s) under Insulin-derived control for beta cell- endoscopic ultrasound-guided device AAV specific, meal-regulated expression and secretion Payload

  8. Slide 8: Rejuva: An AAV Gene Therapy Platform to Treat Metabolic Disease with a Single Dose

    REJUVA: An AAV Gene Therapy Platform to Treat Metabolic Disease with a Single Dose Novel ROA Novel MOA Targeted administration via purpose-built Incretin(s) under Insulin-derived control for beta cell- endoscopic ultrasound-guided device AAV specific, meal-regulated expression and secretion Circulat

  9. Slide 9: Rejuva Device Safely Delivers AAV to the Pancreas

    Rejuva Device Safely Delivers AAV to the Pancreas Large Animal Safety Model – Yucatan Pig • Rejuva catheter device introduced directly to pancreas parenchyma via standard endoscopic ultrasound techniques that are already part of standard clinical practice • Unique features of Rejuva needle and devic

  10. Slide 10: Rejuva Device Safely Delivers AAV to the Pancreas

    Rejuva Device Safely Delivers AAV to the Pancreas Large Animal Safety Model – Yucatan Pig • Rejuva catheter device introduced directly to pancreas parenchyma via standard endoscopic ultrasound techniques that are already part of standard clinical practice • Unique features of Rejuva needle and devic

  11. Slide 11: RJVA-001 Effectively Delivered to Pancreas Via Targeted ROA

    RJVA-001 (AAV-INSp-GLP-1) Effectively Delivered to Pancreas Via Targeted ROA Transgene DNA, RNA, and active GLP-1 protein enriched in targeted pancreatic splenic lobe vDNA vRNA Protein 10 3E4 1.0 Infusion site vRNA [copies/10ng RNA] 8 0.8 Active GLP-1 [pg/ug] VCN [VG/DG] 2E4 6 0.6 4 0.4 1E4 2 0.2 0

  12. Slide 12: EUS-Guided Pancreatic AAV Delivery is Safe and Effective

    EUS-Guided Pancreatic AAV Delivery is Safe and Effective Constrained Biodistribution and No Safety Signals In Vivo: Treated Yucatan Pigs Pancreatitis Neurotoxicity 50 (lipase) 50 (Nf-L) 3xULN Fasting Lipase [U/L] 40 40 NF-Light [pg/mL] Biodistribution (vDNA) 30 30 15 20 20 ULN VCN [VG/DG] 10 10 10 0

  13. Slide 13: RJVA-001 Improves Glycemia in a Diabetic Mouse Model

    RJVA-001 Improves Glycemia in a Diabetic Mouse Model Additional Weight Benefit Observed In Vivo: Treated 8-week-old db/db Mice, 46 days post single IP AAV injection Fasting Blood Glucose Fasting Plasma Insulin Body Weight ✱✱✱ % BW change from baseline Fasting Plasma Insulin [ng/mL] 8 25 Fasting Bloo

  14. Slide 14: Confirmation of MOA from Primary Diabetic Mouse Islets

    Confirmation of MOA from Primary Diabetic Mouse Islets Expression and glucose-responsive incretin secretion Ex Vivo: Islets Isolated from treated db/db Mice, 49 days post single IP AAV injection GLP-1 Content GLP-1 Secretion (lysate) (supernatant) ✱✱✱✱ ✱✱✱✱ 8000 80 ✱✱ Total GLP-1 [pM] 60 Vehicle Tot

  15. Slide 15: RJVA-002 Program: Obesity Indication

    RJVA-002 program: Obesity Indication A Nutrient-Regulated Dual Incretin Design to Improve Body Weight Loss Dual Incretin transgene construct Confirmed expression and nutrient-regulated Confirmed dual expression of driven by an engineered human secretion in Primary Human Islets GIP/GLP-1 in mouse bet

  16. Slide 16: AAV-GIP/GLP-1 Dual Incretin Gene Therapy Effect on Body Weight in a DIO Mouse Model

    AAV-GIP/GLP-1 Dual Incretin Gene Therapy Effect on Body Weight in a DIO Mouse Model Single dose durably reduces body weight and food intake In Vivo: 60% HFD-induced DIO mice 42 days post single IP AAV injection Body Weight Terminal Body Weight 2-week Cumulative 5 ✱✱✱ Food Intake ✱✱✱✱ 0 Body Weight C

  17. Slide 17: AAV-GIP/GLP-1 Dual Incretin Gene Therapy Significantly Attenuates Diet-Induced MASLD

    AAV-GIP/GLP-1 Dual Incretin Gene Therapy Significantly Attenuates Diet-Induced MASLD Reduced liver weight, triglycerides, and lipid accumulation Liver Weight Liver Triglycerides Oil Red O ✱ ✱✱ ✱ ✱✱ ✱ 250 60 3.5 3.0 200 %Positive Area 2.5 40 150 Vehicle mg/g grams 2.0 1.5 100 AAV-INSp-GIP/GLP-1 Mid 2

  18. Slide 18: Summary and Conclusions

    Summary and Conclusions ▪ Single-dose, pancreas-targeted incretin gene therapy delivers durable, incretin expression and glucose-responsive secretion – eliminating the adherence and persistence limitations of chronic pharmacotherapy ▪ EUS-guided pancreatic delivery leverages an established GI proced

  19. Slide 19: Acknowledgements

    Acknowledgements Shimyn Slomovic, PhD in vitro Discovery in/ex vivo Studies Scientific Advisory Board Exec. Director, Head of R&D Lin Quek, PhD Alice Fitzpatrick, DVM, PhD Jacques Bergman, M.D., Ph.D. Director Director Amsterdam UMC Mark Kay, M.D., Ph.D. Stanford University School Medicine Tech Ops

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