Sagimet Biosciences Inc. - $SGMT STOCK NEWS

Sagimet Biosciences (Nasdaq: SGMT) reported its Q1 2024 financial results, highlighting significant progress in the development of denifanstat for metabolic dysfunction-associated steatohepatitis (MASH). The company announced positive results from the Phase 2b FASCINATE-2 trial, meeting primary efficacy endpoints and demonstrating significant fibrosis reduction. Full trial results will be presented at the EASL Congress in June 2024. Sagimet plans a Phase 3 trial following an FDA meeting in Q2 2024. The company raised $104.7 million from a public offering and holds $193.7 million in cash as of March 31, 2024, ensuring a cash runway through 2025. Research and development expenses increased to $5.3 million, while net losses remained consistent at $6.6 million year-over-year.

Sagimet Biosciences Inc. announced the oral presentation of denifanstat Phase 2b FASCINATE-2 study data at the EASL International Liver Congress 2024. The study demonstrated significant fibrosis improvement and MASH resolution in patients with F2 or F3 fibrosis.

Sagimet Biosciences Inc. announced the appointment of Thierry Chauche as Chief Financial Officer. Chauche brings over 20 years of financial and biopharma experience to the role. The company granted him an inducement stock option worth $2 million. Additionally, Sagimet approved inducement grants of stock options for four other newly-hired employees.

Sagimet Biosciences, a clinical-stage biopharmaceutical company, will host a virtual investor and analyst day on May 3, 2024, to discuss positive topline data from its FASCINATE-2 Phase 2b clinical trial of denifanstat in MASH and plans for a Phase 3 trial. The event will feature Dr. Stephen Harrison and focus on the unmet need for patients with metabolic dysfunction-associated steatohepatitis (MASH) and the Company's lead drug candidate, denifanstat, a selective FASN inhibitor.

Sagimet Biosciences Inc. completes Phase 1 hepatic impairment study with denifanstat, a selective FASN inhibitor for MASH treatment. The study demonstrated safety and pharmacokinetics of denifanstat in subjects with hepatic impairment, with positive results supporting the planned Phase 3 program.

Sagimet Biosciences Inc. appoints Tim Walbert and Paul Hoelscher to its board of directors. Tim brings 30 years of biotechnology experience, having led Horizon Therapeutics and IDM Pharma. Paul Hoelscher, former CFO of Horizon, joins with a strong financial background. Sagimet plans to start Phase 3 trial for denifanstat in MASH in 2024.

Sagimet Biosciences Inc. reported positive Phase 2b trial data for denifanstat in MASH patients, meeting primary efficacy endpoints and reducing fibrosis significantly. The company aims to initiate a Phase 3 trial in 2024. Sagimet also extended its cash runway through 2025 with a follow-on offering of $104.7 million, ending 2023 with $94.9 million in cash, cash equivalents, and marketable securities.

Sagimet Biosciences Inc. announced its participation in two investor conferences, the TD Cowen 44th Annual Health Care Conference and Leerink Partners Global Biopharma Conference 2024. The company will present on March 5 and March 13, 2024, respectively, discussing its novel FASN inhibitors targeting metabolic and fibrotic pathways.

Sagimet Biosciences Inc. announced the pricing of its underwritten public offering of 9,000,000 shares of its Series A common stock at a public offering price of $12.50 per share, expecting gross proceeds of $112.5 million. The underwriters have a 30-day option to purchase up to an additional 1,350,000 shares. The offering is expected to close on January 30, 2024. Goldman Sachs & Co. LLC, TD Cowen, and Leerink Partners are acting as joint book-running managers for the offering.