Sagimet Biosciences Inc. agreed to sell 8,750,010 shares of Series A common stock at $10.00 per share and pre-funded warrants to purchase up to 2,750,010 shares at an offering price of $9.9999 per share issuable upon exercise. The offering is expected to close October 1, 2026, subject to customary closing conditions; the company expects $107.5 million in net proceeds after underwriting discounts and commissions.
The company plans to use the proceeds together with existing cash, cash equivalents and marketable securities for a Phase 3 denifanstat acne trial, denifanstat pre-launch activities, TVB-3567 through Phase 2 topline results, its topical FASN inhibitor program through IND submission, and general corporate purposes. The warrants are immediately exercisable at $0.0001 per share. Exercise is subject to a beneficial ownership limit of 4.99%, or 9.99% at a purchaser’s election; holders may adjust the limit up to 19.99% with at least 61 days’ prior notice.
Sagimet Biosciences Inc. (SGMT) is offering 8,750,010 shares of Series A common stock and pre-funded warrants to purchase 2,750,010 shares. Prices are $10.00 per share and $9.9999 per warrant; warrants are immediately exercisable at $0.0001 per share. The aggregate offering price is $114,999,925; estimated net proceeds are approximately $107.5 million, excluding proceeds from warrant exercises. Sagimet intends to use proceeds and existing cash for denifanstat’s planned Phase 3 acne trial and pre-launch work, TVB-3567 through Phase 2 topline results, its topical FASN inhibitor program through IND submission, and general corporate purposes. Immediate dilution to new investors is calculated at $4.87 per share.
Sagimet reported 52-week results from a China open-label extension involving 240 acne patients: overall treatment success was 56.7%, and mean total lesion count change from baseline was -71.8%. It plans a U.S. registrational Phase 3 acne trial in the second half of 2026; a TVB-3567 Phase 2 trial is anticipated before year-end 2026, subject to regulatory consultation and Phase 1 results.
The pre-funded warrants have no established public trading market. Sagimet says it will undertake no further MASH clinical development until it obtains non-dilutive financing.
Sagimet Biosciences Inc. (SGMT) reported positive 52-week results from ASC40-304, a Phase 3 open-label denifanstat extension trial in moderate to severe acne conducted in China by license partner Ascletis BioScience Co. Ltd. Among 240 patients, treatment success was 56.7%; mean changes from ASC40-303 baseline were -71.8% in total lesion count, -76.9% in inflammatory lesion count and -66.9% in non-inflammatory lesion count. Success required a 2-point IGA reduction from baseline to 0 or 1.
All 240 extension patients received denifanstat 50 mg once daily for up to 40 weeks; the 116 originally assigned denifanstat had up to 52 weeks of total exposure. Effective September 30, 2026, Sagimet suspended and terminated its ATM prospectus supplement. It will make no Series A common stock sales under the Sales Agreement unless and until a new prospectus, prospectus supplement or registration statement is filed; the agreement remains in effect. The company said its cash position was expected to fund current operations through 2028 and through readout of its U.S. Phase 3 acne trial.
Sagimet Biosciences Inc. suspended its at-the-market sales through Leerink Partners LLC and terminated the continuous offering under its prospectus supplement, effective September 30, 2026. The company had sold no shares under the Sales Agreement as of September 30, 2026. It will not make further sales unless and until a new prospectus supplement is filed; the Sales Agreement remains in full force and effect.
Sagimet Biosciences Inc. director George Kemble reported option exercises and a share sale in Series A Common Stock. On August 14, 2026, he exercised stock options covering 326,618 and 24,369 shares at an exercise price of $6.36 per share, receiving the same number of Series A Common shares. That same day, he sold 350,987 Series A Common shares at a weighted average price of $10.2328 per share, in multiple trades between $9.95 and $10.57. These transactions were conducted under a Rule 10b5-1 trading plan adopted on August 21, 2025, and the option was fully vested and exercisable as of the transaction date.
SGMT affiliate George Kemble filed a notice of proposed sales of company common stock. The filing lists up to 350,987 shares to be sold on or about 08/14/2026 through Morgan Stanley Smith Barney LLC, with an aggregate market value of $3,257,159.36. SGMT had 61,591,159 common shares outstanding as of this notice. The filing also records prior Rule 10b5-1 plan sales by Kemble over the past three months, including 20,206 shares on 08/11/2026 for $201,146.40 and 18,844 shares on 07/20/2026 for $140,529.13, and describes the planned sale as following an exercise of stock options for cash.
Sagimet Biosciences Inc. received a Schedule 13G reporting that a group of related investment entities led by Balyasny Asset Management L.P. beneficially owns a significant minority stake in its Series A common stock. The filing states that these reporting persons may be deemed to beneficially own 3,626,113 shares.
The shares are held directly by Atlas Diversified Master Fund, Ltd. with 1,126,113 shares and Atlas Private Holdings (Cayman) Ltd. with 2,500,000 shares, both investment management clients of Balyasny Asset Management L.P. Each reporting person is listed with sole voting and dispositive power over 3,626,113 shares and no shared power.
The stake represents approximately 5.93% of Sagimet’s outstanding common stock, based on 61,184,313 shares outstanding as of May 5, 2026, as cited from Sagimet’s Form 10-Q. This positions the Balyasny complex as a holder of more than 5% of the company’s equity.
Sagimet Biosciences Inc. reported that the U.S. Food and Drug Administration has cleared the Investigational New Drug (IND) application for its fatty acid synthase inhibitor denifanstat in moderate to severe acne. The FDA also issued a “Study May Proceed” letter for a planned Phase 3 clinical trial of denifanstat in this indication.
This clearance allows Sagimet Biosciences to move forward with Phase 3 testing of denifanstat in patients with moderate to severe acne, advancing the program into a late-stage clinical development phase in the United States.
Sagimet Biosciences Inc. director George Kemble reported an option exercise-and-sale transaction in Series A Common Stock. On August 11, 2026, he exercised stock options covering 20,206 shares at an exercise price of $6.36 per share and received an equivalent number of Series A Common shares. On the same date, he sold 20,206 shares of Series A Common Stock at a weighted average price of $9.9548 per share in multiple trades priced between $9.95 and $9.99. The filing states these transactions were effected under a Rule 10b5-1 trading plan adopted on August 21, 2025, and that the options involved were fully vested and exercisable as of the transaction date.
SGMT insider George Kemble filed to sell common stock under a Rule 10b5-1 trading plan. The filing lists up to 20,206 shares of common stock to be sold through Morgan Stanley Smith Barney LLC Executive Financial Services, with an aggregate market value of $193,371.42, to be sold for cash on or after August 11, 2026 following an exercise of stock options. It also notes a prior 10b5-1 sale of 18,844 shares of common stock on July 20, 2026 for $140,529.13.