Sagimet Biosciences Inc. reported a leadership transition in its clinical organization. On April 20, 2026, Chief Medical Officer Eduardo Martins, M.D., D.Phil. retired from his officer role and will continue supporting the company as an external scientific advisor.
The company simultaneously appointed Andreas Grauer, M.D. as its new Chief Medical Officer, effective the same date. Dr. Grauer brings prior CMO experience at several biopharmaceutical companies and a long tenure in drug development roles, while maintaining an academic appointment at the University of Heidelberg Medical School.
Sagimet Biosciences reported 2025 results and outlined progress across its MASH, acne and oncology programs. For 2025, total operating expenses were $56.9 million and net loss was $51.0 million, compared with a $45.6 million net loss in 2024. Fourth-quarter 2025 net loss was $9.6 million versus $16.2 million a year earlier. Cash, cash equivalents and marketable securities were $113.1 million as of December 31, 2025, which the company expects will fund operations through the third quarter of 2027.
Clinically, denifanstat continued to show strong Phase 2b data in MASH, including statistically significant improvements in steatohepatitis and fibrosis, and positive safety. A Phase 1 pharmacokinetic trial of a denifanstat/resmetirom combination was completed, with a Phase 2 trial in MASH cirrhosis (F4) planned for the second half of 2026. In acne, partner Ascletis’ Phase 3 trial of denifanstat met all primary and secondary endpoints, and China’s regulator accepted an NDA for moderate to severe acne in 2025.
Sagimet also highlighted its follow‑on FASN inhibitor TVB‑3567, now in a first‑in‑human Phase 1 trial for acne, and exploratory oncology work targeting FASN‑dependent tumors, supporting a multi‑indication pipeline built around FASN inhibition.
Sagimet Biosciences Inc. is a clinical-stage biopharmaceutical company focused on fatty acid synthase (FASN) inhibitors for liver disease, acne and cancer. Its lead oral FASN inhibitor, denifanstat, achieved statistically significant Phase 2b results in MASH, improving liver fat, inflammation and fibrosis biomarkers and was generally well tolerated.
Denifanstat received FDA Breakthrough Therapy designation in October 2024 for non-cirrhotic MASH with F2–F3 fibrosis, and Sagimet has completed end-of-Phase 2 FDA interactions. A Phase 1 pharmacokinetic trial combining denifanstat with THR-β agonist resmetirom showed no safety signals, supporting a planned Phase 2 proof-of-concept trial in F4 MASH in the second half of 2026, subject to regulatory consultation.
In acne, China partner Ascletis reported that denifanstat met all primary and secondary endpoints in a 480-patient Phase 3 trial in moderate to severe acne and that the China NMPA accepted its NDA in December 2025. An open-label Phase 3 extension showed generally well-tolerated long-term use. Sagimet is also developing oral FASN inhibitor TVB-3567, now in a first-in-human Phase 1 acne study with a Phase 2 start anticipated in 2026, and is exploring oncology applications where tumors depend on FASN-driven lipid metabolism.
Rozek Elizabeth reported acquisition or exercise transactions in this Form 4 filing.
Sagimet Biosciences Inc. reported that Chief Legal & Administrative Officer Elizabeth Rozek received new equity awards. She was granted an option to buy 88,000 shares of Series A Common Stock, vesting in 48 equal monthly installments starting February 19, 2026. She was also awarded 44,000 restricted stock units, each representing one share of Series A Common Stock, vesting in four equal annual installments from the same date, contingent on continued service.
Sagimet Biosciences Chief Medical Officer Eduardo Bruno Martins reported equity awards that increase his direct holdings. He received a stock option covering 88,000 shares of Series A Common Stock at an exercise price of $0.00 per share, and a separate grant of 44,000 shares of Series A Common Stock in the form of restricted stock units (RSUs).
The RSUs will vest in four equal annual installments after February 19, 2026, contingent on continued service. The stock option will vest in forty-eight equal monthly installments after the same date, also subject to continued service. Following these transactions, his reported direct ownership of Series A Common Stock is 147,296 shares, and he holds options for 88,000 shares.
Sagimet Biosciences President & CEO and director David Happel reported awards of equity-based compensation. He was granted 256,000 stock options with an exercise right to buy Series A Common Stock at $0.00 per share, and 128,000 restricted stock units (RSUs) for Series A Common Stock.
The RSUs vest in four equal annual installments following February 19, 2026, conditioned on his continued service. The options vest in forty-eight equal monthly installments after the same date, also tied to continued service. Following the RSU grant, his reported Series A Common Stock holdings total 805,621 shares.
Sagimet Biosciences Inc. reported that its Chief Financial Officer, Thierry Chauche, received new equity awards. He was granted a stock option for 88,000 shares at an exercise price of $0.0000 per share, which will vest in forty-eight equal monthly installments following February 19, 2026, subject to continued service.
Chauche also acquired 44,000 shares of Series A Common Stock in the form of restricted stock units. Each RSU represents one share and will vest in four equal annual installments following February 19, 2026, contingent on his continued service on each vesting date. After this award, his directly held Series A Common Stock totaled 59,688 shares.
Sagimet Biosciences Inc. President & CEO and director David Happel reported an automatic sale of Series A Common Stock. On 02/10/2026, 12,101 shares were sold at $5.3603 per share to cover tax withholding obligations related to vesting restricted stock units. After this transaction, he beneficially owned 677,621 shares directly. The filing notes these tax-related sales were automatic and not at his discretion.
Sagimet Biosciences Chief Financial Officer Thierry Chauche reported an automatic sale of Series A Common Stock largely tied to tax obligations. On February 10, 2026, he sold 1,312 shares at $5.3603 per share in an open-market transaction.
According to the disclosure, the shares were required to be sold to cover tax withholding arising from the vesting of restricted stock units, and the sales were automatic rather than discretionary. After this transaction, Chauche directly beneficially owned 15,688 shares of Sagimet Biosciences common stock.
Sagimet Biosciences’ Chief Medical Officer reports automatic share sale to cover taxes. Martins Eduardo Bruno sold 3,640 shares of Series A Common Stock on February 10, 2026 at an average price of $5.3602 per share in an open-market transaction.
According to the footnote, the sale was required to cover tax withholding obligations tied to vesting restricted stock units and was executed automatically, not at his discretion. After this transaction, he directly beneficially owned 103,296 shares of Sagimet Biosciences Inc.