Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 2026
Sagimet Biosciences Inc. (SGMT)
A forensic read on Sagimet Biosciences Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
8.2
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-37.6%
ROE
$436M
Market cap
Sagimet Biosciences Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 8.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-59%Return on invested capital.Return on invested capital is -59% and rising from -89% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+5806.7%/yrShare-count dilution.Diluted share count changed +17420% over the last 3 years to FY2025 (+5806.7%/yr). The count is GROWING — existing holders are being diluted. That's ~5806.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~17420%.
250% of revStock-based comp load.Stock-based compensation ran 250% of revenue in FY2023 — about $0.48 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-1393.8%
Latest Revenue$2.0M
Return on Equity-45.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Sagimet Biosciences Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SGMT's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown