Structure Therapeutics Inc at Morgan Stanley Global Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Terrence Flynn - Morgan Stanley - Analyst : Great. Well, we'll dive into a lot of that. I guess, just at a first high level, a lot of focus on the obesity market and kind of the forward outlook. I think the way we model it as a 70-30 split injectables versus orals. Lilly has made some comments recently about their view of the oral opportunity. You guys are obviously investing in orals. Maybe just provide us with your latest outlook on how you see the market evolving when we do have more options, both in addition to what we have on the injectable side. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 2:45PM, GPCR.OQ - Structure Therapeutics Inc at Morgan Stanley Global Healthcare Conference

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay. Great. Maybe we'll talk about your lead asset, Aleniglipron now an oral GLP-1 non-peptide, as you mentioned, the current option on the market from Novo is a peptide molecule. And so maybe you could just provide us a view on your profile and some of the Phase 2a data you generated before we get into some questions around the upcoming data.

Question: Terrence Flynn - Morgan Stanley - Analyst : Yeah, and the duration there, those are 36-week studies, right?

Question: Terrence Flynn - Morgan Stanley - Analyst : And maybe just remind us of the titration. I know there's some differences in terms of the titration versus you mentioned you're doing pretty rapid titration in the first study. So how does that change in the 2b?

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay. And what are the specifics on timing? Like are you going to release both of these at the same time as a sequential readout? How are you thinking about the timing of those readouts?

Question: Terrence Flynn - Morgan Stanley - Analyst : Can you give us -- is it this like December readout, January? Is that --

Question: Terrence Flynn - Morgan Stanley - Analyst : End of the year. Okay. All right. Fair enough. And then how about the amount of data in the press release? I know there's a lot -- oftentimes a lot of debate about how much you can present versus having to withhold for a medical conference. So maybe just walk us through kind of current plans in terms of how much data is going to be in the actual press release.

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay. And on the S demands, is this one where you have both of those stands in there? Or how do you think about that?

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay. Got it. Okay. Great. I guess the other question we get a lot, and I know you probably got this a lot today, is just the benchmarking data. So we look at orforglipron. There are some changes made Phase 2 to Phase 3. As we benchmark your data, what's the best data set that we should look to? I think in Phase 2, they had a 36-week study showed like 9% to 15% roughly, placebo lost 2% or something. Is that a fair comparison as we think about cross-trial comparisons?

Question: Terrence Flynn - Morgan Stanley - Analyst : Yeah. So if I look at their Phase 2 orforglipron discontinuation rate, it looks like due to AEs, I think it was 10% to 17%. So that's kind of the range, I guess, what you're saying is don't look at Phase 3 because that was a longer study. If we look at their Phase 2, again, it was 10% to 17%. So -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 2:45PM, GPCR.OQ - Structure Therapeutics Inc at Morgan Stanley Global Healthcare Conference

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay. Great. And then I think the other thing that you guys announced relatively recently, it was like an extension on ACCESS II, because I think you've talked about the titration period, you're ramping up, and so you won't be at the top dose for a long enough time. And so as a result, you added on another, I believe, eight weeks on to the back end of that study. So maybe just talk to us about setting expectations for ACCESS II, given that dynamic that you're still in like the ramp, and so patients aren't going to be at the higher target dose for the same period of time. It's not truly like 36 weeks, I guess.

Question: Terrence Flynn - Morgan Stanley - Analyst : You're saying up to 180, 240.

Question: Terrence Flynn - Morgan Stanley - Analyst : And will we get -- when you guys put out the data, will we get those curves, so we can look at how this slope compares for those higher doses. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 2:45PM, GPCR.OQ - Structure Therapeutics Inc at Morgan Stanley Global Healthcare Conference

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay. Okay. Great. And maybe the other thing, I think, maybe just speak to what this implies for the safety tolerability of the program as a whole if you guys are going forward with these open-label extensions. You also announced another series of trials, like what's the other takeaway in terms of the, I guess, big picture, safety of aleniglipron here?

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay. Great. One, before we go to the Phase 3 program, I just wanted to ask one I forgot to ask is the baseline characteristics of your study. So maybe just remind us, Phase 2a to Phase 2b any baseline characteristic differences for your study or then when we're making these cross-trial comparisons to the Lilly orforglipron data, anything that you'd call out high level that we should be mindful of when we make these. Because I know sometimes it's baseline BMI can matter, geography can matter in terms of tolerability sometimes. So what other things should we be mindful of when we make these kind of comparisons?

Question: Terrence Flynn - Morgan Stanley - Analyst : I mean -- and I think in these obesity as historically, there's actually been more females and males that enroll. So is that what we should expect as well?

Question: Terrence Flynn - Morgan Stanley - Analyst : Great. On the Phase 3 program here, maybe just high-level thoughts on kind of design, scope, comparator arm? I mean those are all the questions I think people are focused on, partly because of what you noted there's other options out there now for patients. So how do you kind of design the program but also manage the reality that if there are patients on placebo that are not seeing the weight loss, then there are other options available to them. So how are you thinking about navigating that environment?

Question: Terrence Flynn - Morgan Stanley - Analyst : Yeah. And then one other thing that I think has been coming up is there's this announcement with the FDA priority -- FDA Commissioner prior to review voucher programs, new program. Is that something that you guys are thinking about at all? Or are you considering, again, I think it definitely gets speculated that maybe there could be obesity drugs that could go down that path. I know you guys aren't there yet but seems to me like another iteration of the breakthrough therapy designation program. But any thoughts on that?

Question: Terrence Flynn - Morgan Stanley - Analyst : And then maybe the last one before we go to the rest of the pipeline is just thoughts on a potential partnership collaboration here. Obviously, the data is an important card to turn over, but how do you think about this? Because obviously, a Phase 3 program is going to be pretty broad in scale when you think about the different beyond just chronic weight management, you're talking about diseases like OSA, chronic kidney disease, these kind of things. So how do you think about partnership collaboration?

Question: Terrence Flynn - Morgan Stanley - Analyst : And maybe I'll sneak another one in, is just the scalability. I think we kind of alluded to this earlier, but you guys are non-peptide versus peptides. So maybe just remind us why that's important, what that means in terms of scalability, scope because, obviously, there were some challenges last year on the injectable side in terms of capacity? And so why is scalability important? And what -- how do you think about that from a aleniglipron standpoint?

Question: Terrence Flynn - Morgan Stanley - Analyst : That's a good segue to your next asset, which is 2671, your oral amylin, which you talked about a little bit at the beginning here. But maybe just remind us why amylin is interesting. Like why are so many companies focused on amylin? And then from your profile, what are you trying to deliver? Because we've seen some data now from some of the injectable amylin. Novo had some data for their cagrilintide. Lilly had a [lower linitide]. We haven't seen anything from oral. Obviously, yet you guys are going to be one of the first there. So what's the kind of target profile? So why is amylin interesting? And then what's the target profile that you hope you can deliver in the clinic?

Question: Terrence Flynn - Morgan Stanley - Analyst : And a word, can you say about like once a day versus twice a day at this point? Any insights there?

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay. Great. And maybe the last one on this topic is just that as you think about the next step after a Phase I, would you pursue both mono and combo? Obviously, you can do that internally. You could go an oral with an injectable? How would you think about like the scope of opportunities for like a Phase 2 program, just given there's so many different options?

Question: Terrence Flynn - Morgan Stanley - Analyst : And what's the timeline on those other targets, GIP, APJ, those ones, how far out are we from getting one of those to lead?

Question: Terrence Flynn - Morgan Stanley - Analyst : Okay. Great. Well, maybe I'll just turn it over to you to wrap up here for us, Ray, but anything you want to leave us with as we think about the forward, obviously a very busy time for the company.

Question: Terrence Flynn - Morgan Stanley - Analyst : Great. Well, thanks so much, Ray. Pleasure having you here and best of luck.