Sagimet Biosciences Inc.

Our business is subject to substantial risks and uncertainties. You should carefully consider the information contained in this Quarterly Report on Form 10-Q, the risks and uncertainties described below, and the risk factors and other information contained in our other public filings in evaluating our business, including our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 12, 2025.

Our business may be materially adversely affected by the imposition of tariffs and other trade barriers and retaliatory countermeasures implemented by the United States and other governments.

There is currently significant uncertainty about the future relationship between the United States and certain other countries, including China, including potential changes with respect to trade policies, treaties, tariffs, taxes, and other limitations on cross-border operations. In April 2025, the United States imposed broad tariffs on imports from virtually all countries, with particularly high tariffs on imports from China. Since this announcement and as of the date of this Quarterly Report, most tariffs for countries other than China have been suspended temporarily. We have previously utilized CMOs outside the United States, including in the UK, EU and China, for the supply of raw materials, API and finished product, and may do so in the future. The recently announced tariffs may lead to higher manufacturing costs, which would have an adverse effect on our business, financial condition and operating results, the extent of which cannot be predicted with certainty at this time.