Sagimet Biosciences Inc. (SGMT) Cash Flow Statement
Where SGMT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$45.6M
- Capital expenditures
- $0
- Free cash flow
- −$45.6M
- Returned to shareholders
- —
- Change in cash
- −$40.8M cash at year-end $35.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SGMT operating cash flow, capex and free cash flow
SGMT cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$10.6M2019 | −$45.6M2025 | — | |
| Capital expenditures | $02019 | $02025 | — | |
| Free cash flow | −$10.6M2019 | −$45.6M2025 | — | |
| Stock-based compensation | $3.0M2019 | $6.4M2025 | +13.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SGMT cash flow by activity
SGMT net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SGMT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$51.0M | −$45.6M | −$27.9M | −$30.5M | −$24.4M | −$11.4M | −$14.3M |
| Depreciation & amortization | — | — | — | $130,000 | $134,000 | $124,000 | $1,000 |
| Stock-based compensation | $6.4M | $5.3M | $5.0M | $1.9M | $1.9M | $775,000 | $3.0M |
| Change in working capital | −$1.1M | −$1.0M | −$978,000 | $4.2M | −$55,000 | $75,000 | $645,000 |
| Other non-cash items | −$8,000 | −$1.1M | $98,000 | −$215,000 | $749,000 | −$20,000 | $75,000 |
| Cash from operating activities | −$45.6M | −$42.4M | −$23.8M | −$24.5M | −$21.7M | −$10.4M | −$10.6M |
| Investing activities | |||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | $4.6M | −$61.7M | $37.6M | −$32.0M | $0 | $20,000 | −$27,000 |
| Acquisitions & other investing | $0 | $0 | −$25.1M | $0 | — | $0 | $0 |
| Cash from investing activities | $4.6M | −$61.7M | $12.6M | −$32.0M | — | $20,000 | −$27,000 |
| Financing activities | |||||||
| Net borrowing (repayment) | — | — | — | — | — | — | −$3.4M |
| Shares issued | $0 | $105.8M | $86.2M | $0 | $10.8M | $68.9M | $21.8M |
| Other financing | $275,000 | −$931,000 | $6,000 | −$73,000 | −$1.1M | $0 | $0 |
| Cash from financing activities | $275,000 | $104.8M | $86.2M | −$73,000 | $9.7M | $68.9M | $18.5M |
| Summary | |||||||
| Net change in cash | −$40.8M | $701,000 | $75.0M | −$56.6M | −$12.0M | $58.5M | $7.9M |
| Cash at end of period | $35.0M | $75.8M | $75.1M | $158,000 | $56.7M | $68.7M | $10.2M |
| Free cash flow | −$45.6M | −$42.4M | −$23.8M | −$24.5M | −$21.7M | −$10.4M | −$10.6M |
| Free cash flow margin | — | — | −1,188.3% | — | — | — | — |
| Capex / revenue | — | — | 0.0% | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$14.0M | −$10.7M | −$9.6M | −$12.9M | −$10.4M | −$18.2M | −$16.2M | −$14.6M | −$8.1M | −$6.6M | −$8.2M | −$6.4M |
| Depreciation & amortization | — | — | — | — | — | — | — | — | — | — | — | $35,000 |
| Stock-based compensation | $3.7M | $1.8M | $1.7M | $1.7M | $1.6M | $1.5M | $1.5M | $1.5M | $1.4M | $759,000 | $1.3M | $1.9M |
| Change in working capital | $100,000 | $301,000 | −$4.3M | $701,000 | −$125,000 | −$726,000 | $3.7M | −$205,000 | $1.5M | −$181,000 | −$280,000 | $587,000 |
| Other non-cash items | −$536,000 | −$101,000 | $337,000 | $339,000 | −$188,000 | $2.9M | −$19,000 | −$6.3M | −$442,000 | −$157,000 | $37,000 | −$3,000 |
| Cash from operating activities | −$10.7M | −$8.6M | −$11.8M | −$10.2M | −$9.1M | −$14.5M | −$11.0M | −$19.6M | −$5.6M | −$6.2M | −$7.1M | −$3.9M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$24.0M | $10.2M | $14.4M | $75,000 | −$13.3M | $3.4M | $9.8M | $624,000 | −$75.2M | $3.0M | −$19.6M | $0 |
| Acquisitions & other investing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Cash from investing activities | −$24.0M | $10.2M | $14.4M | $75,000 | −$13.3M | $3.4M | $9.8M | $624,000 | −$75.2M | $3.0M | −$19.6M | — |
| Financing activities | ||||||||||||
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $105.8M | $3.5M | $86.2M |
| Other financing | $339.4M | — | $0 | $274,000 | $1,000 | $0 | $0 | $0 | −$27,000 | −$904,000 | $0 | $1.1M |
| Cash from financing activities | $339.4M | — | $0 | $274,000 | $1,000 | $0 | $0 | $0 | −$27,000 | $104.8M | $3.5M | $87.2M |
| Summary | ||||||||||||
| Net change in cash | $304.7M | $1.6M | $2.5M | −$9.8M | −$22.4M | −$11.1M | −$1.2M | −$18.9M | −$80.8M | $101.6M | −$26.7M | $83.3M |
| Cash at end of period | $341.3M | $36.6M | $35.0M | $32.5M | $42.3M | $64.7M | $75.8M | $77.0M | $96.0M | $176.8M | $75.1M | $101.8M |
| Free cash flow | −$10.7M | −$8.6M | −$11.8M | −$10.2M | −$9.1M | −$14.5M | −$11.0M | −$19.6M | −$5.6M | −$6.2M | −$7.1M | −$3.9M |
| Free cash flow margin | — | — | — | — | — | — | — | — | — | — | — | −193.9% |
| Capex / revenue | — | — | — | — | — | — | — | — | — | — | — | 0.0% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SGMT cash generation
In fiscal 2025 (ended December 31, 2025), Sagimet Biosciences generated -$45.6 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$45.6 million. Cash and equivalents fell by $40.8 million over the year.
Related: SGMT income statement, SGMT balance sheet. See the SGMT stock overview for the latest quote and news.
SGMT cash flow FAQ
What is Sagimet Biosciences's free cash flow?
Sagimet Biosciences's free cash flow was -$45.6 million in fiscal 2025: -$45.6 million of operating cash flow minus $0 of capital expenditures It was -$42.4 million a year earlier..
How much cash does Sagimet Biosciences generate from operations?
Sagimet Biosciences generated -$45.6 million of cash from operating activities in fiscal 2025.