Sagimet Biosciences Inc.

Listed Company

SGMTCIK 0001400118NasdaqEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-51.04M

Total Assets

$116.48M

Equity

$111.38M

Shares Out

30.67M

Op. Cash Flow

$-45.65M

Business

Sagimet Biosciences Inc. is a clinical-stage biopharmaceutical company developing selective fatty acid synthase (FASN) inhibitors that target dysfunctional metabolic and fibrotic pathways, with lead candidate denifanstat focused on metabolic dysfunction‑associated steatohepatitis (MASH). Its main offerings include denifanstat (an oral once‑daily FASN inhibitor), a second FASN inhibitor TVB‑3567, and precision‑medicine biomarker programs to support patient selection and monitoring. Key business activities comprise clinical development programs across MASH, acne and oncology, discovery of FASN inhibitor candidates, and strategic partnerships. The company conducts clinical trials and development in the United States, Europe and Greater China, and relies on third‑party contract manufacturing organizations and licensing partners for manufacturing, development and potential commercialization.

Summary from filing dated 2025-03-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Research and development expenses	39	38	20	25
General and administrative expenses	18	16	13	6
Total operating expenses	57	54	33	31
Loss from operations	−57	−54	−31	−31
Interest income and other, net	6	9	3	553,000
Total other income	6	9	3	556,000
Net loss	−51	−46	−28	−30
Net loss per share, basic (in dollars per share)	−1.58	−1.45	−2.66	−165.2
Net loss per share, diluted (in dollars per share)	−1.58	−1.45	−2.66	−165.2
Weighted-average shares outstanding, basic (in shares)	32	31	10	184,619
Weighted-average shares outstanding, diluted (in shares)	32	31	10	184,619
Net unrealized gain (loss) on marketable securities	−110,000	200,000	114,000	−84,000
Total comprehensive loss	−51	−45	−28	−31

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	35	76	75	200,000	—
Short-term marketable securities	78	75	20	32	—
Prepaid expenses and other current assets	3	2	2	447,000	—
Total current assets	116	153	97	33	—
Long-term marketable securities	0	7	—	—	—
Operating lease right-of-use assets	78,000	77,000	73,000	212,000	—
Total assets	116	160	97	33	—
Accounts payable	1	1	186,000	1	—
Accrued expenses and other current liabilities	4	3	5	4	—
Operating lease liabilities	78,000	78,000	65,000	133,000	—
Total current liabilities	5	4	6	5	—
Commitments and contingencies	—	—	—	—	—
Undesignated preferred stock, $0.0001 per share: 10,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and December 31, 2024	0	0	—	—	—
Additional paid-in capital	458	451	341	35	—
Accumulated deficit	−346	−295	−250	−222	—
Accumulated other comprehensive income	120,000	230,000	30,000	−84,000	—
Total stockholders' equity	111	156	91	−187	−158
Total liabilities and stockholders' equity	116	160	97	33	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Accretion of discount on marketable securities	−389,000	−1	−37,000	−212,000
Non-cash operating lease expense	151,000	145,000	139,000	130,000
Stock-based compensation expense	6	5	5	2
Write-off of deferred financing costs	230,000	0	—	—
Prepaid expenses and other current assets	−2	−5,000	−952,000	1
Accounts payable, accrued expenses and other current liabilities	929,000	−907,000	120,000	3
Operating lease liabilities	−152,000	−136,000	−146,000	−137,000
Net cash used in operating activities	−46	−42	−24	−24
Purchases of marketable securities	−107	−108	−20	−41
Sales and maturities of marketable securities	111	46	32	9
Net cash provided by (used in) investing activities	5	−62	13	−32
Proceeds from sale of Series A common stock, net of issuance costs	0	106	—	—
Payment of financing costs	0	−1	−4	−85,000
Proceeds from exercise of stock options	275,000	114,000	6,000	12,000
Net cash provided by financing activities	275,000	105	86	−73,000
Net (decrease) increase in cash and cash equivalents	−41	701,000	75	−57
Right-of-use assets obtained in exchange for operating lease obligations	152,000	149,000	—	—
Deferred financing costs within accounts payable and accrued expenses	9,000	0	323,000	—

Filings

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