Sagimet Biosciences Inc. (NASDAQ: SGMT) priced an underwritten offering of 29,166,700 shares of Series A common stock at $6.00 per share, according to a company statement. The gross proceeds from the offering are expected to be approximately $175.0 million before deducting underwriting discounts and other expenses.

The offering is expected to close on April 28, 2026, subject to customary closing conditions. All shares are being sold by Sagimet, with participation from new and existing investors including Balyasny Asset Management, Blue Owl Healthcare Opportunities, BVF Partners L.P., Caligan Partners, Coastlands Capital, Farallon Capital Management, Great Point Partners, Woodline Partners LP and a large mutual fund.

Leerink Partners, TD Cowen, Guggenheim Securities and Oppenheimer & Co. are serving as joint bookrunning managers, while Canaccord Genuity, H.C. Wainwright & Co. and Jones are acting as co-lead managers.

The company plans to use net proceeds to fund a Phase 3 clinical trial for denifanstat in acne, advance TVB-3567 through Phase 2 topline results, develop a topical formulation FASN inhibitor to IND submission and for general corporate purposes including additional clinical development and operating expenses.

Sagimet expects that its existing cash and cash equivalents, combined with the offering proceeds, will fund its acne programs through 2028 and support the planned denifanstat Phase 3 clinical trial in moderate to severe acne.

The clinical-stage biopharmaceutical company develops FASN inhibitors targeting dysfunctional metabolic and fibrotic pathways in conditions resulting from overproduction of the fatty acid palmitate.