Structure Therapeutics (GPCR) Morgan Stanley 24th Annual Global Healthcare Conference summary

Pipeline and clinical data highlights

• Aleniglipron demonstrated up to 16% weight loss at top dose after 7–8 weeks, outperforming competitors in early data.

• 72-week open-label extension showed low discontinuation (2.6%) and strong safety, with no liver toxicity in over 800 participants.

• Upcoming Q4 readouts include body composition, type 2 diabetes at higher doses, and a switch study for transitioning from injectables to oral GLP-1.

• Phase III program (ACCOMPLISH-1 and -2) underway with ~5,000 participants, focusing on chronic weight management and overweight individuals with type 2 diabetes.

• Phase III trials use a start-low, go-slow titration strategy to optimize tolerability and efficacy.

Market trends and scalability

• Oral GLP-1s have rapidly captured 17% of the obesity market, with projections for 50% market share by 2030.

• Global demand is strong, with ex-U.S. markets as large as the U.S.; manufacturing was designed for scalability and low cost.

• Emphasis on accessibility and streamlined manufacturing to address global unmet needs.

Competitive positioning and future studies

• Aleniglipron is positioned as potentially best-in-class for efficacy and dose range.

• Switch study aims to address long-term maintenance and seamless transition from injectables to oral therapy.

• Additional studies will inform optimal dosing and maintenance strategies, with creative trial designs such as open-label extensions and heat maps.