Positive One-Year Randomized REMAIN-1 Midpoint Cohort Results July 15, 2026 Revita is for investigational use only in the United States. Revita has a CE mark in the EU/UK. Exhibit 99.2

Legal disclaimer The study database has not been locked as this is an ongoing study, and the data are subject to further cleaning and validation. Forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact are forward-looking statements. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will” and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this presentation include, without limitation, statements regarding: the promise and potential impact of our clinical trial data and product candidates, including Revita’s potential for maintaining weight loss after GLP-1 based therapy discontinuation and stabilizing cardiometabolic parameters; the translatability of results and scalability of technique related to Revita; the design, initiation, timing and results of clinical enrollment and any clinical studies or readouts, including readouts from the REMAIN-1 Midpoint Cohort and the REMAIN-1 Pivotal Cohort; the potential launch or commercialization of any of our product candidates or products; our regulatory strategy, including potential use and benefits of the De Novo pathway (FDA pre-submission feedback is advisory and non-binding, and there is no assurance that FDA will accept a De Novo marketing application submission or that Revita will receive marketing authorization); the potential treatment population or benefits for any of our product candidates or products; our strategic and product development objectives and goals; and the timing of any of the foregoing. 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Agenda REMAIN-1 Midpoint Cohort One-Year Results ©2026 Fractyl Health, Inc. All Rights Reserved. 01 REMAIN-1 Midpoint Cohort One-year results Up to 84% of weight loss retained with Revita vs 46% with sham at one year when an adequate dose of ablation is used 02 KOL Discussant: Dr. Adarsh Thaker Co-lead, UCLA Bariatric Endoscopy Program and a Principal Investigator in REMAIN-1

1 These forward-looking statements are based on management’s current estimates and expectations. Refer to the latest disclosures filed with the SEC for a discussion regarding Risk Factors to these and other estimates and expectations. Four pillars driving our conviction in Revita for post-GLP-1 weight maintenance Topline pivotal data expected early Q4 ‘26 and potential FDA De Novo submission late Q4 ‘261 ©2026 Fractyl Health, Inc. All Rights Reserved. 1 The Clinical Signal Is Real Up to 84% of weight loss retained with Revita vs 46% with sham at one year in REMAIN-1 Midpoint Cohort Ablation-length dose-response drives efficacy and durability through one year 2 Pivotal Is Built to Win Powered at >95% with conservative assumptions Dose-response and high-responder subgroup are well represented and pre-specified in pivotal SAP 3 Clear Path to Commercial Value Favorable FDA De Novo feedback received Large, defined, and growing market with new introduction of GLP-1 coverage to CMS patients via Bridge program as of July ‘26 4 Funded Through Definitive Data1 $63M cash on hand at end of Q1’26 Cash runway extends into early 2027 and through pivotal readout in early Q4 2026 Funded to key value inflection without planned incremental capital raise

Duodenal mucosa: A compelling target for durable metabolic control ©2026 Fractyl Health, Inc. All Rights Reserved. 1 Kentish SJ, Page AJ. J Physiol. 2015;593(4):775-786. 2 Aliluev A, et al. Nat Metab. 2021;3(9):1202-1216. 3 D’Alessio DA, Campbell JE. Diabetes Obes Metab. 2026;28(S3):3-15. Duodenum Nutrient signals from the duodenum travel via the vagus nerve to regulate hunger and metabolism1 Diet-induced mucosal changes lead to increased nutrient uptake and impaired gut-to-brain signaling2 Vagus nerve Dysfunctional duodenum ↑Enterocytes ↓Enteroendocrine cells Nerve Capillary Duodenum: First part of small intestine and critical metabolic signaling center in the gut. Diet link: Modern high-fat, high-sugar diets damage the duodenal mucosa, driving metabolic dysfunction. Root cause: Duodenal dysfunction, observed in animal models and in humans, is now considered a root cause of obesity and metabolic disease.3

Revita targets duodenal dysfunction: designed to durably reset abnormal weight setpoint1-4 ©2026 Fractyl Health, Inc. All Rights Reserved. Revita is for investigational use only in the United States; CE marked in the EU/UK. 1. Mah AT, et al. Endocrinology. 2014;155:3302-3314. 2. Mao J, et al. Diabetes. 2013;62:3736-3746. 3. de Moura EGH, et al. Endosc Int Open. 2019;7:E685-E690. 4. Haidry RJ, et al. Gastrointest Endosc. 2019;90:673-681. 5. Hoyt J, et al. Diabetes Obes Metab. 2024;1-12. Catheter engages tissue Vacuum pulls mucosa into catheter ports Saline injection to submucosa Hydrothermal ablation > > > Images 7 Extent of dysfunction: In animal models, duodenal dysfunction extends along the entire length of the duodenum, potentially into the proximal jejunum.5 Revita technical innovation: Device development now enables routine ablation of the full duodenum to its end, allowing longer ablation lengths for profile optimization and dose-ranging.

REMAIN-1 Midpoint Cohort weight maintenance pilot Designed to inform design and execution of REMAIN-1 Pivotal Cohort *Tirzepatide run-in modeled from SURMOUNT-4 trial. Abbreviations: BMI, body mass index; GLP-1, glucagon-like peptide 1; R, randomization; TBW, total body weight; TBWL, total body weight loss; TZP, tirzepatide; T2D, type 2 diabetes. ©2026 Fractyl Health, Inc. All Rights Reserved. Patient population Adults with obesity(BMI 30-45 kg/m2) GLP-1 naïve; no T2D n≈45 Efficacy endpoints % TBW change Revita vs sham at 3 and 6 months Study design Randomized (2:1 Revita vs Sham), double-blind, sham-controlled TZP administration to achieve≥ 15% TBWL, then discontinued Diet and lifestyle counseling throughout Key milestones Midpoint cohort 3-mo data: Sept ‘25 Midpoint cohort 6-mo data:Jan ‘26 Midpoint cohort 12-mo data:July '26 Tirzepatide initiationand titration* to achieve≥ 15% TBWL Revita treatment(n≈30) Weight at 3, 6, & 12 months (n≈30) Sham procedure (n≈15) Weight at 3, 6, & 12 months (n ≈15) Study design Discontinue TZP 2:1 R

REMAIN-1 Midpoint Cohort. N=46 randomized; 1 screen-failure excluded (not treated); N=45 modified intention-to-treat (mITT). Abbreviations: DMR, duodenal mucosal resurfacing; GLP-1, glucagon-like peptide-1; mITT, modified intention-to-treat; MMRM, mixed-model repeated measures; R, randomization. REMAIN-1 Midpoint Cohort patient disposition High retention through one year of follow-up 41 of 45 treated participants (91%) remained on study through Week 52 (12 months) Only 4 discontinued (1 Revita, 3 sham): all withdrew consent No post-randomization GLP-1 reinitiation through 52 weeks Safety and efficacy analyses use all available data (n=45) Treatment policy estimand and efficacy estimand are identical

Two key observations from Midpoint Cohort 6-month results informed pivotal Statistical Analysis Plan 1Rajagopalan et al Diabetes Care 2016 Dec;39(12):2254-2261. MMRM model with Treatment x RWL interaction term , evaluated at RWL=20%. DMR, duodenal mucosal resurfacing; mITT, modified intention-to-treat; MMRM, mixed-model repeated measures; RWL, run-in weight loss; TBWL, total body weight loss ©2026 Fractyl Health, Inc. All Rights Reserved. MIDPOINT COHORT OBSERVATION IMPLICATION PIVOTAL SAP DEFINITION Dose Response: Effect size relates to ablation length: more complete ablation, more weight maintenance at 6 months (all 29 patients; consistent with prior DMR work in T2D1). The procedure has a controllable 'dose response'; ablation completeness drives clinical effect. Per-Protocol population defined as complete ablation of >14 cm; pre-specified as a key secondary endpoint Responder Population: Effect size relates to magnitude of prior GLP-1 loss: high GLP-1 responders (≥17.5% TBWL) show widening separation vs sham. Run-in weight loss (RWL) on GLP-1 modifies effect size; high GLP-1 responders are the patients most prone to regain after GLP-1 discontinuation. RWL fitted as a covariate (LS means at the 20% reference) in mITT; ≥17.5% enrichment subgroup is pre-specified as a key secondary endpoint.

Midpoint Cohort analysis populations ©2026 Fractyl Health, Inc. All Rights Reserved. Full cohort (mITT) All randomized, treated participants. N = 45 (29 Revita, 16 sham); the primary analysis set for Co-Primary #1 at 6 months in pivotal study High run-in loss Participants who lost ≥17.5% of body weight on tirzepatide during run-in: high GLP-1 responders. Key secondary endpoint #1 in pivotal study Complete ablation Revita participants who received > 14cm duodenal ablation (the pivotal per-protocol 'dose’). Key secondary endpoint #2 in pivotal study Optimized Responder population identified in the intersection: high run-in loss and complete ablation, most consistent with ultimate clinical profile. Key secondary endpoint #3 in pivotal study

Revita reduces weight regain and benefits patients most when adequate dose of ablation is used Full cohort (mITT): Sham n=16, Revita n=29. Complete Ablation cohort (> 14 cm ablation): Sham n=16, Revita n=17. LS-mean % total body-weight change from baseline at 12 months; MMRM, compound-symmetry covariance, estimated at 20% run-in weight loss; error bars ±SE. Exploratory REMAIN-1 Midpoint Cohort analysis; not powered for formal inference. 1. Aronne LJ, et al. Continued treatment with tirzepatide for maintenance of weight reduction (SURMOUNT-4). JAMA. 2024;331(1):38-48. Abbreviations: mITT, modified intention-to-treat; MMRM, mixed-model repeated measures; LS-mean, least-squares mean; SE, standard error. ©2026 Fractyl Health, Inc. All Rights Reserved. % Weight Change from Baseline at 12 months At 12 months, Revita reduced weight regain vs sham: 40% in the full cohort, rising to > 60% in patients with complete ablations > 14 cm Sham regain at 12 months consistent with 14% regain reported in SURMOUNT-41

Complete Ablation population: > 14 cm duodenal ablation, no run-in weight-loss restriction (Sham n=16, Revita n=17). Y-axis: LS-mean % total body-weight change from baseline; MMRM, compound-symmetry covariance, estimated at 20% run-in weight loss; error bars ± SE; n contributing shown per visit below axis. Retention = % of run-in weight loss maintained at 12 months. Exploratory REMAIN-1 Midpoint Cohort analysis; not powered for formal inference. Abbreviations: MMRM, mixed-model repeated measures; LS-mean, least-squares mean; SE, standard error; SAP, statistical analysis plan. Revita cohort retained 81% of weight loss at 12 Months vs 48% in sham arm in complete ablation population ©2026 Fractyl Health, Inc. All Rights Reserved. Ablation-length dose-response drives efficacy Incorporated into Pivotal SAP as “Per Protocol” population Pivotal Cohort implication: Pivotal Cohort median ablation length is 16cm, implying that a majority of pivotal participants received complete ablations Change in Body Weight in Complete Ablation > 14 cm Population

Optimized population: complete ablation (> 14 cm) and run-in weight loss ≥ 17.5% (Sham n=8, Revita n=10). Y-axis: LS-mean % total body-weight change from baseline; MMRM, compound-symmetry covariance, estimated at 20% run-in weight loss; error bars ± SE; n contributing shown per visit below axis. Retention = % of run-in weight loss maintained at 12 months. Exploratory REMAIN-1 Midpoint Cohort subgroup; not powered for formal inference. Abbreviations: MMRM, mixed-model repeated measures; LS-mean, least-squares mean; SE, standard error; RWL, run-in weight loss; TBWL, total body weight loss. 84% of weight loss retained at 12 months in Optimized Population (complete ablations & > 17.5% RWL) ©2026 Fractyl Health, Inc. All Rights Reserved. Right “dose” in the right patient 16% regain in Revita Cohort vs 54% regain in sham represents > 70% reduction vs sham. Pivotal Cohort implication: Pivotal Cohort mean TBWL on run-in is 18.3%, implying that a majority of pivotal participants have > 17.5% RWL Change in Body Weight in Optimized Population

1. Complete ablation population in REMAIN-1 Midpoint Cohort Effect size in Midpoint Cohort at 12 Mo is clinically meaningful and commercially attractive Mean results as illustrative example1 ©2026 Fractyl Health, Inc. All Rights Reserved. REVITA · 1 YEAR 184 lb, regains 8 lb SHAM · 1 YEAR 199 lb, regains 23 lb GLP-1 stopped; randomized 2:1 220 lb at screening 176 lb at randomization ↓ 44 lb lost on GLP-1 (~5mo) 36 lb kept off at one year 21 lb kept off at one year

Favorable safety and tolerability through 12 months No device-related serious AEs: a mild, periprocedural profile that supports outpatient use ©2026 Fractyl Health, Inc. All Rights Reserved. No new device-related TEAEs between 6 and 12 months. No device-related SAEs: one SAE (blocked bile duct) adjudicated as unrelated to the device or procedure. No excess AEs with Revita: any-TEAE rates matched sham (24% vs 25%). Mild and periprocedural: all 4 related events were Grade 1, on procedure day, and transient. 1 new diagnosis of Type 2 Diabetes in sham arm vs zero in Revita arm *1 SAE: blocked bile duct (Grade IIIb, day 65); unrelated to device or procedure.
**2 Grade 2 AEs: Revita worsening hypertension (day 258); Sham urinary tract infection (day 239); both unrelated.
Related TEAEs = probably related to device/procedure; all Grade 1, onset day 0. Two Sham AEs previously ungraded in EDC: nausea (day 0), Type 2 diabetes (day 363) are now classified Grade 1.REMAIN-1 Stage 2a, through 52 weeks (12 months). AE, adverse event; TEAE, treatment-emergent adverse event; SAE, serious adverse event.

Procedure-related AEs: Mild, immediate, short-lived No related SAEs: a mild, periprocedural profile that supports outpatient use Abbreviations: DMR, duodenal mucosal resurfacing; AE, adverse event; SAE, serious adverse event. ©2026 Fractyl Health, Inc. All Rights Reserved. No device or procedure-related AEs after day 2

REMAIN-1 pivotal study in weight maintenance Pivotal Cohort fully randomized; 6-mo topline pivotal data anticipated in early Q4 2026 *Tirzepatide run-in modeled from SURMOUNT-4 trial. 1These forward-looking statements are based on management’s current estimates and expectations.Refer to the latest disclosures filed with the SEC for a discussion regarding Risk Factors to these and other estimates and expectations. Abbreviations: BMI, body mass index; GLP-1, glucagon-like peptide 1; R, randomization; TBW, total body weight; TBWL, total body weight loss; TZP, tirzepatide; T2D, type 2 diabetes. ©2026 Fractyl Health, Inc. All Rights Reserved. Patient population Adults with obesity(BMI 30-45 kg/m2) GLP-1 naïve; no T2D n≈315 Co-primary endpoints % TBW regain:Revita vs sham at 6 monthsand Responder rate:% participants who maintain weight loss at 12 months Study design Randomized (2:1 Revita vs Sham), double-blind, sham-controlled TZP administration to achieve≥ 15% TBWL, then discontinued Diet and lifestyle counseling throughout Anticipated milestones1 Complete randomizations: Feb ‘26 Topline 6-month pivotal data:Early Q4 '26 Potential De Novo marketing application submission:Late Q4 '26 Study design Tirzepatide initiationand titration* to achieve≥ 15% TBWL Revita treatment Weight at 6 months Weight at 12 months Shamprocedure Weight at 6 months Discontinue Tirzepatide 2:1 R

Co-primary endpoints very well powered for pivotal trial success 1 Values shown are model-based estimates (mITT MMRM at the 20% run-in weight-loss reference). REMAIN-1 Midpoint Cohort, exploratory. 2 Maximum Revita weight regain at which the pivotal reaches statistical significance vs the sham scenario shown (~ 2.5-point gap at pivotal N=315). 3 5.1% = LS-mean percent total body-weight regain from post-run-in baseline at 6 months (Week 26); mITT MMRM at 20% run-in weight-loss reference; n=29 Revita. REMAIN-1 Midpoint Cohort, exploratory. 4 Two-sided; Revita vs sham, pivotal N=315, randomized 2:1 (Revita:sham). Sham values illustrative. Abbreviations: LS-mean, least-squares mean; mITT, modified intention-to-treat; MMRM, mixed-model repeated measures; TBW, total body weight; TBWL, total body weight loss; . ©2026 Fractyl Health, Inc. All Rights Reserved. Illustrative sham 6-mo regain in mITT1 Revita regain needed to win1,2 Observed in Midpoint Cohort1,3 Projected pivotal p-value4 10% ≤ 7.4% 5.1% p<0.05 11.6% (base case, current) ≤ 9.0% 5.1% p<0.05 12.5% ≤ 9.9% 5.1% p<0.05 First co-primary: % TBW regain:Revita vs sham at 6 months Second co-primary: Responder rate: % of Revita patients maintain > 5% TBWL at 12 months 50% = FDA-mandated pre-specified performance goal (single-arm) 73% in Midpoint Cohort in mITT population1 (~91% in the Complete Ablation Cohort)

Key takeaways from REMAIN-1 Midpoint Cohort results ©2026 Fractyl Health, Inc. All Rights Reserved. Substantial Weight Loss Retained at One Year Up to 84% of on-drug weight loss retained with Revita at one year off GLP-1 when adequate dose of ablation is used vs 46% in sham All physicians achieved complete ablations in the pivotal, which bodes well for commercial training program Given absence of any dose-limiting toxicity, there is potential room for even further profile optimization Excellent Safety and Tolerability Profile Essentially no safety signal observed over sham upper endoscopy in this Cohort through 1 year. Periprocedural AE profile supports potential broad outpatient endoscopic use Well-Powered Pivotal Pivotal study well powered to deliver clinically and commercially valuable results. Topline pivotal data expected in early Q4 2026, with potential De Novo regulatory filing in late Q4 2026.1 1 These forward-looking statements are based on management’s current estimates and expectations. Refer to the latest disclosures filed with the SEC for a discussion regarding Risk Factors to these and other estimates and expectations. AE, adverse event

Adarsh M Thaker, MD Assistant Professor of Medicine, David Geffen School of Medicine at UCLA Co-lead, UCLA Bariatric Endoscopy Program Principal Investigator, REMAIN-1 A Treating Physician’s Perspective from the Endoscopy Suite ©2026 Fractyl Health, Inc. All Rights Reserved. Disclosure: Dr. Thaker is a paid Fractyl Health clinical advisor and a REMAIN-1 investigator.

A clear, near-term path to potential launch ©2026 Fractyl Health, Inc. All Rights Reserved. These forward-looking statements are based on management’s current estimates and expectations. Refer to the latest disclosures filed with the SEC for a discussion regarding Risk Factors to these and other estimates and expectations. Revita is investigational: commercialization is subject to REMAIN-1 results and FDA marketing authorization, neither of which is assured. Now · Jul 2026 1 REMAIN-1 Midpoint Cohort 12-Mo randomized results Q3 2026 2 Fractyl Health ($GUTS) investor day Details coming soon Early Q4 2026 3 Pivotal topline: 6-month randomized trial results Late Q4 2026 4 Potential FDA De Novo submission 5 Potential clearance and launch with reimbursement in place

Appendix

Revita Reduces Weight Regain and Benefits Patients Most When Adequate Dose of Ablation is Used Full cohort (mITT): Sham n=16, Revita n=29. Complete Ablation cohort (> 14 cm ablation): Sham n=16, Revita n=17. LS-mean % total body-weight change from baseline at 12 months; MMRM, compound-symmetry covariance, estimated at 20% run-in weight loss; error bars ±SE. Exploratory REMAIN-1 Stage 2a Midpoint Cohort analysis; not powered for formal inference. 1. Aronne LJ, et al. Continued treatment with tirzepatide for maintenance of weight reduction (SURMOUNT-4). JAMA. 2024;331(1):38-48. Abbreviations: mITT, modified intention-to-treat; MMRM, mixed-model repeated measures; LS-mean, least-squares mean; SE, standard error. ©2026 Fractyl Health, Inc. All Rights Reserved. Complete Ablation (>14 cm) Sham (n=16) Revita (n=17) Weight regain, % of baseline 13.0% 4.8% Weight regain, % of pre-tirzepatide weight 10.4% 3.8% GLP-1 weight loss retained 48% 81%

Y-axis: LS-mean % total body-weight change from baseline; MMRM, compound-symmetry covariance, estimated at 20% run-in weight loss; error bars ± SE; n contributing shown per visit below axis. Retention = % of run-in weight loss maintained at 12 months. Exploratory REMAIN-1 Midpoint Cohort analysis; not powered for formal inference. Abbreviations: MMRM, mixed-model repeated measures; LS-mean, least-squares mean; SE, standard error; SAP, statistical analysis plan. Benefit is strong in patients who lost the most on GLP-1 ©2026 Fractyl Health, Inc. All Rights Reserved. Change in Body Weight in High GLP-1 Responders Pivotal Cohort implication: Pivotal Cohort mean run-in TBWL is 18.3%, implying most pivotal participants are high GLP-1 responders. Response tracks GLP-1 weight loss Revita retained 74% of run-in weight loss vs 46% in sham.

One Durable Metabolic Reset, Three Potential Use Cases in Obesity ©2026 Fractyl Health, Inc. All Rights Reserved. Illustrative, forward-looking expansion framework contingent on pivotal success and future studies; not FDA-assessed. Timelines are management estimates. Subject to the risks described in the Company's SEC filings. AFTER GLP-1 Off-ramp: preserve weight and metabolic benefit after discontinuation WITH GLP-1 Add-on: Pair with drugs to deepen and sustain response, enabling lower doses, drug holidays, and durable step-down FRONT-LINE Kick-start : An earlier one-time option for patients who can't tolerate, afford, or stay on chronic drugs. Illustrative and hypothetical; schematic, not clinical data; contingent on pivotal results. stop GLP-1 GLP-1 discontinuation Revita GLP-1 alone Revita + GLP-1 untreated Revita Weight Revita added STEP 1 · PROVE IT Maintenance after GLP-1 STEP 2 · COMBINE Adjunct to orals, injectables, procedures STEP 3 · FRONT LINE Front-line, drug-free

Reminder: Ablation length correlates with effect size, defining target treatment length for Pivotal Cohort ©2026 Fractyl Health, Inc. All Rights Reserved. Dose-response: Significant correlation between ablation length and weight maintenance treatment effect observed in Midpoint Cohort at 6 mo (p=0.048 per Pivotal Cohort key secondary endpoint; n=29 Revita arm1) Participants receiving >14 cm ablations regained ~ 50% the weight of sham at 6-months Revita ≤12 cm n= 9 Sham Control n=16 Revita 14-18 cm n=13 Revita ≥ 20 cm n=7 6-Month Body Weight Change2 Ablation length inversely associated with weight regain 7.3% 8.8% 4.9% 3.5% Midpoint Cohort dose-response findings defines threshold of effect dose and informs > 14 cm adopted for Pivotal Cohort Per-Protocol population 1Dose-response assessed by Spearman rank correlation between ablation length and weight regain at week 26 within the blinded DMR arm. 2Observed means and SEM at Week 26. DMR patients (n=29) stratified by ablation tercile. Dashed line = expected weight regain based on SURMOUNT-4 GLP-1 withdrawal data. Mean run-in TBWL balanced across groups.