Structure Therapeutics closed an upsized underwritten public offering on December 11, 2025, raising approximately $747.5 million in gross proceeds. The offering comprised 9,961,538 American depositary shares (ADSs) at $65.00 each, plus an underwriters’ option to purchase an additional 1,500,000 ADSs. Pre‑funded warrants for 1,538,462 ADSs were also issued at $64.9999 per warrant.
The capital infusion expands the company’s cash position from $799 million as of September 30, 2025, to a projected runway that extends through at least 2027. The additional funds will support ongoing clinical development of aleniglipron, the company’s lead oral GLP‑1 receptor agonist, and other pipeline candidates.
In Q3 2025, Structure Therapeutics reported a net loss of $65.7 million, up from $34.0 million in Q3 2024, while R&D expenses rose to $59.0 million from $32.6 million. The increase reflects intensified clinical testing of aleniglipron and other projects. The new financing is intended to offset these higher costs and maintain momentum toward Phase 3.
CEO Raymond Stevens emphasized the strategic importance of the raise, noting that the funds will accelerate aleniglipron’s development and position the company to pursue partnership or dilution options for future Phase 3 studies. “The capital raise gives us the flexibility to advance aleniglipron and explore collaborations that could accelerate commercialization,” Stevens said.
The offering was executed under a Form S‑3 shelf registration filed on August 6, 2025, and was book‑run by Jefferies, Leerink Partners, Goldman Sachs, Morgan Stanley, Guggenheim, and BMO Capital Markets. The pricing and underwriting terms were consistent with the company’s prior capital‑raising strategy.
Market reaction to the announcement was largely positive, driven by the strong Phase 2b data for aleniglipron released earlier in December, which showed a placebo‑adjusted average weight loss of over 11 %. Analysts at Jefferies and Citizens Jmp raised their price targets following the data, reflecting confidence in the company’s differentiated oral therapy.
The successful closing of the offering positions Structure Therapeutics to compete in the highly competitive obesity market, where oral small‑molecule GLP‑1 agonists could offer a convenient alternative to injectable biologics. The capital raise strengthens the company’s ability to sustain R&D investment and pursue strategic partnerships that could accelerate market entry.
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