Metsera Inc (MTSR) investor relations material

Pipeline overview and innovation focus

• Developing next-generation obesity therapies centered on therapeutic peptides targeting nutrient-stimulated hormone pathways, including GLP-1 and amylin, with a focus on potency, durability, and scalability.

• Portfolio includes clinical-stage assets MET-097i (ultra-long-acting GLP-1 receptor agonist) and MET-233i (amylin analog), plus a robust preclinical pipeline.

• MET-097i and MET-233i engineered for monthly dosing, with matched half-lives (18 and 19 days) and co-formulation potential.

• Oral peptide strategy leverages high potency and intestinal stability to enable scalable, low-dose oral delivery without food or water restrictions.

• Maintenance and prodrug strategies, such as MET-815, aim for quarterly dosing and long-term weight management.

Clinical data and trial updates

• MET-097i phase 2 readouts (VESPER-1 and VESPER-3) expected in September, with VESPER-3 enrolling rapidly and enabling integrated data release.

• 12-week studies show MET-097i achieves 10–11% placebo-adjusted weight loss, matching dual agonists, with exceptional tolerability using titration.

• Amylin analog MET-233i demonstrated up to 8.4% placebo-adjusted weight loss at five weeks, with placebo-like tolerability at starting doses.

• Combination studies of MET-097i and MET-233i are ongoing, with both mono and combo data expected later this year.

• Oral peptide clinical data anticipated by year-end, aiming for injectable-like efficacy in a scalable oral format.

Differentiation and competitive positioning

• MET-097i is a fully biased GLP-1 agonist, providing prolonged receptor activity and smooth drug exposure, resulting in superior tolerability and efficacy.

• Monthly dosing and simplified titration (two steps) offer a more consumer-friendly profile compared to competitors.

• Amylin analog and combo programs target high efficacy (potentially up to 25–30% weight loss) with improved tolerability, addressing patients intolerant to GLP-1s.

• Oral peptide platform differentiates through high potency and intestinal stability, overcoming scalability and absorption challenges faced by other oral peptides.

• Maintenance strategies focus on reducing injection frequency and sustaining long-term weight loss, with prodrugs and multi-hormone approaches in development.