Structure Therapeutics (GPCR) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Company strategy and pipeline

• Focus on accessibility and healthcare inequality, leveraging structure-based drug discovery to convert validated biologic targets into oral small molecules for metabolic diseases.

• Portfolio includes oral small molecules for GLP-1, amylin, GIP, GCG, and apelin, with GSBR-1290 as the lead asset for diabetes and metabolism.

• GSBR-1290 demonstrated strong efficacy and safety in phase IIa, with a phase IIb trial set to begin in Q4.

• Multi-generational approach with second and third generation molecules to stay competitive in the incretin space.

Manufacturing and scalability

• Oral small molecules are positioned as the future for obesity and metabolism due to scalability and manufacturability advantages over peptides.

• Manufacturing capacity exceeds 6,000 metric tons, supporting supply for over 120 million patients.

• Molecule design avoids chiral separation, simplifying production and improving yields.

Clinical data and trial design

• Phase IIa data for GSBR-1290 showed 6.2%-6.9% weight loss at 12 weeks, with 34% of participants achieving 10% weight loss.

• Tolerability comparable to competitors, with plans for four-week titration in phase IIb to improve patient experience.

• No significant liver toxicity observed; minor elevations were attributed to non-drug-related factors.

• Tablet formulation confirmed with desired pharmacokinetics; all future obesity studies will use tablets.