CVF LLC updates 3.4% Fractyl Health (GUTS) stake in amended 13G

Rhea-AI Filing Summary

CVF, LLC and HCC Manager LLC report a passive ownership position in Fractyl Health, Inc. common stock. They beneficially own 4,673,870 shares of common stock, representing 3.4% of the class, based on 137,044,440 shares outstanding as of October 31, 2025.

The filing shows that each entity has shared power to vote and dispose of 4,673,870 shares and no sole voting or dispositive power. They certify the holdings were not acquired to change or influence control of Fractyl Health and that they own 5 percent or less of the class.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Fractyl Health, Inc.

(Name of Issuer)

Common Stock, par value $0.00001 per share

(Title of Class of Securities)

35168W103

(CUSIP Number)

02/04/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 35168W103

1

Names of Reporting Persons

CVF, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,673,870.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,673,870.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,673,870.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.4 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 35168W103

1

Names of Reporting Persons

HCC Manager LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,673,870.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,673,870.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,673,870.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.4 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Fractyl Health, Inc.
(b)	Address of issuer's principal executive offices: 3 Van de Graaff Drive, Suite 200, Burlington, MA 01803
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed on behalf of each of the following persons: CVF, LLC HCC Manager LLC
(b)	Address or principal business office or, if none, residence: 222 N. LaSalle Street, Suite 200, Chicago, Illinois 60601
(c)	Citizenship: CVF, LLC is a limited liability company formed in Delaware. HCC Manager LLC is a limited liability company formed in Illinois.
(d)	Title of class of securities: Common Stock, par value $0.00001 per share
(e)	CUSIP No.: 35168W103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The ownership percentages are based on (i) the number of shares of Common Stock that may be deemed to be beneficially owned by CVF, LLC and (ii) the 137,044,440 shares of Common Stock outstanding as of October 31, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 12, 2025.
(b)	Percent of class: CVF, LLC: 3.4%; HCC Manager LLC: 3.4%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: CVF, LLC: 0; HCC Manager LLC: 0
	(ii) Shared power to vote or to direct the vote: CVF, LLC: 4,673,870; HCC Manager LLC: 4,673,870
	(iii) Sole power to dispose or to direct the disposition of: CVF, LLC: 0; HCC Manager LLC: 0
	(iv) Shared power to dispose or to direct the disposition of: CVF, LLC: 4,673,870; HCC Manager LLC: 4,673,870
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CVF, LLC

Signature:	/s/ Richard Robb
Name/Title:	Richard Robb, Executive Vice President
Date:	02/04/2026

HCC Manager LLC

Signature:	/s/ Richard Robb
Name/Title:	Richard Robb, Executive Vice President
Date:	02/04/2026

FAQ

What ownership stake in Fractyl Health (GUTS) does CVF, LLC report?

CVF, LLC reports beneficial ownership of 4,673,870 Fractyl Health common shares, equal to 3.4% of the class. This percentage is calculated using 137,044,440 shares outstanding as of October 31, 2025, as disclosed in Fractyl Health’s Form 10-Q.

Who are the reporting persons in this Fractyl Health (GUTS) Schedule 13G/A?

The Schedule 13G/A is filed on behalf of CVF, LLC and HCC Manager LLC. Both are limited liability companies, formed in Delaware and Illinois respectively, with their principal business address at 222 N. LaSalle Street, Suite 200, Chicago, Illinois 60601.

How much voting and dispositive power do CVF, LLC and HCC Manager LLC have over Fractyl Health (GUTS) shares?

Each reporting person has shared power to vote and dispose of 4,673,870 Fractyl Health common shares and no sole voting or dispositive power. This means decisions over these shares are exercised jointly rather than individually by either entity.

Is the Fractyl Health (GUTS) stake held with intent to influence control of the company?

The filers certify the securities were not acquired and are not held to change or influence control of Fractyl Health. They also state the holdings are not part of any control-related transaction, other than activities solely connected with a nomination under Rule 14a-11.

Why does the Fractyl Health (GUTS) Schedule 13G/A reference 5 percent or less ownership?

The filing confirms ownership of 5 percent or less of Fractyl Health’s common stock class. This reflects that the reported 3.4% stake is below the 5% threshold often associated with larger, potentially more influential shareholder positions in U.S. securities regulation.

What date is used to trigger this amended Schedule 13G/A for Fractyl Health (GUTS)?

The date of the event requiring the filing is February 4, 2026. This date marks when the ownership information or status met conditions that necessitated submitting Amendment No. 1 to the original Schedule 13G for Fractyl Health common stock.