| 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);
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| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
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| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
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| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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| (e) | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
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| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
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| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
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| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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| (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);
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| (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:
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| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
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| | |
| 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
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| | (iv) Shared power to dispose or to direct the disposition of:
CVF, LLC: 4,673,870; HCC Manager LLC: 4,673,870
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| Item 5. | Ownership of 5 Percent or Less of a Class. |
| | 
Ownership of 5 percent or less of a class
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| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. |
| |
Not Applicable
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| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
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Not Applicable
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| Item 8. | Identification and Classification of Members of the Group. |
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Not Applicable
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| Item 9. | Notice of Dissolution of Group. |
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Not Applicable
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