Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period From To Commission file number: 001-41608 Structure Therapeutics Inc. (Exact name of registrant as specified in its charter) | Cayman Islands 98-1480821 | | --- ...

Structure Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results and Recent Highlights Positive results from the aleniglipron Phase 2 ACCESS programs in December 2025 demonstrated significant weight loss across all doses and up to 15.3% at 36 weeks Topline 44-week data from the ACCESS II study with higher doses expected in Q1 2026 Exhibit 99.1 Aleniglipron Phase 3 initiation expected in 2H 2026 Initial data from the ongoing Phase 1 study of oral small molecule amylin receptor agonist ACCG- ...

Positive results from the aleniglipron Phase 2 ACCESS programs in December 2025 demonstrated significant weight loss across all doses and up to 15.3% at 36 weeks Topline 44-week data from the ACCESS II study with higher doses expected in Q1 2026 Aleniglipron Phase 3 initiation expected in 2H 2026 Initial data from the ongoing Phase 1 study of oral small molecule amylin receptor agonist ACCG-2671 and Phase 1 initiation of second oral amylin compound ACCG-3535 expected in 2H 2026 Cash, cash equivalents and s ...

Schrödinger (NasdaqGS:SDGR) Q4 2025 Earnings call February 25, 2026 04:30 PM ET Company ParticipantsConor MacKay - Equity Research AssociateJaren Madden - Chief Corporate Affairs Officer and Head of Investor RelationsKaren Akinsanya - President, Head of Therapeutics R&D, and Partnerships Chief Strategy OfficerRamy Farid - CEORichie Jain - CFONone - Company RepresentativeNone - Company RepresentativeNone - Company RepresentativeNone - Company RepresentativeConference Call ParticipantsBrendan Smith - Director ...

Financial Data and Key Metrics Changes - Schrödinger reported a total revenue of $256 million for 2025, reflecting a 23% growth compared to the previous year [12] - The software business generated approximately $199.5 million in revenue, with an annual contract value (ACV) of $198.5 million, showing strong growth from commercial customers [12][9] - Drug discovery revenue more than doubled to $56.4 million, indicating successful execution across collaborative programs [12][13] - The net loss for the year was $103 million, an improvement from a net loss of $187 million in 2024 [15] Business Line Data and Key Metrics Changes - Software revenue increased by 11%, while drug discovery revenue saw significant growth, more than doubling compared to the prior year [12][13] - The software gross margin decreased to 74% from 80% in 2024, attributed to higher costs associated with contribution revenue from grants [13] - Total operating expenses were $310 million, a decrease of approximately 9% compared to 2024, reflecting cost reduction initiatives [13][14] Market Data and Key Metrics Changes - The company experienced a challenging backdrop of tight pharma budgets and difficult biotech capital markets, yet managed to achieve balanced growth [12] - The materials science business grew from $15 million to $17 million as new capabilities were introduced [20] - The company is targeting additional budgets within existing customers and unlocking opportunities in large markets such as biologics and toxicology [11] Company Strategy and Development Direction - Schrödinger aims to achieve 10%-15% software ACV growth and maintain expense discipline while transitioning to a primarily hosted model [10][26] - The company plans to complete phase 1 studies for SGR-1505 and SGR-3515 and advance collaborative programs [10] - The strategic pivot initiated last year is expected to position the company for long-term success, with a target of achieving positive adjusted EBITDA by the end of 2028 [36][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic direction and the potential for growth driven by new product launches, including the predictive toxicology platform [10][41] - The company views the adoption of AI as a tailwind, increasing demand for its software and enhancing its competitive position [56] - Management acknowledged the challenges in the biotech sector but anticipates a recovery over the next three years [72] Other Important Information - The company is transitioning to hosted contracts, which will result in more predictable revenue but may compress gross margins and adjusted EBITDA in the near term [24][66] - Schrödinger's platform is uniquely positioned to leverage AI in drug and materials discovery, with a focus on physics-based simulations [11][8] Q&A Session Summary Question: Impact of transitioning to hosted contracts on profitability - Management confirmed that the transition to hosted contracts is an ongoing process and remains a critical component of the business strategy [39][40] Question: Growth expectations from new products like Predictive Tox - Management indicated that new products, including Predictive Tox, are expected to contribute to growth, with positive feedback from beta testing [41][42] Question: Customer engagement with the transition to hosted platforms - Management noted that customers are increasingly preferring hosted deployments, which allow for faster deployment and enhanced support [51][52] Question: Assumptions regarding biotech recovery and capital allocation - Management expects a normalization of growth in the biotech sector over the next three years and prefers to invest cash into growth opportunities rather than share buybacks [72][71] Question: Clarification on ACV definition and its impact on revenue - Management explained that ACV reflects the value of contracts, while revenue recognition varies based on contract type, with hosted contracts resulting in more predictable revenue [76][78]

Core Insights - Structure Therapeutics Inc. is characterized as a GLP-1 oral medication company, indicating its focus on innovative therapeutic solutions in the pharmaceutical sector [1]. Company Overview - Structure Therapeutics Inc. operates within the biopharmaceutical industry, specifically targeting the development of oral GLP-1 therapies, which are significant in the treatment of metabolic disorders [1]. Investment Perspective - The analysis emphasizes a fundamentals-first approach to investment, suggesting that despite the prevalence of algorithm-driven trading, understanding the underlying business fundamentals remains crucial for identifying mispriced assets [1].

Core Insights - The obesity drug market is evolving beyond just weight loss efficacy, focusing on a wider range of treatment options and improved patient access [2][3][7] Treatment Options - Executives predict a shift from a one-size-fits-all approach to personalized treatments, including pills, less frequent injections, and combination therapies [3][4] - Novo Nordisk and Eli Lilly are leading the market with GLP-1 injections, while new oral options are being introduced to cater to different patient needs [4][11] - Combination regimens are expected to enhance treatment effectiveness, targeting various obesity-related conditions [16][18] Market Access - Access to GLP-1 treatments has improved, with price reductions and upcoming Medicare coverage for obesity drugs anticipated to increase patient access [6][30][31] - The direct-to-consumer market is projected to grow significantly, potentially comprising a large portion of the obesity drug market [32][33] Market Potential - The weight loss and diabetes drug market could reach nearly $100 billion annually by the end of the decade, driven by increased treatment options and access [7] - Current estimates suggest that 25 to 50 million U.S. patients could be using GLP-1s by 2030, indicating substantial growth potential [8] Innovative Approaches - Companies are exploring new methods for weight loss, such as targeting fat burning rather than appetite suppression, with the aim of preserving muscle mass [22][24] - Lilly's retatrutide, which mimics multiple hunger-regulating hormones, has shown promising results in trials, achieving over 28% weight loss in patients [26][27]

Core Viewpoint - The article discusses the promising future of Structure Therapeutics and its oral GLP-1 drug, aleniglipron, in the obesity treatment market, particularly in light of recent developments and upcoming phase three trials [2][3][4]. Company Overview - Structure Therapeutics is preparing for phase three trials of its daily oral GLP-1 drug, aleniglipron, which has shown significant weight loss results in earlier trials [3][4]. - The company's shares increased by over 100% following the release of midstage data indicating that aleniglipron helped patients lose more than 11% of their weight at 36 weeks [3]. Competitive Landscape - Structure's aleniglipron is positioned as "next in line" in the market after Novo Nordisk's approved pill and an upcoming oral drug from Eli Lilly [4]. - The drug's efficacy is highlighted, with a higher 240-milligram dose showing up to 15.3% weight loss at 36 weeks, compared to competitors reporting similar results over longer periods [6]. Key Advantages - The company emphasizes four competitive advantages: 1. Efficacy demonstrated in trials [6]. 2. Safety, with no drug-related liver injuries reported [7]. 3. Low manufacturing costs, allowing for large-scale production [7]. 4. The ability to combine aleniglipron with other treatments for enhanced effects [8]. Market Potential - There is a significant market opportunity, with 100 million people in the U.S. needing obesity treatment, yet only about 5 million currently receiving injections [9]. - Oral medications like aleniglipron are expected to expand the market, particularly through primary care physicians who prefer prescribing pills [9][10]. Future Outlook - The future of the obesity drug market may focus on combination therapies to address various health conditions alongside obesity [11]. - The company anticipates improvements in access and affordability, with recent price cuts from competitors and upcoming Medicare coverage for obesity drugs [12]. - Structure Therapeutics aims to address a large unmet need globally, even if it means accepting lower prices for their products [13].

Core Insights - Structure Therapeutics Inc. is focused on developing innovative treatments for obesity, specifically seeking approval for its experimental weight-loss pill, aleniglipron, which is similar to Eli Lilly's orforglipron but has a shorter half-life [1] - Goldman Sachs has set a price target of $102 for GPCR, suggesting a potential price increase of approximately 15.07% from its current price of $88.64, following the release of promising topline data from the ACCESS clinical program [2][5] - The Phase 2b ACCESS study showed that aleniglipron achieved a statistically significant placebo-adjusted mean weight loss of 11.3% at the 120 mg dose over 36 weeks [2][5] Company Challenges - The company faces a 10.4% adverse event-related treatment discontinuation rate across all active arms of the study, indicating potential safety concerns [3] - The CEO has expressed worries about competition from compounded copycat versions of weight-loss drugs, which poses a threat to new obesity treatments [3] - The competitive landscape of the obesity drug market is complex, highlighting the challenges that Structure Therapeutics must navigate [3] Market Performance - Currently, GPCR is trading at $88.64, with a recent price change of $3.62, marking a 4.26% increase [4] - The stock has fluctuated between a low of $84.71 and a high of $92.85 in the current trading session, with a yearly high of $94.90 and a low of $13.22 [4] - The company's market capitalization is approximately $5.1 billion, with a trading volume of 1,623,455 shares [4]

Industry Overview - The drug and biotech sector regained momentum in the latter part of 2025 after a weak first half, setting the stage for a strong year for select stocks [1] - Improved policy clarity following drug pricing agreements with the Trump administration reduced uncertainty, while a rebound in mergers and acquisitions revived investor appetite for risk [1] - Innovation accelerated across high-growth areas such as obesity, gene therapy, inflammation, and neuroscience, with the FDA approving 43 novel therapies as of December 22, 2025 [2] Company Highlights Ionis Pharmaceuticals - Ionis Pharmaceuticals' shares surged 127.6% in 2025, significantly outperforming the industry growth of 5% [5][6] - The company advanced its wholly-owned portfolio, highlighted by the FDA approval of Tryngolza for familial chylomicronemia syndrome, generating $57.4 million in sales in the first nine months of 2025 [9] - Ionis is evaluating Tryngolza in late-stage studies for severe hypertriglyceridemia, with plans to file for FDA label expansion soon [10] - The FDA approved Ionis' second drug, Dawnzera, for hereditary angioedema, with a regulatory filing in the EU expected in early 2026 [11] Structure Therapeutics - Structure Therapeutics' shares surged 127.2% in the past year, compared to the industry's 15.6% growth [13] - The stock rally was driven by positive data from the ACCESS clinical program for aleniglipron, showing up to 15.3% placebo-adjusted weight loss [15][16] - The company plans to initiate phase III development for aleniglipron in mid-2026 and is also developing other candidates for obesity treatment [18] Monopar Therapeutics - Monopar Therapeutics' shares rallied 185.9% in the past year, significantly outperforming the industry [20] - The stock price increase was fueled by positive expectations regarding its lead candidate ALXN-1840 for Wilson disease, following a licensing agreement with AstraZeneca [22] - Monopar plans to submit a regulatory filing with the FDA in early 2026 based on favorable long-term data for ALXN-1840 [26] Kodiak Sciences - Kodiak Sciences' shares rallied 181.1% in the past year, contrasting with the industry's 15.7% decline [27] - The stock's performance reflects growing investor confidence in its late-stage pipeline assets, particularly tarcocimab and KSI-501 [29] - Kodiak plans to submit a regulatory filing for tarcocimab for multiple indications, with top-line data from pivotal studies expected in 2026 [31][33]