Sagimet Biosciences(SGMT) - 2024 Q4 - Annual Results

Financial Performance - Sagimet reported a net loss of $45.6 million for the full year ended December 31, 2024, compared to a net loss of$ 27.9 million for the previous year, representing a 63.5% increase in losses[11]. - Research and development expenses for the year were $38.4 million, up from$ 19.8 million in 2023, indicating a 93.1% increase year-over-year[11]. - Cash, cash equivalents, and marketable securities as of December 31, 2024, were $158.7 million, expected to fund operations for at least the next 12 months[11]. - Cash, cash equivalents, and marketable securities increased to$ 158,658 million in December 2024 from $94,897 million in December 2023, representing a growth of 67.5% [20]. - Total assets rose to$ 160,259 million in December 2024, up from $96,719 million in December 2023, indicating a growth of 65.7% [20]. - Current liabilities decreased to$ 4,454 million in December 2024 from $5,654 million in December 2023, reflecting a reduction of 21.1% [20]. - Stockholders' equity increased significantly to$ 155,805 million in December 2024, compared to $91,065 million in December 2023, marking a growth of 71.1% [20]. - Liabilities and stockholders' equity totaled$ 160,259 million in December 2024, consistent with total assets, indicating a balanced financial position [20]. Clinical Development - The company initiated its Phase 3 denifanstat program in metabolic dysfunction-associated steatohepatitis (MASH) in Q4 2024, with patient screening expected to start in the first half of 2025[11]. - Sagimet received Breakthrough Therapy designation from the FDA for denifanstat for the treatment of non-cirrhotic MASH with moderate to advanced liver fibrosis in October 2024[7]. - The Phase 3 program for denifanstat will include two trials, FASCINATE-3 and FASCINIT, with a minimum of 1,800 patients expected to be exposed to denifanstat[11]. - The Phase 2b FASCINATE-2 trial of denifanstat met its primary efficacy endpoints, demonstrating significant improvements in disease activity and fibrosis[7]. - The company plans to seek accelerated approval for denifanstat based on 52-week data from the FASCINATE-3 trial[11]. - Sagimet announced the clearance of its IND application for TVB-3567, a second FASN inhibitor, for the treatment of acne, with a Phase 1 trial anticipated to start in 2025[4]. Financing Activities - The company completed a follow-on offering of 9,000,000 shares in January 2024, resulting in net proceeds of $104.7 million[8].