Going...going...gone. A small biotech throws in its IPO cards after market meltdown

If you were looking for another sign of the woeful conditions on Wall Street for biotechs, you can tee up the latest from Sagimet Biosciences.

The small but eminently well-connected biotech initially filed for a $75 million IPO back in the spring of 2021, at a time when initial offerings were still booming. Sagimet execs had just arranged an $80 million crossover loan and had been touting mid-stage NASH data involving liver fat reduction. But NASH had already come under a cloud at that stage and the market soon withered on Wall Street, with a rout beginning at the start of 2022.