Sagimet Biosciences prices $107.5 million stock offering

Sagimet Biosciences Inc. entered into an underwriting agreement on September 30, 2026 with Leerink Partners LLC, TD Securities (USA) LLC and Guggenheim Securities, LLC as representatives for an underwritten offering. The offering consists of 8,750,010 shares of Series A common stock at $10.00 per share and pre-funded warrants to purchase up to 2,750,010 shares at $9.9999 per share, reflecting the common stock price less the $0.0001 warrant exercise price.¹

The offering is expected to close on October 1, 2026, subject to customary closing conditions.¹ All shares and pre-funded warrants are being sold by the company.¹

Net proceeds are expected to total $107.5 million after underwriting discounts and commissions.¹ Sagimet said it intends to use the proceeds, together with existing cash and marketable securities, to fund a Phase 3 clinical trial for denifanstat in acne, pre-launch activities for denifanstat, advancement of TVB-3567 through Phase 2 topline results, progress of its topical FASN inhibitor program toward an IND submission, and general corporate purposes.¹

The pre-funded warrants are immediately exercisable at $0.0001 per share, with ownership caps limiting exercise if a holder and its affiliates would exceed 4.99% or, at the holder's election, 9.99% of outstanding common stock after exercise.¹ Holders may adjust that ownership cap up to 19.99% with at least 61 days' notice to the company.¹

Leerink Partners, TD Securities, Guggenheim Securities and Oppenheimer & Co. served as joint book-running managers, while Canaccord Genuity, H.C. Wainwright, JonesTrading Institutional Services and Clear Street acted as co-lead managers.¹

The offering is being conducted under Sagimet's effective shelf registration statement on Form S-3, filed August 15, 2024 and declared effective August 26, 2024.¹