2025-06-05-Jefferies-结构治疗公司（GPCR）_GPCR_JEF_HC会议_25_下半年催化剂丰富_有数据读出和竞品传导效应_7页_102kb

Equity Research Summary: Structure Therapeutics (GPCR)

• Rating & Target:

  • Jefferies rates Structure Therapeutics as BUY with a price target of $79, representing a +259% upside from the current price. The 52-week high/low is $57.60/$13.22, and the market cap is $1.3B.

• Company Overview:
  Structure Therapeutics is a clinical-stage biopharmaceutical company developing oral therapeutics targeting GPCRs. Its lead asset is GSBR-1290, a GLP1 receptor agonist for type-2 diabetes and obesity. The pipeline includes assets for pulmonary and cardiovascular diseases, developed in collaboration with Schrödinger, Inc.

• Pipeline Highlights:

  • '1290 (GLP1 agonist): Lead asset with ongoing Phase 2b (ACCESS) and Phase 2b extension (ACCESS II) trials. Data readouts expected by YE 2025. QS-1290 is differentiated through an easier synthesis scaffold, reducing manufacturing burden and addressing potential liver toxicity. Trials use a "start low, go slow" strategy to improve GI tolerability, inspired by prior experience with weight management compounds. IND-enabling activities for ACCG-2671 and FIH Ph1 SAD/MAD study initiation by YE. Long-term tox studies for ANPA-0073 are ongoing, with Ph2 potential in combination with GLP-1. Preclinical poster on GIPR/GPCR combos to be presented at ADA 2025. Amylin FIH design timeline targeting YE 2025.

• Catalysts:

  • Key catalysts include to's Ph2b 36mg obesity data in Q4 2025, '1290 Phase 2b readouts, amylin FIH start by YE, and to's ATTAIN-1 data in Q3. Positive readthrough from '1290 aligns with comp small molecule differentiation, and strategic partnerships may commence post-Phase 2b data. Orfo's obesity data expectations could enhance momentum.

• Risks & Valuation:

  • Risks: Clinical trial failures, regulatory hurdles, commercial risks, and financing challenges. Valuation is DCF-based, with a cash runway to 2027. Analysts emphasize catalyst-rich 2025 but note high uncertainty in long-term outcomes.

• Analyst Team:

  • Roger Song, MD, CFA (Equity Analyst), Fiona Jia, Ph.D., Liang Cheng, Ph.D., and Cha Cha Yang, MS, MBA co-authored the report, each certifying no compensation ties to recommendations. The company is a client, and Jefferies acted as underwriter in related transactions, potentially creating conflicts of interest.