Sagimet Biosciences Inc. (SGMT), a clinical-stage biopharmaceutical company, priced an offering of 29.17 million shares of its Series A common stock at $6.00 per share. The gross proceeds from the offering are expected to be approximately $175 million.
Sagimet intends to use the net proceeds from the offering to fund a Phase 3 clinical trial for Denifanstat in acne, fund TVB-3567 through Phase 2 topline results, advance a topical formulation of an FASN inhibitor toward an IND submission, and for general corporate purposes.
The company's lead drug candidate is Denifanstat, an oral, once-daily pill and selective FASN inhibitor for the treatment of metabolic dysfunction-associated steatohepatitis, acne, and select forms of cancer.
It also develops TVB-3567, a FASN inhibitor for the treatment of acne indications, and other oncology programs, such as solid tumour and glioblastoma.
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.
The offering is expected to close on or about April 28, 2026, subject to customary closing conditions.
Leerink Partners, TD Cowen, Guggenheim Securities and Oppenheimer & Co. are acting as joint bookrunning managers for the offering.
SGMT has traded between $3.03 and $11.41 over the last year. The stock closed Friday's trade at $5.86, down 0.17%.
In the pre-market, SGMT is up 24.07% at $7.27.
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