Operating cash burn has been unrelenting, with ten-quarter cumulative outflow of $107.3M against a $121.3M cumulative net loss—partially bridged by ~$17.2M in stock-based compensation add-backs—while FCF remained negative in every quarter, averaging ~$10.7M of quarterly outflow with zero capex, dividends, or buybacks.
Sagimet Biosciences Inc. (SGMT) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -41.32M | -45.65M | -42.44M | -23.77M | -24.49M | -21.71M | -10.42M | -10.55M |
| Operating CF Margin % | - | - | - | -1188.3% | - | - | - | - |
| Operating CF Growth % | 63.85% | -7.58% | -78.55% | 2.96% | -12.81% | -108.43% | 1.29% | - |
| Net Income | -47.08M | -51.04M | -45.57M | -27.88M | -30.5M | -24.44M | -11.37M | -14.26M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 130K | 0 | 124K | 1K |
| Stock-Based Compensation | 8.91M | 6.45M | 5.29M | 4.99M | 1.88M | 1.9M | 775K | 2.99M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 39K | -8K | -1.11M | 98K | -215K | 883K | -20K | 75K |
| Working Capital Changes | -3.19M | -1.05M | -1.05M | -978K | 4.21M | -55K | 75K | 645K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 401K | 929K | -907K | 120K | 0 | 0 | 0 | 0 |
| Cash from Investing | 629K | 4.56M | -61.68M | 12.58M | -32.01M | 0 | 20K | -27K |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 20K | -27K |
| Cash from Financing | 339.66M | 275K | 104.82M | 86.17M | -73K | 9.74M | 68.89M | 18.48M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.36M |
| Equity Issued (Net) | 175.27M | 275K | 105.75M | 89.68M | 12K | 10.8M | 68.89M | 21.85M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 164.39M | 0 | -931K | -3.51M | -85K | -1.06M | 0 | 0 |
| Net Change in Cash | 298.97M | -40.82M | 701K | 74.98M | -56.57M | -11.97M | 58.49M | 7.91M |
| Free Cash Flow | -41.32M | -45.65M | -42.44M | -23.77M | -24.49M | -21.71M | -10.42M | -10.55M |
| FCF Margin % | - | - | - | -1188.3% | - | - | - | - |
| FCF Growth % | 23.8% | -7.58% | -78.55% | 2.96% | -12.81% | -108.43% | 1.29% | - |
| FCF per Share | -0.78 | -1.41 | -1.35 | -1.31 | -1.10 | -0.98 | -0.47 | -0.48 |
| FCF Conversion (FCF/Net Income) | 0.88x | 0.89x | 0.93x | 0.85x | 0.80x | 0.89x | 0.92x | 0.74x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 136K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SGMT stock.
Sagimet Biosciences Inc. (SGMT) generated $-45.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sagimet Biosciences Inc. (SGMT) reported negative free cash flow of $45.6M in 2025, indicating capital requirements exceeded cash from operations.
Sagimet Biosciences Inc. (SGMT) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Unrelenting pre-revenue cash burn
Metrics are mathematically derived from official filings.
Losses and Burn Track Closely
Across ten quarters, cumulative operating cash outflow of $107.3M trailed the cumulative net loss of $121.3M, with the OCF/NI ratio swinging between 0.68 and 1.34, per Sagimet's reported cash flow statements, a spread driven largely by non-cash stock compensation add-backs rather than working capital release.
The ratio's dispersion—0.68 in 2024Q4 versus 1.34 in 2024Q3—appears driven less by accrual quality than by the composition of add-backs, since depreciation is reported at zero and cumulative working capital movement contributes only about $0.8M of source across the ten quarters. Because stock compensation is effectively the only material non-cash item, reported losses and cash burn behave as near-substitutes, implying the conventional earnings-quality gap is muted here; the more relevant concern is that the non-cash charge reflects real dilution that cash flow presentation conceals.
Burn Moderation Reverses in 2026
Free cash flow remained negative in every quarter from 2024Q1 through 2026Q2, averaging roughly $10.7M of quarterly outflow with a trough of -$19.6M in 2024Q3, as reported in Sagimet's statements, while the re-widening to -$10.7M in 2026Q2 interrupts any apparent moderation.
With no revenue to anchor a margin, the trajectory is best read as an absolute burn profile: quarterly outflows averaged roughly $10.7M, with 2026Q1's -$8.6M marking the shallowest print of the period before 2026Q2 widened back to -$10.7M. That reversal mirrors the income statement's loss re-acceleration in 2026Q2 and suggests the improvement seen through late 2025 may not be self-sustaining; investors should treat the next two quarters as the key test of whether program spending has plateaued.
Cash Cushion Reflects Equity Comp
The ten-quarter cumulative net loss of $121.3M exceeds cumulative operating cash outflow of $107.3M by roughly $14M, a gap that appears closely mirrored by approximately $17.2M in cumulative stock-based compensation, based on Sagimet's filed figures, meaning cash comfort is largely an artifact of equity-paid costs.
The roughly $14M cushion between the cumulative loss and cumulative operating outflow appears to be almost entirely explained by the approximately $17.2M of stock compensation expensed over the same window, with working capital providing only a marginal offset. Interpreting this gap as operational discipline would likely be a misreading—it reflects the timing of equity-settled costs rather than collection strength, implying the economic cost to existing shareholders is understated by the cash statement.
What the Cash Statement Obscures
Quarterly stock-based compensation climbed from $759K in 2024Q1 to $3.7M in 2026Q2, about 35% of that quarter's $10.7M operating cash outflow, as reported by Sagimet, while zero depreciation and capex across all ten quarters indicate the burn is almost entirely program spend, not asset build.
Working capital swings—+$3.7M in 2024Q4 and -$4.3M in 2025Q4 against otherwise sub-$1.5M movements—can shift reported operating cash flow by several million without any change in program activity, so quarter-over-quarter OCF comparisons warrant caution. Additionally, the supplied data contains no financing inflows, leaving the sources that fund this burn invisible in the presented figures, which warrants further investigation before any conclusion on runway durability is drawn.
Capital Returns Entirely Absent
Sagimet disbursed zero dollars on dividends, share repurchases, acquisitions, and capital expenditures across all ten quarters through 2026Q2, as shown in its cash flow statements, leaving operating cash burn as the sole capital deployment channel and offering investors no offsetting return or inorganic growth.
With no capex, dividends, buybacks, or acquisitions, Sagimet's deployment posture appears to be pure cash preservation, which is conventional for a pre-revenue developer yet leaves shareholders with no distributive or inorganic offset to ongoing dilution. The absence of acquisition spending also implies pipeline expansion depends entirely on internally funded research, concentrating the investment case on a single cash-consumption vector with no visible capital reallocation optionality.