News Release

FOSTER CITY, Calif., Oct. 01, 2026 (GLOBE NEWSWIRE) -- Sagimet Biosciences Inc. (Nasdaq: SGMT), a clinical-stage biopharmaceutical company developing novel therapeutics targeting dysfunctional metabolic and fibrotic pathways, today announced the closing of its previously announced underwritten offering of 8,750,010 shares of its Series A common stock at a price of $10.00 per share, or for certain investors that so chose, in lieu of shares of Series A common stock, pre-funded warrants to purchase 2,750,010 shares of its Series A common stock (the “Pre-Funded Warrants”) at a price of $9.9999 per Pre-Funded Warrant. The Pre-Funded Warrants have an exercise price of $0.0001 per share and are exercisable immediately. The gross proceeds from the offering were approximately $115.0 million, before deducting underwriting discounts and commissions and other offering expenses. All of the securities in the offering were sold by Sagimet.

The financing was led by Commodore Capital, with participation from new and existing institutional investors, including RA Capital Management, Spruce Street Capital, BVF Partners L.P., Aberdeen Investments, Columbia Threadneedle Investments, Affinity Asset Advisors, LLC, and Woodline Partners LP.

Leerink Partners, TD Cowen, Guggenheim Securities and Oppenheimer & Co. acted as joint bookrunning managers for the offering. Canaccord Genuity, H.C. Wainwright & Co., Jones and Clear Street acted as co-lead managers for the offering.

Sagimet intends to use the net proceeds from the offering, together with its existing cash, cash equivalents and marketable securities, to fund a Phase 3 clinical trial for denifanstat in acne, pre-launch activities for denifanstat, TVB-3567 through Phase 2 topline results, advancement of its topical formulation FASN inhibitor program to IND submission and for general corporate purposes, including additional clinical development, working capital and operating expenses.

A shelf registration statement on Form S-3 (File No. 333-281582) relating to these securities was filed with the Securities and Exchange Commission (the “SEC”) and declared effective on August 26, 2024. A prospectus supplement relating to the offering, and the accompanying prospectus, were filed with the SEC. Copies of the prospectus supplement and accompanying prospectus may also be obtained from the offices of Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com; TD Securities (USA) LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at TDManualrequest@broadridge.com; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state, province, territory or other jurisdiction.

About Sagimet Biosciences

Sagimet is a clinical-stage biopharmaceutical company developing novel FASN inhibitors designed to target dysfunctional metabolic and fibrotic pathways in conditions resulting from the overproduction of the fatty acid, palmitate. FASN is a regulator of lipid synthesis, and a key pathway implicated in multiple diseases, such as acne, MASH and certain FASN-dependent tumor types.

Forward-Looking Statements

This press release contains forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, including, without limitation, statements regarding the intended use of the proceeds from the offering. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include those related to market conditions and satisfaction of customary closing conditions related to the offering and other risks and uncertainties described under the heading “Risk Factors” in documents Sagimet files from time to time with the SEC. These forward-looking statements speak only as of the date of this press release. Factors or events that could cause Sagimet’s actual results to differ may emerge from time to time, and it is not possible for Sagimet to predict all of them. Sagimet undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

Investor Contact:
Joyce Allaire
LifeSci Advisors
JAllaire@LifeSciAdvisors.com

Media Contact:
Maggie Whitney
LifeSci Communications
mwhitney@lifescicomms.com