Sagimet Biosciences Reports Third Quarter 2024 Financial Results and Provides Corporate Updates Denifanstat received Breakthrough Therapy designation from FDA for MASH Results from Phase 2b FASCINATE-2 study of denifanst

Reports Third Quarter 2024 Financial Results and Provides Corporate Updates

Denifanstat received

Breakthrough Therapy designation from FDA for MASH

Phase 2b FASCINATE-2 study of denifanstat published in The Lancet Gastroenterology & Hepatology

Successful completion

of end-of-Phase 2 interactions with FDA on the development of denifanstat for MASH; Phase 3 program initiation expected by end of 2024

runway through 2025, with cash, cash equivalents and marketable securities totaling $170.0 million as of September 30, 2024

Mateo, Calif., November 14, 2024 - 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 third quarter ended September 30, 2024, and provided recent corporate updates.

"As we approach the end of 2024,

the Sagimet team remains focused on advancing denifanstat towards a pivotal Phase 3 program in MASH," said David Happel, Chief

Executive Officer of Sagimet. "The publication of our Phase 2b FASCINATE-2 study results in a highly regarded Lancet journal

highlighted denifanstat's strong efficacy and tolerability data and its highly differentiated mechanism of action which enables

denifanstat to improve the key drivers of MASH: fat accumulation, inflammation, and fibrosis. In addition, we are proud to have recently

received Breakthrough Therapy designation for denifanstat in MASH from the FDA, demonstrating denifanstat's potential to address

the significant unmet need for new therapies for this serious disease, and, with the successful completion of end-of-Phase 2 interactions

with FDA, we look forward to initiating our planned Phase 3 program for denifanstat by the end of 2024."

Recent Corporate Highlights

Anticipated Upcoming Milestones

Financial Results for the Three Months

Ended September 30, 2024

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 MASH. FASCINATE-2,

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

results. 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.

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; 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

CONDENSED STATEMENTS

OF OPERATIONS AND COMPREHENSIVE LOSS

except for share and per share amounts)