Sagimet Biosciences Raises $175M, Funds Operations Through 2028 Ahead of Denifanstat Phase 3 Trial
Sagimet raised $175 million in April by selling 29.17 million shares at $6.00 each, adding to its $104.5 million cash position. This funding will support operations through 2028 and enable initiation of its denifanstat Phase 3 acne trial and continued TVB-3567 Phase 1 work in H2 2026.
1. Equity Financing Bolsters Cash Position
In April, Sagimet completed an underwritten offering of 29,166,700 Series A common shares at $6.00 per share, raising $175.0 million in gross proceeds. Combined with $104.5 million in cash, cash equivalents and marketable securities as of March 31, the company is funded through 2028, covering planned Phase 3 denifanstat data readout and pipeline activities.
2. Denifanstat Phase 3 Acne Trial Planned H2 2026
The company plans to initiate a Phase 3 trial of its FASN inhibitor denifanstat in moderate-to-severe acne patients in the U.S. during the second half of 2026, pending IND clearance. Denifanstat's once-daily oral dosing seeks to address a 10 million-patient population in need of innovative acne therapies.
3. Ongoing TVB-3567 Phase 1 Trial
Sagimet's first-in-human Phase 1 study of the FASN inhibitor TVB-3567 remains ongoing, with data expected to inform Phase 2 trial design in moderate-to-severe acne by late 2026. Management also intends to develop a topical FASN inhibitor formulation for additional acne treatment options.
4. Q1 Financials Reflect Lower Expenses and Reduced Net Loss
Q1 2026 R&D expenses fell to $7.0 million from $15.3 million year-over-year, while G&A expenses held at $4.7 million versus $4.5 million. Net loss narrowed to $10.7 million from $18.2 million, reflecting program prioritization and cost efficiencies.