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Structure Therapeutics Inc. (GPCR)·Q4 2024 Earnings Summary

Executive Summary

  • GPCR ended Q4 2024 with $883.5M in cash, cash equivalents and short-term investments and reiterated runway “through at least 2027,” while excluding Phase 3 registrational studies; operating expenses and net loss rose as the company advanced its obesity programs .
  • Execution remained strong: enrollment completed in both 36-week Phase 2 obesity studies (ACCESS and ACCESS II) for aleniglipron (GSBR‑1290), with topline data from both studies targeted by year-end 2025 .
  • Pipeline expanded: lead oral small-molecule amylin receptor agonist ACCG‑2671 was selected in December 2024; IND-enabling is underway and first-in-human Phase 1 is anticipated by year-end 2025 .
  • Estimate comparison: Wall Street consensus (S&P Global) for Q4 2024 was not retrievable at this time due to access limits; the company provides no revenue/EPS guidance, so no vs-estimate analysis is included. We attempted to pull S&P Global consensus but hit a daily request cap.

What Went Well and What Went Wrong

  • What Went Well
    • ACCESS and ACCESS II fully enrolled; company targeting 36-week topline from both by year-end 2025. “We’re excited to announce the completion of enrollment in both studies,” underscoring patient/investigator enthusiasm .
    • Amylin franchise advanced: ACCG‑2671 selected as lead oral DACRA; preclinical data supportive of once-daily dosing; Phase 1 initiation planned by year-end 2025 . Management framed ACCG‑2671 as “the most advanced oral small molecule amylin-based drug candidate” .
    • Capital position and runway: $883.5M cash at 12/31/24; runway “through at least 2027,” supporting Phase 3 readiness for aleniglipron (but excluding registrational studies) .
  • What Went Wrong
    • Operating spend escalated with program build-out: Q4 R&D was $33.5M vs. prior year $20.0M; G&A was $13.6M vs. prior year $11.0M, driving Q4 net loss of $36.5M vs. $24.5M prior year .
    • Sequential cash draw as programs scaled: cash decreased to $883.5M (Q4) from $915.3M (Q3) and $927.1M (Q2) amid study execution and organizational build-out .
    • No Q4 earnings call transcript was filed; thus, no period-specific EPS/revenue Q&A color. We searched around the report date and found no earnings-call-transcript; context instead comes from Q4 pipeline call (amylin) and the Q3 program call – –.

Financial Results

  • Quarterly operating profile (company is pre-revenue; press releases presented operating expenses and net loss, not revenue lines)
Metric ($USD Millions)Q2 2024Q3 2024Q4 2024
R&D Expense$22.050 $32.598 $33.487
G&A Expense$11.266 $13.238 $13.574
Total Operating Expenses$33.316 $45.836 $47.061
Interest & Other Income, net$7.335 $11.951 $10.718
Net Loss$(26.034) $(33.977) $(36.479)
Cash, Cash Equivalents & ST Investments (period-end)$927.119 $915.286 $883.518

Notes:

  • The Q4 2024 and prior quarterly press releases did not present a revenue line item; they focused on operating expenses and net loss, consistent with a clinical-stage profile .

Segment/KPIs

  • No revenue-by-segment disclosed. KPI progress centered on clinical milestones and cash runway .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayMulti-year“Through at least 2027” (Q3 2024) “Through at least 2027” (includes aleniglipron studies for Phase 3 readiness; excludes registrational studies) (Q4 2024) Maintained
Aleniglipron Topline TimingACCESS, ACCESS II“Topline in Q4 2025” (Q3 2024) –“Topline 36-week data by year-end 2025” (Q4 2024) Maintained (wording consistent)
ACCG‑2671 TimelineAmylin Program“Select DC by YE 2024; Phase 1 by YE 2025” (Dec 17, 2024) “IND-enabling underway; Phase 1 initiation anticipated by YE 2025” (Q4 2024) Maintained

Earnings Call Themes & Trends

TopicPrevious Mentions (Q2–Q3 context)Current Period (Q4 2024)Trend
Aleniglipron dosing and Phase 2 designQ3 call detailed titration (start low, go slow), 120mg as likely Phase 3 dose with exploration to 180/240mg; emphasized exposure-efficacy relationship and tolerability benefits of monthly titration – –.Enrollment completed for ACCESS (~220 pts up to 120mg) and ACCESS II (~80 pts at 180/240mg); topline at 36 weeks by YE 2025 .On plan; study execution progressing.
Amylin (ACCG‑2671)Q3: planned candidate selection by YE 2024; viewed as combo backbone with GLP‑1 – .Candidate selected; IND-enabling underway; Phase 1 initiation anticipated YE 2025; positioned as most advanced oral amylin SM candidate .Advancing as guided.
Manufacturing scalability/combination therapyEmphasized large-scale manufacturing and fixed-dose combination potential with oral SMs .Reiterated combinability and backbone strategy for obesity .Consistent narrative.
Capital and runwayQ2/Q3 highlighted cash ($927.1M; $915.3M) and runway to 2027 .$883.5M cash and runway “through at least 2027” .Strong but drawing as programs scale.
Partnering outlookQ3 Q&A: intent to partner GSBR‑1290 for late-stage/commercialization; timing not driven by resourcing .No change communicated in Q4 release.Steady.

Management Commentary

  • “We believe 2025 will be a transformative year for all oral selective GLP‑1 small molecules in obesity…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.” – Raymond Stevens, CEO .
  • “Our top priority is execution of ACCESS and ACCESS II…completion of enrollment in both studies…speaks to investigator and patient enthusiasm for aleniglipron.” – Blai Coll, CMO .
  • “ACCG‑2671…is the most advanced oral small molecule amylin-based drug candidate, with Phase 1 study initiation expected by year end 2025.” – Company press release .

Q&A Highlights

  • Dose exposure and higher-dose rationale (1290): Management expects exposure-driven efficacy; ACCESS II explores 180/240mg for potential incremental weight loss; 120mg seen as competitive and likely for Phase 3; design mirrors orforglipron Phase 2b estimand approach –.
  • Tolerability optimization: Start-low/go-slow monthly titration expected to improve GI AE/discontinuation rates versus faster titration schemes; down-titration allowed per protocol – .
  • Partnering posture: Goal remains a partnership for GSBR‑1290 for late-stage/commercialization; current focus is Phase 2 execution .
  • Amylin safety/DDI: ACCG‑2671 preclinical package aims to mitigate liver tox risk (GSH-negative; margins noted); no significant DDI signals in preclinical assessments; GLP tox and SAD/MAD to follow before Phase 2 –.

Estimates Context

  • S&P Global consensus for Q4 2024 (EPS and revenue) was not retrievable due to data access limits at the time of query; consequently, we cannot provide vs-consensus comparisons for this quarter. The company did not provide financial guidance on revenue or EPS in its Q4 press release .
  • We attempted to fetch S&P Global estimates for quarterly and annual periods but hit a daily request cap; values therefore remain unavailable at this time.

Key Takeaways for Investors

  • Execution de-risks the aleniglipron program: full enrollment across both 36-week studies with clear topline timing by YE 2025; this is the next major clinical catalyst for the equity story .
  • Pipeline breadth is a differentiator: oral GLP‑1 and amylin backbones (ACCG‑2671) position GPCR for fixed-dose oral combinations; this combination strategy is central to potential best-in-class efficacy/tolerability at scale .
  • Spend is scaling appropriately with programs: R&D and G&A growth drove higher net loss, but liquidity remains robust with $883.5M of cash and runway “through at least 2027,” supporting Phase 3 readiness (ex‑registrational) .
  • Partnering optionality: management continues to signal intent to partner GSBR‑1290 for late-stage/commercialization, which could reduce capital intensity ahead of Phase 3 .
  • Near-term trading setup: upcoming 2025 milestones include continued ACCESS/ACCESS II execution and ACCG‑2671 IND progress; any interim clinical or BD updates could move the stock ahead of YE 2025 toplines .

Appendix: KPI Progress (select)

KPIQ2 2024Q3 2024Q4 2024
Aleniglipron Phase 2 programPhase 2b planned for Q4 start First patients dosed in ACCESS; ACCESS II planned by YE 2024 Enrollment completed in ACCESS (~220 pts) and ACCESS II (~80 pts); topline YE 2025
Amylin program (ACCG‑2671)Candidate selection expected Q4 2024 Candidate selection expected by YE 2024 Candidate selected; IND-enabling underway; Phase 1 initiation anticipated YE 2025
Cash runway“Through at least 2027” “Through at least 2027” “Through at least 2027” (ex‑registrational Phase 3)
Cash & ST investments (period end)$927.1M $915.3M $883.5M

Sources:

  • Q4 2024 8‑K press release and financials –.
  • Q3 2024 8‑K press release and financials –.
  • Q2 2024 8‑K press release and financials –.
  • Amylin candidate selection 8‑K (Dec 17, 2024) –.
  • Q3 program call transcript (Nov 13, 2024) –; Amylin selection call transcript (Dec 17, 2024) –.