Wed, May 15, 11:01 AM (306 days ago)
Sagimet Biosciences Inc. reported its financial performance for the quarter ended March 31, 2024. The company, focusing on developing FASN inhibitors like denifanstat for MASH, noted a significant increase in cash and cash equivalents to $176.8 million from $75.1 million at year-end 2023, primarily due to a follow-on offering that raised $104.7 million net. Total assets nearly doubled to $194.5 million, while liabilities decreased slightly to $4.5 million. Operating expenses rose by 30% to $8.8 million, driven by increased R&D and administrative costs. The net loss was $6.6 million, consistent with the prior year. Despite the net loss, the company saw a substantial rise in interest income to $2.1 million. Sagimet anticipates that its current cash reserves will fund operations for at least the next 12 months, yet acknowledges the need for further capital to advance its clinical programs and expand its pipeline. The company plans to initiate a pivotal Phase 3 program for denifanstat in the second half of 2024.