Why did GUTS' operating expenses surge in Q4 2024?

The operating expenses of Fractyl Health (GUTS) significantly increased in Q4 2024, primarily due to several factors:

1. **Increased Costs of Operating as a Publicly Traded Company**: The company's operating expenses were influenced by the costs associated with being a publicly traded entity, which included increased expenses related to compliance, reporting, and investor relations.
2. **Accelerated R&D Investment**: Fractyl Health prioritized accelerating its R&D investment, which led to a substantial increase in expenses. This was evident in the significant rise of R&D expenses to $20.3 million in Q4 2024, up from $10.1 million in the same period of the previous year. This surge was primarily attributed to the progress made in their REMAIN-1 clinical study, the REVITALIZE-1 clinical study, continued development of the Rejuva platform, and increased personnel-related expenses, including stock-based compensation.
3. **Personnel-Related Expenses**: The increase in operating expenses was also due to increased personnel-related expenses, including stock-based compensation.

In summary, the surge in operating expenses in Q4 2024 was driven by the costs associated with operating as a publicly traded company, accelerated R&D investment, and personnel-related expenses.