Structure Therapeutics Q2 2024 Financial Results and Highlights

Structure Therapeutics Inc., a clinical-stage biopharmaceutical company specializing in oral small molecule therapeutics for metabolic and cardiopulmonary diseases, announced its financial results for the second quarter ending June 30, 2024, alongside recent corporate progress updates.

According to Raymond Stevens, Ph.D., Founder and CEO of Structure Therapeutics, the first half of 2024 marked significant strides for the company. Notably, the Phase 2a obesity study results for GSBR-1290 indicated that it might be a leading oral small molecule GLP-1 agonist due to its favorable pharmacokinetics, scalability, and manufacturing benefits. Consequently, the company plans to commence a Phase 2b study for GSBR-1290 in the fourth quarter of 2024. Additionally, the company is set to identify a development candidate for its amylin receptor agonist program in the same quarter, potentially revolutionizing oral obesity treatments.

Recent accomplishments and future milestones in the company’s development pipeline include:

Oral Small Molecule Selective GLP-1R Agonist for Obesity:
In June 2024, Structure Therapeutics shared positive topline data from the Phase 2a obesity study, showcasing that GSBR-1290 led to a significant placebo-adjusted mean weight loss of 6.2% at 12 weeks (p<0.0001). The study highlighted that the treatment was generally safe and well-tolerated with repeated, daily doses up to 120mg. Additionally, a capsule-to-tablet pharmacokinetics study indicated a placebo-adjusted mean weight loss of up to 6.9% with the tablet formulation over the same period. The pharmacokinetics data also supported proportional exposure between 60mg and 120mg doses, endorsing once-daily dosing. These results were presented at the American Diabetes Association 84th Scientific Sessions in June. The company aims to initiate a 36-week Phase 2b obesity study for GSBR-1290 in the closing quarter of 2024.

Oral Small Molecule Combination Programs:
1. Amylin Program: 
Structure Therapeutics is in the process of developing amylin receptor agonists, either as standalone treatments or in combination with GLP-1R agonists, for obesity and related conditions. A development candidate is expected to be selected in the fourth quarter of 2024.

2. GIPR Program: 
The company is also advancing a GIPR selective agonist and GLP-1R/GIPR combination treatments for obesity, anticipating the selection of a development candidate in the first half of 2025.

3. APJR Program: 
Structure Therapeutics is evaluating ANPA-0073, a Phase 2 ready biased APJR agonist, for selective or muscle-sparing weight loss and idiopathic pulmonary fibrosis (IPF). The Phase 1 study revealed that ANPA-0073 is well tolerated with no severe adverse events.

Oral Small Molecule LPA1R Program for IPF:
In June 2024, Structure Therapeutics initiated a Phase 1 clinical trial for LTSE-2578, an oral small molecule antagonist targeting the lysophosphatidic acid 1 receptor for IPF treatment. This trial, which involves approximately 64 healthy participants, is designed to assess the safety, tolerability, and pharmacokinetics of single and multiple ascending doses of LTSE-2578.

Second Quarter 2024 Financial Highlights:
- Cash Position: As of June 30, 2024, the company held $927.1 million in cash, cash equivalents, and short-term investments, which is projected to fund operations and key clinical milestones through at least 2027.
- Research and Development (R&D) Expenses: R&D expenses amounted to $22.1 million for the second quarter of 2024, up from $19.4 million in the same period in 2023. The rise was primarily due to increased personnel costs and the advancement of the company’s GLP-1R franchise and other research activities.
- General and Administrative (G&A) Expenses: G&A expenses rose to $11.3 million from $6.6 million in the second quarter of 2023, reflecting increased employee-related expenses and professional services as the company expanded its operations.
- Net Loss: The net loss for the second quarter of 2024 was $26.0 million, with a non-cash share-based compensation expense of $4.2 million, compared to a $23.3 million loss in the same quarter of the previous year.

Structure Therapeutics continues to focus on pioneering treatments for chronic metabolic and cardiopulmonary conditions, leveraging its innovative structure-based drug discovery platform to create a diverse pipeline of GPCR-targeted small molecule compounds. This approach aims to overcome scalability limitations of traditional therapies, making treatments more accessible globally.

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