Exhibit 99.2 Targeting Metabolic Dysfunction with Novel Therapies to Treat M ASH, Acne & Cancer March 2026 Forward-Looking Statements and Disclaimer This presentation contains forward-looking statements within the meaning of, and made pursuant to the safe harbor provisions of, The Private Reform Act of 1995. All statements contained in this document, other than statements of historical facts or statements that relate to pre: conditions, including but not limited to, statements regarding possible or assumed ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41742 Sagimet Biosciences Inc. (Exact name of registrant as specified in its charter) Delaware 20-5991472 (State o ...

Core Insights - Sagimet Biosciences has made significant progress in its clinical programs for MASH and acne, completing a Phase 1 PK trial of denifanstat and resmetirom, with plans to initiate a Phase 2 trial in F4 MASH patients in the second half of 2026 [1][2] - The company has secured a global, exclusive license for innovative forms of resmetirom active pharmaceutical ingredients from TAPI, enhancing its development capabilities [1][10] - Positive topline results from a Phase 3 trial of denifanstat for moderate to severe acne in China have been reported, supporting the NDA accepted by China's NMPA [1][10] Clinical and Regulatory Updates - The Phase 1 PK trial of denifanstat and resmetirom showed good tolerability with no serious adverse events, paving the way for further development in MASH patients with F4 fibrosis [5][10] - A first-in-human Phase 1 trial of TVB-3567, another FASN inhibitor for acne, is currently ongoing [1][5] - The company plans to explore the role of FASN inhibition in acne further in clinical development in 2026 [2] Financial Results - As of December 31, 2025, Sagimet reported cash, cash equivalents, and marketable securities totaling $113.1 million [10][21] - Research and development expenses for the year were $39.1 million, compared to $38.4 million in 2024, indicating a slight increase in investment in R&D [10][19] - The net loss for the year was $51.0 million, an increase from $45.6 million in 2024, reflecting ongoing investment in clinical trials and development [10][19] Upcoming Milestones - Sagimet plans to advance the denifanstat and resmetirom combination into a Phase 2 proof-of-concept trial for F4 MASH patients in the second half of 2026 [1][10] - Following the completion of the Phase 1 trial of TVB-3567, the company anticipates starting a Phase 2 trial in moderate to severe acne patients in 2026 [10][10]

Summary of Sagimet Biosciences Conference Call Company Overview - **Company**: Sagimet Biosciences (NasdaqGM:SGMT) - **Industry**: Biopharmaceuticals - **Focus**: Development of fatty acid synthase (FASN) inhibitors for conditions like MASH (Metabolic Dysfunction-Associated Steatotic Liver Disease), acne, and certain solid tumors [4][5] Key Points and Arguments Clinical Development and Pipeline - **Lead Program**: Denifanstat, a FASN inhibitor targeting fat accumulation and de novo lipogenesis, is central to the company's strategy [4] - **MASH Program**: - Initiated a combination program with resmetirom targeting the cirrhotic F4 population, showing significant preclinical efficacy in reducing inflammation and fibrosis [5][6] - Phase 2 study design is expected to be non-invasive, with plans to start in the second half of 2026 [7][31] - Previous data indicated that 11 out of 13 patients with F4 stage disease showed improvement, with a 30% delta over placebo in stringent measures [12][13] Acne Program - **Partnership with Ascletis**: Successful completion of phase 2 and phase 3 studies in China, with a 20% placebo-adjusted reduction in lesion count and a submitted NDA to the NMPA [7][50] - **Next-Gen Molecule**: TVB-3567 is in phase 1 trials, with plans for a phase 2 study by the end of 2026 [51][52] - **Development Strategy**: If denifanstat is advanced in acne, it could save approximately 18 to 24 months compared to developing the next-gen compound [55] Regulatory Considerations - **FDA Engagement**: Ongoing discussions with the FDA regarding the non-invasive study design and the potential for a single phase 3 study for denifanstat in acne [31][58] - **Combination Therapy**: The company is exploring the potential for fixed-dose combinations, emphasizing the need for complementary mechanisms of action [40][42] Financial Position - **Cash Reserves**: As of Q3 last year, the company had $125 million in cash, providing a runway of about two years, covering phase 2 proof of concept for the next-gen molecule and MASH enrollment [68] Market Opportunities - **MASH and Acne**: The company sees significant potential in both markets, with a focus on leveraging data from China to inform U.S. development strategies [51][64] Additional Important Information - **Combination Mechanism**: Denifanstat and resmetirom have different mechanisms of action, which may enhance their combined efficacy in treating MASH [14] - **Regulatory Trends**: The FDA is moving towards acceptance of non-invasive methods for clinical trials, which could benefit Sagimet's development strategy [32][39] - **Potential for Generic Versions**: Anticipation of multiple generic forms of resmetirom in the next five years, prompting the need for strategic partnerships [19][20] This summary encapsulates the critical insights from the Sagimet Biosciences conference call, highlighting the company's strategic direction, clinical developments, regulatory considerations, and financial outlook.

Company Overview - Sagimet Biosciences is a clinical-stage biopharmaceutical company focused on addressing conditions related to the overactivity of fatty acid synthase (FASN) [3] - The company is developing a portfolio of FASN inhibitors, with its lead program being denifanstat, targeting conditions such as MASH, acne, and certain solid tumors that depend on FASN for disease progression [3] Leadership Introduction - The discussion features key executives from Sagimet, including CEO Dave Happel, SVP of New Products Rob D'Urso, Chief Medical Officer Eduardo, and Chief Financial Officer Thierry [1][2]

Summary of Sagimet Biosciences FY Conference Call Company Overview - **Company**: Sagimet Biosciences (NasdaqGM:SGMT) - **Focus**: Development of treatments for metabolic diseases, specifically targeting NASH (Non-Alcoholic Steatohepatitis) and acne Key Points Industry and Product Development - **NASH Treatment**: Sagimet is focusing on combination therapies for NASH, particularly using denifanstat, a FASN inhibitor, as a foundational treatment strategy [10][12] - **Combination Approach**: The company is exploring the combination of denifanstat with resmetirom, which has shown promising preclinical data indicating a synergistic effect in reducing inflammation and fibrosis [10][13][25] - **Clinical Data**: In patients with F4 stage disease, 11 out of 13 showed improvement in disease severity, indicating the effectiveness of denifanstat [12][13] Strategic Licensing and Development - **API License**: Sagimet has obtained a license for 20 novel forms of the resmetirom API from Teva, with no anticipated pharmacodynamic differences from the approved form [29][31] - **Selection Process**: The company is in the process of selecting the most effective version of resmetirom based on pharmacokinetics (PK), pharmacodynamics (PD), and solubility [40][41] Clinical Trials and Safety - **Phase 1 Study**: Completed with no safety signals reported, indicating compatibility and tolerability of the combination therapy [51][53] - **Phase 2 Plans**: The company plans to submit data from the Phase 1 study to EASL and is preparing for Phase 2 trials, which will not require new safety data for the new polymorph [57][127][128] Acne Treatment Development - **Market Size**: Approximately 50 million Americans suffer from acne, with 10 million having moderate to severe cases [184] - **Innovative Mechanism**: Sagimet's acne treatment aims to reduce sebum production, which is a novel approach compared to existing treatments [199][200] - **Phase 1 Study for Acne**: Initiated in June 2025, with expected readouts by the end of the year to inform Phase 2 program [205][206] Financial Outlook - **Cash Position**: As of the end of Q3, Sagimet reported $125 million, providing approximately two years of runway to support both MASH and acne programs [386] - **Milestone Payments**: Potential milestones from the Asian partner, Ascletis, could exceed $122 million, primarily based on commercial performance [378][380] Regulatory Considerations - **FDA Meetings**: The next critical step involves discussions with the FDA regarding the Phase 2 trial for MASH, expected in the first half of the year [156][160] - **Approval Timeline**: Anticipated approval from the NMPA for the Asian partner's product could occur within 10-16 months following NDA acceptance [376][377] Conclusion - **Dual Focus**: Sagimet is strategically prioritizing both MASH and acne treatment developments, leveraging its financial resources to advance both programs effectively [386][388]

Summary of Sagimet Biosciences FY Conference Call Company Overview - **Company**: Sagimet Biosciences (NasdaqGM:SGMT) - **Focus**: Clinical-stage biopharmaceutical company targeting fatty acid synthase (FASN) overactivity in conditions like MASH (metabolic dysfunction-associated steatotic liver disease), acne, and certain solid tumors [3][4] Key Points on MASH - **Lead Program**: Denifanstat, a FASN inhibitor, targets fat accumulation, inflammation, and fibrosis, which are primary drivers of MASH [3][4] - **Phase II Study Results**: - Successful completion of Phase II study with significant reductions in inflammation and fibrosis, particularly in severe patients [5][11] - 13 patients diagnosed as qF4 showed 11 had a 1- or 2-stage improvement in fibrosis [6][13] - Denifanstat is the only drug that directly addresses fat, inflammation, and fibrosis [10][11] - **Combination Therapy**: - Plans to combine denifanstat with resmetirom for enhanced efficacy in treating MASH [15][16] - Preclinical data suggests synergistic effects of the combination [16][17] - **Regulatory Pathway**: Anticipation of starting Phase II study in the second half of the year, with a focus on non-invasive tests as potential endpoints [24][25] Key Points on Acne - **Acne Studies**: Partner Ascletis conducted Phase III studies in China showing statistically significant efficacy and safety for denifanstat in moderate to severe acne [40][41] - **Approval Timeline**: NDA accepted by NMPA in December 2025, with potential approval within 12 months [42] - **Market Potential**: - 50 million Americans suffer from acne, with 10 million classified as moderate to severe [48] - Novel mechanism of action expected to expand the patient population seeking treatment [48][49] Financial and Strategic Insights - **Milestone Payments**: Sagimet eligible for up to $122 million in milestone payments and tiered royalties from sales in Greater China [42] - **Valuation Perspective**: Company viewed as undervalued with significant progress expected in both MASH and acne indications [50] Additional Insights - **Patient-Centric Approach**: Emphasis on developing a combination therapy that is patient-friendly, with a single oral tablet versus injectables [31][32] - **Precision Medicine**: Pursuing a precision medicine approach for MASH, focusing on biomarkers to identify patients likely to respond to treatment [37] - **Competitive Landscape**: Anticipation of DENNY plus resmetirom becoming frontline therapy upon approval, with a welcoming stance towards GLP-1 treatments as they may help diagnose more patients [28][29] This summary encapsulates the critical insights from the conference call, highlighting Sagimet Biosciences' strategic direction, clinical advancements, and market potential in both MASH and acne treatments.

Summary of Sagimet Biosciences Conference Call Company Overview - **Sagimet Biosciences** is a clinical-stage biopharmaceutical company focused on developing FASN (fatty acid synthase) inhibitors for conditions such as MASH (metabolic dysfunction-associated steatotic liver disease), acne, and certain solid tumors. The lead program is **denifanstat**, which targets fat accumulation and related diseases [2][3] Key Points on MASH - **Unique Mechanism**: Denifanstat inhibits fat accumulation, inflammation, and fibrosis, distinguishing it from other treatments that primarily focus on fat burning [3][4] - **Clinical Data**: In a Phase 2 study, denifanstat showed significant fibrosis reduction in F2/F3 MASH patients, with 11 out of 13 F4 patients experiencing a one or two-stage improvement [5][4] - **Future Studies**: Plans to initiate a Phase 2 study focusing on F4 patients in combination with resmetirom, with no safety signals observed in prior studies [5][6] Key Points on Acne - **Clinical Trials**: Partner Ascletis completed Phase 2 and Phase 3 studies in China for moderate to severe acne, showing approximately 20% reduction in lesion count and improvement in IGA scores [6][11] - **NDA Submission**: Based on Phase 3 data, an NDA was submitted to the NMPA (Chinese FDA) and is currently under review [6][7] - **Safety Profile**: Denifanstat was well tolerated over 52 weeks, with minimal adverse events reported [7][13] Market Dynamics - **Acne Treatment Landscape**: The U.S. acne market affects about 50 million people, with a significant shift away from antibiotics due to resistance concerns. Denifanstat offers a novel mechanism of action that addresses sebum regulation, filling a gap in the current treatment options [15][19] - **Regulatory Changes**: Recent changes in guidelines by the AAD are pushing for reduced reliance on antibiotics, creating an opportunity for new treatments like denifanstat [15][18] Development of Next-Gen Molecule - **TVB-3567**: A next-generation FASN inhibitor is currently in Phase 1 trials, with a focus on safety and potential clinical activity. The goal is to confirm its efficacy in reducing sebum levels, which is crucial for acne treatment [20][26] - **Commercial Strategy**: The decision to advance TVB-3567 instead of denifanstat for acne is based on commercial considerations, including IP optimization and market positioning [20][22] Financial Outlook - **Cash Position**: As of Q3 earnings, Sagimet reported approximately $125 million in cash, expected to last until the end of 2027, supporting ongoing clinical trials and development efforts [62] Conclusion - Sagimet Biosciences is positioned to make significant advancements in the treatment of MASH and acne through its innovative FASN inhibitors. The company is on track to initiate further studies and has a solid financial foundation to support its development pipeline [63][62]

Core Viewpoint - Sagimet Biosciences Inc. is actively engaging with investors through participation in two upcoming conferences, highlighting its focus on developing novel therapeutics for metabolic and fibrotic conditions [1][4]. Company Overview - Sagimet Biosciences is a clinical-stage biopharmaceutical company specializing in FASN inhibitors aimed at addressing dysfunctional metabolic and fibrotic pathways linked to the overproduction of palmitate [3]. - The company's lead product, denifanstat, has successfully met all primary endpoints in its Phase 2b FASCINATE-2 clinical trial for MASH and in a Phase 3 trial for moderate-to-severe acne in partnership with a licensee in China [3]. - Denifanstat is an oral medication taken once daily, and it is currently being tested in combination with resmetirom in a Phase 1 PK clinical trial for cirrhotic patients with F4-stage MASH [3]. - Another product, TVB-3567, is an oral FASN inhibitor under investigation in a Phase 1 first-in-human clinical trial for acne [3]. Upcoming Events - Sagimet will participate in the Guggenheim Emerging Outlook: Biotech Summit 2026 on February 11, 2026, with a fireside chat scheduled for 10am ET [4]. - The company will also be featured at the Oppenheimer 36th Annual Healthcare Life Sciences Conference on February 26, 2026, with a fireside chat at 9:20am ET [4].

Core Insights - Sagimet Biosciences Inc. is collaborating with Ascletis Pharma Inc. on the development of denifanstat (ASC40), a fatty acid synthase (FASN) inhibitor for treating moderate to severe acne, with positive topline results reported from a Phase 3 trial [1][2] Clinical Results - The Phase 3 open-label trial (ASC40-304) involved 240 subjects who received denifanstat 50 mg once daily for up to 40 weeks, following a 12-week double-blind trial [4] - Primary endpoints focused on safety, while secondary endpoints assessed efficacy, showing improvements in all efficacy measures beyond the 12-week mark [5] - Notable efficacy endpoints included a decrease in Investigator's Global Assessment (IGA) scores and reductions in total and inflammatory skin lesion counts [5][6] Safety Profile - Denifanstat was generally well tolerated, with treatment-emergent adverse events (TEAEs) occurring in 5.5% of subjects for dry eye syndrome and 5.2% for dry skin [7] - All adverse events related to denifanstat were mild or moderate, with no serious adverse events linked to the treatment [7] Market Context - Acne affects over 50 million people in the U.S., with a significant number requiring chronic management due to the lack of a definitive cure [9] - The inhibition of FASN is seen as a promising approach to address acne, as it plays a critical role in sebum production and inflammatory pathways [10]