Fractyl Health Shares Drop After Wider 4Q Loss
By Chris Wack
Fractyl Health shares reversed course in premarket trading after the company reported a fourth-quarter loss that was larger than last year.
The shares were down 21% to $5.80 in premarket trading, after being up as much as 40% earlier, after the company said it received U.S. Food and Drug Administration approval of a pivotal Investigational Device Exemption to study Revita.
The company had a quarterly loss of $23.5 million, or $11.18 a share, compared to a loss of $15.2 million, or $7.39 a share, in the same period last year.
Revenue for the quarter was $7 million, compared to no revenue last year.
Fractyl Health said the increase in net loss was primarily related to a $6.8 million increase in fair value of notes payable and warrants, as well as an increase in operating expenses.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
April 01, 2024 07:58 ET (11:58 GMT)
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