The forward-looking statements in this press release are only predictions. Sagimet has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that Sagimet believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond Sagimet's control, including, among others: the clinical development and therapeutic potential of denifanstat or any other drug candidates Sagimet may develop; Sagimet's ability to advance drug candidates into and successfully complete clinical trials within anticipated timelines, including its Phase 3 denifanstat program; Sagimet's relationship with Ascletis, and the success of its development efforts for denifanstat; the accuracy of Sagimet's estimates regarding its capital requirements; and Sagimet's ability to maintain and successfully enforce adequate intellectual property protection. These and other risks and uncertainties are described more fully in the "Risk Factors" section of Sagimet's most recent filings with the Securities and Exchange Commission and available at www.sec.gov. You should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in these forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Moreover, Sagimet operates in a dynamic industry and economy. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties that Sagimet may face. Except as required by applicable law, Sagimet does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
Investor Contact:
Joyce Allaire
LifeSci Advisors
JAllaire@LifeSciAdvisors.com
Media Contact:
Michael Fitzhugh
LifeSci Advisors
mfitzhugh@lifescicomms.com
SAGIMET BIOSCIENCES INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
(unaudited)
(in thousands, except for share and per share amounts)
Three Months Ended Nine Months Ended September
September 30, 30,
-------------------------- ---------------------------
2024 2023 2024 2023
------------ ------------ ------------ -------------
License revenue $ -- $ 2,000 $ -- $ 2,000
Operating expenses:
Research and
development 12,653 4,958 24,228 14,121
General and
administrative 4,249 4,494 12,031 9,153
Total operating
expenses 16,902 9,452 36,259 23,274
---------- ---------- ---------- ---------
Loss from operations (16,902) (7,452) (36,259) (21,274)
Total other income 2,283 1,099 6,893 1,549
Net loss $ (14,619) $ (6,353) $ (29,366) $ (19,725)
========== ========== ========== =========
Net loss per share,
basic and diluted $ (0.45) $ (0.35) $ (0.95) $ (3.22)
========== ========== ========== =========
Weighted-average shares
outstanding, basic and
diluted 32,143,336 18,194,682 31,036,271 6,131,541
========== ========== ========== =========
Net loss $ (14,619) $ (6,353) $ (29,366) $ (19,725)
Other comprehensive
income:
Net unrealized income on
marketable securities 464 -- 411 84
---------- ---------- ---------
Total comprehensive
loss $ (14,155) $ (6,353) $ (28,955) $ (19,641)
========== ========== ========== =========
SAGIMET BIOSCIENCES INC.
CONDENSED BALANCE SHEETS
(unaudited)
(in thousands)
As of
------------------------------
September 30, December 31,
2024 2023
-------------- --------------
Cash, cash equivalents
and marketable
securities $ 169,957 $ 94,897
Total assets $ 174,775 $ 96,719
Current liabilties $ 4,092 $ 5,654
Stockholders' equity $ 170,683 $ 91,065
Liabilities and
stockholders' equity $ 174,775 $ 96,719
(END) Dow Jones Newswires
November 14, 2024 08:00 ET (13:00 GMT)
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