Sagimet Biosciences Attempts Another Public Offering

Biotech company Sagimet Biosciences has filed to take itself public once again, following a previous failed attempt. The Securities and Exchange Commission has confirmed that Sagimet filed to have its Series A stock traded under the ticker “SGMT” on the Nasdaq. This time, the company has the backing of underwriters such as Goldman Sachs, TD Cowen, Piper Sandler, and JMP Securities.

Sagimet had withdrawn its initial public offering filing from April 2021 on March 21, 2022, stating that it did “not intend to proceed with the initial public offering… at this time.” However, the company has now changed its mind and is ready to give it another try.

David Happel is listed as CEO in the new IPO filing, having taken over from George Kemble in October 2021. Kemble now serves as the chairman of the company. Sagimet has yet to post any revenue, but its lead drug candidate is denifanstat, a once-a-day pill aiming to treat nonalcoholic steatohepatitis (NASH). NASH is an aggressive form of nonalcoholic fatty liver disease.

Since its founding in 2012, Sagimet Biosciences has received $293.7 million in venture funding over 12 rounds, according to Crunchbase. As the company gears up for another attempt at going public, it remains to be seen if it will succeed this time around.

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