Sagimet Biosciences Inc. Reports Financial Results for Q3 2024 and Regulatory Progress

Sagimet Biosciences Inc. (NASDAQ: SGMT) recently disclosed its financial results for the third quarter ending September 30, 2024. The company also provided updates on its corporate advancements in a statement released on November 14, 2024.

The focal point of Sagimet’s recent activities revolves around its lead drug candidate, denifanstat, aimed at addressing dysfunctional metabolic and fibrotic pathways. Among the notable milestones achieved, the company highlighted the significant recognition denifanstat secured from the FDA. Denifanstat received Breakthrough Therapy designation for its effectiveness in managing metabolic-dysfunction associated steatohepatitis (MASH).

Financially, as of September 30, 2024, Sagimet reported having a substantial cash runway through 2025. The company holds cash, cash equivalents, and marketable securities totaling $170.0 million, including the net proceeds from its January 2024 follow-on offering, which are anticipated to fund operations in the upcoming years.

David Happel, the Chief Executive Officer of Sagimet, emphasized the company’s commitment to progressing denifanstat towards a pivotal Phase 3 program. The company’s Phase 2b FASCINATE-2 study results, published in a reputable journal, underscored denifanstat’s efficacy, tolerability, and unique mechanism of action, setting a strong foundation for its advancement.

Milestones on the horizon for Sagimet include the initiation of a Phase 3 program for denifanstat by the end of 2024. This program encompasses two Phase 3 trials, namely FASCINATE-3 and FASCINIT, targeting different patient groups within the scope of MASH and metabolic dysfunction-associated steatotic liver disease.

Furthermore, Sagimet’s collaboration with its Greater China license partner, Ascletis BioScience Co. Ltd., marked progress with the completion of patient enrollment in a Phase 3 clinical trial for denifanstat in acne. The trial is expected to yield topline results by the second quarter of 2025, following positive Phase 2 data unveiled earlier.

Sagimet’s financial report for the third quarter revealed research and development expenses of $12.7 million and general and administrative expenses of $4.2 million. The net loss for this period was $14.6 million.

The company’s cash, cash equivalents, and marketable securities as of September 30, 2024, stood at $170.0 million, positioning Sagimet well for its upcoming strategic objectives.

Sagimet Biosciences continues to focus on advancing its innovative therapeutics, particularly denifanstat, and navigating a path towards addressing critical unmet medical needs in various disease areas.

This release contains forward-looking statements that are subject to risks and uncertainties. Interested parties are advised to refer to the company’s U.S. Securities and Exchange Commission filings for comprehensive information on associated risks and uncertainties.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sagimet Biosciences’s 8K filing here.

About Sagimet Biosciences

Sagimet Biosciences Inc, a clinical-stage biopharmaceutical company, develops therapeutics called fatty acid synthase (FASN) inhibitors for the treatment of diseases that result from dysfunctional metabolic pathways in the United States. The company’s lead drug candidate is Denifanstat, a once-daily pill and selective FASN inhibitor for the treatment of metabolic dysfunction associated steatohepatitis.