SCHEDULE 13G 0001459524 XXXXXXXX LIVE Common Stock, $0.00001 par value per share 12/31/2024 0001572616 Fractyl Health, Inc. 35168W103 3 Van de Graaff Drive Suite 200 Burlington MA 01803 Rule 13d-1(d) BVP VII Special Opportunity Fund L.P. b E9 2576288 0 2576288 0 2576288 N 5.4 PN Bessemer Venture Partners VII L.P. b E9 1526689 0 1526689 0 1526689 N 3.2 PN Bessemer Venture Partners VII Institutional L.P. b E9 667924 0 667924 0 667924 N 1.4 PN Deer VII & Co. L.P. b E9 4770901 0 4770901 0 4770901 N 9.9 PN Deer VII & Co. Ltd. b E9 4770901 0 4770901 0 4770901 N 9.9 CO Fractyl Health, Inc. 3 Van de Graaff Drive, Suite 200 Burlington, MA 01803 This statement is being filed by the following persons with respect to certain shares of Common Stock (the "Shares" or the "Common Stock") of the Issuer. Bessemer Venture Partners VII, L.P. ("BVP VII") and Bessemer Venture Partners VII Institutional L.P. ("BVP VII Inst"), BVP VII Special Opportunity Fund L.P. ("BVP VII SOF", and together with BVP VII and BVP VII Inst, the "BVP VII Funds") directly own shares of Common Stock. Deer VII Ltd, Deer VII LP, BVP VII, BVP VII Inst and BVP VII SOF are sometimes individually referred to herein as a "Reporting Person" and collectively as the "Reporting Persons." c/o Bessemer Venture Partners 1865 Palmer Avenue; Suite 104 Larchmont, NY 10583 Deer VII Ltd - Cayman Islands Deer VII LP - Cayman Islands BVP VII - Cayman Islands BVP VII Inst - Cayman Islands BVP VII SOF - Cayman Islands Y Deer VII Ltd - 4,770,901 shares Deer VII LP - 4,770,901 shares BVP VII - 1,526,689 shares BVP VII Inst - 667,924 shares BVP VII SOF - 2,576,288 shares Deer VII Ltd - 9.9% Deer VII LP - 9.9% BVP VII - 3.2% BVP VII Inst - 1.4% BVP VII SOF - 5.4% The percentage of shares beneficially owned is based on a total of 48,098,944 shares of Common Stock of the Issuer as of November 1, 2024, as reported by the Issuer in its Form 10-Q filed with the SEC on November 12, 2024. Deer VII Ltd - 4,770,901 shares Deer VII LP - 4,770,901 shares BVP VII - 1,526,689 shares BVP VII Inst - 667,924 shares BVP VII SOF - 2,576,288 shares Deer VII Ltd - 0 shares Deer VII LP - 0 shares BVP VII - 0 shares BVP VII Inst - 0 shares BVP VII SOF - 0 shares Deer VII Ltd - 4,770,901 shares Deer VII LP - 4,770,901 shares BVP VII - 1,526,689 shares BVP VII Inst - 667,924 shares BVP VII SOF - 2,576,288 shares Deer VII Ltd - 0 shares Deer VII LP - 0 shares BVP VII - 0 shares BVP VII Inst - 0 shares BVP VII SOF - 0 shares Y N As the general partner of Deer VII LP, which in turn is the general partner of the Funds, Deer VII Ltd may be deemed to beneficially own all 4,770,901 Shares held directly by the Funds and have the power to direct the dividends from or the proceeds of the sale of such Shares. Y N Exhibit 2 sets forth information regarding the identity of members of a group. The Reporting Persons disclaim membership in a group and this report shall not be deemed an admission by any of the Reporting Persons that they are or may be members of a "group" for purposes of Rule 13d-5 or for any other purpose. Y Y BVP VII Special Opportunity Fund L.P. /s/ Scott Ring 02/14/2025 Bessemer Venture Partners VII L.P. /s/ Scott Ring 02/14/2025 Bessemer Venture Partners VII Institutional L.P. /s/ Scott Ring 02/14/2025 Deer VII & Co. L.P. /s/ Scott Ring 02/14/2025 Deer VII & Co. Ltd. /s/ Scott Ring 02/14/2025