Fractyl Health director buys 23,000 shares

FRACTYL HEALTH, INC. director Ajay Royan made an open-market purchase of 23,000 shares of common stock on June 12, 2026 at a price of $0.852 per share.

Rhea-AI Filing Summary

FRACTYL HEALTH, INC. director Ajay Royan made an open-market purchase of 23,000 shares of common stock on June 12, 2026 at a price of $0.852 per share. Following this trade, he directly holds 40,901 common shares.

Separately, the filing reports indirect holdings attributed to investment entities: 1,251,900 shares held by Mithril LP and 5,160,301 shares held by Mithril II LP. Royan may be deemed to have beneficial ownership through these entities but disclaims beneficial ownership except to the extent of any pecuniary interest.

Insider Trade Summary

Net Buyer: 23,000 shares

Net Buy 3 txns

Insider Royan Ajay

Role Director

Bought 23,000 shs ($20K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	23,000	$0.852	$20K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 40,901 shares (Direct); Common Stock — 6,412,201 shares (Indirect, See Footnote)

Footnotes (3)

1. F1. Open market purchase.
2. F2. Represents securities held by Mithril LP ("LP"). Mithril GP LP ("GP LP") is the general partner of LP and may be deemed to have shared voting and dispositive power with respect to the securities held by LP. The Reporting Person is the authorized person of GP LP and a member of the investment committee of GP LP, and in such capacity may be deemed to have beneficial ownership of the securities held by LP. The Reporting Person disclaims such beneficial ownership except to the extent of his pecuniary interest therein, if any.
3. F3. Represents securities held by Mithril II LP ("II LP"). Mithril II UGP LLC ("UGP II") is the general partner of Mithril II GP LP ("GP II"), which is the general partner of II LP, and each of UGP II and GP II may be deemed to have shared voting and dispositive power with respect to the securities held by II LP. The Reporting Person is the sole managing member of UGP II and a member of the investment committee of GP II, and in such capacity may be deemed to have beneficial ownership of the securities held by II LP. The Reporting Person disclaims such beneficial ownership except to the extent of his pecuniary interest therein, if any.

Key Figures

Open-market purchase size: 23,000 shares Purchase price: $0.852 per share Direct holdings after trade: 40,901 shares +2 more

5 metrics

Open-market purchase size 23,000 shares Common Stock bought on June 12, 2026

Purchase price $0.852 per share Price for 23,000 Common Stock shares

Direct holdings after trade 40,901 shares Common Stock directly owned following purchase

Mithril LP holdings 1,251,900 shares Common Stock held by Mithril LP, indirect for reporting person

Mithril II LP holdings 5,160,301 shares Common Stock held by Mithril II LP, indirect for reporting person

Key Terms

open market purchase, beneficial ownership, pecuniary interest, dispositive power, +1 more

5 terms

open market purchase financial

"Open market purchase."

An open market purchase is when a company buys its own shares on public stock exchanges the same way any investor would, rather than through a private deal. Investors care because these purchases reduce the number of shares available, can boost earnings per share and share price, signal that management thinks the stock is undervalued, and use company cash that might otherwise go to reinvestment or dividends — like a business quietly buying back its own tickets at the box office.

beneficial ownership financial

"may be deemed to have beneficial ownership of the securities held by LP"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaims such beneficial ownership except to the extent of his pecuniary interest therein"

dispositive power financial

"may be deemed to have shared voting and dispositive power with respect to the securities"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

indirect ownership financial

"Represents securities held by Mithril LP ("LP")."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did GUTS director Ajay Royan report?

Ajay Royan reported buying 23,000 shares of Fractyl Health common stock in an open-market transaction. The purchase occurred on June 12, 2026, and was executed at a price of $0.852 per share according to the Form 4 filing.

At what price did Ajay Royan buy Fractyl Health (GUTS) shares?

He purchased the shares at $0.852 per share in an open-market trade. This price applies to the 23,000 common shares acquired on June 12, 2026, as disclosed in the Form 4 transaction details.

How many Fractyl Health (GUTS) shares does Ajay Royan now hold directly?

After the reported trade, Ajay Royan directly holds 40,901 shares of Fractyl Health common stock. This total reflects his position following the 23,000-share open-market purchase reported for June 12, 2026.

What indirect holdings in Fractyl Health (GUTS) are associated with Ajay Royan?

The Form 4 lists 1,251,900 shares held by Mithril LP and 5,160,301 shares held by Mithril II LP. Royan may be deemed to have beneficial ownership through these entities but disclaims such ownership except for any pecuniary interest.

Was the GUTS insider transaction an open-market purchase or another type?

The reported transaction was an open-market purchase of common stock. The Form 4 uses transaction code P, described as a purchase in an open market or private transaction, for the 23,000 shares bought on June 12, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/15/2026 - 06:06 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Royan Ajay

(Last) (First) (Middle)

3 VAN DE GRAAFF DRIVE

SUITE 200

(Street)

BURLINGTON MASSACHUSETTS 01803

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
FRACTYL HEALTH, INC. [ GUTS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/12/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/12/2026		P(1)		23,000	A	$0.852	40,901	D
Common Stock								5,160,301	I	See Footnote(2)
Common Stock								1,251,900	I	See Footnote(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Open market purchase.

2. Represents securities held by Mithril LP ("LP"). Mithril GP LP ("GP LP") is the general partner of LP and may be deemed to have shared voting and dispositive power with respect to the securities held by LP. The Reporting Person is the authorized person of GP LP and a member of the investment committee of GP LP, and in such capacity may be deemed to have beneficial ownership of the securities held by LP. The Reporting Person disclaims such beneficial ownership except to the extent of his pecuniary interest therein, if any.

3. Represents securities held by Mithril II LP ("II LP"). Mithril II UGP LLC ("UGP II") is the general partner of Mithril II GP LP ("GP II"), which is the general partner of II LP, and each of UGP II and GP II may be deemed to have shared voting and dispositive power with respect to the securities held by II LP. The Reporting Person is the sole managing member of UGP II and a member of the investment committee of GP II, and in such capacity may be deemed to have beneficial ownership of the securities held by II LP. The Reporting Person disclaims such beneficial ownership except to the extent of his pecuniary interest therein, if any.

	/s/ Ajay Royan	06/15/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)