0001104659-26-059006 | 10-Q | XBRL Viewer

Fair Value Measurements and Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Measurements and Fair Value of Financial Instruments

3.	Fair Value Measurements and Fair Value of Financial Instruments

The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

As of March 31, 2026 and December 31, 2025, financial assets measured at fair value on a recurring basis consisted of cash equivalents and marketable securities. Cash equivalents consist primarily of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition. The fair value of cash equivalents was $36.3 million and $34.7 million as of March 31, 2026 and December 31, 2025, respectively. The Company considers marketable securities with maturities greater than three months at the time of acquisition to be available-for-sale securities. The fair value of available-for-sale securities was $67.9 million and $78.1 million as of March 31, 2026 and December 31, 2025, respectively. These available-for-sale securities have expected maturities ranging from 1.0 to 9.0 months. The fair value of marketable securities, which are Level 2 financial instruments, is based upon market prices quoted on the last day of the fiscal period or other observable market inputs. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker-dealer quotes, bids and/or offers.

The Company evaluates securities with unrealized losses, if any, to determine whether the decline in fair value has resulted from credit loss or other factors, including various qualitative factors. As of March 31, 2026, the Company has not recognized any impairment or credit losses on the Company’s available-for-sale securities. While the Company classifies these securities as available-for-sale, the Company does not intend to sell its investments and based on its current plans, the Company currently believes it has the ability to hold these investments until maturity.

The carrying values of the Company’s accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these liabilities.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

The Company’s Level 3 liabilities that are measured at fair value on a recurring basis consist of the Series A common stock warrant liability related to the warrant to purchase 1,000 shares of Series A common stock with an exercise price of $69.94 per share and an expiration date of July 18, 2026, the third anniversary date of the closing of the Company’s IPO. The fair value of the Series A common stock warrant liability was immaterial as of March 31, 2026 and December 31, 2025, as well as the change in fair value during the three months ended March 31, 2026 and 2025. There were no transfers within the hierarchy during the periods presented.

The following tables set forth the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


		March 31, 2026
	Valuation	Amortized		Unrealized		Unrealized
	Hierarchy	Cost		Gains		Losses		Fair Value
Assets
Cash equivalents:
Money market funds	Level 1	$	36,297	$	—	$	—	$	36,297
Total cash equivalents			36,297		—		—		36,297
Short-term marketable securities:
Commercial paper	Level 2		15,190		2		(12)		15,180
Corporate debt securities	Level 2		1,497		—		—		1,497
U.S. Treasury securities	Level 2		39,393		24		(10)		39,407
Agency securities	Level 2		5,781		—		(3)		5,778
Asset-backed securities	Level 2		6,044		14		(7)		6,051
Total short-term marketable securities			67,905		40		(32)		67,913
Total cash equivalents and marketable securities		$	104,202	$	40	$	(32)	$	104,210


		December 31, 2025
	Valuation	Amortized		Unrealized		Unrealized
	Hierarchy	Cost		Gains		Losses		Fair Value
Assets
Cash equivalents:
Money market funds	Level 1	$	33,219	$	—	$	—	$	33,219
U.S. Treasury securities	Level 2		1,499		—		—		1,499
Total cash equivalents			34,718		—		—		34,718
Short-term marketable securities:
Commercial paper	Level 2		18,061		14		(4)		18,071
Corporate debt securities	Level 2		1,500		3		—		1,503
U.S. Treasury securities	Level 2		50,340		92		—		50,432
Agency securities	Level 2		2,033		1		—		2,034
Asset-backed securities	Level 2		6,049		16		(2)		6,063
Total short-term marketable securities			77,983		126		(6)		78,103
Total cash equivalents and marketable securities		$	112,701	$	126	$	(6)	$	112,821

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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+ Details

Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Significant Accounting Policies

2.	Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited financial statements and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 11, 2026. Since the date of those audited financial statements, there have been no material changes to the Company’s significant accounting policies.

Net loss per share attributable to common stockholders

Basic and diluted net loss per share is computed using the two-class method required for multiple classes of common stock and participating securities. The Company’s participating securities do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders for all periods presented. Basic net loss per common share attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share attributable to common stockholders’ calculation, common stock options, restricted stock units and common stock warrants are considered to be potentially dilutive securities. As the Company has reported a net loss for the periods presented, basic and diluted net loss per share attributable to common stockholders is the same as all potentially dilutive securities would have an anti-dilutive impact.

The following table presents the calculation of basic and diluted net loss per share for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(10,650)		$	(18,176)
Denominator:
Weighted-average shares of Series A and Series B common stock outstanding, basic and diluted		32,559,704			32,195,345
Net loss per share of Series A and Series B common stock outstanding, basic and diluted	$	(0.33)		$	(0.56)

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of Series A and Series B common stock outstanding, as their effect would have been anti-dilutive:


		Three Months Ended March 31,
		2026		2025
Options to purchase Series A common stock		6,443,407		5,494,659
Warrants to purchase Series A common stock		1,000		1,000
Restricted stock units		1,127,109		1,098,399
Total		7,571,516		6,594,058

New accounting pronouncements not yet adopted

The Company considers the applicability and impact of all ASUs. ASUs not discussed below were assessed and either determined to be not applicable or expected to have a minimal impact on the Company’s financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public business entities to disclose, for interim and annual reporting periods, additional information about certain income statement expense categories. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the impact of the adoption of this standard on its financial statements and related disclosures.

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

8.	Segment Reporting

Operating segments are defined as components of an entity about which discrete financial information is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assess performance. The Company operates and manages its business as one business segment, which is development and commercialization of therapeutics for the treatment of acne, MASH and other diseases where FASN plays a pathogenic role. Accordingly, the Company has one reportable segment. The Company has a single management team that reports to the Chief Executive Officer, the Company's CODM, who comprehensively manages the entire Company. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

When evaluating the Company’s financial performance, the CODM is regularly provided with more detailed expense information than what is included in the Company’s statements of operations and comprehensive loss. The CODM uses net loss, as reported in the statements of operations and comprehensive loss, in evaluating the performance of the segment. Decisions regarding resource allocation are made primarily during the annual budget planning process and reallocated as needed throughout the year. The measure of segment assets is reported on the balance sheets as total assets.

The following table shows the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, for the three months ended March 31, 2026, and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Denifanstat external research and development expenses		3,127		13,336
TVB-3567 external research and development expenses		2,373		834
External general and administrative expenses		2,127		2,252
Personnel costs		2,170		1,951
Stock-based compensation		1,839		1,472
Other segment items ⁽¹⁾		(986)		(1,669)
Segment net loss	$	10,650	$	18,176

(1)

Other segment items consist of (i) interest and other income, net and (ii) other internal operating research and development expenses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Description of Business and Basis of Presentation (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	8 Months Ended
	Aug. 31, 2025	Aug. 31, 2024	Mar. 31, 2026	Aug. 31, 2025	Dec. 31, 2025
Organization and description of business
Accumulated deficit			$ 356,999		$ 346,349
Cash and cash equivalents and marketable securities			104,500
2024 ATM Offering \| Series A Common Stock
Organization and description of business
Net proceeds				$ 0
Maximum value of sales under the arrangement		$ 75,000
2025 ATM Offering \| Series A Common Stock
Organization and description of business
Net proceeds			$ 0
Maximum value of sales under the arrangement	$ 75,000

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid clinical expenses	$ 193	$ 973
Prepaid research and development	2,104	1,395
Prepaid insurance	230	431
Deferred financing costs	402	282
Other	248	199
Total prepaid expenses and other current assets	$ 3,177	$ 3,280

Stock-based compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-based compensation
Total stock-based compensation	$ 1,839	$ 1,472
Stock options
Stock-based compensation
Total stock-based compensation	1,473	1,223
Restricted Stock Units
Stock-based compensation
Total stock-based compensation	338	249
2023 Employee Stock Purchase Plan
Stock-based compensation
Total stock-based compensation	28	0
General and administrative
Stock-based compensation
Total stock-based compensation	1,533	1,248
Research and development
Stock-based compensation
Total stock-based compensation	$ 306	$ 224

Segment Reporting (Details) $ in Thousands	3 Months Ended
Segment Reporting (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
External research and development expenses	$ 6,995	$ 15,342
External General and administrative expenses	4,718	4,523
Stock-based compensation expense	1,839	1,472
Net loss	(10,650)	(18,176)
Operating segment
Segment Reporting
External General and administrative expenses	2,127	2,252
Personnel costs	2,170	1,951
Stock-based compensation expense	1,839	1,472
Other segment items	$ (986)	(1,669)
Other income - Description	Other segment items consist of (i) interest and other income, net and (ii) other internal operating research and development expenses
Net loss	$ (10,650)	(18,176)
Operating segment \| Denifanstat
Segment Reporting
External research and development expenses	3,127	13,336
Operating segment \| TVB-3567
Segment Reporting
External research and development expenses	$ 2,373	$ 834

Stock-based compensation - Restricted Stock Units (Details) - Restricted Stock Units $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Stock-based compensation
Vesting period	4 years
Balance at the beginning (in shares) \| shares	830,077
Granted (in shares) \| shares	360,540
Vested/released (in shares) \| shares	(63,508)
Balance at the end (in shares) \| shares	1,127,109
Weighted average grant date fair value, beginning (in dollars per shares) \| $ / shares	$ 3.57
Weighted average grant date fair value, granted (in dollars per shares) \| $ / shares	5.38
Weighted average grant date fair value, vested (in dollars per share) \| $ / shares	4.71
Weighted average grant date fair value, ending (in dollars per shares) \| $ / shares	$ 4.08
Unrecognized compensation expense \| $	$ 3.9
Unrecognized compensation cost remaining period	2 years 10 months 24 days

Stock-based compensation - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Number of Shares
Balance at the beginning	5,722,326
Options granted	721,081
Balance at the end	6,443,407		5,722,326
Vested and expected to vest	6,443,407
Exercisable at the end	3,997,639
Weighted-Average Exercise Price
Balance at the beginning (in dollars per share)	$ 6.12
Options granted (in dollars per share)	5.38
Balance at the end (in dollars per share)	6.04		$ 6.12
Vested and expected to vest (in dollars per share)	6.04
Exercisable at the end (in dollars per share)	$ 6.5
Term and Intrinsic Value
Weighted- Average Remaining Contractual Term, Outstanding	7 years 2 months 12 days		7 years 1 month 6 days
Weighted Average Remaining Contractual Term - Vested and expected to vest	7 years 2 months 12 days
Weighted- Average Remaining Contractual Term, Exercisable	6 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 1,993		$ 3,799
Aggregate Intrinsic Value - Vested and expected to vest	1,993
Aggregate Intrinsic Value - Exercisable	$ 867
Stock options
Number of Shares
Options exercised	0
Term and Intrinsic Value
Weighted average grant date fair value	$ 4.25	$ 3.71
Total unrecognized compensation cost	$ 9,900
Unrecognized compensation cost remaining period	2 years 7 months 6 days
Time-based options
Term and Intrinsic Value
Vesting period	4 years
Performance-based options
Number of Shares
Balance at the end	477,467
Weighted-Average Exercise Price
Balance at the end (in dollars per share)	$ 6.44

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

4.	Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


		As of
		March 31,			December 31,
		2026			2025
Prepaid clinical costs		$	193		$	973
Prepaid research and development costs			2,104			1,395
Prepaid insurance			230			431
Deferred financing costs			402			282
Other			248			199
Total prepaid expenses and other current assets		$	3,177		$	3,280

Commitments and contingencies - Licenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Sep. 30, 2025
Commitments and contingencies
Maximum eligible development and commercial milestone payments	$ 122.0
Committed amount, CMO Term Sheet		$ 2.5
Maximum
Commitments and contingencies
Committed amount, CMO Term Sheet		$ 5.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Subsequent Events (Details) - Subsequent Event - Undewritten offering - Series A Common Stock $ / shares in Units, $ in Millions	Apr. 28, 2026 USD ($) $ / shares shares
Subsequent Events
Shares issued (in shares) \| shares	29,166,700
Share price (in dollars per share) \| $ / shares	$ 6
Gross proceeds \| $	$ 175.0

Fair Value Measurements and Fair Value of Financial Instruments - Fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair value on a recurring basis
Cash equivalents fair value	$ 36,300	$ 34,700
Marketable securities	67,900	78,100
Unrealized Gains	40	126
Unrealized Losses	$ (32)	(6)
Minimum
Fair value on a recurring basis
Expected maturity term	1 month
Maximum
Fair value on a recurring basis
Expected maturity term	9 months
Amortized cost
Fair value on a recurring basis
Cash equivalents fair value	$ 36,297	34,718
Total assets fair value	104,202	112,701
Amortized cost \| Level 1 \| Money market funds
Fair value on a recurring basis
Cash equivalents fair value	36,297	33,219
Amortized cost \| Level 2 \| U.S. Treasury securities
Fair value on a recurring basis
Cash equivalents fair value		1,499
Short-term
Fair value on a recurring basis
Unrealized Gains	40	126
Unrealized Losses	(32)	(6)
Short-term \| Level 2 \| Commercial paper
Fair value on a recurring basis
Unrealized Gains	2	14
Unrealized Losses	(12)	(4)
Short-term \| Level 2 \| Corporate debt securities
Fair value on a recurring basis
Unrealized Gains	0	3
Unrealized Losses	0	0
Short-term \| Level 2 \| U.S. Treasury securities
Fair value on a recurring basis
Unrealized Gains	24	92
Unrealized Losses	(10)	0
Short-term \| Level 2 \| Agency securities
Fair value on a recurring basis
Unrealized Gains	0	1
Unrealized Losses	(3)	0
Short-term \| Level 2 \| Asset-backed securities
Fair value on a recurring basis
Unrealized Gains	14	16
Unrealized Losses	(7)	(2)
Short-term \| Amortized cost
Fair value on a recurring basis
Marketable securities	67,905	77,983
Short-term \| Amortized cost \| Level 2 \| Commercial paper
Fair value on a recurring basis
Marketable securities	15,190	18,061
Short-term \| Amortized cost \| Level 2 \| Corporate debt securities
Fair value on a recurring basis
Marketable securities	1,497	1,500
Short-term \| Amortized cost \| Level 2 \| U.S. Treasury securities
Fair value on a recurring basis
Marketable securities	39,393	50,340
Short-term \| Amortized cost \| Level 2 \| Agency securities
Fair value on a recurring basis
Marketable securities	5,781	2,033
Short-term \| Amortized cost \| Level 2 \| Asset-backed securities
Fair value on a recurring basis
Marketable securities	6,044	6,049
Recurring \| Estimated Fair Value
Fair value on a recurring basis
Cash equivalents fair value	36,297	34,718
Total assets fair value	104,210	112,821
Recurring \| Estimated Fair Value \| Level 1 \| Money market funds
Fair value on a recurring basis
Cash equivalents fair value	36,297	33,219
Recurring \| Estimated Fair Value \| Level 2 \| U.S. Treasury securities
Fair value on a recurring basis
Cash equivalents fair value		1,499
Recurring \| Short-term \| Estimated Fair Value
Fair value on a recurring basis
Marketable securities	67,913	78,103
Recurring \| Short-term \| Estimated Fair Value \| Level 2 \| Commercial paper
Fair value on a recurring basis
Marketable securities	15,180	18,071
Recurring \| Short-term \| Estimated Fair Value \| Level 2 \| Corporate debt securities
Fair value on a recurring basis
Marketable securities	1,497	1,503
Recurring \| Short-term \| Estimated Fair Value \| Level 2 \| U.S. Treasury securities
Fair value on a recurring basis
Marketable securities	39,407	50,432
Recurring \| Short-term \| Estimated Fair Value \| Level 2 \| Agency securities
Fair value on a recurring basis
Marketable securities	5,778	2,034
Recurring \| Short-term \| Estimated Fair Value \| Level 2 \| Asset-backed securities
Fair value on a recurring basis
Marketable securities	$ 6,051	$ 6,063

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Summary of net loss reconciliation


	Three Months Ended March 31,
	2026		2025
Denifanstat external research and development expenses		3,127		13,336
TVB-3567 external research and development expenses		2,373		834
External general and administrative expenses		2,127		2,252
Personnel costs		2,170		1,951
Stock-based compensation		1,839		1,472
Other segment items ⁽¹⁾		(986)		(1,669)
Segment net loss	$	10,650	$	18,176

(1)

Other segment items consist of (i) interest and other income, net and (ii) other internal operating research and development expenses.

Stock-Based Compensation - ESPP (Details) - 2023 Employee Stock Purchase Plan - Series A Common Stock - shares					3 Months Ended
	Jan. 01, 2026	Jan. 01, 2025	Jan. 01, 2024	Jul. 13, 2023	Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)				215,497
Increase in future issuance (in shares)	215,497	215,497	213,754
Available for grant (in shares)					860,245
Granted (in shares)					0
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)				215,497
Annual increase in reserved shares (as a percent)				1.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (10,650)	$ (18,176)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 05, 2026
Document information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Transition Report	false
Securities Act File Number	001-41742
Entity Registrant Name	Sagimet Biosciences Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5991472
Entity Address, Address Line One	155 Bovet Road
Entity Address, Address Line Two	Suite 303
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94402
City Area Code	650
Local Phone Number	561-8600
Title of 12(b) Security	Series A Common Stock,$0.0001 par value per share
Trading Symbol	SGMT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001400118
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false
Series A Common Stock
Document information
Entity Common Stock, Shares Outstanding		61,184,313
Series B Common Stock
Document information
Entity Common Stock, Shares Outstanding		567,494

Summary of significant accounting policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of basic and diluted loss per share


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(10,650)		$	(18,176)
Denominator:
Weighted-average shares of Series A and Series B common stock outstanding, basic and diluted		32,559,704			32,195,345
Net loss per share of Series A and Series B common stock outstanding, basic and diluted	$	(0.33)		$	(0.56)

Schedule of potentially dilutive securities


		Three Months Ended March 31,
		2026		2025
Options to purchase Series A common stock		6,443,407		5,494,659
Warrants to purchase Series A common stock		1,000		1,000
Restricted stock units		1,127,109		1,098,399
Total		7,571,516		6,594,058

Stock-based compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense


		Three Months Ended March 31,
		2026			2025
Stock options		$	1,473		$	1,223
Restricted stock units			338			249
Employee stock purchase plan			28			—
Total stock-based compensation expense		$	1,839		$	1,472
Included in:
General and administrative expense		$	1,533		$	1,248
Research and development expense			306			224
Total stock-based compensation expense		$	1,839		$	1,472

Schedule of option activity transactions

The following table summarizes stock option activity for the three months ended March 31, 2026 (in thousands, except share and per share data):



							Weighted-
		Number of					Average
		Shares		Weighted-			Remaining
		Underlying		Average			Contractual		Aggregate
		Outstanding		Exercise			Term		Intrinsic
		Options		Price			(in Years)		Value ⁽¹⁾
Outstanding, January 1, 2026		5,722,326		$	6.12		7.1		$	3,799
Granted		721,081			5.38
Outstanding, March 31, 2026 ⁽²⁾		6,443,407		$	6.04		7.2		$	1,993
Vested and expected to vest, March 31, 2026		6,443,407		$	6.04		7.2		$	1,993
Exercisable at March 31, 2026		3,997,639		$	6.50		6.2		$	867

(1)

Aggregate intrinsic value represents the difference between the fair value of the Company’s Series A common stock on the last day of the fiscal period and the exercise price, multiplied by the number of options outstanding.

(2)

Includes 477,467 performance-based options with a weighted-average exercise price of $6.44, all of which were fully vested and exercisable.

Schedule of restricted stock unit activity


				Weighted-Average
		Restricted		Grant Date
		Stock Units		Fair Value
Outstanding, January 1, 2026		830,077		$	3.57
Granted		360,540			5.38
Vested/released		(63,508)			4.71
Outstanding, March 31, 2026		1,127,109		$	4.08

Schedule of fair value assumptions


		Three Months Ended March 31,
		2026		2025
Expected volatility		97.0	%	95.0	%
Risk-free interest rate		3.8	%	4.3	%
Dividend yield		—		—
Expected term (in years)		6.0		6.0

Fair Value Measurements and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of marketable securities, available-for-sale

The following tables set forth the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


		March 31, 2026
	Valuation	Amortized		Unrealized		Unrealized
	Hierarchy	Cost		Gains		Losses		Fair Value
Assets
Cash equivalents:
Money market funds	Level 1	$	36,297	$	—	$	—	$	36,297
Total cash equivalents			36,297		—		—		36,297
Short-term marketable securities:
Commercial paper	Level 2		15,190		2		(12)		15,180
Corporate debt securities	Level 2		1,497		—		—		1,497
U.S. Treasury securities	Level 2		39,393		24		(10)		39,407
Agency securities	Level 2		5,781		—		(3)		5,778
Asset-backed securities	Level 2		6,044		14		(7)		6,051
Total short-term marketable securities			67,905		40		(32)		67,913
Total cash equivalents and marketable securities		$	104,202	$	40	$	(32)	$	104,210


		December 31, 2025
	Valuation	Amortized		Unrealized		Unrealized
	Hierarchy	Cost		Gains		Losses		Fair Value
Assets
Cash equivalents:
Money market funds	Level 1	$	33,219	$	—	$	—	$	33,219
U.S. Treasury securities	Level 2		1,499		—		—		1,499
Total cash equivalents			34,718		—		—		34,718
Short-term marketable securities:
Commercial paper	Level 2		18,061		14		(4)		18,071
Corporate debt securities	Level 2		1,500		3		—		1,503
U.S. Treasury securities	Level 2		50,340		92		—		50,432
Agency securities	Level 2		2,033		1		—		2,034
Asset-backed securities	Level 2		6,049		16		(2)		6,063
Total short-term marketable securities			77,983		126		(6)		78,103
Total cash equivalents and marketable securities		$	112,701	$	126	$	(6)	$	112,821

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 9
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued Liabilities and Other Liabilities [Abstract]
Accrued payroll-related costs	$ 579	$ 1,617
Accrued clinical costs	441	561
Accrued research and development costs	1,451	1,242
Accrued general and administrative costs	469	267
Other	15	27
Total accrued expenses and other current liabilities	$ 2,955	$ 3,714

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6.	Commitments and Contingencies

License and other agreements

Ascletis BioScience Co. Ltd

In January 2019, the Company entered into a license agreement that became effective in February 2019 with Ascletis BioScience Co. Ltd. (Ascletis), a subsidiary of Ascletis Pharma Inc. (Ascletis Pharma), a biotechnology company incorporated in the Cayman Islands and headquartered in Hangzhou, China. Ascletis Pharma, through a subsidiary, was the lead investor in the Company’s Series E redeemable convertible preferred stock financing in February 2019. The parties entered into this agreement with the intention to develop, manufacture, and commercialize the Company’s proprietary FASN inhibitor, denifanstat, which Ascletis refers to as ASC40. Under the terms of the license agreement, the Company granted Ascletis and its affiliates an exclusive, royalty-bearing sublicensable right and license under the Company’s intellectual property to develop, manufacture, commercialize and otherwise exploit denifanstat and other products containing denifanstat-related compounds in Greater China, consisting of the People’s Republic of China, Hong Kong, Macau and Taiwan.

The Company is eligible to receive development and commercial milestone payments from Ascletis in aggregate of up to $122.0 million as well as tiered royalties ranging from percentages in the high single digits to mid-teens on future net sales of denifanstat in Greater China. The license and the research and development services components of this license agreement are representative of a relationship with a customer, and therefore, the Company evaluated the license agreement under the provisions of ASC 606, Revenue from Contracts with Customers. The developmental and commercial event-based milestone payments represent variable consideration, and the Company used the most likely amount method to estimate this variable consideration because the potential milestone payment is a binary event, as the Company will either receive the milestone payment or it will not. Given the high degree of uncertainty around achievement of these milestones, the Company determined the milestone amounts to be fully constrained and will not recognize revenue

until the uncertainty associated with these payments is resolved. Any consideration related to royalties will be recognized if and when the related sales occur. The Company re-assesses the transaction price in each reporting period and when events whose outcomes are resolved or other changes in circumstances occur.

In July 2023, the Company entered into an Assignment and Assumption Agreement with Ascletis and Ascletis’ affiliate Gannex Pharma Co., Ltd. (Gannex) under which Ascletis, while remaining responsible for performance under the license agreement, assigned all of its rights and obligations under the license agreement to Gannex and Gannex assumed such rights and obligations, effective as of October 2019.

Assia Chemical Industries Ltd.

In September 2025, the Company entered into a term sheet with Assia Chemical Industries Ltd. (Assia), doing business as TAPI Technology & API Series (TAPI), a subsidiary of Teva Pharmaceutical Industries Ltd. and in December 2025, the Company entered into a license agreement with TAPI replacing the term sheet (License Agreement). Under the agreement, TAPI granted the Company a global, exclusive license to certain intellectual property rights covering innovative forms of TAPI’s resmetirom active pharmaceutical ingredient (API) for Sagimet’s technical evaluation and manufacture, and, if elected by the Company, further development of a fixed-dose combination (FDC) product containing denifanstat and resmetirom.

Upon execution of the term sheet in September 2025, a non-refundable up-front payment of $2.5 million was due, which was paid and recognized in research and development expense during the year ended December 31, 2025. Pursuant to the License Agreement, the Company is obligated to pay TAPI potential additional manufacturing-related milestones of up to $5.5 million as well as a low single-digit royalty on net sales of the FDC product. The License Agreement terminates upon the date certain TAPI know-how ceases to be confidential information or the last of the TAPI patents expires, whichever is later, unless earlier terminated by either party in accordance with the terms of the License Agreement.

Facility Lease Agreement

On March 12, 2019, the Company executed a 38-month non-cancelable operating lease agreement for 3,030 square feet of office space for its headquarters facility in San Mateo, California, which commenced April 1, 2019. From 2021 through 2024, the Company amended the lease agreement several times to extend the term of the lease and adjust the monthly lease payment. In May 2025, the Company amended the lease agreement to extend the term of the lease through June 2026, which resulted in an increase in the Company’s operating lease right-of-use asset and corresponding operating lease liability of $0.2 million on the amendment date.

Operating lease costs were $40,000 and $39,000 for the three months ended March 31, 2026, and 2025, respectively.

Guarantees and indemnifications

In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of March 31, 2026, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.

Legal Proceedings

From time to time, the Company may become involved in various legal proceedings that arise in the ordinary course of its business. The Company records a liability for such matters when it is probable that future losses will be incurred and that such losses can be reasonably estimated. Significant judgment by the Company is required to determine both probability and the estimated amount. The Company is not party to any material legal proceedings as of March 31, 2026.

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 36,626	$ 35,021
Short-term marketable securities	67,913	78,103
Prepaid expenses and other current assets	3,177	3,280
Total current assets	107,716	116,404
Operating lease right-of-use assets	39	78
Total assets	107,755	116,482
Current liabilities:
Accounts payable	2,303	1,309
Accrued expenses and other current liabilities	2,955	3,714
Operating lease liabilities	39	78
Total current liabilities	5,297	5,101
Commitments and contingencies
Stockholders' equity:
Undesignated preferred stock, $0.0001 per share: 10,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and December 31, 2024	0	0
Additional paid-in capital	459,446	457,607
Accumulated deficit	(356,999)	(346,349)
Accumulated other comprehensive income	8	120
Total stockholders' equity	102,458	111,381
Total liabilities and stockholders' equity	107,755	116,482
Series A Common Stock
Stockholders' equity:
Common stock	3	3
Series B Common Stock
Stockholders' equity:
Common stock	$ 0	$ 0

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development expenses	$ 6,995	$ 15,342
General and administrative expenses	4,718	4,523
Total operating expenses	11,713	19,865
Loss from operations	(11,713)	(19,865)
Other income :
Interest income and other, net	1,063	1,689
Total other income	1,063	1,689
Net loss	$ (10,650)	$ (18,176)
Net loss per share, basic (in dollars per share)	$ (0.33)	$ (0.56)
Net loss per share, diluted (in dollars per share)	$ (0.33)	$ (0.56)
Weighted-average shares outstanding, basic (in shares)	32,559,704	32,195,345
Weighted-average shares outstanding, diluted (in shares)	32,559,704	32,195,345
Other comprehensive income:
Net loss	$ (10,650)	$ (18,176)
Net unrealized gain (loss) on marketable securities	(112)	(109)
Total comprehensive loss	$ (10,762)	$ (18,285)

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events

Subsequent Events

9.	Subsequent Events

On April 28, 2026, the Company completed an underwritten offering whereby it sold 29,166,700 shares of its Series A common stock at a price of $6.00 per share for gross proceeds of approximately $175.0 million.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

7.	Stock-Based Compensation

The 2023 Stock Option and Incentive Plan (2023 Plan) was adopted by the board of directors, approved by the Company’s stockholders on July 4, 2023, and became effective on July 13, 2023, replacing the 2017 Equity Incentive Plan. The number of shares initially reserved for issuance under the 2023 Plan was 2,585,968. The number of shares will automatically increase each January 1, by (i) 4% of the outstanding number of shares of the Company’s Series A common stock on the immediately preceding December 31 or (ii) a lesser number of shares as determined by the compensation committee of the board of directors. In accordance with the 2023 Plan, the shares reserved for issuance automatically increased by 855,016 shares on January 1, 2024, by 1,226,994 shares on January 1, 2025 and by 1,278,164 shares on January 1, 2026. As of March 31, 2026, the aggregate maximum number of shares reserved for issuance under the 2023 Plan was 5,946,142, of which 1,591,871 shares were available for future grants. Option grants issued under the 2023 Plan are exercisable for up to 10 years from the date of issuance.

In March 2024, the Company established a pool of 1,000,000 shares of Series A common stock (Inducement Pool) from which equity grants in the form of options and restricted stock units may be issued as inducement for new employees to accept employment offers from the Company or for individuals returning to employment after a bona fide period of non-employment with the Company. Inducement Pool grants are granted outside of the 2023 Plan and do not require approval from the Company’s stockholders pursuant to the Nasdaq inducement grant exception in accordance with Nasdaq Listing Rule 5635(c)(4). In February 2025, the Company increased the number of shares available for issuance by 300,000 shares, increasing the total number of shares available for issuance under the Inducement Pool to 1,300,000 shares. As of March 31, 2026, 361,217 shares were available for future grants from the Inducement Pool.

Total stock-based compensation recorded in the condensed statements of operations and comprehensive loss related to stock options and restricted stock units and the ESPP (defined below) for employees and non-employees was as follows (in thousands):


		Three Months Ended March 31,
		2026			2025
Stock options		$	1,473		$	1,223
Restricted stock units			338			249
Employee stock purchase plan			28			—
Total stock-based compensation expense		$	1,839		$	1,472
Included in:
General and administrative expense		$	1,533		$	1,248
Research and development expense			306			224
Total stock-based compensation expense		$	1,839		$	1,472

Stock options

The Company grants stock options which consist of (i) time-based options, which vest and become exercisable, subject to the participant’s continued employment or service through the applicable vesting date and (ii) performance-based options, which vest based on performance measures against predetermined objectives that include successful completion of qualified equity offerings or announced topline results for clinical trials and positive clinical results over a specified performance period. The Company’s time-based options have various vesting schedules that range from vesting immediately to vesting over a four-year period.

The following table summarizes stock option activity for the three months ended March 31, 2026 (in thousands, except share and per share data):



							Weighted-
		Number of					Average
		Shares		Weighted-			Remaining
		Underlying		Average			Contractual		Aggregate
		Outstanding		Exercise			Term		Intrinsic
		Options		Price			(in Years)		Value ⁽¹⁾
Outstanding, January 1, 2026		5,722,326		$	6.12		7.1		$	3,799
Granted		721,081			5.38
Outstanding, March 31, 2026 ⁽²⁾		6,443,407		$	6.04		7.2		$	1,993
Vested and expected to vest, March 31, 2026		6,443,407		$	6.04		7.2		$	1,993
Exercisable at March 31, 2026		3,997,639		$	6.50		6.2		$	867

(1)

(2)

Includes 477,467 performance-based options with a weighted-average exercise price of $6.44, all of which were fully vested and exercisable.

During the three months ended March 31, 2026 and 2025, the weighted average grant-date fair value per share of stock options granted was $4.25 and $3.71, respectively. There were no stock options exercised during the three months ended March 31, 2026 and 2025.

As of March 31, 2026, there was $9.9 million of unrecognized compensation expense, which is expected to be recognized over a remaining weighted-average period of 2.6 years.

Valuation assumptions

The fair value of each stock option granted was estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions:


		Three Months Ended March 31,
		2026		2025
Expected volatility		97.0	%	95.0	%
Risk-free interest rate		3.8	%	4.3	%
Dividend yield		—		—
Expected term (in years)		6.0		6.0

The expected term is determined using the simplified method, which represents the average of the contractual term of the options and the weighted-average expected vesting period. The risk-free interest rate is determined by reference to the United States Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the option. The expected stock volatility rate is based on the volatility rates of comparable publicly held companies over a period equal to the expected term of the option. The Company also utilizes its limited available historical volatility, to a lesser weight, in its expected stock volatility calculation. The Company utilizes a dividend yield of zero based on the fact that the Company has never paid cash dividends to stockholders and has no current intentions to pay cash dividends.

Restricted stock units

The Company’s restricted stock units generally vest over a four-year period in equal amounts on an annual basis, provided the employee remains continuously employed with the Company. The fair value of the restricted stock units is equal to the closing price of the Company’s Series A common stock on the grant date.

The following table summarizes restricted stock unit activity:


				Weighted-Average
		Restricted		Grant Date
		Stock Units		Fair Value
Outstanding, January 1, 2026		830,077		$	3.57
Granted		360,540			5.38
Vested/released		(63,508)			4.71
Outstanding, March 31, 2026		1,127,109		$	4.08

As of March 31, 2026, the total unrecognized compensation expense related to unvested restricted stock units was $3.9 million, which is expected to be recognized over a remaining weighted-average period of 2.9 years.

Employee stock purchase plan

The 2023 Employee Stock Purchase Plan (the ESPP) was adopted by the board of directors in July 2023 with an initial total of 215,497 shares of Series A common stock reserved for issuance. Under the ESPP plan, the amount of shares reserved automatically increases each January 1 through January 1, 2033, by the least of (i) 215,497 shares of Series A common stock, (ii) 1% of the outstanding number of shares of the Company’s Series A common stock on the immediately preceding December 31 or (iii) such lesser number of shares of Series A common stock as determined by the administrator of the ESPP. In accordance with the ESPP, the shares reserved for issuance automatically increased by 213,754 shares on January 1, 2024, by 215,497 shares on January 1, 2025 and by 215,497 shares on January 1, 2026. As of March 31, 2026, the aggregate maximum number of shares reserved for issuance under the ESPP was 860,245. No shares of Series A common stock have been issued under the ESPP to date.

Accrued expenses and other current liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


		As of
		March 31,			December 31,
		2026			2025
Accrued payroll-related costs		$	579		$	1,617
Accrued clinical costs			441			561
Accrued research and development costs			1,451			1,242
Accrued general and administrative costs			469			267
Other			15			27
Total accrued expenses and other current liabilities		$	2,955		$	3,714

Stock-based compensation - Fair value input (Details) - Employee Stock Option	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-based compensation
Expected volatility	97.00%	95.00%
Risk-free interest rate	3.80%	4.30%
Expected term	6 years	6 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-based compensation - Equity Incentive Plan (Details) - Series A Common Stock - shares					1 Months Ended
	Jan. 01, 2026	Jan. 01, 2025	Jan. 01, 2024	Jul. 13, 2023	Feb. 28, 2025	Mar. 31, 2026	Mar. 31, 2024
2023 Equity incentive plan
Stock-based compensation
Common stock reserved for future issuance (in shares)				2,585,968		5,946,142
Annual increase in reserved shares (as a percent)				4.00%
Increase in future issuance (in shares)	1,278,164	1,226,994	855,016
Available for grant (in shares)						1,591,871
Contractual term				10 years
2024 Inducement Grants
Stock-based compensation
Common stock reserved for future issuance (in shares)					1,300,000		1,000,000
Increase in future issuance (in shares)					300,000
Available for grant (in shares)						361,217

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

5.	Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


		As of
		March 31,			December 31,
		2026			2025
Accrued payroll-related costs		$	579		$	1,617
Accrued clinical costs			441			561
Accrued research and development costs			1,451			1,242
Accrued general and administrative costs			469			267
Other			15			27
Total accrued expenses and other current liabilities		$	2,955		$	3,714

Description of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

SAGIMET BIOSCIENCES INC.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (unaudited)

1.	Description of Business and Basis of Presentation

Description of business

Sagimet Biosciences Inc. (the Company), a Delaware corporation headquartered in San Mateo, California, is a clinical-stage biopharmaceutical company developing novel therapeutics called fatty acid synthase (FASN) inhibitors that target dysfunctional metabolic and fibrotic pathways in diseases resulting from the overproduction of the fatty acid, palmitate. The Company’s lead drug candidate, denifanstat, is an oral once-daily pill and selective FASN inhibitor in development for the treatment of acne, metabolic dysfunction-associated steatohepatitis (MASH) and select forms of cancer. Denifanstat met all primary and secondary endpoints in a Phase 3 clinical trial in moderate to severe acne vulgaris conducted by the Company’s license partner, Ascletis BioScience Co. Ltd. (Ascletis), in China. Denifanstat also met all endpoints in Ascletis’ open-label Phase 3 clinical trial evaluating its long-term safety in patients with moderate to severe acne in China. The Company’s second FASN inhibitor, TVB-3567, is a potent and selective small molecule FASN inhibitor in development for acne, that is currently undergoing a first-in-human Phase 1 clinical trial.

Basis of presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted (GAAP) in the United States. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB).

These unaudited interim financial statements and accompanying notes should be read in conjunction with the Company’s annual financial statements and the notes thereto included in the Company’s Form 10-K, as filed with the Securities and Exchange Commission (SEC) on March 11, 2026. The accompanying interim financial statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 are unaudited but include all adjustments that management believes to be necessary for a fair presentation of the periods presented. Interim results are not necessarily indicative of results for a full year. Balance sheet amounts as of December 31, 2025 have been derived from the audited financial statements as of that date.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Such estimates include accruals of research and development expenses, accrued costs for services rendered under agreements with third-party contract research organizations (CROs) and stock option valuations and stock-based compensation. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Emerging growth company status

The Company is an emerging growth company (EGC) as defined in the Jumpstart Our Business Startups Acts of 2012, as amended (the JOBS Act), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, the Company’s financial statements may not be comparable to those issued by companies that comply with the effective dates pursuant to public company FASB standards.

Liquidity

The accompanying unaudited financial statements have been prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company will require substantial additional capital to fund its research and development and ongoing operating expenses. As of March 31, 2026, the Company has relied on public and private equity and debt financings and proceeds from licensing

arrangements to fund its operations. The Company has incurred recurring losses and negative cash flows from operations since inception, and, as of March 31, 2026, had an accumulated deficit of $357.0 million and cash, cash equivalents and marketable securities of $104.5 million. The Company expects to incur additional losses and negative cash flows from operations for the foreseeable future.

In August 2024, the Company entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. to establish an at-the-market offering (2024 ATM Offering) through which the Company could sell, from time to time at its sole discretion, up to $75.0 million shares of its Series A common stock. In connection with the establishment of the 2025 ATM Offering (as defined below), the Company terminated the 2024 ATM Offering. No shares of Series A common stock were sold under the 2024 ATM Offering prior to such termination.

In August 2025, the Company entered into a Sales Agreement with Leerink Partners LLC to establish an at-the-market offering (2025 ATM Offering) through which the Company may sell, from time to time at its sole discretion, up to $75.0 million shares of its Series A common stock. There were no sales under the 2025 ATM Offering since inception.

The Company expects that its cash, cash equivalents and marketable securities as of March 31, 2026, together with the proceeds from the April 2026 underwritten offering of Series A common stock (refer to Note 9. Subsequent Events for further information), will be sufficient to fund the Company’s operating expenses for at least the next 12 months from the issuance of these financial statements. In the future, the Company will need to raise additional funds until it is able to generate sufficient revenues to fund its development activities. The Company’s future operating activities, coupled with its plans to raise capital or issue debt financing, may provide additional liquidity in the future, however these actions are not solely within the control of the Company, and the Company is unable to predict the outcome of these actions to generate the liquidity ultimately required.

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net loss	$ (10,650)	$ (18,176)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discount on marketable securities	(140)	(535)
Non-cash operating lease expense	39	39
Stock-based compensation expense	1,839	1,472
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(297)	(687)
Accounts payable, accrued expenses and other current liabilities	637	3,390
Operating lease liabilities	(39)	(39)
Net cash used in operating activities	(8,611)	(14,536)
Cash flows from investing activities
Purchases of marketable securities	(6,752)	(15,575)
Sales and maturities of marketable securities	16,968	18,988
Net cash provided by investing activities	10,216	3,413
Cash flows from financing activities
Net (decrease) increase in cash and cash equivalents			$ 1,605	$ (11,123)
Cash and cash equivalents at beginning of period	35,021	75,840	75,840
Cash and cash equivalents at end of period	36,626	64,717	$ 35,021	$ 75,840
Supplemental non-cash investing and financing activities:
Deferred financing costs within accounts payable and accrued expenses	$ 32	$ 245

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series A Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	32,017,613	31,954,105
Common stock, shares outstanding	32,017,613	31,954,105
Series B Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	567,494	567,494
Common stock, shares outstanding	567,494	567,494

Fair Value Measurements and Fair Value of Financial Instruments - Warrants (Details) - Series A common stock warrant	Mar. 31, 2026 $ / shares shares
Redeemable Convertible Preferred Stock Warrant Liability
Warrants issued (in shares) \| shares	1,000
Exercise price of warrant (in dollars per share) \| $ / shares	$ 69.94

Significant Accounting Policies - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (10,650)	$ (18,176)
Denominator:
Weighted-average shares outstanding, basic (in shares)	32,559,704	32,195,345
Weighted-average shares outstanding, diluted (in shares)	32,559,704	32,195,345
Net loss per share, basic (in dollars per share)	$ (0.33)	$ (0.56)
Net loss per share, diluted (in dollars per share)	$ (0.33)	$ (0.56)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
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-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Paragraph 11
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of presentation

Emerging growth company status

Liquidity

Net loss per share attributable to common stockholders

The following table presents the calculation of basic and diluted net loss per share for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(10,650)		$	(18,176)
Denominator:
Weighted-average shares of Series A and Series B common stock outstanding, basic and diluted		32,559,704			32,195,345
Net loss per share of Series A and Series B common stock outstanding, basic and diluted	$	(0.33)		$	(0.56)


		Three Months Ended March 31,
		2026		2025
Options to purchase Series A common stock		6,443,407		5,494,659
Warrants to purchase Series A common stock		1,000		1,000
Restricted stock units		1,127,109		1,098,399
Total		7,571,516		6,594,058

New accounting pronouncements not yet adopted

Significant Accounting Policies - Dilutive (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive securities
Potentially dilutive securities (in shares)	7,571,516	6,594,058
Stock options
Antidilutive securities
Potentially dilutive securities (in shares)	6,443,407	5,494,659
Warrants
Antidilutive securities
Potentially dilutive securities (in shares)	1,000	1,000
Restricted stock units
Antidilutive securities
Potentially dilutive securities (in shares)	1,127,109	1,098,399

Condensed Statements of Stockholders' Equity - USD ($)	Common stock Series A Common Stock	Common stock Series B Common Stock	Additional paid-in capital	Accumulated deficit	Accumulated Other Comprehensive (Loss) Income	Series A Common Stock	Series B Common Stock	Total
Beginning balance at Dec. 31, 2024	$ 3,000		$ 450,883,000	$ (295,311,000)	$ 230,000			$ 155,805,000
Beginning balance (in shares) at Dec. 31, 2024	30,674,855	1,520,490
Increase (Decrease) In Stockholders' Deficit
Stock-based compensation expense			1,472,000					1,472,000
Unrealized loss on marketable securities					(109,000)			(109,000)
Net loss				(18,176,000)				(18,176,000)
Ending balance at Mar. 31, 2025	$ 3,000		452,355,000	(313,487,000)	121,000			138,992,000
Ending balance (in shares) at Mar. 31, 2025	30,674,855	1,520,490
Beginning balance at Dec. 31, 2025	$ 3,000		457,607,000	(346,349,000)	120,000			111,381,000
Beginning balance (in shares) at Dec. 31, 2025	31,954,105	567,494				31,954,105	567,494
Increase (Decrease) In Stockholders' Deficit
Issuance of Series A Common Stock for vesting of restricted stock units (in shares)	63,508
Stock-based compensation expense			1,839,000					1,839,000
Unrealized loss on marketable securities					(112,000)			(112,000)
Net loss	$ 0	$ 0	0	(10,650,000)	0			(10,650,000)
Ending balance at Mar. 31, 2026	$ 3,000		$ 459,446,000	$ (356,999,000)	$ 8,000			$ 102,458,000
Ending balance (in shares) at Mar. 31, 2026	32,017,613	567,494				32,017,613	567,494

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Commitments and contingencies - Lease (Details)	1 Months Ended	3 Months Ended
Commitments and contingencies - Lease (Details)	May 31, 2025 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 12, 2019 ft²
Commitments and Contingencies Disclosure [Abstract]
Operating lease term				38 months
Rented area (in square feet) \| ft²				3,030
Change in operating lease liability	$ 200,000
Operating lease cost		$ 40,000	$ 39,000

Prepaid expenses and other current assets (Tables)

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following (in thousands):


		As of
		March 31,			December 31,
		2026			2025
Prepaid clinical costs		$	193		$	973
Prepaid research and development costs			2,104			1,395
Prepaid insurance			230			431
Deferred financing costs			402			282
Other			248			199
Total prepaid expenses and other current assets		$	3,177		$	3,280