Full Press Release Details
Structure Therapeutics Reports First Quarter
2024 Financial Results and Recent Highlights
Topline GSBR-1290 Phase 2a 12-week obesity data
on track for June 2024
Phase 2b study in obesity expected to begin
as planned in the fourth quarter 2024
Plan to initiate dosing in
first-in-human Phase 1 clinical trial of oral small molecule LPA1R Antagonist, LTSE-2578, for idiopathic pulmonary fibrosis in
- May 9, 2024 - Structure Therapeutics Inc. (NASDAQ: GPCR), a clinical-stage global biopharmaceutical company
developing novel oral small molecule therapeutics for metabolic and cardiopulmonary diseases, today reported financial results for the
first quarter ended March 31, 2024, and highlighted recent corporate achievements.
"We look forward to our 12 week Phase 2a data for GSBR-1290 in
June, and moving forward with our 36 week Phase 2b obesity study later this year," said Raymond Stevens, Ph.D., Founder and CEO
of Structure Therapeutics. "With tremendous unmet need including more than 100 million people in the United States and more than
800 million people worldwide living with obesity, we believe GSBR-1290 is uniquely positioned as an oral, non-peptide small molecule GLP-1
receptor agonist that can be manufactured at scale and significantly help address the growing obesity epidemic, which current peptide
GLP-1s are not able to do."
GSBR-1290 Oral Small Molecule Selective GLP-1R agonist for Obesity
Oral Small Molecule GLP-1R Combination Programs: Amylin, GIPR,
Oral Small Molecule LPA1R Program for Idiopathic Pulmonary Fibrosis
First Quarter 2024 Financial Highlights
Cash, cash equivalents and short-term investments totaled $436.4 million on March 31, 2024. The Company expects its current cash,
cash equivalents and short-term investments to fund projected operations through at least 2026.
Expenses: Research and development (R&D) expenses for the first quarter of 2024 were $20.7 million, as compared to $13.1
million for the same period in 2023. The increase was primarily due to the advancement of the Company's GLP-1R franchise and other
research programs, clinical study activities and increases related to employee expenses, primarily due to an increase in personnel.
Expenses: General and administrative (G&A) expenses for the first quarter of 2024 were $11.3 million, as compared to $6.5
million for the same period in 2023. The increase was primarily due to increases in professional services and employee related expenses
as the Company expanded its infrastructure to drive and support the growth in its operations as a publicly-traded company.
Net loss for the first quarter of 2024 totaled $26.0 million, with non-cash share-based compensation expense of $2.7 million, compared
to $18.0 million for the first quarter of 2023 with non-cash share-based compensation expense of $2.5 million.
About Structure Therapeutics
Therapeutics is a science-driven clinical-stage biopharmaceutical company focused on discovering and developing innovative oral small
molecule treatments for chronic metabolic and cardiopulmonary conditions with significant unmet medical needs. Utilizing its next generation
structure-based drug discovery platform, the Company has established a robust GPCR-targeted pipeline, featuring multiple wholly-owned
proprietary clinical-stage small molecule compounds designed to surpass the scalability limitations of traditional biologic and peptide
therapies and be accessible to more patients around the world. For additional information, please visit www.structuretx.com.
Forward Looking Statements
release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are statements that could be deemed
forward-looking statements, including, without limitation, statements concerning the Company's future plans and prospects, the Company's
anticipated cash runway, the clinical update from the Company's Phase 2a study of GSBR-1290 in patients with T2DM and obesity, any
expectations regarding the safety, efficacy or tolerability of GSBR-1290 and other candidates under development, the ability of GSBR-1290
to treat T2DM, obesity or related indications, the planned initiation and study design of the Company's Phase 2 and Phase 2b studies
of GSBR-1290 in patients with T2DM and obesity and the timing thereof, and first-in-human study of LTSE-2578 and the timing thereof, respectively,
the selection of a development candidate for the Company's amylin receptor agonist program and GIPR and GLP-1R/GIPR programs, the
planned timing of the Company's data results and continued development of GSBR-1290, ANPA-0073, amylin, GIPR and next generation
GLP-1R/GIPR combination candidates and expectations regarding an oral development candidate targeting GLP-1R. In addition, when or if
used in this press release, the words "may," "could," "should," "anticipate," "believe,"
"estimate," "expect," "intend," "plan," "predict" and similar expressions
and their variants, as they relate to the Company may identify forward-looking statements. Forward-looking statements are neither historical
facts nor assurances of future performance. Although the Company believes the expectations reflected in such forward-looking statements
are reasonable, the Company can give no assurance that such expectations will prove to be correct. Readers are cautioned that actual results,
levels of activity, safety, performance or events and circumstances could differ materially from those expressed or implied in the Company's
forward-looking statements due to a variety of risks and uncertainties, which include, without limitation, risks and uncertainties related
to the preliminary nature of the results due to length of the study and sample size, the risks that unblinded data is not consistent with
blinded data, the Company's ability to advance GSBR-1290, LTSE-2578, ANPA-0073 and its other therapeutic candidates, obtain regulatory
approval of and ultimately commercialize the Company's therapeutic candidates, the timing and results of preclinical and clinical
trials, the impact of any data collection omissions at any of our clinical sites, the Company's ability to fund development activities
and achieve development goals, the impact of any global pandemics, inflation, supply chain issues, rising interest rates and future bank
failures on the Company's business, its ability to protect its intellectual property and other risks and uncertainties described
in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K
for the year ended December 31, 2023, as filed with the SEC on March 8, 2024, and future reports the Company may file
with the SEC from time to time. All forward-looking statements contained in this press release speak only as of the date on which they
were made and are based on management's assumptions and estimates as of such date. The Company undertakes no obligation to update
such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by
STRUCTURE THERAPEUTICS INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
| THREE MONTHS ENDED | ||||||||
| MARCH 31, | ||||||||
| 2024 | 2023 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 20,679 | $ | 13,135 | ||||
| General and administrative | 11,336 | 6,514 | ||||||
| Total operating expenses | 32,015 | 19,649 | ||||||
| Loss from operations | (32,015 | ) | (19,649 | ) | ||||
| Interest and other income (expense), net | 6,008 | 1,699 | ||||||
| Loss before provision for income taxes | (26,007 | ) | (17,950 | ) | ||||
| Provision for income taxes | 29 | 25 | ||||||
| Net loss | $ | (26,036 | ) | $ | (17,975 | ) |
STRUCTURE THERAPEUTICS INC.
Condensed Consolidated Balance Sheet Data
| MARCH 31, | DECEMBER 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash, cash equivalents and short-term investments | $ | 436,449 | $ | 467,323 | ||||
| Prepaid expenses and other current assets | 12,911 | 6,285 | ||||||
| Total current assets | 449,360 | 473,608 | ||||||
| Property and equipment, net | 3,120 | 3,228 | ||||||
| Operating right-of-use assets | 4,698 | 5,136 | ||||||
| Other non-current assets | 47 | 45 | ||||||
| Total assets | $ | 457,225 | $ | 482,017 | ||||
| Liabilities and shareholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 6,538 | $ | 4,742 | ||||
| Accrued expenses and other current liabilities | 15,448 | 18,558 | ||||||
| Operating lease liabilities, current portion | 1,600 | 1,440 | ||||||
| Total current liabilities | 23,586 | 24,740 | ||||||
| Operating lease liabilities, net of current portion | 3,525 | 4,013 | ||||||
| Other non-current liabilities | 296 | 298 | ||||||
| Total liabilities | 27,407 | 29,051 | ||||||
| Total shareholders' equity | 429,818 | 452,966 | ||||||
| Total liabilities and shareholders' equity | $ | 457,225 | $ | 482,017 |
Structure Therapeutics Inc.