Ray Stevens

Structure Therapeutics is a well-capitalized obesity drug developer with $1.5B pro forma capital providing runway to the end of 2028, enough to complete its Phase 3 chronic weight management study for oral small molecule GLP-1 ELENI and advance its oral amylin small molecule HCG 2671 to Phase 2. Management believes its structure-based drug discovery platform can generate best-in-class oral obesity medicines with advantages in efficacy, safety, manufacturing, and combinability. Despite Novo and Lilly entering the oral obesity market first, the company cites the statin market where later entrants Lipitor and Crestor won the lion's share, and sees room for a best-in-class profile to capture significant share.

Obesity is a pandemic that is only now being recognized, with estimates by 2033 of 3 billion overweight people globally and 1 billion obese, including more than 100 million in the U.S. Only about 5 million patients are currently served based on prescription data, creating a massive unmet need. The obesity drug market is a $100-150 billion annual opportunity and also impacts adjacent diseases such as cardiovascular, liver disease, chronic kidney disease, and some oncology, drawing major pharmaceutical interest.