Full Press Release Details
Structure Therapeutics Reports Third Quarter
2024 Financial Results and Recent Highlights
First patients dosed in Phase 2b ACCESS study
of GSBR-1290 for obesity
Oral small molecule amylin receptor agonist
development candidate
expected to be selected by the end of 2024
Strong financial position with cash, cash equivalent
and short-term investments
of $915.3 million expected to fund projected
and key clinical milestones through at least
Conference Call to discuss GSBR-1290 ACCESS
development program today at 4:30 p.m. ET
SAN FRANCISCO - November 13, 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 third quarter ended September 30, 2024, and
highlighted recent corporate achievements.
"We are in a period of great momentum and execution at Structure
Therapeutics, having begun our next phase of development with GSBR-1290," said Raymond Stevens, Ph.D., Founder and CEO of Structure
Therapeutics. "The ACCESS and ACCESS II studies are designed to generate a comprehensive data set that we believe will provide additional
insights into the differentiated profile of GSBR-1290 as a potential best-in-class oral small molecule GLP-1 receptor (GLP1-R) agonist.
We also plan to declare our first oral small molecule amylin development candidate later this quarter. We look forward to 2025 as a pivotal
year for Structure."
Recent and Upcoming Milestones
Oral Small Molecule Selective GLP-1R agonist for Obesity (GSBR-1290)
Oral Small Molecule GLP-1R Combination Programs: Amylin, GIPR,
Apelin Receptor (APJR)
Third Quarter 2024 Financial Highlights
Cash Position: Cash, cash equivalents and short-term investments
totaled $915.3 million on September 30, 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 all GSBR-1290 studies for Phase 3 readiness but
excluding Phase 3 registrational studies.
Research and Development (R&D) Expenses: R&D expenses
for the third quarter of 2024 were $32.6 million, as compared to $17.5 million for the same period in 2023. The increase was primarily
due to increases in research programs and employee expenses related to increases in personnel, as well as the advancement of the Company's
GLP-1R agonist franchise.
General and Administrative (G&A) Expenses: G&A expenses
for the third quarter of 2024 were $13.2 million, as compared to $8.6 million for the same period in 2023. The increase was primarily
due to increases in employee related expenses and professional services as the Company expanded its infrastructure to drive the growth
in its operations as a publicly-traded company.
Net Loss: Net loss for the third quarter of 2024 totaled $34.0
million, with non-cash share-based compensation expense of $6.0 million, compared to $23.9 million for the third quarter of 2023 with
non-cash share-based compensation expense of $1.9 million.
ACCESS and ACCESS II Conference Call and Webcast Information
Structure Therapeutics will host a conference call and webcast today,
November 13, 2024 at 4:30 p.m. Eastern Time to discuss the ACCESS and ACCESS II clinical studies. A live webcast of the call
will be available on the Investor Relations page of Structure Therapeutics' website at https://ir.structuretx.com/events-presentations/events.
To access the call by phone, participants should visit this link (registration link) to receive dial-in details. The webcast will
be made available for replay on Structure Therapeutics' website beginning approximately two hours after the live event. The replay
of the webcast will be available for 90 days.
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 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
This 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; 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 ACCESS and ACCESS II clinical
studies of GSBR-1290 in patients with obesity or overweight with a comorbidity and the timing thereof; the selection of a development
candidate for the Company's amylin receptor agonist program; the timing and design of the Company's amylin receptor agonist
program and its potential as a promising approach to obesity treatment; the timing and design of the Company's GIPR and GLP-1R/GIPR
and other oral small molecule programs; the potential for GSBR-1290 to be a best-in-class oral small molecule; the ability of the Company
to bring GSBR-1290 to patients rapidly; 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 preliminary nature
of the results due to length of the study and sample size and 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 GSBR-1290, LTSE-2578, ANPA-0073 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, 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 Annual Report on Form 10-K for the year ended December 31, 2023, as filed with
the SEC on March 8, 2024, the Quarterly Report on Form 10-Q filed with the SEC on August 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
STRUCTURE THERAPEUTICS INC.
Condensed Consolidated Statements of Operations
| THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||||||
| SEPTEMBER 30, | SEPTEMBER 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 32,598 | $ | 17,515 | $ | 75,327 | $ | 50,061 | ||||||||
| General and administrative | 13,238 | 8,630 | 35,840 | 21,720 | ||||||||||||
| Total operating expenses | 45,836 | 26,145 | 111,167 | 71,781 | ||||||||||||
| Loss from operations | (45,836 | ) | (26,145 | ) | (111,167 | ) | (71,781 | ) | ||||||||
| Interest and other income, net | 11,951 | 2,688 | 25,294 | 7,212 | ||||||||||||
| Loss before provision for income taxes | (33,885 | ) | (23,457 | ) | (85,873 | ) | (64,569 | ) | ||||||||
| Provision for income taxes | 92 | 405 | 174 | 548 | ||||||||||||
| Net loss | $ | (33,977 | ) | $ | (23,862 | ) | $ | (86,047 | ) | $ | (65,117 | ) |
STRUCTURE THERAPEUTICS INC.
Condensed Consolidated Balance Sheet Data
| SEPTEMBER 30, | DECEMBER 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash, cash equivalents and short-term investments | $ | 915,286 | $ | 467,323 | ||||
| Prepaid expenses and other current assets | 8,365 | 6,285 | ||||||
| Total current assets | 923,651 | 473,608 | ||||||
| Property and equipment, net | 3,735 | 3,228 | ||||||
| Operating right-of-use assets | 4,009 | 5,136 | ||||||
| Other non-current assets | 1,822 | 45 | ||||||
| Total assets | $ | 933,217 | $ | 482,017 | ||||
| Liabilities and shareholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 8,447 | $ | 4,742 | ||||
| Accrued expenses and other current liabilities | 23,275 | 18,558 | ||||||
| Operating lease liabilities, current portion | 1,712 | 1,440 | ||||||
| Total current liabilities | 33,434 | 24,740 | ||||||
| Operating lease liabilities, net of current portion | 2,673 | 4,013 | ||||||
| Other non-current liabilities | 309 | 298 | ||||||
| Total liabilities | 36,416 | 29,051 | ||||||
| Total shareholders' equity | 896,801 | 452,966 | ||||||
| Total liabilities and shareholders' equity | $ | 933,217 | $ | 482,017 |
Structure Therapeutics Inc.