Structure Therapeutics (GPCR) Morgan Stanley 23rd Annual Global Healthcare Conference summary

Strategic focus and pipeline overview

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

• Multiple oral amylin programs (DACRAs and SARAs) are prioritized, with a focus on combinability with other therapies for enhanced efficacy and lifecycle management.

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

• The company is preparing for phase III trials, leveraging recent FDA guidance that clarifies requirements and removes the need for cardiovascular outcome studies.

• Strategic partnerships are being considered to expand indications and ensure broad accessibility, with ongoing dialogues with potential commercial partners.

Market outlook and clinical development

• Oral small molecules are expected to drive market growth, with primary care physicians preferring oral pills for flexibility and patient adherence.

• The obesity market is projected to shift toward orals, with 70% of prescriptions anticipated from primary care and high discontinuation rates for injectables.

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

• ACCESS II explores higher doses (180 mg and 240 mg) with an open-label extension to assess tolerability and efficacy directionality for phase III planning.

• Both ACCESS studies will report top-line efficacy, tolerability, and safety data at year-end, with primary estimates included in the press release.

Benchmarking, scalability, and future directions

• Efficacy benchmarks are set against orforglipron's 36 mg at 36 weeks data, with cross-trial comparisons focusing on similar titration schemes and patient demographics.

• Small molecule scalability enables production for up to 100 million patients at 120 mg dose, addressing global obesity needs and overcoming peptide manufacturing constraints.

• Oral small molecules offer combinability advantages, supporting future lifecycle management and broader therapeutic options.

• The oral amylin program (GSBR-2671) targets once-daily dosing, with plans for both monotherapy and combination studies, and multiple amylin scaffolds advancing to the clinic.

• The company is committed to accessibility and global impact, aiming to provide scalable, flexible, and tolerable solutions for the obesity pandemic.