Sagimet Biosciences Inc. SGMT
We are a clinical-stage biopharmaceutical company developing novel therapeutics called fatty acid synthase (FASN) inhibitors that target dysfunctional metabolic and fibrotic pathways in diseases resulting from the overproduction of the fatty acid, palmitate. Our 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), acne and select forms of cancer. Our second FASN inhibitor, TVB-3567, is a potent and selective small molecule FASN inhibitor in development for acne.
The critical role of FASN overactivity in MASH makes it an attractive target for drug therapy. Our FASN inhibitor, denifanstat, targets multiple drivers of MASH by reducing steatosis, inflammation and fibrosis.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | — | — | $2.0M | — | — |
| R&D | $39.1M | $38.4M | $19.8M | $24.9M | — |
| SG&A | $17.8M | $16.0M | $13.0M | $6.1M | — |
| Total operating expenses | $56.9M | $54.5M | $32.7M | $31.1M | — |
| Operating income | -$56.9M | -$54.5M | -$30.7M | -$31.1M | — |
| Pre-tax income | -$51.0M | -$45.6M | — | — | — |
| Income tax | $0 | $0 | — | — | — |
| Net income | -$51.0M | -$45.6M | -$27.9M | -$30.5M | — |
| EPS, basic | -1.58 | -1.45 | -2.66 | -165.20 | — |
| EPS, diluted | -1.58 | -1.45 | -2.66 | -165.20 | — |
| Shares, diluted (wtd. avg.) | $32.3M | $31.4M | $10.5M | $184.6K | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $35.0M | $75.8M | $75.1M | $158.0K | $56.7M |
| Short-term investments | $78.1M | $75.4M | $19.8M | $32.2M | — |
| Total current assets | $116.4M | $152.8M | $96.6M | $32.8M | — |
| Total assets | $116.5M | $160.3M | $96.7M | $33.0M | — |
| Accounts payable | $1.3M | $1.4M | $186.0K | $1.1M | — |
| Total current liabilities | $5.1M | $4.5M | $5.7M | $5.3M | — |
| Total liabilities | — | — | $5.7M | $5.4M | — |
| Retained earnings | -$346.3M | -$295.3M | -$249.7M | -$221.9M | — |
| Total equity | $111.4M | $155.8M | $91.1M | -$186.9M | -$158.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$45.6M | -$42.4M | -$23.8M | -$24.5M | — |
| Stock-based compensation | $6.4M | $5.3M | $5.0M | $1.9M | — |
| Investing cash flow | $4.6M | -$61.7M | $12.6M | -$32.0M | — |
| Financing cash flow | $275.0K | $104.8M | $86.2M | -$73.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-026140.
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