Why did Sagimet Biosciences' operating expenses surge in Q4 2024?

Sagimet Biosciences' operating expenses surged in Q4 2024 due to several key factors:

1. **Increased Research and Development Expenses**: The company's net loss for Q4 2024 was $45.567 million, with a significant increase from the previous year's $27.876 million. This increase was primarily attributed to higher research and development expenses. The company's total operating expenses for the year were $54.454 million, marking a 66% increase from the $32.740 million reported in 2023. This rise was driven by the ongoing development of denifanstat, a selective FASN inhibitor, and the initiation of a Phase 3 program for denifanstat in MASH.
2. **General and Administrative Expenses**: The total operating expenses included general and administrative costs, which increased alongside research and development expenses. This was likely due to the scaling up of operations, including personnel, infrastructure, and overhead costs associated with advancing the company's drug candidates through clinical trials.

In summary, the surge in operating expenses was primarily due to the significant investment in research and development, especially for denifanstat, and the associated increase in general and administrative costs as the company prepares for and executes clinical trials.