Sagimet Biosciences Inc.
SGMT · Pharmaceutical Preparations · 30.7M shares · +1203%/yr ↑ dilution · EDGAR filings ↗
Reference price $5.36 · est. market cap ~$164M — last insider sale, 2026-02-10 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B70Single-asset MASH developer materially de-risked by a clean, statistically positive Phase 2b readout, offset by Phase 3 funding needs.
Strengths
- Denifanstat met both FASCINATE-2 co-primary endpoints (NAS p=0.0035; resolution p=0.0173) with a clean safety profile — a major de-risking event
- Strong liquidity (current ratio 22.8, 96th pct) and Breakthrough Therapy designation; China rights licensed to Ascletis
Risks
- Deeply negative returns (ROE -46%, ROA -44%) and reliance on a single program
- Cash $113M (only 57th pct) is modest against the cost of an expensive Phase 3 MASH program; substantial dilution likely
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +1203%/yr over 2y (dilution, book value/share -99%)
- Strong balance sheetStrong balance sheet — $113M cash & investments
- Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 4 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, last 6mo) Form 4 ↗
Key metrics
Return on equity
-45.8%
Return on assets
-43.8%
Current ratio
22.8×
Tangible book value
$111M
Cash & investments
$113M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-02-19 | Rozek Elizabeth | Grant | 44K | — |
| 2026-02-19 | Martins Eduardo Bruno | Grant | 44K | — |
| 2026-02-19 | Happel David | Grant | 128K | — |
| 2026-02-19 | Chauche Thierry | Grant | 44K | — |
| 2026-02-10 | Happel David | Sell | 12K | $5.36 |
| 2026-02-10 | Chauche Thierry | Sell | 1.3K | $5.36 |
| 2026-02-10 | Martins Eduardo Bruno | Sell | 3.6K | $5.36 |
| 2026-02-10 | Rozek Elizabeth | Sell | 2.6K | $5.36 |
| 2025-11-20 | Kemble George | Sell | 38K | $7.69 |
| 2025-11-04 | Rozek Elizabeth | Grant | 9.9K | — |
| 2025-07-21 | Happel David | Sell | 65K | $9.13 |
| 2025-07-21 | Martins Eduardo Bruno | Sell | 8.3K | $9.13 |
| 2025-07-21 | Rozek Elizabeth | Sell | 11K | $9.13 |
| 2025-02-06 | Martins Eduardo Bruno | Grant | 34K | — |
| 2025-02-06 | Happel David | Grant | 116K | — |
| 2025-02-06 | Rozek Elizabeth | Grant | 34K | — |
| 2025-02-06 | Chauche Thierry | Grant | 17K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06989840 ↗ | Phase 1 Study to Evaluate the Safety, Tolerability, PK, and PD of TVB-3567 in Healthy Participants With or Without Acne Acne | PHASE1 | Recruiting | 2027-01-01 |
| NCT06594523 ↗ | A Phase 3 Study Evaluating the Safety and Efficacy of Denifanstat in Patients With MASH and F2/F3 Fibrosis MASH, NASH | PHASE3 | Withdrawn | 2030-12-01 |
| NCT06692283 ↗ | A Phase 3 Study Evaluating the Safety and Efficacy of Denifanstat in Patients With MASLD and MASH MASLD, MASH | PHASE3 | Withdrawn | 2026-06-01 |
| NCT07216313 ↗ | A Drug-Drug Interaction Study of Denifanstat and Resmetirom in Healthy Adult Participants Healthy | PHASE1 | Completed | 2025-10-20 |
| NCT05835180 ↗ | A Phase I Pharmacokinetic Study of TVB-2640 (Denifanstat) in Subjects With Mild, Moderate, or Severe Hepatic Impairment Compared to Subjects With Normal Hepatic Function Non-alcoholic Steatohepatitis, Hepatic Impairment | PHASE1 | Completed | 2023-12-18 |
| NCT04906421 ↗ | Study of TVB-2640 in Subjects With Nonalcoholic Steatohepatitis (NASH) Metabolic Dysfunction-assocated Steatohepatitis/ Nonalcoholic Fatty Liver Disease | PHASE2 | Completed | 2023-10-02 |
| NCT05657834 ↗ | Open-label Study of the Absorption, Metabolism, and Excretion of [14C]TVB-2640 Following a Single Oral Dose in Healthy Male Subjects Healthy Volunteers | PHASE1 | Completed | 2022-12-21 |
| NCT03938246 ↗ | Study of TVB-2640 in Subjects With Non-Alcoholic Steatohepatitis (NASH) MASLD/MASH (Metabolic Dysfunction-Associated Steatotic Liver Disease / Metabolic Dysfunction-Associated Steatohepatitis) | PHASE2 | Completed | 2021-10-02 |
| NCT02223247 ↗ | A Phase 1, First-In-Human Study of Escalating Doses of Oral TVB-2640 in Patients With Solid Tumors Solid Malignant Tumor | PHASE1 | Completed | 2017-06-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-12 | Exec/director changeShareholder vote | filing ↗ |
| 2026-06-03 | Exec/director changeExhibits | filing ↗ |
| 2026-05-12 | ResultsExhibits | filing ↗ |
| 2026-04-28 | Material agreementExhibits | filing ↗ |
| 2026-04-27 | Reg FDExhibits | filing ↗ |
| 2026-04-27 | ResultsReg FDOtherExhibits | filing ↗ |
| 2026-04-21 | Exec/director changeOther | filing ↗ |
| 2026-03-11 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-12 | 0001104659-26-073431 ↗ |
| 8-K | 2026-06-03 | 2026-05-28 | 0001104659-26-070126 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001104659-26-059009 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001104659-26-059006 ↗ |
| 8-K | 2026-04-28 | 2026-04-27 | 0001104659-26-049756 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001104659-26-048971 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001104659-26-049015 ↗ |
| 8-K | 2026-04-21 | 2026-04-20 | 0001104659-26-045629 ↗ |
| 10-K | 2026-03-11 | 2025-12-31 | 0001104659-26-026140 ↗ |
| 8-K | 2026-03-11 | 2026-03-11 | 0001104659-26-026146 ↗ |
| 8-K | 2026-02-02 | 2026-02-02 | 0001104659-26-008925 ↗ |
| 8-K | 2025-12-18 | 2025-12-18 | 0001104659-25-122272 ↗ |