Full Press Release Details
Structure Therapeutics Reports Fourth Quarter
and Full Year 2024 Financial Results and Recent Highlights
Aleniglipron (GSBR-1290) ACCESS and ACCESS II
studies fully enrolled; topline data from both studies anticipated by year-end 2025
Oral small molecule amylin receptor agonist
(ACCG-2671) Investigational New Drug (IND)-enabling activities underway; First-in-human Phase 1 initiation anticipated by year-end 2025
Strong year-end financial position with cash,
cash equivalent and short-term investments of $883.5 million
SAN FRANCISCO, Feb. 27, 2025- Structure Therapeutics Inc.
(NASDAQ: GPCR), a clinical-stage global biopharmaceutical company developing novel oral small molecule therapeutics for metabolic diseases,
today reported financial results for the fourth quarter and full year ended December 31, 2024, and provided a business update.
"In 2024, we made significant advancements in our oral small
molecule obesity portfolio delivering positive data for aleniglipron and selecting our first-in-class oral small molecule amylin receptor
agonist. We completed a $547 million financing putting us in a strong financial position," said Raymond Stevens, Ph.D., Founder
and CEO of Structure Therapeutics. "We believe 2025 will be a transformative year for all oral selective GLP-1 small molecules in
obesity and related diseases to address making these medicines more accessible to all. Structure Therapeutics is well-positioned as a
leader with aleniglipron as the second most advanced oral GLP-1 small molecule with 36-week data by year-end and a potential best-in-class
profile that is combinable with other medicines."
"Our top priority is execution of ACCESS and ACCESS II clinical
studies, and we're excited to announce the completion of enrollment in both studies, which speaks to investigator and patient enthusiasm
for aleniglipron. In addition, our oral amylin receptor agonist candidate, ACCG-2671, is expected to begin Phase 1 development by year-end,
giving us two oral small molecule backbone therapies for obesity with a robust pipeline of potential combination therapies currently being
investigated," said Blai Coll, M.D., Ph.D., Chief Medical Officer of Structure Therapeutics.
Recent and Upcoming Milestones
Aleniglipron (GSBR-1290) - Oral Small Molecule Selective GLP-1R
ACCG-2671 - Oral Small Molecule Amylin Receptor Agonist for
Oral Small Molecule Obesity Pipeline:
Fourth Quarter and Full Year 2024 Financial Highlights
Cash Position: Cash, cash equivalents and short-term investments
totaled $883.5 million on December 31, 2024. The Company expects its current cash, cash equivalents and short-term investments to
fund projected operations and key clinical milestones through at least 2027, including aleniglipron studies for Phase 3 readiness but
excluding Phase 3 registrational studies.
Research and Development (R&D) Expenses: R&D expenses
for the fourth quarter of 2024 were $33.5 million, as compared to $20.0 million for the same period in 2023. For the year ended December 31,
2024, R&D expenses were $108.8 million, as compared to $70.1 million for the full year 2023. The increase was primarily due to increases
in personnel-related expenses due to an increase in headcount, an increase in research and development expenses and consulting services
to support the advancement of our GLP-1R franchise including aleniglipron and an increase in the allocation of facilities costs.
General and Administrative (G&A) Expenses: G&A expenses
for the fourth quarter of 2024 were $13.6 million, as compared to $11.0 million for the same period in 2023. For the year ended December 31,
2024, G&A expenses were $49.4 million, as compared to $32.7 million for the full year 2023.The increase was primarily due to increases
in personnel-related expenses and professional services as we expanded our infrastructure to drive and support the growth in our operations
as a publicly-traded company.
Net Loss: Net loss for the fourth quarter of 2024 totaled $36.5
million, with non-cash share-based compensation expense of $5.8 million, compared to $24.5 million for the fourth quarter of 2023 with
non-cash share-based compensation expense of $1.9 million. For the year ended December 31, 2024, net loss totaled $122.5 million,
with non-cash share-based compensation expense of $18.8 million, compared to $89.6 million for the full year 2023 with non-cash share-based
compensation expense of $8.2 million.
About Structure Therapeutics
Structure 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 oral small molecule compounds designed to
surpass the manufacturing 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
press 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 and uses of cash; the belief that 2025 will be a transformative year for all oral selective
GLP-1 small molecules in obesity; the expectation that aleniglipron has a potential best-in-class profile that is combinable with other
medicines; any expectations regarding the safety, efficacy or tolerability of aleniglipron, ACCG-2671, ANPA-0073 and other candidates
under development; the ability of aleniglipron, ACCG-2671, ANPA-0073 to treat obesity, weight loss, Type 2 diabetes or related indications,
as applicable; the planned initiation of the Phase 1 clinical study of ACCG-2671 and the timing thereof; the selection of a development
candidate for the Company's GIPR and GLP-1R/GIPR programs; the potential for ACCG-2761 to be a first-in-class oral small molecule
amylin agonist; the potential applications of ANPA-0073; and the planned timing of the Company's data results. In addition, when
or if used in this press release, the words and phrases "expect," "on track," "plan," "potential,"
"promising," "to be," 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 results from earlier clinical
studies not necessarily being predictive of future results, potential delays in the commencement, enrollment and completion of the Company's
planned clinical studies, the Company's ability to advance aleniglipron, ACCG-2671, ANPA-0073, LTSE-2578, and its other therapeutic
candidates, obtain regulatory approval of and ultimately commercialize the Company's therapeutic candidates, competitive products
or approaches limiting the commercial value of the Company's product candidates, the timing and results of preclinical and clinical
studies, the Company's ability to fund development activities and achieve development goals, the Company's reliance on third parties,
including clinical research organizations, manufacturers, suppliers and collaborators, over which it may not always have full control,
the impact of any global pandemics, inflation, tariffs, supply chain issues, rising interest rates, future bank failures and other macroeconomic
factors 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 latest Annual Report
on Form 10-K 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 law.
STRUCTURE THERAPEUTICS INC.
Condensed Consolidated Statements of Operations
| THREE MONTHS ENDED | YEAR ENDED | |||||||||||||||
| DECEMBER 31, | DECEMBER 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 33,487 | $ | 20,042 | $ | 108,814 | $ | 70,103 | ||||||||
| General and administrative | 13,574 | 10,952 | 49,414 | 32,672 | ||||||||||||
| Total operating expenses | 47,061 | 30,994 | 158,228 | 102,775 | ||||||||||||
| Loss from operations | (47,061 | ) | (30,994 | ) | (158,228 | ) | (102,775 | ) | ||||||||
| Interest and other income, net | 10,718 | 6,179 | 36,012 | 13,391 | ||||||||||||
| Loss before provision for income taxes | (36,343 | ) | (24,815 | ) | (122,216 | ) | (89,384 | ) | ||||||||
| Provision for (benefit from) income taxes | 136 | (312 | ) | 310 | 236 | |||||||||||
| Net loss | $ | (36,479 | ) | $ | (24,503 | ) | $ | (122,526 | ) | $ | (89,620 | ) |
STRUCTURE THERAPEUTICS INC.
Condensed Consolidated Balance Sheet Data
| DECEMBER 31, | ||||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash, cash equivalents and short-term investments | $ | 883,518 | $ | 467,323 | ||||
| Prepaid expenses and other current assets | 7,693 | 6,285 | ||||||
| Total current assets | 891,211 | 473,608 | ||||||
| Property and equipment, net | 3,478 | 3,228 | ||||||
| Operating right-of-use assets | 3,535 | 5,136 | ||||||
| Other non-current assets | 5,106 | 45 | ||||||
| Total assets | $ | 903,330 | $ | 482,017 | ||||
| Liabilities and shareholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 8,024 | $ | 4,742 | ||||
| Accrued expenses and other current liabilities | 26,299 | 18,558 | ||||||
| Operating lease liabilities, current portion | 1,698 | 1,440 | ||||||
| Total current liabilities | 36,021 | 24,740 | ||||||
| Operating lease liabilities, net of current portion | 2,164 | 4,013 | ||||||
| Other non-current liabilities | 302 | 298 | ||||||
| Total liabilities | 38,487 | 29,051 | ||||||
| Total shareholders' equity | 864,843 | 452,966 | ||||||
| Total liabilities and shareholders' equity | $ | 903,330 | $ | 482,017 |
Structure Therapeutics Inc.