Structure Therapeutics (GPCR) investor relations material

Strategic focus and pipeline overview

• Emphasis on developing accessible, transformative oral medicines, particularly in the GLP-1 space, with Elenaprevir as the lead oral GLP-1 small molecule program and a first-in-class oral amylin entering the clinic by year-end.

• Multiple oral amylin programs (DAKRAs and SERAs) are in development, with a focus on combinability with other agents like GIP, PCSK9, and SGLT2 for enhanced efficacy and lifecycle management.

• Three new studies have started: a switch study for patients transitioning from injectables, a 40-week body composition study, and a type 2 diabetes study at higher doses to support a broad label.

Market outlook and clinical strategy

• Oral small molecules are expected to drive market expansion, with primary care physicians preferring oral options for flexibility and ease of use.

• Discontinuation rates for injectables are high (50% after one year), creating opportunities for oral therapies; 70% of the market is expected to be driven by primary care.

• The company anticipates significant tailwinds in 2025, including regulatory support, WHO inclusion of GLP-1s, and new FDA guidance for obesity drugs.

Clinical trial updates and data readouts

• Phase IIa data for Elenaprevir showed 6.2–6.9% weight loss over 12 weeks with low discontinuation and no safety issues, informing the design of two 36-week phase IIb studies (ACCESS and ACCESS II).

• ACCESS focuses on 120mg dosing, while ACCESS II explores higher doses (180mg, 240mg) with an added extension to assess efficacy and tolerability at these levels.

• Both studies will read out simultaneously at year-end, with top-line efficacy, tolerability, and safety data to be released.

• Titration in phase IIb is every four weeks to improve tolerability, aligning with best practices from peptide studies.