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Structure Therapeutics

catalyst in 7dNo base rate yet — GPCR has 0 graded prints on the record, and the bar is 3.Website
Ticker
GPCR
Beat
biopharma
Size
Public Company
Cash
$273M
as of Jun 2026
Burn
$120M/qtr
as of Jun 2026
Runway
~2 qtr at this rate
as of Jun 2026
Researched · Stale
9 days ago

Best-in-class *oral* GLP-1 efficacy in the wrong race — Structure has a genuine #2 asset and a fortress balance sheet, but Lilly's orforglipron is already approved (Foundayo, Apr 2026) and Structure's Phase 3 only *starts* Q3 2026, so the bet is whether a 2.9B-cap, ~2030-launch latecomer can carve share against the most powerful franchise in pharma. WATCHING, not yet a position.

Orbit · who it trades with and competes with
no links read yet
Focus · Biopharma
Structure Therapeutics
GPCR · public
No published house view
Links

NO LINKS READ YET · no published dossier names Structure Therapeutics beside another company

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Price

Weekly closes

GPCR · weekly close
21.87 USD+3.2%
Friday 30 Oct 2026 · last 52 Fridays 21.08–90.37
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 22,650 sh · 1 filing, Form 4 · 18 Sept 2026
  2. Short interest: 7,540,480 sh · 5.17 days to cover, FINRA · settled 30 Sept 2026
  3. Next print: in 7 days, Scheduled · 7 Nov 2026, scheduled
21.87USD+3.2%biopharma +5.3%GPCR · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 18 Sept 2026
1 filing · 22,650 shares
Shares sold shortFINRA · settled 30 Sept 2026
7,540,480 shares
Days to unwind the shortFINRA · settled 30 Sept 2026
5.17
see the whole series
Financials

The reported figures

Free cash flow · quarterly
-$120M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
-$120M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis · Below the floor: the period spent more cash than it made.
Structure Therapeutics, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023-$21.4M USD$820K USD$50.6M USD139.2M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023-$22.9M USD$1.2M USD$130M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024-$34.2M USD$162K USD$97.8M USD139.9M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024-$26.8M USD$427K USD$382M USD171.6M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024-$20.4M USD$685K USD$172M USD171.8M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024-$36.5M USD$16K USD$170M USD172.0M sharesFiled · primarysec.gov
Q1 ’2531 Mar 2025-$52.5M USD$314K USD$152M USD172.6M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025-$54.8M USD$232K USD$147M USD172.8M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025-$52.6M USD$1.6M USD$103M USD182.0M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025-$65.9M USD$1.5M USD$800M USD—Filed · primarysec.gov
Q1 ’2631 Mar 2026$14.1M USD$1.2M USD$316M USD213.2M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026-$120M USD-$42K USD$273M USD213.9M sharesFiled · primarysec.gov

Structure Therapeutics’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$120M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: -$21.4M, as of Sep 2023Free cash flow Q4 ’23: -$22.9M, as of Dec 2023Free cash flow Q1 ’24: -$34.2M, as of Mar 2024Free cash flow Q2 ’24: -$26.8M, as of Jun 2024Free cash flow Q3 ’24: -$20.4M, as of Sep 2024Free cash flow Q4 ’24: -$36.5M, as of Dec 2024Free cash flow Q1 ’25: -$52.5M, as of Mar 2025Free cash flow Q2 ’25: -$54.8M, as of Jun 2025Free cash flow Q3 ’25: -$52.6M, as of Sep 2025Free cash flow Q4 ’25: -$65.9M, as of Dec 2025Free cash flow Q1 ’26: $14.1M, as of Mar 2026Free cash flow Q2 ’26: -$120M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$273M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $50.6M, as of Sep 2023Cash Q4 ’23: $130M, as of Dec 2023Cash Q1 ’24: $97.8M, as of Mar 2024Cash Q2 ’24: $382M, as of Jun 2024Cash Q3 ’24: $172M, as of Sep 2024Cash Q4 ’24: $170M, as of Dec 2024Cash Q1 ’25: $152M, as of Mar 2025Cash Q2 ’25: $147M, as of Jun 2025Cash Q3 ’25: $103M, as of Sep 2025Cash Q4 ’25: $800M, as of Dec 2025Cash Q1 ’26: $316M, as of Mar 2026Cash Q2 ’26: $273M, as of Jun 2026
Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
213.9M+54% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 139.2M, as of Sep 2023Shares outstanding Q1 ’24: 139.9M, as of Mar 2024Shares outstanding Q2 ’24: 171.6M, as of Jun 2024Shares outstanding Q3 ’24: 171.8M, as of Sep 2024Shares outstanding Q4 ’24: 172.0M, as of Dec 2024Shares outstanding Q1 ’25: 172.6M, as of Mar 2025Shares outstanding Q2 ’25: 172.8M, as of Jun 2025Shares outstanding Q3 ’25: 182.0M, as of Sep 2025Shares outstanding Q1 ’26: 213.2M, as of Mar 2026Shares outstanding Q2 ’26: 213.9M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-22editorial noteSources added: 0 → 3The dossier's cited-link count grew from 0 to 3 (deep-dive-2026-06-18.md → deep-dive-2026-10-22.md).dossier
dossier age
9 days
researched 22 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 13 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-18), 510 words, 10 filing mentions
  2. The dossier: What held, 69 words, 3 filing mentions
Research

The Structure Therapeutics dossier

The verdict

Best-in-class *oral* GLP-1 efficacy in the wrong race — Structure has a genuine #2 asset and a fortress balance sheet, but Lilly's orforglipron is already approved (Foundayo, Apr 2026) and Structure's Phase 3 only *starts* Q3 2026, so the bet is whether a 2.9B-cap, ~2030-launch latecomer can carve share against the most powerful franchise in pharma. WATCHING, not yet a position.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-18)

  1. Aleniglipron Phase 3 has started. The first patients were dosed in ACCOMPLISH-1 (up to 3,600 patients with obesity or overweight plus a comorbidity) and ACCOMPLISH-2 (up to 1,100 patients with type 2 diabetes). Both are randomised, double-blind and placebo-controlled with three active doses (45, 90, 180 mg) and placebo, starting at 2.5 mg with four-week titration steps. The September release states topline data are expected in the second half of 2028. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-06, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1888886/000110465926092017/tm2622407d1_ex99-1.htm; Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-09-08, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1888886/000110465926105688/tm2624945d1_ex99-1.htm]
  2. 72-week ACCESS open-label extension (reported 2026-09-08). The 180 mg group reached up to 16.2% mean body-weight reduction at 72 weeks with no plateau; discontinuations for adverse events were below 5% across dose groups; the company reports no off-target safety signals and better tolerability with a 2.5 mg starting dose. [sec.gov: 8-K filed 2026-09-08, same URL]
  3. ACCG-2671 first human data. In a Phase 1/2a single-ascending-dose trial in healthy participants without obesity, the oral amylin/calcitonin receptor agonist showed a half-life of about 6 days, no serious adverse events or liver-enzyme elevations, and a 3.3% mean body-weight reduction after a single dose, with a fall in the bone-resorption marker CTX-1. The multiple-ascending-dose part has started, with topline data expected in the first half of 2027. [sec.gov: 8-K filed 2026-09-08, same URL]
  4. Q2-2026 financials. Research and development $100.1M (against $54.7M a year earlier), general and administrative $18.6M, net loss $106.2M (against $61.7M). Six-month net loss $182.1M against $108.5M. [sec.gov: 8-K filed 2026-08-06, same URL; quarter ended 2026-06-30]
  5. Cash. Cash, cash equivalents and short-term investments were $1,342.7M at 2026-06-30. The company says this funds projected operations and key clinical milestones through 2028. The previous dossier's cash floor used about $1.46B.. [sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-06, https://www.sec.gov/Archives/edgar/data/1888886/000110465926092057/gpcr-20260630x10q.htm]
  6. Share count and ATM. 213,929,572 ordinary shares outstanding at 2026-07-31, of which 208,862,772 are held as ADSs. The 10-Q describes the $250.0M at-the-market sales agreement (sales of 3,040,000 ADSs for about $58.5M gross in September 2025, per the filing) and the December 2025 follow-on offering. [sec.gov: 10-Q filed 2026-08-06, same URL]
  7. Management. John Berrios was appointed Chief Commercial Officer. [sec.gov: 8-K filed 2026-08-06, same URL]
  8. Remaining milestones the company lists. Combination GLP-1 and amylin trial initiation later in 2026; body-composition, type 2 diabetes/obesity and SWITCH trial data in Q4 2026 (per the August release). [sec.gov: 8-K filed 2026-08-06, same URL]
  9. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed's catalysts have moved as follows. "Aleniglipron Phase 3 registrational program initiation, Q3 2026": first patients dosed in August (item 1). "ACCG-2671 Phase 1 SAD initial data + MAD start, Q3 2026": reported 2026-09-08 (item 3). "ACCESS OLE durability data, Q3-Q4 2026": the 72-week data were reported 2026-09-08 (item 2). "ACCG-3535 Phase 1 initiation, Q4 2026" and the ADA data are not addressed in the filings read. The carried seed's $20 per ADS cash floor (estimate: $1.46B / 71.1M ADS) rests on the earlier cash figure (item 5). The carried price range rests on market data this delta does not refresh.

What held

  • The company still has no revenue and is funded through 2028 by its own estimate. [sec.gov: 8-K filed 2026-08-06, same URL]
  • Aleniglipron remains the lead asset, with the same dose range and a Phase 3 readout still around 2028. [sec.gov: 8-K filed 2026-09-08, same URL]
  • The ATM and equity-issuance route described in the carried risks is still on the books. [sec.gov: 10-Q filed 2026-08-06, same URL]

How our view changed

2 dossiers

Every dossier we have written on Structure Therapeutics, newest first.

  1. current

    Best-in-class *oral* GLP-1 efficacy in the wrong race

  2. Best-in-class *oral* GLP-1 efficacy in the wrong race

Company details

IndustryBiopharma
SizePublic Company
WebsiteVisit Structure Therapeutics

Others in biopharma

5 names

Where Structure Therapeutics sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.