Productive ADA 2026 Highlights New Findings into 2H26 Catalysts

研报英文原文证据摘录

Productive ADA 2026 Highlights New Findings into 2H26 Catalysts

C O M PA N Y N O T E

J u n e 8 , 2 0 2 6

Structure Therapeutics, Inc. (GPCR) Overweight

CONCLUSION PRICE: US$37.58

GPCR published aleniglipron's Ph2b ACCESS program in Nature Medicine in conjunction TARGET: US$93.00

with four presentations at ADA 2026 related to aleniglipron and ACCG-2671. Specifically, Our $93 PT is derived from a risk-adjusted

the publication provides additional tidbits on the Ph2b ACCESS program where ADA net present value (rNPV) analysis based

presentations provide further evidence to support aleniglipron's optimized titration protocol on US and EU sales of: 1) $77/sh driven by

with a 2.5 mg starting dose and consistent tolerability across the board. Importantly, a key GSBR-1290 in obesity/T2D, 2) $9/sh driven by

ACCG-2671 presentation showed its ability to drive meaningful reductions in food intake LTSE-2578 and ANPA-0073 in IPF, and 3) $7/

and body weight as both a monotherapy and in combination with aleniglipron. Hence, these sh from cash.

data serve as strong PoC and effectively de-risk ACCG-2671's Ph1 SAD HV data 3Q26 Yasmeen Rahimi, Ph.D.

(Ph1 MAD initiation 3Q26), in our view. As such, we remain bullish on GPCR and believe Sr. Research Analyst, Piper Sandler & Co.

it is an opportune time to own ahead of a catalyst-rich 2H26. 646 819-3586, yasmeen.rahimi@psc.com

Emma Nesson

• Aleniglipron's Ph2b ACCESS publication provides further tidbits to further Research Analyst, Piper Sandler & Co.

212 284-9348, emma.nesson@psc.com emphasize its compelling value proposition. Despite the Ph2b ACCESS topline

providing a robust dataset, we were pleased to see this publication provide even more Liam Hiester

Research Analyst, Piper Sandler & Co.