Full Press Release Details
Sagimet Biosciences Reports Second Quarter 2023
Financial Results and Provides Corporate Updates
Completed upsized initial public offering raising
$96.4 million in gross proceeds
Presented positive data at EASL Congress 2023
from the planned interim readout of the Phase 2b FASCINATE-2 trial in NASH showing denifanstat was well-tolerated and met week 26 liver
fat response endpoint
On track to report topline week 52 liver biopsy
results from Phase 2b FASCINATE-2 trial in the first quarter of 2024
Implemented leadership changes with Tony Rimac
assuming the position of Chief Financial Officer and Liz Rozek joining as General Counsel & Chief Compliance Officer
Mateo, Calif., August 21, 2023 - Sagimet Biosciences Inc. (Nasdaq: SGMT), a clinical-stage biopharmaceutical company
developing novel therapeutics targeting dysfunctional metabolic pathways, today reported financial results for the second quarter ended
June 30, 2023, and provided recent corporate updates.
"Sagimet has entered a new era as a public company, and I am
proud of our team for the successful completion of our IPO and the continued advancement of denifanstat through clinical development in
NASH," said David Happel, Chief Executive Officer of Sagimet. "At EASL, we presented statistically significant results from
the planned interim readout of the Phase 2b FASCINATE-2 trial of denifanstat in NASH, and we look forward to announcing the week 52 biopsy
results in the first quarter of next year."
Recent Corporate Highlights
Anticipated Upcoming Milestones
Financial Results for the Three Months Ended June 30, 2023
About Sagimet Biosciences
Sagimet is a clinical-stage biopharmaceutical company developing novel
therapeutics called fatty acid synthase (FASN) inhibitors that target dysfunctional metabolic 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 NASH, for which there are no treatments currently approved in the United States or
Europe. Denifanstat is currently being tested in FASCINATE-2, a Phase 2b clinical trial in NASH with liver biopsy as the primary endpoint.
For additional information about Sagimet, please visit www.sagimet.com.
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, including its FASCINATE-2 Phase 2b clinical trial; 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.
Managing Director, ICR Westwicke
SAGIMET BIOSCIENCES INC.
CONDENSED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(in thousands, except for share
and per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 4,676 | $ | 6,371 | $ | 9,163 | $ | 12,234 | ||||||||
| General and administrative | 2,381 | 867 | 4,659 | 3,747 | ||||||||||||
| Total operating expenses | 7,057 | 7,238 | 13,822 | 15,981 | ||||||||||||
| Loss from operations | (7,057 | ) | (7,238 | ) | (13,822 | ) | (15,981 | ) | ||||||||
| Other income (expense), net: | ||||||||||||||||
| Change in fair value of redeemable convertible preferred stock warrants | 1 | - | (1 | ) | 2 | |||||||||||
| Interest income and other | 271 | 136 | 451 | 142 | ||||||||||||
| Total other income, net | 272 | 136 | 450 | 144 | ||||||||||||
| Net loss | $ | (6,785 | ) | $ | (7,102 | ) | $ | (13,372 | ) | $ | (15,837 | ) | ||||
| Comprehensive loss | $ | (6,772 | ) | $ | (7,208 | ) | $ | (13,288 | ) | $ | (15,943 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (35.80 | ) | $ | (38.37 | ) | $ | (71.39 | ) | $ | (85.80 | ) | ||||
| Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic and diluted | 189,520 | 185,084 | 187,314 | 184,589 |
SAGIMET BIOSCIENCES INC.
CONDENSED BALANCE SHEETS
(in thousands, except for share
and per share amounts)
| As of June 30, | As of December 31, | |||||||
| 2023 | 2022 | |||||||
| Cash, cash equivalents and short-term investments | $ | 18,508 | $ | 32,345 | ||||
| Total assets | 21,498 | 33,031 | ||||||
| Current liabilities | 5,287 | 5,279 | ||||||
| Noncurrent liabilities | 5 | 82 | ||||||
| Redeemable convertible preferred stock | 214,620 | 214,620 | ||||||
| Stockholders' deficit | (198,414 | ) | (186,950 | ) | ||||
| Total liabilities, redeemable preferred stock and stockholders' deficit | $ | 21,498 | $ | 33,031 |