Structure Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and short-term investments totaled $1.2 billion as of September 30, 2026, down from $1.3 billion as of June 30, 2026.
• Research and development expenses were $134.6 million for the third quarter of 2026, compared to $59.0 million in the same period of 2025.
• General and administrative expenses were $21.8 million for the third quarter of 2026, compared to $14.8 million in the same period of 2025.
• Net loss for the third quarter of 2026 was $144.8 million, compared to a net loss of $65.7 million in the same period of 2025.
• Non-cash share-based compensation expense was $12.7 million in the third quarter of 2026, compared to $7.5 million in the same period of 2025.
• Total operating expenses for the nine months ended September 30, 2026, were $364.3 million, compared to $200.5 million for the same period in 2025.
• Net loss for the nine months ended September 30, 2026, was $326.9 million, compared to $174.2 million for the same period in 2025.
• Total current assets were $1.28 billion as of September 30, 2026, compared to $1.57 billion as of December 31, 2025.
• Total liabilities were $112.5 million as of September 30, 2026, compared to $67.5 million as of December 31, 2025.

Guidance and Future Outlook:

• The company expects its current cash position to fund projected operations and key clinical milestones through the end of 2028, excluding pre-commercialization costs such as commercial manufacturing.
• Topline data from the Phase 3 ACCOMPLISH-1 and ACCOMPLISH-2 registrational trials for aleniglipron are expected in the second half of 2028.
• Topline data from the multiple ascending dose (MAD) clinical trial of ACCG-2671 is expected in the first half of 2027.
• Additional aleniglipron data from supplementary body composition, type 2 diabetes, and SWITCH studies is expected in the fourth quarter of 2026.
• The company plans to initiate a Phase 1 clinical trial for ACCG-3535 in the fourth quarter of 2026.
• A clinical trial evaluating a combination of an oral small molecule amylin and GLP-1 receptor agonists is expected to initiate in 2027.

Business Segments and Product Lines:

• Aleniglipron (GLP-1 Receptor Agonist): The Phase 3 ACCOMPLISH program initiated in August 2026, comprising two trials: ACCOMPLISH-1 enrolling up to 3,600 adults with obesity or overweight and comorbidities, and ACCOMPLISH-2 enrolling up to 1,100 adults with obesity or overweight and type 2 diabetes. Participants receive placebo or one of three maintenance doses (45 mg, 90 mg, or 180 mg) following a 2.5 mg starting dose.
• Aleniglipron Clinical Data: September 2026 results from the 72-week ACCESS open-label extension showed up to 16.2% mean body weight reduction in the highest dose group with no observed plateau and treatment discontinuation rates of less than 5% due to adverse events.
• ACCG-2671 (Dual Amylin and Calcitonin Receptor Agonist): Phase 1 single ascending dose (SAD) results demonstrated an approximate 6-day half-life and no serious adverse events in 31 healthy participants. The multiple ascending dose (MAD) portion is currently dosing.
• ACCG-3535: The company plans to initiate a Phase 1 clinical trial for this second oral small molecule DACRA candidate in Q4 2026.

Market and Competitive Landscape:

• The company focuses on developing differentiated oral small molecule treatments for chronic weight management to address unmet medical needs in metabolic diseases.
• Management highlights the potential for convenient oral administration and scalable manufacturing to expand global access compared to traditional biologic and peptide therapies.
• The company is exploring GLP-1 combination approaches to address a range of patient needs.

Risks and Challenges:

• Clinical trial results may not support further development or regulatory approval for aleniglipron, ACCG-2671, ACCG-3535, or other candidates.
• There is a risk of delays in the commencement, enrollment, conduct, or completion of planned and ongoing clinical trials.
• Preliminary data may change following comprehensive review, and results from earlier trials may not be predictive of future results.
• The company faces risks related to obtaining and maintaining regulatory approvals and successfully commercializing its therapeutic candidates.
• Competitive products or therapeutic approaches may impact the commercial value of the company's product candidates.

Management Commentary and Tone:

• CEO Raymond Stevens, Ph.D., stated the company is advancing aleniglipron toward potential registration while building a broader portfolio of differentiated oral treatments.
• Management expressed confidence in developing commercial readiness plans and seeing significant opportunity for aleniglipron in both initial and long-term weight loss maintenance.
• The company is expanding its infrastructure to support growth in operations, reflected in increased employee expenses.

Other Key Points:

• The company will present two posters on aleniglipron at The Obesity Society's Annual Meeting, ObesityWeek 2026, on November 15, 2026, covering ACCESS OLE results and dose-ranging effects.
• The SWITCH clinical trial evaluates transitioning from an approved injectable GLP-1 receptor agonist to once-daily oral aleniglipron for weight loss maintenance over 12 weeks.
• The company utilizes a next-generation structure-based drug discovery platform targeting GPCRs.
• The company is a clinical-stage biopharmaceutical company listed on NASDAQ under the ticker GPCR.