Sagimet Biosciences Reports First Quarter 2025 Financial Results and Provides Corporate Updates Phase 1 clinical trial to evaluate the pharmacokinetics (PK) of a combination of denifanstat and resmetirom expected to init

Sagimet Biosciences Reports First Quarter 2025

Financial Results and Provides Corporate Updates

Phase 1 clinical trial to evaluate the pharmacokinetics (PK)

of a combination of denifanstat and resmetirom expected to initiate in 2H 2025; data readout expected 1H 2026

San Mateo, Calif., May 8, 2025 - Sagimet Biosciences

Inc. (Nasdaq: SGMT), a clinical-stage biopharmaceutical company developing novel therapeutics targeting dysfunctional metabolic and fibrotic

pathways, today reported financial results for the quarter ended March 31, 2025, and provided recent corporate updates.

"Sagimet is committed to bringing innovative therapies to MASH

patients, following the successful results of our Phase 2b FASCINATE-2 clinical trial of denifanstat in MASH F2-F3 patients, particularly

in more advanced F3 stage patients. In a Phase 1 clinical trial in patients with and without hepatic impairment, denifanstat exhibited

similar pharmacokinetic characteristics and was well tolerated among all groups. Considering these strong Phase 1 and Phase 2 data, further

development of denifanstat in MASH, including as part of a combination program, could potentially offer an opportunity to serve patient

groups with the strongest need of treatment including those with stage 4 fibrosis," said David Happel, Chief Executive Officer of

Sagimet. "Building on our presentation of compelling preclinical data at 2024 EASL demonstrating the synergistic effect of a FASN

inhibitor combined with resmetirom on important liver disease markers, we anticipate initiating a Phase 1 clinical trial to evaluate the

PK and tolerability of a combination of denifanstat and resmetirom in the second half of 2025. If the outcome of this Phase 1 trial is

positive, we will explore moving into the development of a combination product -- which we envision as a single tablet -- for patients

living with MASH. We remain strongly convinced of the significant therapeutic potential associated with FASN inhibition across multiple

Recent Corporate Highlights

Rohit Loomba, M.D., M.H.Sc., Professor of Medicine,

Chief, Division of Gastroenterology and Hepatology, and Director, MASLD Research Center, University of California San Diego,

said, "I'm excited to see Sagimet initiate development of a combination of denifanstat and resmetirom with this Phase 1 PK

trial which will potentially answer important questions about the compatibility of these two molecules in humans. Results of this

Phase 1 trial, if successful, could lead to further development of a combination of Sagimet's fat synthesis inhibitor, denifanstat,

with a fat oxidizer in MASH patients, potentially including those with stage 4 fibrosis."

Publications and Presentations

Anticipated Upcoming Milestones

Financial Results for the Three Months Ended March 31, 2025

About Sagimet Biosciences

Sagimet is a clinical-stage biopharmaceutical

company developing novel fatty acid synthase (FASN) inhibitors that are designed to target dysfunctional metabolic and fibrotic pathways

in diseases resulting from the overproduction of the fatty acid, palmitate. Sagimet's lead drug candidate, denifanstat, is an oral,

once-daily pill and selective FASN inhibitor in development for the treatment of metabolic dysfunction associated steatohepatitis (MASH).

FASCINATE-2, a Phase 2b clinical trial of denifanstat in MASH with liver biopsy-based primary endpoints, was successfully completed with

positive results. Denifanstat has been granted Breakthrough Therapy designation by the FDA for the treatment of non-cirrhotic MASH with

moderate to advanced liver fibrosis (consistent with stages F2 to F3 fibrosis), and end-of-Phase 2 interactions with the FDA have been

successfully completed, supporting the advancement of denifanstat into further development. Sagimet's second FASN inhibitor, TVB-3567,

a potent and selective small molecule FASN inhibitor, received IND clearance in March 2025, allowing initiation of a first-in-human

Phase 1 clinical trial in acne. For additional information about Sagimet, please visit www.sagimet.com.

Metabolic-dysfunction associated steatohepatitis

(MASH) is a progressive and severe liver disease which is estimated to impact more than 115 million people worldwide, for which there

is only one recently approved treatment in the United States and no currently approved treatments in Europe. In 2023, global

liver disease medical societies and patient groups formalized the decision to rename non-alcoholic fatty liver disease (NAFLD) to metabolic

dysfunction-associated steatotic liver disease (MASLD) and nonalcoholic steatohepatitis (NASH) to MASH. Additionally, an overarching term,

steatotic liver disease (SLD), was established to capture multiple types of liver diseases associated with fat buildup in the liver. The

goal of the name change was to establish an affirmative, non-stigmatizing name and diagnosis.

Forward-Looking Statements

This press release contains forward-looking

statements within the meaning of, and made pursuant to the safe harbor provisions of, The Private Securities Litigation Reform Act of

1995. All statements contained in this press release, other than statements of historical facts or statements that relate to present facts

or current conditions, including but not limited to, statements regarding: the expected timing of the presentation of data from ongoing

clinical trials, Sagimet's clinical development plans and related anticipated development milestones, Sagimet's cash and financial

resources and expected cash runway. These statements involve known and unknown risks, uncertainties and other important factors that may

cause Sagimet's actual results, performance or achievements to be materially different from any future results, performance or achievements

expressed or implied by the forward-looking statements. In some cases, these statements can be identified by terms such as "may,"

"might," "will," "should," "expect," "plan," "aim," "seek,"

"anticipate," "could," "intend," "target," "project," "contemplate,"

"believe," "estimate," "predict," "forecast," "potential" or "continue"

or the negative of these terms or other similar expressions.

The forward-looking statements in this press release are only predictions.

Sagimet has based these forward-looking statements largely on its current expectations and projections about future events and financial

trends that Sagimet believes may affect its business, financial condition and results of operations. These forward-looking statements

speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, some of which cannot

be predicted or quantified and some of which are beyond Sagimet's control, including, among others: the clinical development and

therapeutic potential of denifanstat or any other drug candidates Sagimet may develop; Sagimet's ability to advance drug candidates

into and successfully complete clinical trials within anticipated timelines; Sagimet's relationship with Ascletis, and the

success of its development efforts for denifanstat; the accuracy of Sagimet's estimates regarding its capital requirements; and

Sagimet's ability to maintain and successfully enforce adequate intellectual property protection. These and other risks and uncertainties

are described more fully in the "Risk Factors" section of Sagimet's most recent filings with the Securities and

Exchange Commission and available at www.sec.gov. You should not rely on these forward-looking statements as predictions

of future events. The events and circumstances reflected in these forward-looking statements may not be achieved or occur, and actual

results could differ materially from those projected in the forward-looking statements. Moreover, Sagimet operates in a dynamic industry

and economy. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk

factors and uncertainties that Sagimet may face. Except as required by applicable law, Sagimet does not plan to publicly update or revise

any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or

SAGIMET BIOSCIENCES INC.

CONDENSED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS

(in thousands, except for share

and per share amounts)

SAGIMET BIOSCIENCES INC.

CONDENSED BALANCE SHEETS