With revenue at zero across every quarter through 2026Q2, Sagimet's income statement is governed purely by research cadence, as R&D of $11.5M represented roughly 73% of total operating outlays versus $4.3M SG&A, and the operating deficit re-widened to -$15.8M from -$11.7M in 2026Q1 on a 72% sequential R&D jump.
Sagimet Biosciences Inc. (SGMT) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| 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 | 52.63M | 56.89M | 54.45M | 32.74M | 31.05M | 23.72M | 11.4M | 14.07M |
| OpEx % of Revenue | - | - | - | 1637% | - | - | - | - |
| Selling, General & Admin | 17.64M | 17.84M | 16.01M | 12.96M | 6.14M | 4.38M | 3.22M | 5.68M |
| SG&A % of Revenue | - | - | - | 648.15% | - | - | - | - |
| Research & Development | 34.99M | 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 | -52.63M | -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 | -49.7M | -51.04M | -45.57M | -27.88M | -30.93M | -24.44M | -11.28M | -14.16M |
| EBITDA Margin % | - | - | - | -1393.8% | - | - | - | - |
| EBITDA Growth % | 16.3% | -12.01% | -63.46% | 9.86% | -26.52% | -116.76% | 20.36% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 130K | 0 | 124K | 1K |
| EBIT | -49.7M | -51.04M | -45.57M | -27.88M | -30.5M | -24.44M | -11.4M | -14.2M |
| Net Interest Income | -739K | 5.85M | 8.89M | 2.86M | 553K | 26K | 30K | 64K |
| Interest Income | -739K | 5.85M | 8.89M | 2.86M | 553K | 26K | 30K | 128K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64K |
| Other Income/Expense | 5.55M | 5.85M | 8.89M | 2.86M | 556K | -723K | 30K | -102K |
| Pretax Income | -47.08M | -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 | -47.08M | -51.04M | -45.57M | -27.88M | -30.5M | -24.44M | -11.37M | -14.26M |
| Net Margin % | - | - | - | -1393.8% | - | - | - | - |
| Net Income Growth % | 20.72% | -12.01% | -63.46% | 8.6% | -24.78% | -114.97% | 20.27% | - |
| Net Income (Continuing) | -47.08M | -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) | -0.89 | -1.58 | -1.45 | -1.53 | -1.38 | -1.10 | -0.51 | -0.64 |
| EPS Growth % | 30.05% | -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 | 53.11M | 32.35M | 31.35M | 18.19M | 22.17M | 22.17M | 22.17M | 22.17M |
| Basic Shares Outstanding | 53.11M | 32.35M | 31.35M | 18.19M | 22.17M | 22.17M | 22.17M | 22.17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Pre-revenue cash burn dependence
Metrics are mathematically derived from official filings.
Pre-Revenue Base Nullifies Growth Metrics
Sagimet reports no revenue across all ten quarters through 2026Q2, leaving gross profit at zero and rendering conventional growth and margin metrics unavailable, according to SEC filings, which means the entire income statement trajectory is governed by the cadence of research spending rather than commercialization progress.
With no top line, the reported operating loss trajectory—swinging from -$8.8M in 2024Q1 to -$19.9M in 2025Q1 and back to -$15.8M in 2026Q2—effectively substitutes for revenue growth as the primary trend investors must track. Any future revenue inflection would be categorical rather than incremental, so the durability of the current loss profile, not a growth rate, is the analytically meaningful benchmark.
R&D Solely Drives Cost Structure
R&D consumed $11.5M in 2026Q2 against just $4.3M of SG&A, roughly 73% of total operating outlays, based on Sagimet's reported figures, indicating that pipeline development costs—not commercial or administrative overhead—constitute the dominant and most volatile line item in the expense base.
SG&A has been tightly managed in a narrow $3.5M–$4.7M band for ten quarters, which suggests deliberate overhead discipline rather than indiscriminate spending. R&D, by contrast, has ranged from $5.3M to $15.3M quarter-over-quarter, implying that trial timing and enrollment cycles—not structural cost inflation—are the primary controllable variable management influences.
2025Q1 Marks Peak Loss Inflection
The 2025Q1 quarter represents the sharpest deterioration in Sagimet's income statement history, with R&D surging to $15.3M and the operating loss widening to -$19.9M alongside a -$0.56 diluted EPS, as reported in the company's filings, before losses moderated through late 2025.
The subsequent pullback in R&D to $6.7M–$9.7M through 2025Q4 suggests the 2025Q1 spike likely reflected a concentrated period of trial activity rather than a permanent step-up in run-rate spending, an interpretation that warrants monitoring against future quarters. However, 2026Q2's re-acceleration to $11.5M indicates the cost profile has not structurally reset lower, so the apparent post-peak moderation may prove episodic rather than durable.
Non-Operating Items Flatter Net Losses
Net losses have consistently run smaller than operating losses—$14.0M net versus $15.8M operating in 2026Q2, per Sagimet's financial statements—while quarterly stock-based compensation climbed from $759K in 2024Q1 to $3.7M in 2026Q2, signaling that below-the-line income and equity issuance are muddying underlying economics.
The persistent gap between operating and net losses implies meaningful non-operating contributions, most plausibly interest income on the company's cash balance, though the specific components are unavailable in the supplied data and warrant review of the full filings. Simultaneously, SBC's near-five-fold expansion means reported EPS of -$0.26 in 2026Q2 understates the true economic dilution to shareholders relative to the cash compensation equivalent.
Loss Re-Acceleration Undercuts Stabilization Case
A short-seller would note that after three quarters of narrowing losses through 2025Q4, the operating deficit re-widened to -$15.8M in 2026Q2 as R&D jumped 72% sequentially, and quarterly SBC hit a record $3.7M, per recent SEC disclosures, suggesting cost discipline may be eroding rather than improving.
The 2026Q1-to-2026Q2 loss expansion, if it persists, would invalidate the narrative that 2025Q1 was a one-off peak and instead frame the company's burn as structurally trending upward, leaving investors reliant on undisclosed balance sheet capacity to fund operations. With revenue, margins, and cash flow data unavailable in this dataset, the counter-case rests entirely on the trajectory of R&D intensity and SBC dilution—both of which currently point the wrong way.