Sagiment Biosciences Inc (SGMT)

[AGORDON]

Sagimet Biosciences (Nasdaq: SGMT $6.25)
Buy recommendation.

Market cap = $199M
Cash = $210M+ (Just raised $112M through a secondary offering)
Estimated cash burn = ($25)/year
Lead product = Denifanstat an oral, once daily pill and selective first-in-class FASN inhibitor in development for the treatment of nonalcoholic steatohepatitis (NASH).
Jan. 22, 2024 announced positive topline results from Phase 2b clinical trial of Denifanstat in Biopsy-confirmed F2/FS NASH.
The results are comparable to Madrigal's Resmitiron.
Ascletis collaboration agreement = Potential $122M in milestone payments as well as tiered royalties ranging from percentages in the high single digits to mid-teens on future net sales of Denifanstat, which is referred to as ASC40 in Greater China
Most AEs (adverse events) were Grade 1 or 2 (mild to moderate). There were no Grade 3 AEs.