Here is a complete, textbook-grounded answer on ketone bodies.
Ketone bodies are water-soluble fuel molecules synthesized in the liver from acetyl CoA during states of high fatty acid oxidation (fasting, starvation, prolonged exercise, uncontrolled diabetes mellitus). There are three ketone bodies:
Note: Some sources classify acetoacetate and β-hydroxybutyrate together as the "primary" ketone bodies (metabolically active), and acetone as the "secondary" (metabolically inert, volatile byproduct). Strictly speaking, β-hydroxybutyrate is not a true ketone chemically (it has a hydroxyl, not a carbonyl group), but it is functionally grouped with ketone bodies because it is reversibly formed from acetoacetate.
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Reduction → β-hydroxybutyrate: catalyzed by D-β-hydroxybutyrate dehydrogenase (uses NADH → NAD⁺). This reaction is reversible and the ratio of the two is governed by the mitochondrial NADH/NAD⁺ ratio.
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Spontaneous decarboxylation → Acetone + CO₂: non-enzymatic, irreversible. Acetone is volatile and expelled through the lungs ("fruity breath" in DKA).
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Basic Medical Biochemistry, 6th Ed., p. 1097-1098