Structure Therapeutics (GPCR) Q4 2025 earnings summary

Executive summary

• Positive Phase 2b results for aleniglipron showed significant weight loss, up to 15.3% at 36 weeks, with no plateau observed at higher doses.

• Phase 3 initiation for aleniglipron is planned for the second half of 2026, with a 44-week data readout expected in Q1 2026.

• Advanced ACCG-2671, an oral amylin receptor agonist, into Phase 1; ACCG-3535 Phase 1 to begin in 2H 2026.

• Cash position of $1.4 billion as of December 31, 2025, expected to fund operations through 2028.

Financial highlights

• R&D expenses rose to $68.7M in Q4 2025 (from $33.5M in Q4 2024) and $225.3M for FY 2025 (from $108.8M in FY 2024), driven by clinical trial and personnel costs.

• G&A expenses increased to $17.6M in Q4 2025 (from $13.6M in Q4 2024) and $61.6M for FY 2025 (from $49.4M in FY 2024), reflecting infrastructure expansion.

• Other license income was $100M for Q4 and FY 2025, from licensing patents for a different class of oral GLP-1 agonists.

• Gains on sale of non-financial assets totaled $10.2M for Q4 and FY 2025.

• Net income for Q4 2025 was $33.0M, compared to a net loss of $36.5M in Q4 2024; FY 2025 net loss was $141.2M, compared to $122.5M in FY 2024.

Outlook and guidance

• Topline 44-week data from ACCESS II with higher doses expected in Q1 2026.

• Phase 3 aleniglipron program to start in 2H 2026, pending FDA alignment.

• Initial data from ACCG-2671 Phase 1 and ACCG-3535 Phase 1 initiation expected in 2H 2026.

• Cash runway projected through end of 2028, excluding pre-commercialization costs.