SGMT · Sagimet Biosciences Inc.

Sagimet Biosciences Inc. executed a material underwriting agreement on April 27, 2026, launching a significant public offering of 29,166,700 shares of its Series A common stock priced at $6.00 per share. This transaction is expected to generate $164.5 million in net proceeds, providing substantial non-dilutive capital for critical pipeline advancement. The funds will primarily support a Phase 3 clinical trial for denifanstat in acne, a key asset, alongside progressing TVB-3567 to Phase 2 topline results and developing a topical FASN inhibitor toward IND submission. Remaining proceeds will cover general corporate needs including working capital and operating expenses. The offering leverages the company's effective shelf registration on Form S-3 (No. 333-281582), filed August 15, 2024 and effective August 26, 2024. Led by prominent underwriters Leerink Partners, TD Securities, Guggenheim, and Oppenheimer as joint book-runners, with Canaccord Genuity, H.C. Wainwright, and JonesTrading as co-leads, the deal includes standard protections like indemnification under the Securities Act. A legal opinion from Goodwin Procter LLP confirms the shares' validity when issued. This capital raise significantly bolsters Sagimet's runway for late-stage clinical execution in its FASN inhibitor franchise, reducing near-term funding risks and enabling multiple value-inflection milestones.