Sagimet Biosciences Prices Underwritten Offering Of 29,166,700 Shares Of Series A Common Stock At $6/Shr For Gross Proceeds Of ~$175M

Sagimet Biosciences Inc. (NASDAQ:SGMT), a clinical-stage biopharmaceutical company developing novel therapeutics targeting dysfunctional metabolic and fibrotic pathways, today announced the pricing of an underwritten offering of 29,166,700 shares of its Series A common stock at a price of $6.00 per share. The gross proceeds from the offering are expected to be approximately $175.0 million, before deducting underwriting discounts and commissions and other offering expenses. All of the shares in the offering are to be sold by Sagimet. The offering is expected to close on or about April 28, 2026, subject to the satisfaction of customary closing conditions.

Sagimet intends to use the net proceeds from the offering, together with its existing cash, cash equivalents and marketable securities, to fund a Phase 3 clinical trial for denifanstat in acne, fund TVB-3567 through Phase 2 topline results, advance a topical formulation FASN inhibitor to IND submission and for general corporate purposes, including additional clinical development, working capital and operating expenses. The Company currently expects that its existing cash and cash equivalents, together with the proceeds from the offering, will fund its acne programs through 2028 and the readout of the Company's planned denifanstat Phase 3 clinical trial in moderate to severe acne.