Table of Contents As filed with the Securities and Exchange Commission on March 27, 2026. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Kailera Therapeutics, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 2834 99-3088927 (Primary Standard Industrial Classification Code Number) 180 Third Avenue, 4th Floor Waltham, ...

Core Insights - Eli Lilly and Company (LLY) is a leader in the diabetes and obesity treatment market, driven by the success of its GLP-1 therapies, Mounjaro and Zepbound, which utilize tirzepatide for effective treatment [1][2] Industry Overview - The global obesity drug market is expected to grow significantly, reaching nearly $95 billion by 2030 and potentially $125 billion by 2035, according to Goldman Sachs estimates [3] - Both Lilly and Novo Nordisk are competing to develop next-generation GLP-1 treatments, including oral options, to maintain their market leadership [3] Product Pipeline - Lilly is investing in obesity treatments with several new molecules in clinical development, including oral and injectable medications [4] - A key candidate in Lilly's obesity pipeline is orforglipron, a once-daily oral GLP-1 small molecule, which could lower treatment burden and broaden patient adoption [5] - Positive data from six studies on orforglipron has led to regulatory applications in the U.S., EU, and other countries, with a U.S. launch expected in Q2 2026 [6][11] - Lilly is also evaluating orforglipron in late-stage studies for other conditions, expanding its revenue potential beyond obesity and type II diabetes [7] - Another candidate, retatrutide, is being studied for obesity and knee osteoarthritis pain, with plans for approval in 2026 [8][9] Competitive Landscape - Competition in the obesity market is intensifying, with Novo Nordisk set to launch an oral version of Wegovy in January 2026, potentially impacting Lilly's market share [12] - Smaller biotech companies are also developing oral GLP-1 drugs, such as Viking Therapeutics and Structure Therapeutics, which may further increase competition [13][14] Financial Performance - Lilly's stock has increased by 19.5% over the past year, compared to the industry's 18.2% rise [15] - The stock is currently trading at a price/earnings ratio of 29.70, higher than the industry average of 18.82, but below its 5-year mean of 34.57 [17] - The Zacks Consensus Estimate for 2026 has risen from $33.15 to $33.80 per share, indicating positive revisions in earnings expectations [20]