Home › Companies › SGMT

Pipeline (3 active programs)

Capital (as filed)

Cash

$166M cash and cash equivalents · Jun 30, 2026 (10-Q)

Short-term investments

$74.2M Jun 30, 2026

Long-term investments

$17.4M Jun 30, 2026

Operating cash flow

−$11.1M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)

As stated in coverage

$258M cash, runway mid-2029 per the update of Oct 22, 2026 — the company's own words as read there, not the filed figure

Offering documents (2)

• 2026-10-01 424B5 · Priced offering 8.75M shares · at $10.00 · $115M gross · 1.2% above the prior close ($9.88, Sep 30, 2026) · incl. pre-funded warrants
• 2026-09-30 424B3 · At-the-market program

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (6)

• 2026-10-22 UPDATE: Sagimet Biosciences (SGMT) - AURORA Is Dosing, and the Clock Just Got Shorter 🔒 Paid
• 2026-09-30 UPDATE: Sagimet Biosciences (SGMT) - Durable Data, Optional Dilution 🔒 Paid
• 2026-08-14 UPDATE: Sagimet Biosciences (SGMT) - “Study May Proceed” 🔒 Paid
• 2026-08-12 UPDATE: Sagimet Biosciences (SGMT) - The IND Is Open
• 2026-04-28 UPDATE: Sagimet Biosciences (SGMT) - The Pivot, The Raise, and the Hair-Thinning Paradox 🔒 Paid
• 2026-03-13 Sagimet Biosciences (SGMT) - Scientific Deep Dive for Denifanstat and Pipeline Products

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (6 calls)

Every verdict Biotech Distilled has published on Sagimet Biosciences, oldest first — the full history, never a selection. How calls are scored: the track record.

1. 2026-03-13 Watch Sagimet Biosciences (SGMT) - Scientific Deep Dive for Denifanstat and Pipeline Products Science is compelling but impending dilutive capital raise before 2028/2029 combo data creates better future entry points.
2. 2026-04-28 Speculative buy speculative UPDATE: Sagimet Biosciences (SGMT) - The Pivot, The Raise, and the Hair-Thinning Paradox Dilution overhang cleared by $175M raise and acne pivot inverts the bear case on tolerability, with derisked mechanism from Ascletis Phase 3 precedent.
3. 2026-08-12 Speculative buy speculative UPDATE: Sagimet Biosciences (SGMT) - The IND Is Open Named condition of IND clearance was met, financing is confirmed through the 2028 binary readout, and mechanism thesis continues to track.
4. 2026-08-14 Speculative buy speculative UPDATE: Sagimet Biosciences (SGMT) - "Study May Proceed" FDA formally cleared the IND with a 'Study May Proceed' letter, removing permission risk and leaving only execution risk, while adolescent-majority design is net commercially positive.
5. 2026-09-30 Speculative buy speculative UPDATE: Sagimet Biosciences (SGMT) - Durable Data, Optional Dilution 52-week acne data showed durable and building efficacy with fading side effects, though an opportunistic $115M raise diluted existing holders before the binary event.
6. 2026-10-22 Speculative buy speculative UPDATE: Sagimet Biosciences (SGMT) - AURORA Is Dosing, and the Clock Just Got Shorter First patient dosed in AURORA, topline pulled forward to 2H 2027, runway extended to mid-2029, and combo patent granted to 2044, making the binary event closer and fully funded.

• Long call · opened Apr 28, 2026 at $8.75 · +12.6% vs XBI +16.0% (Nov 6, 2026)

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (37)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 11, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

• Oct 22, 2026ReleaseSagimet Biosciences Announces First Patient Dosed in AURORA Phase 3 U.S. Clinical Trial of Denifanstat for Moderate to Severe Acne→ BD updateSummary on the 8-K
• Oct 22, 20268-KCurrent report: Reg FD disclosure · EX-99.1→ BD updateThe first patient has been dosed in AURORA — Sagimet's US registrational Phase 3 for denifanstat in moderate-to-severe acne — and the company has quietly pulled forward the topline readout to 2H 2027, a year sooner than prior guidance suggested, with cash now guided through mid-2029 including NDA submission.BD extracted 1 program update from this document → SGMT pipeline
• Oct 9, 2026ReleaseSagimet To Present Positive Full 52-Week Results from License Partner Ascletis' Phase 3 Open-Label Extension Clinical Trial of Denifanstat in Acne and Mechanistic Data at the 2026 Fall Clinical DermatBD extracted 1 program update from this document → SGMT pipeline
• Oct 1, 2026ReleaseSagimet Biosciences Announces Closing of Underwritten Offering of Series A Common Stock and Pre-Funded Warrants
• Oct 1, 20268-KCurrent report: material agreement
• Oct 1, 2026424B5Prospectus supplement (offering)
• Sep 30, 2026ReleaseSagimet Announces Positive Full 52-Week Results from License Partner Ascletis' Phase 3 Open-Label Extension Clinical Trial of Denifanstat in Acne Presented at EADV 2026→ BD updateSummary on the 8-K
• Sep 30, 2026ReleaseSagimet Biosciences Announces Pricing of $115.0 Million Underwritten Offering of Series A Common Stock and Pre-Funded Warrants→ BD updateSummary on the 8-K
• Sep 30, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1→ BD updateThe full 52-week OLE data from Ascletis' ASC40-304 are in — ~57% IGA success, ~75-80% lesion reduction, no safety surprises — and Sagimet simultaneously priced a $115M offering today, with AURORA patient screening starting October.BD extracted 1 program update from this document → SGMT pipeline
• Sep 30, 2026424B3Prospectus (resale / update)→ BD updateSummary on the 8-K
• Sep 28, 2026ReleaseSagimet Biosciences to Host Virtual KOL Event, “Denifanstat Update: 52-Week Data from Phase 3 Open-Label Extension in China and Planned AURORA Phase 3 Clinical Trial in US” on September 30, 2026BD extracted 1 program update from this document → SGMT pipeline
• Sep 2, 2026ReleaseSagimet Biosciences Announces Participation in Two Upcoming Investor Conferences
• Aug 25, 2026ReleaseSagimet Biosciences Advances AURORA U.S. Phase 3 Trial of Denifanstat in Acne Toward Patient Enrollment in Q4 2026The AURORA Phase 3 is moving from cleared IND to boots-on-the-ground enrollment: all sites locked, CRO retained, screening starting October, first patient Q4 2026 — exactly on the timeline I said to watch.
• Aug 13, 2026ReleaseSagimet Biosciences Receives FDA “Study May Proceed” Letter and IND Clearance for Phase 3 Trial in Acne in Adolescent and Adult Patients
• Aug 13, 20268-KCurrent report: other events
• Aug 11, 2026ReleaseSagimet Biosciences Reports Second Quarter 2026 Financial Results and Provides Corporate Updates
• Aug 11, 20268-KCurrent report: results of operations, Reg FD disclosure · EX-99.1BD extracted 2 program updates from this document → SGMT pipeline
• Aug 11, 202610-QQuarterly report
• Aug 4, 2026ReleaseSagimet Biosciences to Participate in the Canaccord Genuity 46th Annual Growth Conference
• Jul 21, 20268-KCurrent report: Reg FD disclosure · EX-99.1BD extracted 1 program update from this document → SGMT pipeline
• Jun 29, 2026ReleaseSagimet Biosciences Joins the Russell 2000® and Russell 3000® Indexes
• Jun 12, 20268-KCurrent report: officer / director change, shareholder vote
• Jun 3, 20268-KCurrent report: officer / director change
• May 27, 2026ReleaseSagimet Biosciences Presents Two Posters at EASL 2026 on Denifanstat/Resmetirom Combination in MASH
• May 13, 2026ReleaseSagimet Biosciences to Participate in the H.C. Wainwright 4th Annual BioConnect Investor Conference at NASDAQ
• May 12, 2026ReleaseSagimet Biosciences Reports First Quarter 2026 Financial Results and Provides Corporate Updates
• May 12, 20268-KCurrent report: results of operations · EX-99.1 EXHIBIT 99.1
• May 12, 202610-QQuarterly report
• May 11, 2026ReleaseSagimet Biosciences to Present Mechanism of Action Data for its FASN Inhibitors at the Society for Investigative Dermatology in Chicago
• Apr 28, 20268-KCurrent report: material agreement
• Apr 28, 2026424B5Prospectus supplement (offering)
• Apr 27, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• Apr 27, 20268-KCurrent report: results of operations, Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1
• Apr 21, 2026DEF 14AProxy statement
• Apr 21, 20268-KCurrent report: officer / director change, other events
• Mar 11, 20268-KCurrent report: results of operations, Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• Mar 11, 202610-KAnnual report