# EDGAR Filing Document

**Accession Number:** 0001572616
**File Stem:** 0001193125-26-011901
**Filing Date:** 2026-1
**Character Count:** 40264
**Document Hash:** a1867fc4394da1e79b819152a7456437
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-011901.hdr.sgml**: 20260113

**ACCESSION NUMBER**: 0001193125-26-011901

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260113

**DATE AS OF CHANGE**: 20260113

**EFFECTIVENESS DATE**: 20260113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRACTYL HEALTH, INC.
- **CENTRAL INDEX KEY:** 0001572616
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 273553477
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292715
- **FILM NUMBER:** 26531085

**BUSINESS ADDRESS:**
- **STREET 1:** 3 VAN DE GRAAFF DRIVE
- **STREET 2:** SUITE 200
- **CITY:** BURLINGTON
- **STATE:** MA
- **ZIP:** 01803
- **BUSINESS PHONE:** 781-902-8800

**MAIL ADDRESS:**
- **STREET 1:** 3 VAN DE GRAAFF DRIVE
- **STREET 2:** SUITE 200
- **CITY:** BURLINGTON
- **STATE:** MA
- **ZIP:** 01803

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fractyl Health, Inc.
- **DATE OF NAME CHANGE:** 20210617

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fractyl Laboratories Inc.
- **DATE OF NAME CHANGE:** 20130320

**As filed with the U.S. Securities and Exchange Commission on January 13, 2026**

**Registration No. 333-** <br>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

______________

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

***___________________***

**Fractyl Health, Inc.**

(Exact name of registrant as specified in its charter)

***___________________***

---

| | |
|:---|:---|
| **Delaware**<br>(State of incorporation or organization) | **27-3553477** <br>(I.R.S. Employer Identification No.) |
| **3 Van de Graaff Drive, Suite 200**<br>**Burlington, MA**<br>(Address of principal executive office) | <br>**01803**<br>(Zip Code) |

---

**2024 Incentive Award Plan**

**2024 Employee Stock Purchase Plan**

**New Hire Inducement Stock Option Grant**

(Full title of the plan)

**Harith Rajagopalan, M.D., Ph.D.**

**Chief Executive Officer**

**Fractyl Health, Inc.**

**3 Van de Graaff Drive, Suite 200**

**Burlington, MA 01803**

**(781) 902-8800** 

(Name, address and telephone number, including area code, of agent for service)

*Copies to:*

**Marc Recht**

**James Schneider**

**Cooley LLP**

**500 Boylston Street, 14th Floor**

**Boston, MA 02116**

**(617) 937-2300**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large Accelerated filer ☐ | Accelerated filer ☐ |
| Non-accelerated filer ☒ | Smaller reporting company ☒ |
|  | Emerging growth company ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

**EXPLANATORY NOTE**

We are filing this Registration Statement on Form S-8 with the Securities and Exchange Commission (the "***SEC***") for the purpose of registering (a) an additional 10,106,374 shares of our common stock ("***Common Stock***") under our 2024 Incentive Award Plan (the "***Incentive Plan***") and (b) an additional 2,021,274 shares of Common Stock under our 2024 Employee Stock Purchase Plan (the "***ESPP***"), pursuant to the provisions of the Incentive Plan and ESPP which provide for annual automatic increases in the number of shares of Common Stock reserved for issuance under the Incentive Plan and ESPP. Such shares of Common Stock represent the increases that occurred on January 1, 2025 and January 1, 2026 and are being registered in addition to the shares of Common Stock under the Incentive Plan and ESPP registered on our Registration Statement on Form S-8 (File No. [<u>333-276897</u>](https://www.sec.gov/Archives/edgar/data/1572616/000119312524025300/d732973ds8.htm)), filed with the SEC on February 6, 2024. (the "***Prior Form S-8"***).

In addition, we are also filing this Registration Statement on Form S-8 to register 1,036,800 shares of Common Stock underlying an outstanding stock option award granted to Lara Smith Weber (the "***Inducement Award***"). Upon the recommendation of the Compensation and Human Strategy Committee of the Board of Directors (the "***Board***"), the Board granted the Inducement Award outside of our Incentive Plan as inducement for Ms. Smith Weber's acceptance of employment as our Chief Financial Officer, in accordance with Nasdaq Listing Rule 5635(c)(4).

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

In accordance with the instructional note to Part I of Form S-8 as promulgated by the SEC, the information specified by Part I of Form S-8 has been omitted from this Registration Statement.

**PART II**

---

| | |
|:---|:---|
| **ITEM 3.** | **INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE.**  |

---

Pursuant to General Instruction E to Form S-8, the contents of the Prior Form S-8 are incorporated by reference herein. In addition, the following documents we filed with the SEC are incorporated by reference into this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Our [<u>Annual Report on Form 10-K for the fiscal year ended December 31, 2024</u>](https://www.sec.gov/Archives/edgar/data/1572616/000095017025030807/guts-20241231.htm), filed with the Commission on March 3, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Our Quarterly Reports on Form 10-Q for the [<u>quarterly period ended March 31, 2025, filed with the SEC on May 13, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000095017025070275/guts-20250331.htm), for the [<u>quarterly period ended June 30, 2025, filed with the SEC on August 12, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000095017025107297/guts-20250630.htm) and for the [<u>quarterly period ended September 30, 2025, filed with the SEC on November 12, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000119312525277531/guts-20250930.htm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Our Current Reports on Form 8-K filed with the SEC on [<u>January 31, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000095017025011430/guts-20250131.htm), [<u>March 13, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000095017025038683/guts-20250313.htm), [<u>April 1, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000095017025048033/guts-20250401.htm), [<u>June 12, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000095017025085375/guts-20250611.htm), [<u>June 18, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000095017025087678/guts-20250618.htm), [<u>June 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000095017025088710/guts-20250623.htm), [<u>August 7, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000119312525175581/d944083d8k.htm), [<u>September 3, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000095017025112671/guts-20250829.htm), [<u>September 26, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000119312525218508/d870124d8k.htm), [<u>September 26, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000119312525218515/d140541d8k.htm), [<u>October 3, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000119312525230096/guts-20251003.htm), [<u>December 2, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000119312525304486/guts-20251202.htm), [<u>December 16, 2025</u>](https://www.sec.gov/Archives/edgar/data/1572616/000119312525319524/guts-20251215.htm), [<u>January 5, 2026</u>](https://www.sec.gov/Archives/edgar/data/1572616/000119312526001492/guts-20260105.htm) and [<u>January 6, 2026</u>](https://www.sec.gov/Archives/edgar/data/1572616/000119312526003452/guts-20251230.htm) to the extent the information in such Current Reports is not furnished pursuant to Item 2.02 or Item 7.01 and exhibits furnished under Item 9.01 that relate to such items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The description of our Common Stock, which is contained in our registration statement on [<u>Form 8-A</u>](https://www.sec.gov/Archives/edgar/data/1572616/000119312524018101/d129287d8a12b.htm), filed with the SEC on January 29, 2024 (File No. 001-41942) under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), including any amendment or report filed for the purpose of updating such description; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All documents, reports and definitive proxy or information statements filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents, except as to any portion of any future annual or quarterly report to stockholders that is not deemed filed under such provisions of the Exchange Act or information furnished under Item 2.02 or Item 7.01 of Form 8-K or exhibits furnished under Item 9.01 on Form 8-K that relate to such items.

Under no circumstances will any information filed under current Items 2.02 or 7.01 of Form 8-K, and exhibits furnished on such form that relate to such items, be deemed incorporated herein by reference unless such Current Report on Form 8-K expressly provides to the contrary.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently

------

filed document that also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**ITEM 8. EXHIBITS.** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** |
| **Exhibit<br>Number** | **Description** | **Schedule<br>Form** | **File Number** | **Exhibit** | **Filing Date** |
| 3.1 | [<u>Amended and Restated Certificate of Incorporation of Fractyl Health, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1572616/000119312524025262/d732680dex31.htm) | 8-K | 001-41942 | 3.1 | February 6, 2024 |
| 3.2 | [<u>Amended and Restated Bylaws of Fractyl Health, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1572616/000119312524025262/d732680dex32.htm) | 8-K | 001-41942 | 3.2 | February 6, 2024 |
| 5.1\* | [<u>Opinion of Cooley LLP.</u>](guts-ex5_1.htm) |  |  |  |  |
| 23.1\* | [<u>Consent of Ernst & Young LLP, independent registered public accounting firm.</u>](guts-ex23_1.htm) |  |  |  |  |
| 23.2\* | [<u>Consent of Cooley LLP (included in Exhibit 5.1).</u>](guts-ex5_1.htm) |  |  |  |  |
| 24.1\* | [<u>Power of Attorney (included on the signature page of this Form S-8).</u>](#bookmark1) |  |  |  |  |
| 99.1 | [<u>2024 Incentive Award Plan and forms of award agreements thereunder.</u>](https://www.sec.gov/Archives/edgar/data/1572616/000095017024038866/guts-ex10_14.htm) | 10-K | 001-41942 | 10.14 | April 1, 2024 |
| 99.2 | [<u>2024 Employee Stock Purchase Plan.</u>](https://www.sec.gov/Archives/edgar/data/1572616/000095017024038866/guts-ex10_14.htm) | S-1/A | 333-276046 | 10.16 | January 29, 2024 |
| 99.3\* | [<u>Inducement Award Agreement between Fractyl Health, Inc. and Lara Smith Weber, dated January 12, 2026.</u>](guts-ex99_3.htm) |  |  |  |  |
| 107\* | [<u>Filing Fee Table</u>](guts_exfilingfees.htm) |  |  |  |  |

---

\*Filed herewith.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the town of Burlington, Commonwealth of Massachusetts on this 13th day of January, 2026.

**Fractyl Health, Inc.**

By: <u>/s/ Harith Rajagopalan</u>

Harith Rajagopalan, M.D., Ph.D.<br>Chief Executive Officer

**POWER OF ATTORNEY**

**KNOW ALL BY THESE PRESENTS**, that each person whose signature appears below constitutes and appoints Harith Rajagopalan, M.D., Ph.D. and Lara Smith Weber, as his or her true and lawful attorneys-in-fact and agents, each with the full power of substitution, for him or her and in his or her name, place or stead, in any and all capacities, to sign any and all amendments to this Registration Statement (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Title** | **Signature** | **Date** |
| /s/ Harith Rajagopalan | Co-Founder, Chief Executive Officer and Director  | January 13, 2026 |
| Harith Rajagopalan, M.D., Ph.D. | (*Principal Executive Officer*) |  |
| /s/ Lara Smith Weber | Chief Financial Officer and Treasurer | January 13, 2026 |
| Lara Smith Weber | (*Principal Financial Officer and Principal Accounting Officer*) |  |
| /s/ Kelly Barnes | Director | January 13, 2026 |
| Kelly Barnes |  |  |
| /s/ William W. Bradley | Director | January 13, 2026 |
| William W. Bradley |  |  |
| /s/ Samuel Conaway | Director | January 13, 2026 |
| Samuel Conaway |  |  |
| /s/Marc Elia | Director | January 13, 2026 |
| Marc Elia |  |  |
| /s/ Clive Meanwell | Director | January 13, 2026 |
| Clive Meanwell, M.B., Ch.B., M.D. |  |  |
| /s/ Christopher C. Thompson | Director | January 13, 2026 |
| Christopher C. Thompson, M.D., MSc |  |  |
| /s/ Ajay Royan | Chairman | January 13, 2026 |
| Ajay Royan |  |  |
| /s/ Ian Sheffield | Director | January 13, 2026 |
| Ian Sheffield |  |  |

---

------

## Exhibit 5.1

![img190754599_0.jpg](img190754599_0.jpg)

**Exhibit 5.1**

James Schneider

T: +1 617 937 2487

james.schneider@cooley.com

January 13, 2026

Fractyl Health, Inc.

3 Van de Graaff Drive, Suite 200

Burlington, MA

Ladies and Gentlemen:

We have acted as counsel to Fractyl Health, Inc., a Delaware corporation (the "***Company***"), in connection with the filing by the Company of a registration statement on Form S-8 (the "***Registration Statement***") with the Securities and Exchange Commission (the ***"Commission"***) covering the offering of (i) 10,106,374 shares (the "***Shares***") of the Company's common stock, par value $0.00001 per share ("***Common Stock***") issuable pursuant to the Company's 2024 Incentive Award Plan (the "***Incentive Plan***"), (ii) 2,021,274 shares of Common Stock issuable pursuant to the Company's 2024 Employee Stock Purchase Plan (the "***ESPP***" and together with the Incentive Plan, the "***Plans***") and (iii) 1,036,800 shares of Common Stock underlying an outstanding stock option award granted to an employee of the Company (the "***Inducement Award***").

In connection with this opinion, we have examined and relied upon (a) the Registration Statement and related prospectuses, (b) the Company's certificate of incorporation and bylaws, each as currently in effect, (c) the Plans and (d) such other records, documents, opinions, certificates, memoranda and instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below. We have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies, the accuracy, completeness and authenticity of certificates of public officials and the due authorization, execution and delivery of all documents by all persons other than the Company. As to certain factual matters, we have relied upon a certificate of an officer of the Company and have not independently verified such matters.

Our opinion is expressed only with respect to the General Corporation Law of the State of Delaware. We express no opinion to the extent that any other laws are applicable to the subject matter hereof and express no opinion and provide no assurance as to compliance with any federal or state securities law, rule or regulation.

On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares, when sold and issued in accordance with the Plans, the Registration Statement and the related prospectuses, will be validly issued, fully paid, and nonassessable (except as to Shares issued pursuant to deferred payment arrangements, which will be fully paid and nonassessable when such deferred payments are made in full).

This opinion is limited to the matters expressly set forth in this letter, and no opinion should be implied, or may be inferred, beyond the matters expressly stated. This opinion speaks only as to law and facts in effect or existing as of the date hereof, and we have no obligation or responsibility to update or supplement this opinion to reflect any facts or circumstances that may hereafter come to our attention or any changes in law that may hereafter occur.

Cooley LLP 500 Boylston Street 14th Floor Boston, MA 02116-3736<br>t: +1 617 937 2300 f: +1 617 937 2400 cooley.com

------

![img190754599_1.jpg](img190754599_1.jpg)

Fractyl Health, Inc.

January 13, 2026

We consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Commission thereunder.

Sincerely,

Cooley LLP

By: <u>/s/ James Schneider</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Schneider

Cooley LLP 500 Boylston Street 14th Floor Boston, MA 02116-3736<br>t: +1 617 937 2300 f: +1 617 937 2400 cooley.com

------

## Exhibit 23.1

Exhibit 23.1

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the 2024 Incentive Award Plan and the 2024 Employee Stock Purchase Plan of Fractyl Health, Inc. of our report dated March 3, 2025, with respect to the consolidated financial statements of Fractyl Health, Inc. included in its Annual Report (Form 10-K) for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Boston, Massachusetts

January 13, 2026

------

## Exhibit 99.3

Exhibit 99.3

**FRACTYL HEALTH, INC.**

**INDUCEMENT GRANT OUTSIDE OF**

**2024 INCENTIVE AWARD PLAN**

# STOCK OPTION GRANT NOTICE
Capitalized terms not specifically defined in this Stock Option Grant Notice (the "***Grant Notice***") have the meanings given to them in the 2024 Incentive Award Plan (as amended from time to time, the "***Plan***") of Fractyl Health, Inc. (the "***Company***").

The Company has granted to the participant listed below ("***Participant***") the stock option described in this Grant Notice (the "***Option***"), outside of, but subject to the terms and conditions of the Plan (as if it has been granted pursuant to the Plan) and the Stock Option Agreement attached as **Exhibit A** (the "***Agreement***"), both of which are incorporated into this Grant Notice by reference.

---

| |
|:---|
| **Participant:** Lara Smith Weber |
| **Grant Date:** January 12, 2026 |
| **Exercise Price per Share:** $2.00 |
| **Shares Subject to the Option:** 1,036,800 |
| **Final Expiration Date:** January 11, 2036 |
| **Vesting Commencement Date:** January 12, 2026 |
| **Vesting Schedule:** 25% of the shares subject to the Option shall vest on the first anniversary of the Vesting Commencement Date, with the remaining common shares vesting in 36 equal monthly installments thereafter, subject in each case to Participant's continuous service with the Company as of each such vesting date. |
| **Type of Option:** NSO |

---

By Participant's signature below, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement.

---

| | |
|:---|:---|
| **FRACTYL HEALTH, INC.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PARTICIPANT** |
| <br>By: <u>/s/ Harith Rajagopalan</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br><u>/s/ Lara Smith Weber</u><br>|
| Name: <u>Harith Rajagopalan</u> |  |
| Title: <u>Chief Executive Officer</u> |  |

---

------

**<u>Exhibit A</u>**

# STOCK OPTION AGREEMENT
Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.

# ARTICLE I.

# GENERAL
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Grant of Option</u>. The Company has granted to Participant the Option effective as of the grant date set forth in the Grant Notice (the "***Grant Date***"). The option is granted to you effective as of the date of grant set forth in the Grant Notice (the "***Date of Grant***") as an inducement material to your entering employment with the Company, pursuant to NASDAQ Listing Rule 5635(c)(4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Incorporation of Terms of Plan</u>. The Option is granted outside of, but subject to the terms and conditions set forth in the Plan (as if it had been granted pursuant to the Plan) and this Agreement, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.

# ARTICLE II.

# PERIOD OF EXERCISABILITY
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Commencement of Exercisability</u>. The Option will vest and become exercisable according to the vesting schedule in the Grant Notice (the "***Vesting Schedule***") except that any fraction of a Share as to which the Option would be vested or exercisable will be accumulated and will vest and become exercisable only when a whole Share has accumulated. Notwithstanding anything in the Grant Notice, the Plan or this Agreement to the contrary, unless the Administrator otherwise determines, the Option will immediately expire and be forfeited as to any portion that is not vested and exercisable as of Participant's Termination of Service for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Duration of Exercisability</u>. The Vesting Schedule is cumulative. Any portion of the Option which vests and becomes exercisable will remain vested and exercisable until the Option expires. The Option will be forfeited immediately upon its expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Expiration of Option</u>. The Option may not be exercised to any extent by anyone after, and will expire on, the first of the following to occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The final expiration date in the Grant Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as the Administrator may otherwise approve, the expiration of three (3) months from the date of Participant's Termination of Service, unless Participant's Termination of Service is for Cause or by reason of Participant's death or Disability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as the Administrator may otherwise approve, the expiration of one (1) year from the date of Participant's Termination of Service by reason of Participant's death or Disability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as the Administrator may otherwise approve, Participant's Termination of Service for Cause.

------

# ARTICLE III.

# EXERCISE OF OPTION
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Person Eligible to Exercise</u>. During Participant's lifetime, only Participant may exercise the Option. After Participant's death, any exercisable portion of the Option may, prior to the time the Option expires, be exercised by Participant's Designated Beneficiary as provided in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Partial Exercise</u>. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised, in whole or in part, according to the procedures in the Plan at any time prior to the time the Option or portion thereof expires, except that the Option may only be exercised for whole Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Tax Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has the right and option, but not the obligation, to treat Participant's failure to provide timely payment in accordance with the Plan of any withholding tax arising in connection with the Option as Participant's election to satisfy all or any portion of the withholding tax by requesting the Company retain Shares otherwise issuable under the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the Option, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the Option. Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or exercise of the Option or the subsequent sale of Shares. The Company and the Subsidiaries do not commit and are under no obligation to structure the Option to reduce or eliminate Participant's tax liability.

# ARTICLE IV.

# OTHER PROVISIONS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Adjustments</u>. Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan. The Shares underlying the Option shall not reduce and shall have no impact on the number of Shares available for grant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Notices</u>. Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the Company's Secretary at the Company's principal office or the Secretary's then-current email address or facsimile number. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant (or, if Participant is then deceased, to the person entitled to exercise the Option) at Participant's last known mailing address, email address or facsimile number in the Company's personnel files. By a notice given pursuant to this Section, either party may designate a different address for notices to be given to that party. Any notice will be deemed duly given when actually received, when sent by email, when sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of a facsimile transmission confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Titles</u>. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Conformity to Securities Laws</u>. Participant acknowledges that the Plan, the Grant Notice and

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this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws. Notwithstanding anything in the Grant Notice, the Plan or this Agreement to the contrary, in no event shall any portion of the Option become exercisable or be exercised until a registration statement underlying such portion of the Option has been filed by the Company and has become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Successors and Assigns</u>. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Limitations Applicable to Section 16 Persons</u>. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the Option will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Entire Agreement</u>. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Agreement Severable</u>. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 <u>Limitation on Participant's Rights</u>. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 <u>Not a Contract of Employment</u>. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 <u>Counterparts</u>. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument.

**\* \* \* \* \***

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

Exhibit 107

**Calculation of** Filing Fee **Tables** 

**Form** S-8

(Form Type)

Fractyl Health, Inc.

(Exact Name of Registrant as Specified in its Charter)

**Table 1—Newly Registered Securities** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Security<br>Type | **Security<br>Class<br>Title** | **Fee<br>Calculation<br>Rule** | **Amount**<br>**Registered** | **Proposed**<br>**Maximum**<br>**Offering<br>Price**<br>**Per Unit** | **Maximum**<br>**Aggregate**<br>**Offering Price** | **Fee Rate** | **Amount of**<br>**Registration<br>Fee** |
| &nbsp;&nbsp;&nbsp;Equity  | Common stock, $0.00001 par value per share, reserved for future issuance under the Registrant's 2024 Incentive Award Plan | Other(1) | 10106374(2)(3) | $2.1650 | $21880300 | 0.0001381 | $3021.67 |
| &nbsp;&nbsp;&nbsp;Equity  | Common stock, $0.00001 par value per share, reserved for future issuance under the Registrant's 2024 Employee Stock Purchase Plan | Other(4) | 2021274(5)(6) | $2.1650 | $4376059 | 0.0001381 | $604.34 |
| &nbsp;&nbsp;&nbsp;Equity  | Common stock, $0.00001 par value per share | Other(7) | 1036800(8)(9) | $2.00 | $2073600 | 0.0001381 | $286.37 |
| &nbsp;&nbsp;&nbsp; **Total Offering Amounts** | &nbsp;&nbsp;&nbsp; **Total Offering Amounts** | &nbsp;&nbsp;&nbsp; **Total Offering Amounts** | &nbsp;&nbsp;&nbsp; **Total Offering Amounts** |  | $28329959 |  | $3912.38 |
| &nbsp;&nbsp;&nbsp; **Total Fee Offsets** | &nbsp;&nbsp;&nbsp; **Total Fee Offsets** | &nbsp;&nbsp;&nbsp; **Total Fee Offsets** | &nbsp;&nbsp;&nbsp; **Total Fee Offsets** |  |  |  | $—  |
| &nbsp;&nbsp;&nbsp; **Net Fee Due** | &nbsp;&nbsp;&nbsp; **Net Fee Due** | &nbsp;&nbsp;&nbsp; **Net Fee Due** | &nbsp;&nbsp;&nbsp; **Net Fee Due** |  |  |  | $3912.38 |

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(1) Estimated in accordance with Rule 457(c) and (h) solely for the purpose of calculating the registration fee on the basis of the average of the high and low prices of the Registrant's common stock, $0.00001 par value per share, (the "***Common Stock***") as reported on the Nasdaq Global Market on January 8, 2026.

(2) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "***Securities Act***"), this Registration Statement shall also cover any additional Common Stock of the Registrant that become issuable under the 2024 Incentive Award Plan (the "***Incentive Plan***") by reason of any share dividend, share split, recapitalization or any other similar transaction that results in an increase in the number of the Registrant's outstanding Common Stock.

(3) Represents an automatic annual increase equal to 5% of the total number of Common Stock outstanding on December 31, 2024 and December 31, 2025, which annual increases are provided by the Incentive Plan.

(4) Estimated in accordance with Rule 457(c) and (h) solely for the purpose of calculating the registration fee on the basis of the average of the high and low prices of the Registrant's Common Stock as reported on the Nasdaq Global Market on January 8, 2026.

(5) Pursuant to Rule 416(a) under the Securities Act, this Registration Statement shall also cover any additional Common Stock of the Registrant that become issuable under the 2024 Employee Stock Purchase Plan (the "***ESPP***") by reason of any share dividend, share split, recapitalization or any other similar transaction that results in an increase in the number of the Registrant's outstanding Common Stock.

(6) Represents an automatic annual increase equal to 1% of the total number of Common Stock outstanding on December 31, 2024 and December 31, 2025, which annual increases are provided by the ESPP.

(7) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) promulgated under the Securities Act. The maximum offering price per share and the maximum aggregate offering price are calculated on the basis of $2.00 per share, the exercise price of the new hire inducement stock option award granted by the Registrant to its Chief Financial Officer as a material inducement to her acceptance of employment with the Registrant in accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules.

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(8) Pursuant to Rule 416(a) under the Securities Act, this Registration Statement shall also cover any additional Common Stock of the Registrant that become issuable under the new hire inducement stock option award by reason of any share dividend, share split, recapitalization or any other similar transaction that results in an increase in the number of the Registrant's outstanding Common Stock.

(9) Represents Common Stock of the Registrant reserved for issuance upon the exercise of the new hire inducement stock option award granted outside of the Registrant's Incentive Plan to the Registrant's Chief Financial Officer.

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