Sagimet Biosciences Inc. entered into an underwriting agreement on September 30, 2026, to sell 8,750,010 shares of its Series A common stock and pre-funded warrants to purchase up to 2,750,010 additional shares. The offering is priced at $10.00 per share for the common stock and $9.9999 per share for the pre-funded warrants.
The offering is expected to close on October 1, 2026, subject to customary closing conditions. Leerink Partners LLC, TD Securities (USA) LLC, and Guggenheim Securities, LLC are acting as joint book-running managers, with Canaccord Genuity LLC, H.C. Wainwright & Co., LLC, JonesTrading Institutional Services LLC, and Clear Street LLC serving as co-lead managers.
The company anticipates receiving net proceeds of approximately $107.5 million after deducting underwriting discounts and commissions. The company intends to use these funds, combined with its existing cash, to finance a Phase 3 clinical trial for its acne treatment denifanstat, pre-launch activities for the drug, and the advancement of its topical formulation program to an Investigational New Drug (IND) submission.
