Sagimet Biosciences Reports Full Year 2024 Financial Results and Provides Corporate Updates Denifanstat Phase 3 MASH program initiated in Q4 2024; patient screening expected to start in 1H 2025 Denifanstat received Break

Sagimet Biosciences Reports Full Year 2024 Financial

Results and Provides Corporate Updates

Denifanstat Phase 3 MASH program initiated in

Q4 2024; patient screening expected to start in 1H 2025

Denifanstat received Breakthrough Therapy designation

Clearance of Investigational New Drug (IND)

application for FASN Inhibitor TVB-3567, to be developed for the treatment of acne

Calif., March 12, 2025 - Sagimet Biosciences Inc. (Nasdaq: SGMT), clinical-stage biopharmaceutical company developing

novel therapeutics targeting dysfunctional metabolic and fibrotic pathways, today reported financial results for the full year ended December 31,

2024, and provided recent corporate updates.

"2024 was a highly productive year for Sagimet, and we're

carrying that momentum into a strong start for 2025," said David Happel, Chief Executive Officer of Sagimet. "We are pleased

to have initiated our Phase 3 denifanstat program in MASH, with site activation and patient pre-screening underway and patient screening

expected to begin soon. With the successful Phase 2b FASCINATE-2 results we reported in 2024, and Breakthrough Therapy designation granted

by the FDA, we are confident in denifanstat's potential to address the significant unmet need for patients living with MASH. At

the same time, we are excited to advance a second Fatty Acid Synthase inhibitor, TVB-3567, into the clinic for the potential treatment

of moderate to severe acne, following IND clearance. Given the potential of FASN inhibition across multiple disease states, we look forward

to progressing both denifanstat and TVB-3567 in the coming year."

Full Year and Recent Corporate Highlights

Clinical and Regulatory Updates

Publications and Presentations

Anticipated Upcoming Milestones

Financial Results for the Full Year Ended December 31, 2024

About Sagimet Biosciences

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 Phase 3 development in MASH. 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.

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,

including its Phase 3 denifanstat program and Phase 1 acne program; 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 otherwise.

SAGIMET BIOSCIENCES INC.

STATEMENTS OF OPERATIONS AND

(in thousands, except for share

and per share amounts)

SAGIMET BIOSCIENCES INC.