Bitcoin price today: dips below $112k, near 6-wk low despite Fed cut bets
Sagimet Biosciences Inc. (NASDAQ:SGMT), a clinical-stage biopharmaceutical company with a market capitalization of $249 million and an impressive year-to-date stock performance of +63%, announced Monday that its board of directors approved the appointment of KPMG LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2025, and related interim periods. According to InvestingPro data, the company maintains a FAIR financial health score despite being in its development phase. At the same time, the board approved the dismissal of Deloitte & Touche LLP, effective immediately.
According to the company’s statement in a press release based on a SEC filing, Deloitte’s audit reports on Sagimet’s financial statements for the years ended December 31, 2024 and December 31, 2023, did not contain any adverse opinions or disclaimers of opinion and were not qualified or modified regarding uncertainty, audit scope, or accounting principles.
The company stated that during the two most recent fiscal years and the interim period through Monday, there were no disagreements with Deloitte on accounting principles, financial statement disclosures, or auditing scope or procedures. There were also no reportable events as defined under SEC regulations.
Sagimet further noted that KPMG has not previously served as the company’s principal accountant or provided consultations regarding the application of accounting principles or auditing matters during the relevant periods.
Deloitte was provided with a copy of these disclosures prior to the filing and was requested to furnish a letter to the Securities and Exchange Commission stating whether it agreed with the statements made by the company.
Sagimet Biosciences is incorporated in Delaware and is listed on the Nasdaq Global Market under the symbol SGMT. While currently unprofitable with an EPS of -$1.84, the company has demonstrated strong market performance with a 152% return over the past year. The information in this article is based on a press release statement, details from a SEC filing, and financial metrics from InvestingPro, where subscribers can access comprehensive research reports covering 1,400+ US stocks, including detailed analysis of Sagimet’s business model and growth prospects.
In other recent news, Sagimet Biosciences has entered into a $75 million at-the-market sales agreement with Leerink Partners. This arrangement allows Sagimet to sell its Series A common stock, with Leerink Partners acting as the sales agent. Additionally, Wedbush has initiated coverage of Sagimet Biosciences with an Outperform rating and a price target of $28.00, citing the company’s development of FASN inhibitors for conditions like MASH and acne. JMP Securities also reiterated its Market Outperform rating with a $31.00 price target, following positive Phase 3 acne trial data from Sagimet’s Chinese partner, Ascletis. The trial demonstrated significant improvement without serious adverse events, aligning with FDA requirements. Leerink Partners has maintained its Outperform rating with a $26.00 price target, supported by the favorable trial outcomes for denifanstat. Furthermore, Sagimet Biosciences has updated executive compensation agreements to enhance severance benefits in alignment with market practices. These adjustments affect key executives, including the CEO and CFO, particularly in scenarios involving a change in control.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.