Form 8-K

8-K — Sagimet Biosciences Inc.

Accession: 0001104659-26-048971

Filed: 2026-04-27

Period: 2026-04-27

CIK: 0001400118

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — tm2612738d2_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2612738d2_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2612738d2_ex99-2.htm)

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2026-04-27

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

April 27, 2026

SAGIMET BIOSCIENCES INC.

(Exact name of registrant as specified in its

charter)

Delaware

001-41742

20-5991472

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

Sagimet Biosciences Inc.

155 Bovet Road, Suite 303,

San Mateo, California 94402

(Address of principal executive offices, including

zip code)

(650) 561-8600

(Registrant’s telephone number, including

area code)

Not Applicable

(Former Name or Former Address, if Changed Since

Last Report)

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant

to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant

to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications

pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications

pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trade

Symbol(s)

Name of each exchange on which registered

Series A Common Stock, $0.0001 par value per share

SGMT

The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth

company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities

Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging

growth company x

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02

Results of Operations and Financial Condition.

Sagimet Biosciences, Inc. (the “Company”)

is furnishing with this Current Report on Form 8-K (the “Current Report”) certain unaudited preliminary financial information

for the Company’s fiscal quarter ended March 31, 2026.

Certain Unaudited Preliminary Financial

Information

The Company estimates that its cash, cash equivalents and marketable

securities were approximately $104.5 million as of March 31, 2026. This amount is unaudited and preliminary and is subject to completion

of financial closing procedures, including the completion of management’s reviews. As a result, this amount reflects the Company’s

preliminary estimate with respect to such information, based on information currently available for management, and may vary from the

Company’s actual financial position as of March 31, 2026. Further, this preliminary estimate is not a comprehensive statement

or estimate of the Company’s financial data or financial condition as of March 31, 2026. The unaudited preliminary financial

data included in this Current Report on Form 8-K have been prepared by, and are the responsibility of, the Company’s management

team. KPMG LLP, the Company’s independent registered public accounting firm, has not audited, reviewed, examined, compiled, nor

applied agreed-upon procedures with respect to the unaudited preliminary financial data. Accordingly, KPMG LLP does not express an opinion

or any other form of assurance with respect thereto. It is possible that the Company may identify items that require the Company to make

adjustments to the financial information set forth above. This preliminary estimate should not be viewed as a substitute for financial

statements prepared in accordance with generally accepted accounting principles in the United States and it is not necessarily indicative

of the balance to be achieved in any future period. Additional information and disclosure would be required for a more complete understanding

of the Company’s financial position and results of operations as of March 31, 2026. Accordingly, no undue reliance should be

placed on this preliminary estimate. The estimates should be read together with the Company’s audited consolidated financial statements

and related notes and the Company’s other financial information reported in the Company’s Annual Report on Form 10-K

for the fiscal year ended December 31, 2025. The Company undertake no obligation to update or revise these amounts as a result of

new information or otherwise.

The information furnished pursuant to this Item 2.02 is intended to

be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended

(the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated

by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 7.01

Regulation FD Disclosure.

On April 27, 2026, the Company updated

information reflected in a slide presentation, which is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated

herein by reference. Representatives of the Company will use the updated presentation in various meetings with investors from time to

time.

The information in Item 7.01 of this Current

Report on Form 8-K, including the information set forth in Exhibit 99.1, is being furnished and shall not be deemed “filed”

for purposes of Section 18 of the Exchange Act, nor shall Exhibit 99.1 furnished herewith be deemed incorporated by reference

in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 8.01

Other Events.

On April 27, 2026, the Company issued

a press release announcing certain strategic and corporate updates. The full text of the press release is filed as Exhibit 99.2 to

this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01

Financial Statements and Exhibits

(d) Exhibits

Exhibit

No.

Document

99.1

Investor Presentation of Sagimet Biosciences Inc., dated April 27, 2026.

99.2

Press Release of Sagimet Biosciences Inc., dated April 27, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934,

as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Sagimet Biosciences Inc.

Date: April 27, 2026

By:

/s/ David Happel

David Happel

Chief Executive Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2612738d2_ex99-1.htm · Sequence: 2

Exhibit 99.1

Targeting MetabolicDysfunction

with Novel Therapeutics

April 2026

Confidential and proprietary information of Sagimet Biosciences Inc.

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 2

Forward-Looking Statements and Disclaimer

This presentation contains forward-looking statements within the meaning of, and made pursuant to the safe harbor provisions of, The Private Securities Litigation Reform Act of 1995. All

statements contained in this document, other than statements of historical facts or statements that relate to present facts or current conditions, including but not limited to, statements

regarding possible or assumed future results of operations, business strategies, research and development plans, regulatory activities, the presentation of data from clinical trials, Sagimet’s

clinical development plans and related timelines and anticipated clinical development milestones, market opportunity, competitive position and potential growth opportunities are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be

materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements

by terms such as “may,” “will,” “should,” “would,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative

of these terms or other similar expressions. The forward-looking statements in this presentation are only predictions. These forward-looking statements speak only as of the date of this

presentation and are subject to a number ofrisks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond our control,including,among

others: the clinical development and therapeutic potential of denifanstat, TVB-3567 or any other drug candidates or combination therapies developed by Sagimet; our ability to advance drug

candidates into and successfully complete clinical trials, the risk the topline clinical trials may not be predictive of, and may differ from final clinical data and later-stage clinical trials; our

ability to advance drug candidates into and successfully complete clinical trials within anticipated timelines; that unfavorable new clinical trial data may emerge in other clinical trials of our

product candidates; that clinical trial data are subject to differing interpretations and assessments, including by regulatory authorities; our relationship with Ascletis, and the success of its

development efforts for denifanstat; the accuracy of our estimates regarding our capital requirements; risks and uncertainties related to market conditions; and our ability to maintain and

successfully enforce adequate intellectual property protection. These and other risks and uncertainties are described more fully in the “Risk Factors” section of our most recent filings with the

Securities and Exchange Commission (SEC) and available at www.sec.gov. You should not rely on these forward-looking statements as predictions of future events. The events and

circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projectedin the forward-lookingstatements.

Moreover,we operate in a dynamic industry and economy. New risk factors and uncertainties may emerge from time to time, and it is not possible for managementto predict allrisk factors and

uncertainties that we may face. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any

new information,futureevents,changedcircumstances orotherwise.

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 3

DaveHappel President&CEO

>20 years of experience in executive leadership in biotech

and pharma

Brought multiple innovative healthcare products to the market

Andreas Grauer Chief Medical Officer

> 20 years of experience in Clinical Development and Medical

Affairs across a broad range of therapeutic areas

Deep experience in regulatory interactions around the world

resulting in multiple BLA and NDA approvals

Thierry ChaucheChief Financial Officer

>20 years of financial and operational leadership experience in

finance and healthcare companies

Elizabeth Rozek Chief Legal & Administrative Officer

>20 years of legal experience including executive leadership

of legal, IP and compliance functions in biopharma and biotech

Rob D’Urso Senior Vice President, New Products

>20 years of US and global leadership experience in

dermatology

Marie O'Farrell Chief Scientific Officer

>20 years of experience in R&D and translational medicine in

biopharma and biotech

Successfully guided development for multiple clinical programs

Leadership Team with Proven Development and Commercialization Experience

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 4

TVB-3567 in Acne

Unique MOA: FASN Inhibition

Sagimet at a Glance: Differentiated Dermatology Assets with Clinical Validation

• Our lead molecule, denifanstat, is a novel fatty acid synthase (FASN) inhibitor with a differentiated

method of action with the potential to target multiple underserved diseases

• Strong clinical data demonstrates denifanstat’s proof of concept across multiple disease states

• Denifanstat met all primary and secondary endpoints in a Phase 3 clinical trial in patients with moderate to

severe acne vulgaris conducted by Ascletis, our license partner for Greater China

• Denifanstat was generally well-tolerated in Ascletis’ Phase 3 study and open-label extension study

• Ascletis announced that denifanstat NDA for the treatment of moderate to severe acne was accepted by the

China NMPA in December 2025

• We plan to advance denifanstat into a Phase 3 clinical trial in moderate to severe acne patients for the US in

2H 2026, contingent on consultation with regulatory authorities

• Our follow-on FASN inhibitor, TVB 3567, received Investigational New Drug (IND) clearance in March 2025

• First-in-human (FIH) Phase 1 clinical trial initiated in June 2025 for development of an acne indication

• Phase 1 clinical trial results anticipated in 2026, Phase 2 proof of concept clinical trial anticipated to begin

in 2H 2026, subject to regulatory feedback

Denifanstat in Acne

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 5

Denifanstat in Other

Indications

Strong IP, Cash Position, and Collaboration Potential

• Successful outcome of Phase 2b clinical trial in MASH (metabolic dysfunction-associated steatohepatitis);

met both primary endpoints with significant reduction in fibrosis

• Pre-clinical data demonstrated synergistic effect of combination of FASN inhibitor and resmetirom

• Phase 1 pharmacokinetics (PK) clinical trial of a combination of denifanstat and resmetirom completed in

December 2025

• Further MASH development to be undertaken only upon securing non-dilutive funding

• Denifanstat:

• Composition of matter patent expected to expire in 2032; potential PTE to 2037

• TVB-3567:

• Composition of matter patent expected to expire in 2035; potential PTE to 2038

• Method of use application for TVB-3567 for acne filed 2025; if granted expected to expire in 2046

• Combination of denifanstat and resmetirom:

• Application filed 2024; if granted expected to expire in 2044; potential PTE to 2048

• $113.1M cash on hand as of 12/31/2025 and $104.5M as of 3/31/2026 *

*Cash, cash equivalents and marketable securities; 3/31/2026 cash on hand unaudited, preliminary and subject to change

IP Portfolio

Cash Position

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 6

Therapeutic

Area Indication Stage of Development Milestone / Program Updates

Preclinical Phase 1 Phase 2 Phase 3

Dermatology Acne

Phase 3 clinical trial for the US expected to initiate in

2H 2026

Phase 1 FIH clinical trial initiated in June 2025

Topical formulation in development

Met all primary and secondary endpoints in Phase 3

clinical trial & NDA accepted by NMPA in December

2025*

Metabolic

Disease MASH

Phase 2b clinical trial met histology primary and

multiple secondary endpoints; FDA Breakthrough

Therapy designation; Phase 3 ready (F2/F3 MASH)

Phase 1 clinical trial hepatic impairment results

reported 1Q2024

Phase 1 clinical PK trial completed in December 2025

Oncology Solid tumors Identifying FASN-dependent tumor types for

potential FASN inhibitor development

Development Pipeline: Multiple Indications and Clinical Milestones

* Clinical trial conducted in China by Ascletis, who has licensed development and commercialization rights to all indications in Greater China.

Denifanstat

TVB-3567

Denifanstat (ASC40)

TVB-3567

Denifanstat

Denifanstat/resmetirom

Denifanstat

FASN

inhibitor

FASN Inhibition Offers

Differentiated MOA in Acne

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 8

4 key drivers of acne1:

• Increased sebum in sebaceous glands (80% of lipids produced through DNL)2

• Abnormal or excessive follicular hyper-keratinization

• Accelerated bacterial growth (C. acnes)

• Localized inflammatory response

Potential Role of FASN Inhibitors in the Pathogenesis of Acne

1. Vasam M, et al., Biochem Biophys Rep. 2023;36:101578. https://pmc.ncbi.nlm.nih.gov/articles/PMC10709101/#abs0010

2. Esler, et al., Sci. Transl. Med. 2019; 11:492.

3. A) Duke G, et al., Presented at: AASLD 2016; November 11-15, 2016; Boston, MA. https://sagimet.com/wp-content/uploads/2016/11/2016_AASLD_FASN_NASH_36x60_v10.pdf.

And B) Syed-Abdul MM et al., Hepatology. 2020;72(1):103.

4. O’Farrell M, et al. Sci Rep. 2022;12(1):15661.

FASN

Palmitate / sapienic acid

Lipid synthesis

Sebum production

Hair Skin Surface

Sebum

(oil)

Inflammation

Sebaceous

gland

Skin Without Acne Skin With Acne

Pimple

Sebaceous

gland

FASN inhibition MOA shows potential to treat acne:

• Denifanstat directly reduced cutaneous (skin) sebum DNL lipids in two

Phase 1 clinical trials3

• FASN inhibition has potential to reduce inflammation, through decreasing

cytokine secretion and Th17 activation4

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 9

Blackheads Whiteheads Papules & Pustules Cysts & Nodules

Acne Market Overview

Global acne market is expected to reach $20B by 20341

50 million people suffer with acne in the US annually2

• Acne is one of the most common skin conditions in the United States, with approximately 50 million Americans affected annually and more

than 5 million seeking medical treatment for acne each year2

• Acne affects approximately 85% of persons between the ages of 12 and 243

• There is no cure for acne; and due to its pathology, most patients require chronic management and multiple annual courses of treatment for

flare control

10 million people suffer from moderate to severe acne in the US annually

• Moderate to severe acne accounts for 20% of acne sufferers, or approximately 10 million people in the US annually4

1. Acne Medication Market Size to Surpass USD 19.95 Billion by 2034 Driven by Rising Acne Prevalence, Skincare Awareness, and Innovative Treatments, Precedence Research, Sep 2025; https://finance.yahoo.com/news/acne-medication-market-size-surpass-114200888.html

2. Bickers DR, et al. J Am Acad Dermatol. 2006;55(3):490-500. 3. Bhate K, Williams HC. Epidemiology of acne vulgaris. Br J Dermatol. Mar 2013;168(3):474-85. doi:10.1111/bjd.12149

4. Szepietowska M, et al., Prevalence, Intensity and Psychosocial Burden of Acne Itch: Two Different Cohorts Study. J Clin Med. 2023 Jun 12;12(12):3997. doi: 10.3390/jcm12123997. PMID: 37373690; PMCID: PMC10299123.

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 10

Mild Disease Moderate to Severe Disease

Acne Treatment Algorithm

Disease management involves flare and prevention intervention

Treatment includes topical

agents used as mono or

combination therapy

Main topical therapies:

• Retinoids

• Benzoyl Peroxide

• Antibiotics

• Clascoterone

• Salicylic Acid

• Azelaic Acid

Treatment approach adds oral

products on top of topical agents

Main oral therapies:

• Antibiotics (tetracyclines, sarecycline)

• Hormonal contraceptives

• Spironolactone (off-label)

• Intralesional corticosteroids

Severe (cystic) patients are

generally managed with

isotretinoin (Accutane)

Main therapy:

• Isotretinoin

Severe (Cystic) Disease

Oral FASN Inhibitor

Topical FASN Inhibitor

Potential treatment positioning for FASN inhibitors

Source: https://www.jaad.org/article/S0190-9622(23)03389-3/fulltext

Routine

Management

Main approaches:

• OTC cleansers

• Moisturizers

• Sunscreens

Skin care routines to

address treatment-related AEs

Denifanstat’s Clinical

Data in Acne

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 12

Pharmacodynamic Data Support Mechanism of Action of Denifanstat in Acne

• Demonstrated a >90% reduction in sebum lipids by

day 151,2

• Maintained the reduced level of sebum lipids

through the entire study1,2

• Demonstrated a dose responsive impact on sebum

lipids1,2

Note: denifanstat dose in this Phase 1 clinical trial in cancer patients

is several times higher than 50 mg dose tested in acne and MASH

In multiple Phase 1 clinical trials, denifanstat

demonstrated a decrease in DNL sebum lipids1-3

1. Duke G, et al. Presented at: EASL 2017; April 19-23, 2017; Amsterdam, The Netherlands. https://sagimet.com/wp-content/uploads/2017/05/3VBIO_EASLposter.pdf.

2. Falchook G, et al. EClinicalMedicine. 2021;34:100797.

3. Duke G, et al. Presented at: AASLD 2016; November 11-15, 2016; Boston, MA. https://sagimet.com/wp-content/uploads/2016/11/2016_AASLD_FASN_NASH_36x60_v10.pdf.

Days on therapy (# of subjects)

Phase 1 oncology clinical trial

Sebutape® assessment of cutaneous sebum lipids1,2

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 13

Ascletis Acne Phase 3 Clinical Trial Design

• Moderate to severe acne

• Multi-center placebo controlled

• 1:1 randomization

• Double-blind

• Once daily oral dosing

• 480 patients in China

Co-primary endpoints at week 12

• % patients who achieve IGA success (defined as at least a 2-point reduction in IGA from baseline, and an IGA of 0 or 1 at week 12)

• % change in total skin lesion counts from baseline

• % change in inflammatory skin lesion counts from baseline

Key secondary endpoint at week 12

• % change in non-inflammatory skin lesion counts from baseline

Screening

Placebo

N=240

Denifanstat (50mg)

N=240

Day 1 Week 12

Primary

Efficacy

Denifanstat(50mg)

N=240

Long-Term

Safety

Ph3

Double blind clinical trial1

Ph3

Open label safety trial2

Week 12 Week 52

Denifanstat Phase 3 in acne

1. ClinicalTrials.gov. NCT06192264. Study ASC40-303. https://clinicaltrials.gov/study/NCT06192264. 2. ClinicalTrials.gov. NCT06248008. Study ASC40-304. https://clinicaltrials.gov/study/NCT06248008.

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 14

Ascletis Acne Phase 3 Clinical Trial Met All Primary and Secondary Endpoints

Baseline Characteristics 50mg denifanstat

(n=240)

Placebo

(n=240)

Total lesion count 102.2 102.1

Inflammatory lesion count 42.1 43.1

IGA=3 (moderate), % 85.8 85.8

IGA=4 (severe), % 14.2 14.2

Efficacy endpoints 1 50mg denifanstat

(n=240)

Placebo

(n=240)

50mg denifanstat

(placebo adjusted) p value

% Treatment success (IGA) 2 (primary endpoint) 33.2 14.6 18.6 <0.0001

% Change in total lesion count (primary endpoint) -57.4 -35.4 -22.0 <0.0001

% Change in inflammatory lesion count (primary endpoint) -63.5 -43.2 -20.3 <0.0001

% Change in non-inflammatory lesion count (key secondary endpoint) -51.9 -28.9 -23.0 <0.0001

Absolute change in total lesion count (secondary endpoint) -58.3 -36.2 -22.1 <0.0001

Absolute change in inflammatory lesion count (secondary endpoint) -26.6 -18.4 -8.2 <0.0001

Ascletis data on file. Baseline demographics and efficacy endpoints of 50 mg denifanstat oral, once daily for 12 weeks versus Placebo (Intent-to-treat, ITT analysis change from baseline).

1. The efficacy data are LSMEANs.

2. Treatment success is defined as an Investigator’s Global Assessment (IGA) score of 0 (clear) or 1 (almost clear) with at least a 2-point decrease from baseline.

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 15

Ascletis Acne Phase 3 Clinical Trial Safety Data*

Denifanstat 50mg was generally well tolerated during the 12-week study

Treatment-emergent adverse events (TEAEs):

• TEAE incidence rates were comparable between denifanstat and placebo

• Only two categories of TEAEs had an incidence rate of 5% or more:

• Dry eye (investigator reported as “dry eye” or “xerophthalmia”) in 10.9% of denifanstat-treated subjects vs 9.2% in the

placebo group*

• Dry skin reported in 6.3% of denifanstat-treated subjects vs 2.9% in the placebo group

Adverse events (AEs):

• All denifanstat-related AEs were mild or moderate

• No denifanstat-related grade 3 or 4 AEs

• No denifanstat-related serious AEs (SAEs)

• No deaths were reported

* Ascletis data on file. The classifications of “dry eye” or “xerophthalmia” were not related to the AE grade.

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 16

Ascletis Acne Open Label Phase 3 Trial*

Denifanstat generally well-tolerated in the open label clinical trial

* Ascletis data on file. Safety and efficacy endpoints of 50 mg denifanstat oral, once daily for 52 weeks versus placebo for 12 weeks and 50mg denifanstat oral once daily for 40 weeks

Treatment-emergent adverse events (TEAEs):

• Only two categories of TEAEs had an incidence rate of 5% or more with dry eye syndrome in 5.5% of denifanstat-treated

subjects and dry skin reported in 5.2% of denifanstat-treated subjects

Adverse events (AEs):

• All denifanstat-related AEs were mild or moderate; no denifanstat-related Grade 3 or 4 AEs; no AE-related permanent

discontinuations; Grade 1 hair thinning in the study was experienced by only 1 denifanstat-treated patient (which resolved

within eight weeks while remaining in study without a change in dose); no deaths were reported

Serious adverse events (SAEs):

• No denifanstat-related SAEs; 2 non-denifanstat-related SAEs (1 breast lump, 1 contusion), both resolved

Efficacy Endpoints (secondary endpoints of the trial) :

• Efficacy endpoints (secondary endpoints of the trial) included the number of subjects with an IGA score decrease by at least 2

points, number of subjects dropping from an IGA score of 3 down to 0 or 1, the percentage reduction in total skin lesion count

and the percentage reduction in inflammatory skin lesion count.

• Subjects treated with denifanstat showed improvements in all efficacy endpoints beyond those observed at 12 weeks

Sagimet’s Upcoming

Development Programs

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 18

Phase 3 Clinical Trial Design for Denifanstat in Acne

• Moderate to severe acne

• Multi-center placebo controlled

• 2:1 randomization

• Double-blind

• Once daily oral dosing

• 800 patients in US

Co-primary endpoints at week 12

• % patients who achieve IGA success (defined as at least a 2-point reduction in IGA from baseline, and an IGA of 0 or 1)

• Absolute change in total skin lesion counts from baseline

• Absolute change in inflammatory skin lesion counts from baseline

Screening

Placebo

N=267

Denifanstat(50mg)

N= 533

Day 1 Week 12

Primary

Efficacy

Denifanstat (50mg)

N~300

Long-Term

Safety

12 week

Double blind clinical trial

40 week

Open label extension

Week 12 Week 52

Planned Phase 3 acne clinical trial

design, pending FDA agreement

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 19

A double-blind, randomized, placebo-controlled clinical trial to assess the safety, tolerability, pharmacokinetics and

pharmacodynamics of single and multiple ascending doses of TVB-3567 in healthy participants with or without acne

• Includes sebum analysis as pharmacodynamic readout

1. SAD = Single ascending dose

2. MAD = Multiple ascending dose.

3. Lipidomic analysis with focus on FASN-derived lipids

ClinicalTrials.gov. NCT06989840. Study SB3567-CLIN-001. https://clinicaltrials.gov/study/NCT06989840

Initiated in June 2025

FASN Inhibitor TVB-3567 FIH Ongoing Phase 1 Clinical Trial

Sebumeter Sebutape

Quantity of Sebum Quality3 of Sebum

PART DESIGN PLANNED # of

PARTICIPANTS

A SAD1 ~56

B Food effect ~12

C MAD2 ~32

D MAD/ACNE ~28

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 20

Potential Clinical Development Program for TVB-3567 in Acne

Step 1 - Phase 1 first-in-human pharmacokinetic (PK) clinical trial of TVB-3567 in healthy volunteers

• PK and pharmacodynamics (PD) evaluation to confirm profile

• Assess safety/tolerability

• Identify potential doses for an acne Phase 2 clinical trial

Step 2 - Phase 2 clinical trial in moderate to severe acne patients

• Upon completion of Phase 1 clinical trial, plan to consult with regulatory authorities regarding Phase 2 clinical trial design,

with goal of initiating Phase 2 clinical trial in 2H 2026

• Phase 2 trial design anticipated to be informed by the results of the Phase 1 clinical trial, expect a 12-week dose ranging

study in moderate to severe acne patients with lesion reduction and treatment success (IGA) as endpoints

Phase 1 clinical trial initiated in June 2025

Goal: Initiate Phase 2 clinical trial in 2026, subject to consultation with regulatory authorities and

outcome of Phase 1 clinical trial

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 21

Denifanstat for Treatment of MASH

Clinical and pre-clinical data demonstrate denifanstat’s potential to treat MASH (metabolic dysfunction-associated steatohepatitis)

• MASH F2-F3:

• Denifanstat met both primary endpoints in Phase 2b clinical trial, with significant reduction in fibrosis and was

generally well-tolerated

• MASH F4:

Combination of denifanstat and resmetirom:

• Pre-clinical data demonstrated synergistic effect of combination of FASN inhibitor and resmetirom

• Phase 1 pharmacokinetics (PK) clinical trial of a combination of denifanstat and resmetirom completed in Dec 2025

• Global license agreement with TAPI enables access to innovative forms of resmetirom API for combination with

denifanstat in a fixed dose combination (FDC) tablet

Next steps

• Plan to complete all development and regulatory activities needed for denifanstat-resmetirom combination Phase 2

readiness by end of 2026

• Further MASH development to be undertaken only upon securing non-dilutive funding

Confidential and proprietary information of Sagimet Biosciences Inc. April 2026 22

FASN Inhibition – Significant Opportunity for a Novel Treatment for Acne

FASN Inhibition in Acne

Potential of TVB-3567 in

Acne

• Acne market is significant (~50m people in the US) and aligned to those patients most likely to be

prescribed an oral FASN inhibitor

• Oral FASN inhibitors offer a novel mechanism of action for the potential treatment of moderate to

severe acne

• Topical formulation of a FASN inhibitor in early-stage development for the potential treatment of acne

• First-in-human Phase 1 clinical trial of TVB-3567 initiated in June 2025 for development in acne

• Upon completion of TVB-3567 Phase 1, plan to initiate TVB-3567 Phase 2 in 2026, contingent on

consultation with regulatory authorities

• TVB-3567 IP:

• Composition of matter patent expected to expire in 2035; potential PTE to 2038

• Method of use application for TVB-3567 for acne filed 2025; if granted expected to expire in 2046

Potential of Denifanstat in

Acne

• Denifanstat met all primary and secondary endpoints in Phase 3 clinical trial in patients with moderate to

severe acne vulgaris in China, and NDA accepted by NMPA in December 2025

• Denifanstat generally well-tolerated in both Phase 3 clinical trial and in open-label Phase 3 clinical trial

• Sagimet plans to advance denifanstat into a Phase 3 clinical trial in moderate to severe acne patients for

the US in 2H 2026, contingent on consultation with regulatory authorities

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2612738d2_ex99-2.htm · Sequence: 3

Exhibit 99.2

Sagimet Biosciences

Provides Strategic and Corporate Updates

Phase

3 clinical trial of denifanstat in moderate to severe acne patients for the U.S.

planned

to initiate in second half of 2026

First-in-human

Phase 1 clinical trial of FASN inhibitor TVB-3567 ongoing

Further MASH

development to be undertaken only upon securing non-dilutive funding

Sagimet to host

a KOL event and webcast, April 30 at 2 pm ET

San

Mateo, Calif., April 27, 2026 – Sagimet Biosciences Inc. (Nasdaq: SGMT), a clinical-stage

biopharmaceutical company developing novel therapeutics targeting dysfunctional metabolic and fibrotic pathways, today provided strategic

and corporate updates.

“Building on the recent successful

Phase 3 clinical trial in China of our lead molecule denifanstat in moderate to severe acne, we have taken the strategic decision to

advance denifanstat in acne for the U.S., starting with a Phase 3 clinical trial expected to begin in the second half of 2026,”

said David Happel, Chief Executive Officer of Sagimet. “We believe the large moderate to severe acne patient population is

underserved by the currently approved treatments. Denifanstat, if approved, would be a convenient, once-daily oral medication and the

first innovative oral treatment for acne in more than forty years.”

Fatty acid synthase (FASN) inhibition,

with its ability to reduce sebum production and address local inflammation, represents a potential novel approach to treat moderate to

severe acne vulgaris, a condition impacting an estimated 10 million people in the U.S. annually. The Company recently announced

positive topline results in the open-label Phase 3 clinical trial conducted and reported by its license partner that evaluated the long-term

safety of denifanstat tablets in patients with moderate to severe acne in China.

“We are prioritizing our dermatology

franchise in our capital allocation,” said Thierry Chauche, Chief Financial Officer, “and we plan to pursue non-dilutive

funding options for our MASH program.”

Recent Corporate Highlights

· Sagimet

plans to initiate a Phase 3 clinical trial of denifanstat in moderate to severe acne patients

for the U.S. in the second half of 2026, subject to Investigational New Drug (IND) clearance.

· In

January 2026, positive topline results were reported in the open-label Phase 3 trial

(n=240) evaluating the long-term safety of 50 mg once-daily denifanstat in patients with

moderate to severe acne in China by Sagimet’s license partner Ascletis Bioscience Co.

Ltd. (Ascletis). Denifanstat was generally well-tolerated, and subjects treated with denifanstat

showed improvements in all efficacy endpoints measured at 52 weeks (secondary endpoints of

the trial).

· First-in-human

Phase 1 clinical trial of FASN inhibitor TVB-3567 is ongoing.

· The

Company also plans to develop a topical formulation of a FASN inhibitor for the potential

treatment of acne.

· In

relation to its development program for the combination of denifanstat and resmetirom in

metabolic dysfunction associated steatohepatitis (MASH), the Company reported the completion

of its Phase 1 PK clinical trial in December 2025. The Company anticipates that the

denifanstat and resmetirom combination program will be ready to advance into Phase 2 in the

second half of 2026. The Company will undertake no further clinical development in MASH until

non-dilutive financing is achieved.

· In

April 2026, Sagimet announced the appointment of Andreas Grauer, MD, as Chief Medical

Officer, and the retirement of its former Chief Medical Officer, Eduardo Bruno Martins, MD,

DPhil. Dr. Grauer brings more than two decades of global biopharmaceutical leadership

experience, with deep expertise spanning clinical development, medical affairs, and regulatory

strategy across multiple therapeutic areas.

Publications and Presentations

· In April 2026,

Sagimet presented analyses from the Phase 2b FASCINATE-2 trial of denifanstat in MASH of

bile acid biomarkers to measure denifanstat response at the Fueling MASH: Metabolic Drivers

and Inflammatory Crosstalk Keystone Symposium.

Anticipated Upcoming Milestones

· The

Company plans to file an IND application for denifanstat for the treatment of moderate to

severe acne in mid-2026.

· Following

IND clearance, Sagimet anticipates advancing denifanstat into a registrational Phase 3 clinical

trial in moderate to severe acne patients in the second half of 2026.

· Upon

completion of the Phase 1 clinical trial of TVB-3567, subject to consultation with regulatory

authorities, Sagimet plans to initiate a Phase 2 clinical trial with TVB-3567 in moderate

to severe acne patients in the second half of 2026.

Conference Call Information

Sagimet Biosciences will host a virtual

KOL event with Dr. Julie Harper to discuss its planned development of denifanstat for acne on April 30. 2026 at 2pm ET.

Live

webcast available : https://lifescievents.com/event/ha9t02g/

About Sagimet Biosciences

Sagimet

is a clinical-stage biopharmaceutical company developing novel FASN inhibitors designed to target dysfunctional metabolic and fibrotic

pathways in conditions resulting from the overproduction of the fatty acid, palmitate. FASN is a regulator of lipid synthesis, and a

key pathway implicated in multiple diseases, such as acne, MASH and certain FASN-dependent tumor types. For additional information

about Sagimet, please visit www.sagimet.com.

About Acne

Acne is one of the most common skin

conditions in the U.S., with approximately 50 million Americans affected annually and more than 5 million seeking medical treatment for

acne each year. Acne affects around 85% of persons between the ages of 12 and 24. Moderate to severe acne accounts for 20% of acne sufferers,

or approximately 10 million people in the U.S. annually. There is no cure for acne; and due to its pathology, most patients require chronic

management and multiple annual courses of treatment for flare control.

Forward-Looking Statements

This press release contains forward-looking

statements within the meaning of, and made pursuant to the safe harbor provisions of, The Private Securities Litigation Reform Act of

1995. All statements contained in this press release, other than statements of historical facts or statements that relate to present

facts or current conditions, including but not limited to, statements regarding the expected timing of the presentation of data from

ongoing clinical trials, Sagimet’s clinical development plans and related timelines and anticipated development milestones, are

forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause

Sagimet’s actual results, performance or achievements to be materially different from any future results, performance or achievements

expressed or implied by the forward-looking statements. In some cases, these statements can be identified by terms such as “may,”

“might,” “will,” “should,” “expect,” “plan,” “aim,” “seek,”

“anticipate,” “could,” “intend,” “target,” “project,” “contemplate,”

“believe,” “estimate,” “predict,” “forecast,” “potential” or “continue”

or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions.

Sagimet has based these forward-looking statements largely on its current expectations and projections about future events and financial

trends that Sagimet believes may affect its business, financial condition and results of operations. These forward-looking statements

speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, some of which cannot

be predicted or quantified and some of which are beyond Sagimet’s control, including, among others: the clinical development and

therapeutic potential of denifanstat, TVB-3567 or any other drug candidates or combination therapies developed by Sagimet; Sagimet’s

ability to advance drug candidates into and successfully complete clinical trials within anticipated timelines; Sagimet’s relationship

with Ascletis, and the success of its development efforts for denifanstat; the accuracy of Sagimet’s estimates regarding its

capital requirements and Sagimet’s ability to maintain and successfully enforce adequate intellectual property protection. These

and other risks and uncertainties are described more fully in the “Risk Factors” section of Sagimet’s most recent filings

with the Securities and Exchange Commission and available at www.sec.gov. You should not rely on these forward-looking statements

as predictions of future events. The events and circumstances reflected in these forward-looking statements may not be achieved or occur,

and actual results could differ materially from those projected in the forward-looking statements. Moreover, Sagimet operates in a dynamic

industry and economy. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict

all risk factors and uncertainties that Sagimet may face. Except as required by applicable law, Sagimet does not plan to publicly update

or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances

or otherwise.

Investor Contact:

Joyce Allaire

LifeSci Advisors

JAllaire@LifeSciAdvisors.com

Media Contact:

Maggie Whitney

LifeSci Communications

mwhitney@lifescicomms.com

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