Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 11, 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

Grey Zone

Financial health

5.9

Distress distance

Forensic signals

-38.2%

ROE

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Sagimet Biosciences Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 5.9, placing it in the Grey zone. 1 forensic signal was flagged in its latest SEC filings, led by stock-based comp load.

What the filings flag

250% of rev

FY2023

Stock-based comp load. Stock-based compensation ran 250% of revenue in FY2023 — about $0.48 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 3.2% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$2.0M

Net Margin-1393.8%

Return on Equity-38.2%

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Data from SEC EDGAR public filings · metrics as of Nov 11, 2026. Forensic signals flag probability, not certainty.

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