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Sagimet Biosciences Inc (SGMT+7.39%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no license revenue, compared to $2 million in the same quarter the previous year. The decrease is due to the absence of milestone payments from Ascletis BioScience Co. Ltd.
Research and development expenses increased to $12.7 million from $4.9 million, primarily due to costs associated with the Phase 3 program of denifanstat in MASH.
General and administrative expenses decreased slightly to $4.2 million from $4.5 million, attributed to a decrease in stock-based compensation and tax expenses.
The company reported a net loss of $14.6 million for the quarter, compared to $6.4 million in the previous year.
Cash and cash equivalents were $77 million as of September 30, 2024, with total assets of $174.8 million.
The company completed a follow-on offering in January 2024, raising $104.7 million in net proceeds. An at-the-market offering agreement was established in August 2024 for up to $75 million.
Sagimet's lead drug candidate, denifanstat, received Breakthrough Therapy designation from the FDA in October 2024 for the treatment of non-cirrhotic MASH with moderate to advanced liver fibrosis.
The company plans to initiate Phase 3 trials for denifanstat by the end of 2024, targeting metabolic dysfunction-associated steatohepatitis (MASH) and metabolic dysfunction-associated steatotic liver disease (MASLD).
Sagimet continues to explore the use of its FASN inhibitors in acne and certain forms of cancer, with ongoing trials in China by its license partner, Ascletis BioScience Co. Ltd.
The company expects its cash, cash equivalents, and marketable securities to fund operations for at least the next 12 months, but acknowledges the need for additional funds to support its development activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sagimet Biosciences Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.