Sagimet maintains a clean debt profile with a debt-to-equity ratio of 0.00, though total assets have declined by 44.6% since 2024Q1 due to persistent operational losses.
| Total Current Assets | 107.72M | 116.4M | 152.77M | 96.65M | 32.79M | 58.66M | 68.74M | 10.81M |
| Cash & Short-Term Investments | 104.54M | 113.12M | 151.25M | 94.9M | 32.34M | 56.73M | 68.7M | 10.21M |
| Cash Only | 36.63M | 35.02M | 75.84M | 75.14M | 158K | 56.73M | 68.7M | 10.21M |
| Short-Term Investments | 67.91M | 78.1M | 75.41M | 19.76M | 32.19M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.18M | 3.28M | 463K | 397K | 34K | 1.51M | 36K | 58K |
| Total Non-Current Assets | 39K | 78K | 7.49M | 73K | 239K | 369K | 221K | 345K |
| Property, Plant & Equipment | 39K | 78K | 77K | 73K | 212K | 342K | 194K | 318K |
| Fixed Asset Turnover | 0.00x | - | - | 27.40x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 18.86M | 0 | 7.41M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 27K | 27K | 27K | 27K |
| Total Assets | 107.75M | 116.48M | 160.26M | 96.72M | 33.03M | 59.03M | 68.96M | 11.16M |
| Asset Turnover | 0.00x | - | - | 0.02x | - | - | - | - |
| Asset Growth % | -107.44% | -27.32% | 65.7% | 192.81% | -44.05% | -14.4% | 517.91% | - |
| Total Current Liabilities | 5.3M | 5.1M | 4.45M | 5.65M | 5.28M | 2.44M | 1.91M | 2.08M |
| Accounts Payable | 2.3M | 1.31M | 1.43M | 186K | 1.13M | 761K | 513K | 1.2M |
| Days Payables Outstanding | - | - | - | - | - | - | - | 4.97K |
| Short-Term Debt | 39K | 78K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.96M | 3.71M | 5K | 556K | 57K | 185K | 243K | 0 |
| Current Ratio | 20.34x | 22.82x | 34.30x | 17.09x | 6.21x | 24.04x | 35.99x | 5.21x |
| Quick Ratio | 20.34x | 22.82x | 34.30x | 17.09x | 6.21x | 24.04x | 35.99x | 5.21x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 | 214.7M | 214.85M | 202.96M | 134.4M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 78K | 224K | 65K | 211K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 214.62M | 214.63M | 202.89M | 134.19M |
| Total Liabilities | 5.3M | 5.1M | 4.45M | 5.65M | 219.98M | 217.29M | 204.87M | 136.47M |
| Total Debt | 39K | 78K | 78K | 65K | 211K | 348K | 210K | 341K |
| Net Debt | -36.59M | -34.94M | -75.76M | -75.07M | 53K | -56.38M | -68.49M | -9.87M |
| Debt / Equity | 0.00x | 0.00x | 0.00x | 0.00x | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.75x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | -221.83x |
| Total Equity | 102.46M | 111.38M | 155.81M | 91.06M | -186.95M | -158.26M | -135.91M | -125.31M |
| Equity Growth % | -113.92% | -28.51% | 71.09% | 148.71% | -18.13% | -16.44% | -8.45% | - |
| Book Value per Share | 3.15 | 3.44 | 4.97 | 5.01 | -8.43 | -7.14 | -6.13 | -5.65 |
| Total Shareholders' Equity | 102.46M | 111.38M | 155.81M | 91.06M | -186.95M | -158.26M | -135.91M | -125.31M |
| Common Stock | 3K | 3K | 3K | 2K | 1K | 1K | 1K | 1K |
| Retained Earnings | -357M | -346.35M | -295.31M | -249.74M | -221.87M | -191.37M | -166.93M | -155.56M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 8K | 120K | 230K | 30K | -84K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent capital dilution risk
As reported in financial statements, Sagimet's total assets have declined from $194.5 million in 2024Q1 to $107.8 million by 2026Q1, reflecting a consistent depletion of capital reserves as the company funds its ongoing clinical development programs without any offsetting commercial revenue streams to stabilize the balance sheet.
The steady contraction of the asset base suggests that the company is in a critical phase where capital preservation is competing directly with the need to advance clinical trials. Investors should monitor whether this downward trajectory in total assets forces a shift toward more aggressive, potentially dilutive, financing strategies in the coming quarters.
Based on the most recent quarterly data, Sagimet's cash position has dwindled to $36.6 million, a significant reduction from the $176.8 million reported in 2024Q1, which indicates that the company's liquidity buffer is rapidly narrowing as it approaches the next phase of its clinical development roadmap.
While the current ratio remains high due to the lack of significant short-term liabilities, the absolute cash balance is the more relevant metric for a pre-revenue biotech. The rapid depletion of cash reserves suggests that the company may face a liquidity crunch unless a strategic partnership or capital raise is executed in the near term.
According to historical balance sheet data, Sagimet's total equity has eroded from $190.0 million in 2024Q1 to $102.5 million in 2026Q1, a trend driven primarily by the accumulation of significant retained losses as the company continues to prioritize R&D investment over near-term profitability.
The persistent growth in negative retained earnings highlights the high cost of clinical validation for the company's FASN inhibitor platform. This trend suggests that shareholder value is being systematically consumed to fund development, making the company highly sensitive to the equity market's appetite for further dilution.
Analysis of the balance sheet reveals that Sagimet holds virtually no tangible assets, with net PPE reported at a negligible $39,000 in 2026Q1, underscoring that the company's entire valuation is tied to intangible intellectual property that remains subject to binary clinical trial outcomes.
The lack of meaningful physical assets means there is no collateral base to support traditional debt financing, leaving the company entirely dependent on equity markets. This structural reality implies that any negative clinical data could lead to a rapid and severe impairment of the company's perceived enterprise value.
Quick answers to the most common questions about buying SGMT stock.
As of 2025, Sagimet Biosciences Inc. (SGMT) had total assets of $116.5M including $116.4M in current assets.
Sagimet Biosciences Inc. (SGMT) carries total debt of $0.1M, offset by $113.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sagimet Biosciences Inc. (SGMT) has total shareholders' equity (book value) of $111.4M ($3.44 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sagimet Biosciences Inc. (SGMT) reported a current ratio of 22.82x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.