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Structure Therapeutics Inc. (GPCR)·Q1 2025 Earnings Summary

Executive Summary

  • Structure Therapeutics reported a deeper Q1 2025 net loss as R&D scaled for Phase 2b/2 dose-ranging obesity studies; EPS was ($0.27) vs S&P Global consensus of ($0.23), a miss of ~$0.04 per share (pre-revenue, no product revenue recognized) . EPS consensus values retrieved from S&P Global.*
  • Both ACCESS (≈220 pts) and ACCESS II (≈80 pts) aleniglipron Phase 2 studies were fully enrolled and remain on track for 36-week topline data by year-end 2025, keeping the key 2025 catalyst intact .
  • Cash, cash equivalents and short-term investments were $836.9M at 3/31/25; management reiterated cash runway “through at least 2027,” including Phase 3 readiness for aleniglipron but excluding registrational studies .
  • ACCG-2671 (oral amylin receptor agonist) progressed through IND-enabling with Phase 1 initiation targeted by year-end 2025; new preclinical data will be presented at ADA on June 22, 2025—incremental pipeline catalysts prior to the ACCESS readouts .

What Went Well and What Went Wrong

  • What Went Well

    • ACCESS and ACCESS II fully enrolled on schedule; management emphasized confidence in on-time topline data: “on track for data readout by the end of the year” .
    • Pipeline breadth advanced: ACCG-2671 on IND-enabling path with Phase 1 targeted by year-end 2025 and late-breaking ADA preclinical data slated for June 22, 2025 .
    • Liquidity remains strong with $836.9M in cash and investments and runway “through at least 2027,” supporting Phase 3 readiness plans (ex-registry) .

  • What Went Wrong

    • EPS missed consensus (reported ($0.27) vs ($0.23)), driven by higher R&D as programs scale into pivotal-enabling work . EPS consensus values retrieved from S&P Global.
    • Operating expenses rose sharply year over year: R&D +107% to $42.9M and total OpEx +76% to $56.3M, widening the net loss to $46.8M .
    • No Q1 2025 earnings call transcript available; limited opportunity for investors to get real-time Q&A clarifications this quarter (searched, none found) [List: 0 earnings-call-transcript in 2025].

Financial Results

Sequential trend (oldest → newest)

Metric ($USD Millions unless noted)Q3 2024Q4 2024Q1 2025
R&D Expense32.60 33.49 42.87
G&A Expense13.24 13.57 13.44
Total Operating Expenses45.84 47.06 56.31
Interest & Other Income11.95 10.72 9.58
Net Loss33.98 36.48 46.83
EPS (Basic & Diluted, $)n/an/a(0.27)
Cash, Cash Equivalents & ST Inv. (period-end)915.29 883.52 836.88

Year-over-year (Q1 2024 vs Q1 2025)

MetricQ1 2024Q1 2025
R&D Expense ($M)20.68 42.87
G&A Expense ($M)11.34 13.44
Total Operating Expenses ($M)32.02 56.31
Interest & Other Income ($M)6.01 9.58
Net Loss ($M)26.04 46.83
EPS (Basic & Diluted, $)(0.19) (0.27)

Estimates vs. actuals (Q1 2025)

MetricActualS&P Global Consensus*Surprise*# of Estimates*
EPS (GAAP, $)(0.27) (0.2309)*(0.0391)*9*
Revenue ($M)pre-revenue 0.0*in line*9*
  • Company reports one operating segment (no segment revenue breakdown) .

KPIs and program-level R&D (Q1 2025)

KPIQ1 2025
ACCESS enrollment≈220 participants (45/90/120 mg)
ACCESS II enrollment≈80 participants (120/180/240 mg)
Aleniglipron Phase 2b/2 topline timingBy year-end 2025
ACCG-2671 statusIND-enabling; Phase 1 targeted by year-end 2025
Cash runwayThrough at least 2027 (excludes registrational Phase 3)

Program R&D spend detail (Q1 2025)

ProgramQ1 2025 R&D ($M)
Aleniglipron (GSBR‑1290)24.99
ACCG‑26715.61
LTSE‑25781.43
ANPA‑00731.11
Other9.74

Guidance Changes

MetricPeriodPrevious Guidance (Q4 2024)Current Guidance (Q1 2025)Change
Cash runwayMulti‑year“Through at least 2027,” includes aleniglipron Phase 3 readiness, excludes registrational Phase 3 “Through at least 2027,” includes aleniglipron Phase 3 readiness, excludes registrational Phase 3 Maintained
Aleniglipron ACCESS/ACCESS II topline36 weeksBy year‑end 2025 By year‑end 2025 Maintained
ACCG‑2671 (amylin) Phase 1 startInitial human studyBy year‑end 2025 By year‑end 2025 Maintained
ACCG‑2671 preclinical dataScientific meeting—ADA late‑breaking poster on June 22, 2025 New disclosure

Earnings Call Themes & Trends

(No Q1 2025 earnings call transcript was found; themes reflect recent press releases and 10‑Q MD&A.)

TopicPrevious Mentions (Q3 2024 and Q4 2024)Current Period (Q1 2025)Trend
Aleniglipron developmentQ3: First patients dosed; study designs disclosed . Q4: Both studies fully enrolled; topline by YE25 .Fully enrolled; topline by YE25 reiterated .On track; execution consistent
Amylin (ACCG‑2671)Q3: Candidate selection expected by YE24 . Q4: ACCG‑2671 selected; IND‑enabling underway .IND‑enabling ongoing; Phase 1 by YE25; ADA data June 22, 2025 .Advancing; added near‑term data catalyst
Cash & runwayQ3 cash $915.3M; runway “through at least 2027” . Q4 cash $883.5M; runway reiterated .Q1 cash $836.9M; runway reiterated .Cash trending down with spend; runway unchanged
Manufacturing diversification—Strategy outlined in MD&A: diversify suppliers outside China .Ongoing capability build
Regulatory backgroundFDA allowed Phase 2b in Aug 2024 .Continuing Phase 2b/2 execution .Stable

Management Commentary

  • CEO: “We continue to make strong progress with the Phase 2b ACCESS and ACCESS II studies for aleniglipron… on track for data readout by the end of the year… [and] to initiate the Phase 1 study of ACCG‑2671… by the end of 2025.”
  • CEO (prior quarter framing): “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…”
  • CMO: “Completion of enrollment in both studies… speaks to investigator and patient enthusiasm for aleniglipron.”

Q&A Highlights

  • No Q1 2025 earnings call transcript was available in the document set (press release furnished as 8‑K, 10‑Q filed; no transcript located), so there are no Q&A clarifications to summarize this quarter [List: 0 earnings-call-transcript in 2025].

Estimates Context

  • Q1 2025 EPS: Actual ($0.27) vs S&P Global consensus ($0.2309)* → miss of ~$0.0391 per share; 9 estimates*. Company remains pre‑revenue; revenue was in line with the $0.0M* consensus . Consensus values retrieved from S&P Global.*
  • Estimate revisions into the ACCESS readout will likely track R&D cadence and cash runway; no formal financial guidance is provided beyond runway and clinical timelines .

Key Takeaways for Investors

  • Execution on ACCESS/ACCESS II remains the central 2025 catalyst; 36‑week topline by year‑end 2025 could be stock‑moving depending on weight‑loss efficacy, tolerability and dose‑response at higher exposures (including 180/240 mg in ACCESS II) .
  • Runway “through at least 2027” supports Phase 3 readiness for aleniglipron without near‑term financing, a de‑risking factor for program continuity (ex‑registrational trials) .
  • Near‑term pipeline data points (ACCG‑2671 ADA poster in June; Phase 1 start by year‑end) provide interim catalysts and a second “backbone” mechanism alongside GLP‑1 .
  • Cost trajectory is steep (Q1 R&D +107% YoY) as programs scale; investors should expect elevated OpEx until pivotal path clarity, with interest income partially offsetting burn .
  • Absence of revenue and reliance on clinical milestones concentrates risk in 2H25 readouts; manufacturing diversification and Phase 3 readiness workstreams are in progress to shorten time to pivotal if data are supportive .
  • With no Q1 call transcript, monitoring upcoming conference appearances and regulatory disclosures is important for any dose, safety, or design clarifications before topline .

Footnotes:

  • Values retrieved from S&P Global.