The company continues to operate without commercial revenue, reporting a net loss of $10.7 million in 2026Q1 while maintaining high R&D expenditures.
| Sales/Revenue | 0 | 0 | 0 | 2M | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | -100% | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 88K |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 2M | 0 | 0 | 0 | -88K |
| Gross Margin % | - | - | - | 100% | - | - | - | - |
| Gross Profit Growth % | - | - | -100% | - | - | - | 100% | - |
| Operating Expenses | 48.74M | 56.89M | 54.45M | 32.74M | 31.05M | 23.72M | 11.4M | 14.07M |
| OpEx % of Revenue | - | - | - | 1637% | - | - | - | - |
| Selling, General & Admin | 18.03M | 17.84M | 16.01M | 12.96M | 6.14M | 4.38M | 3.22M | 5.68M |
| SG&A % of Revenue | - | - | - | 648.15% | - | - | - | - |
| Research & Development | 30.71M | 39.05M | 38.44M | 19.78M | 24.92M | 19.34M | 8.18M | 8.39M |
| R&D % of Revenue | - | - | - | 988.85% | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -48.74M | -56.89M | -54.45M | -30.74M | -31.05M | -23.72M | -11.4M | -14.16M |
| Operating Margin % | - | - | - | -1537% | - | - | - | - |
| Operating Income Growth % | - | -4.47% | -77.14% | 1.01% | -30.93% | -108.06% | 19.49% | - |
| EBITDA | -48.74M | -56.89M | -45.57M | -30.74M | -31.05M | -23.72M | -11.4M | -14.07M |
| EBITDA Margin % | - | - | - | -1537% | - | - | - | - |
| EBITDA Growth % | 23.32% | -24.85% | -48.23% | 1.01% | -30.93% | -108.08% | 18.99% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 88K |
| EBIT | -48.74M | -56.89M | -45.57M | -30.74M | -31.05M | -23.72M | -11.4M | -14.2M |
| Net Interest Income | -1.69M | 0 | 0 | 2.86M | 553K | 26K | 30K | 64K |
| Interest Income | -1.69M | 0 | 0 | 2.86M | 553K | 26K | 30K | 128K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64K |
| Other Income/Expense | 5.22M | 5.85M | 8.89M | 2.86M | 556K | -723K | 30K | -102K |
| Pretax Income | -43.51M | -51.04M | -45.57M | -27.88M | -30.5M | -24.44M | -11.37M | -14.26M |
| Pretax Margin % | - | - | - | -1393.8% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -43.51M | -51.04M | -45.57M | -27.88M | -30.5M | -24.44M | -11.37M | -14.26M |
| Net Margin % | - | - | - | -1393.8% | - | - | - | - |
| Net Income Growth % | 23.82% | -12.01% | -63.46% | 8.6% | -24.78% | -114.97% | 20.27% | - |
| Net Income (Continuing) | -43.51M | -51.04M | -45.57M | -27.88M | -30.5M | -24.44M | -11.37M | -14.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.34 | -1.58 | -1.45 | -1.53 | -1.38 | -1.10 | -0.51 | -0.64 |
| EPS Growth % | 23.3% | -8.97% | 5.23% | -10.87% | -25.45% | -115.69% | 20.31% | - |
| EPS (Basic) | - | -1.58 | -1.45 | -1.53 | -1.38 | -1.10 | -0.51 | -0.64 |
| Diluted Shares Outstanding | 32.56M | 32.35M | 31.35M | 18.19M | 22.17M | 22.17M | 22.17M | 22.17M |
| Basic Shares Outstanding | 32.56M | 32.35M | 31.35M | 18.19M | 22.17M | 22.17M | 22.17M | 22.17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Imminent capital dilution risk
As reported in financial statements, Sagimet's R&D expenditure reached a peak of $15.3 million in 2025Q1, reflecting the intensive capital requirements of late-stage clinical trials, while subsequent quarters show a reduction to $7.0 million as the company manages its limited liquidity through the current development cycle.
The fluctuation in R&D spending appears directly tied to the cadence of clinical trial enrollment and milestone-based activities rather than a permanent reduction in operational scope. Investors should monitor whether this recent contraction in spending reflects a strategic pause or merely the natural ebb and flow of trial-related costs.
Based on the provided income statement data, Sagimet continues to operate with a deeply negative operating margin, as the company has yet to generate any commercial revenue to offset the fixed overhead and clinical trial expenses that totaled $11.7 million in the most recent quarter.
The absence of revenue means that operating leverage cannot be assessed in a traditional sense, as every dollar of R&D investment directly expands the net loss. The company's reliance on equity financing to cover these operating deficits suggests that shareholders are currently funding the entire clinical validation process.
According to recent SEC filings, Sagimet consistently records stock-based compensation expenses, such as the $1.7 million recognized in 2025Q4, which serves to mitigate the cash impact of talent retention but simultaneously dilutes existing equity holders during a period of significant clinical and financial uncertainty.
While stock-based compensation is a non-cash item, its consistent presence suggests that the true cash burn rate is slightly lower than the reported net loss, though this provides little comfort given the lack of revenue. Analysts should adjust for these non-cash charges to better understand the actual runway remaining for the company's lead candidate.
With only $35 million in cash reported in recent disclosures, Sagimet faces a precarious financial position that may necessitate dilutive financing, as the company's current quarterly burn rate of approximately $11 million leaves a very narrow window for achieving the next major clinical or partnership milestone.
The market may be underestimating the risk that the company will be forced to raise capital at unfavorable terms if a strategic partnership is not secured promptly. This potential for significant dilution warrants investigation, as it could fundamentally alter the value proposition for current shareholders regardless of clinical progress.
Quick answers to the most common questions about buying SGMT stock.
For fiscal year 2025, Sagimet Biosciences Inc. (SGMT) reported total revenue of $0.0M.
Sagimet Biosciences Inc. (SGMT) reported a net loss of $51.0M for the fiscal year ending 2025.