SGMT

Company Overview — What Does Sagimet Biosciences Inc. Do?

We are 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. Our lead drug candidate, denifanstat, is an oral, once-daily pill and selective FASN inhibitor in development for the treatment of nonalcoholic steatohepatitis (NASH), for which there are no treatments currently approved in the United States or Europe. Denifanstat has been studied in over 600 people to date and we are currently testing it in our FASCINATE-2 Phase 2b trial in NASH. The interim results, which were presented at the American Association for the Study of Liver Diseases (AASLD) meeting in November 2022, showed statistically significant improvements across key markers of disease in patients treated with denifanstat, including an approximately 34% reduction in liver fat and 67% responder rate (defined as reduction in liver fat by 30% or more) at 26 weeks as compared to baseline. These interim results are consistent with earlier findings from our FASCINATE-1 Phase 2 trial, which achieved its primary endpoint (relative change from baseline in liver fat at 12 weeks) and key secondary endpoint (percentage of subjects with at least a 30% reduction in liver fat at 12 weeks) at the once-daily 50mg dose. Improvements in liver fat were also observed at the 25mg dose (not statistically significant) and at the 75mg dose (not placebo controlled). Together, these results strengthen our belief that the topline liver biopsy results we expect to announce in the first quarter of 2024 will directly show improvement in disease. However, interim clinical trial results may not be indicative of future results. Additionally, our precision medicine approach is core to our development strategy in NASH, and includes the application of pharmacodynamic and predictive biomarkers to confirm target engagement and clinical response in patients treated with denifanstat. We are also evaluating the promise of FASN inhibition, beyond NASH, in additional disease areas in which dysregulation of fatty acid metabolism also plays a key role, including in acne and certain forms of cancer. We believe that denifanstat is differentiated among treatments in development for NASH: • Integral role of FASN in three key drivers of NASH. FASN is a key enzyme in de novo lipogenesis (DNL), the biochemical pathway responsible for production of palmitate resulting in excess liver fat buildup in NASH It is also directly involved in inflammation and fibrosis. • Comprehensive improvements across biomarkers. Our clinical trial data to date have shown that denifanstat at the 50mg once daily dose level improves non- invasive biomarkers of NASH across liver fat, inflammation, and fibrosis— three major drivers of disease—and biomarkers of cardiometabolic health. • Rigorous development strategy. Our denifanstat program began with in-house discovery of a proprietary portfolio of FASN inhibitors, followed by a comprehensive demonstration of activity in preclinical models, FASN inhibition in human clinical trials and improvement of critical biomarkers of NASH and has been generally well tolerated in the FASCINATE-1 trial at 25mg and 50mg dose levels once daily. We are currently focused on evaluating efficacy in the FASCINATE-2 Phase 2b clinical trial of biopsy-confirmed NASH patients. Introduction to NASH NASH is an aggressive form of nonalcoholic fatty liver disease (NAFLD), a condition where an abnormal buildup of excess fat (known as steatosis) occurs in the liver unrelated to the consumption of alcohol. According to a study published in 2023, NASH is a growing epidemic that affected more than 265 million people worldwide in 2019 and for which there are currently no approved treatments in the United States or Europe. It is often associated with insulin resistance, type 2 diabetes, cardiovascular disease, and an increase in overall mortality. Left untreated, damage to the liver can lead to cirrhosis or liver cancer, potentially making liver transplantation necessary. Our lead drug candidate—denifanstat Denifanstat, formerly known as TVB-2640, an oral, once-daily pill, is our selective FASN inhibitor currently being developed for the treatment of NASH. Denifanstat was selected from our library of over 1,200 internally-discovered and wholly owned FASN inhibitors that were identified through a rigorous medicinal chemistry and preclinical development effort. Denifanstat was advanced into clinical development based on its convenient oral administration, high selectivity for FASN, and excellent pharmacokinetic and pharmaceutical properties, including restricted penetration of the blood-brain barrier. Following a robust translational research program that demonstrated FASN inhibition reduced liver fat and decreased inflammation and fibrosis in multiple preclinical models, as well as a proof-of-mechanism clinical trial that demonstrated denifanstat’s ability to inhibit hepatic DNL in humans, we embarked on two Phase 2 clinical trials in patients with NASH: FASCINATE-1 and FASCINATE-2. Across indications, denifanstat has been studied in over 600 people to date. The FASCINATE-1 trial examined multiple doses of denifanstat, ranging from 25mg to 75mg daily, administered for 12 weeks compared to placebo in 142 patients in the United States and China. Denifanstat caused a rapid and robust reduction in liver fat that was statistically significant in the 50mg cohort, as well as improvements in inflammatory, fibrotic and cardiometabolic components of the disease. Denifanstat at dose levels of 25mg or 50mg once daily was generally well tolerated in these diverse populations. Based on the totality of the data, we selected the 50mg dose for further study. The FASCINATE-2 trial has enrolled 168 subjects with biopsy confirmed NASH with moderate to advanced fibrosis (F2-F3) at baseline. These patients are being dosed with 50mg of denifanstat or placebo for one year. In November 2022, we announced results from a planned interim analysis of non-invasive tests (NITs) from a subset of patients and tolerability as of the data cut-off date of the interim analysis. At the end of dosing, a follow-up biopsy will be taken to evaluate the direct impact of the drug on disease at week 52. Topline liver biopsy results are expected in the first quarter of 2024. Recently, we presented interim analysis results from NITs, also known as biomarkers, from 52 of the earliest patients enrolled in the FASCINATE-2 trial after they completed 26 weeks of dosing. These interim results were consistent with the conclusions of the FASCINATE-1 trial in this more advanced population of NASH patients. In this interim cohort, 67% of patients treated with denifanstat reduced their liver fat by 30% or more, and 45% of these responders reduced their liver fat by 50% or more. Third-party studies have shown that NASH patients qualifying as responders are much more likely to have improved liver histology than patients who do not achieve this goal. Denifanstat also showed a statistically significant decrease of 16.5 U/L (p<0.05), or a 25% decrease, in levels of ALT, which is a marker of hepatic inflammation and damage, and a statistically significant decrease of 0.34 (p<0.05) in enhanced liver fibrosis (ELF) score (Figure A). Decreases in ELF score suggest reduced levels of fibrosis. In addition to decreases in LDL-cholesterol, these improvements across biomarkers of liver fat, inflammation and fibrosis are consistent with those seen in the earlier FASCINATE-1 trial. --- Results from FASCINATE-1 and -2 will enable us to design the pivotal Phase 3 program for denifanstat in NASH. In March 2021, we received fast track designation for denifanstat for the treatment of NASH. This allows us to work expeditiously with the U.S. Food and Drug Administration (FDA) to align on the design of this program. NASH remains an under-diagnosed and under-served disease, often due to lack of access to sophisticated or specialized equipment. Our precision medicine approach is central to our development strategy for denifanstat in NASH. This includes the development of blood-based pharmacodynamic drug response biomarkers, such as tripalmitin, to confirm FASN inhibition and pathway engagement by denifanstat. We are also developing blood-based predictive biomarker tests using metabolomics and single nucleotide polymorphisms (SNPs) to more easily identify patients at risk and likely to benefit from treatment. We will continue to validate these tests with the biomarker and liver biopsy results from the ongoing FASCINATE-2 clinical trial and anticipate developing complementary diagnostic tools to benefit patients, clinicians and payors. We were incorporated in Delaware in December 2006 under the name 3-V Biosciences, Inc., and changed our name to Sagimet Biosciences Inc. in August 2019. Our principal executive offices are located at 155 Bovet Road, Suite 303, San Mateo, California. Sagimet Biosciences Inc. (SGMT) is classified as a micro-cap stock in the Healthcare sector, specifically within the Pharmaceutical Products industry. The company is led by CEO David Happel. With a market capitalization of $171M, SGMT is one of the notable companies in the Healthcare sector.

Sagimet Biosciences Inc. (SGMT) Stock Rating — Reduce (April 2026)

As of April 2026, Sagimet Biosciences Inc. receives a Reduce rating with a composite score of 30.7/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.SGMT ranks #3,798 out of 4,446 stocks in our coverage universe. Within the Healthcare sector, Sagimet Biosciences Inc. ranks #639 of 838 stocks, placing it in the lower half of its Healthcare peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

SGMT Stock Price and 52-Week Range

Sagimet Biosciences Inc. (SGMT) currently trades at $5.44. The stock lost $0.20 (3.5%) in the most recent trading session. The 52-week high for SGMT is $11.41, which means the stock is currently trading -52.3% from its annual peak. The 52-week low is $1.73, putting the stock 214.5% above its annual trough. Recent trading volume was 393K shares, suggesting relatively thin trading activity.

Is SGMT Overvalued or Undervalued? — Valuation Analysis

Sagimet Biosciences Inc. (SGMT) carries a value factor score of 16/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 1.49x, versus the sector average of 2.75x.

At current multiples, Sagimet Biosciences Inc. trades at a premium to most Healthcare peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Sagimet Biosciences Inc. Profitability — ROE, Margins, and Quality Score

Sagimet Biosciences Inc. (SGMT) earns a quality factor score of 26/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -50.4%, compared to the Healthcare sector average of -43.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -48.1% versus the sector average of -33.1%.

Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

SGMT Debt, Balance Sheet, and Financial Health

Sagimet Biosciences Inc. has a debt-to-equity ratio of 5.0%, compared to the Healthcare sector average of 32.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 22.82x, indicating strong short-term liquidity. Total debt on the balance sheet is $0. Cash and equivalents stand at $32M.

SGMT has a beta of 1.74, meaning it is more volatile than the broader market — a $10,000 investment in SGMT would be expected to move 73.7% more than the S&P 500 on any given day. The stability factor score for Sagimet Biosciences Inc. is 19/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

Sagimet Biosciences Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Sagimet Biosciences Inc. reported revenue of $0 and earnings per share (EPS) of $-1.58. Net income for the quarter was $-56M. Operating income came in at $-63M.

In FY 2025, Sagimet Biosciences Inc. reported revenue of $0 and earnings per share (EPS) of $-1.58. Net income for the quarter was $-51M. Operating income came in at $-57M.

In Q3 2025, Sagimet Biosciences Inc. reported revenue of $0 and earnings per share (EPS) of $-0.40. Net income for the quarter was $-13M. Operating income came in at $-14M.

In Q2 2025, Sagimet Biosciences Inc. reported revenue of $0 and earnings per share (EPS) of $-0.32. Net income for the quarter was $-10M. Operating income came in at $-12M.

Over the past 8 quarters, Sagimet Biosciences Inc. has experienced revenue contraction from $0 to $0. Investors analyzing SGMT stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

SGMT Dividend Yield and Income Analysis

Sagimet Biosciences Inc. (SGMT) does not currently pay a dividend. This is common among smaller companies in the Pharmaceutical Products industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Healthcare dividend stocks may want to explore other Healthcare stocks or use the stock screener to filter by dividend yield.

SGMT Momentum and Technical Analysis Profile

Sagimet Biosciences Inc. (SGMT) has a momentum factor score of 47/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 44/100 reflects moderate short selling activity.

SGMT vs Competitors — Healthcare Sector Ranking and Peer Comparison

Within the Healthcare sector, Sagimet Biosciences Inc. (SGMT) ranks #639 out of 838 stocks based on the Blank Capital composite score. This places SGMT in the lower half of all Healthcare stocks in our coverage universe. Key competitors and sector peers include ASTRAZENECA PLC (AZN) with a score of 61.4/100, Sol-Gel Technologies Ltd. (SLGL) with a score of 56.6/100, VIEMED HEALTHCARE, INC. (VMD) with a score of 53.4/100, Innoviva, Inc. (INVA) with a score of 52.7/100, and JOHNSON & JOHNSON (JNJ) with a score of 51.7/100.

Comparing SGMT against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full SGMT vs S&P 500 (SPY) comparison to assess how Sagimet Biosciences Inc. stacks up against the broader market across all factor dimensions.

SGMT Next Earnings Date

No upcoming earnings date has been announced for Sagimet Biosciences Inc. (SGMT) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy SGMT? — Investment Thesis Summary

The quantitative profile for Sagimet Biosciences Inc. suggests caution. The quality score of 26/100 flags below-average profitability. The value score of 16/100 indicates premium valuation. High volatility (stability score 19/100) increases portfolio risk.

In summary, Sagimet Biosciences Inc. (SGMT) earns a Reduce rating with a composite score of 30.7/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on SGMT stock.

Related Resources for SGMT Investors

Explore more research and tools: SGMT vs S&P 500 comparison, top Healthcare stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare SGMT head-to-head with peers: SGMT vs AZN, SGMT vs SLGL, SGMT vs VMD.