0001104659-26-092057 | 10-Q | XBRL Viewer | Structure Therapeutics INC

Composition of Certain Consolidated Financial Statement Line Items

6 Months Ended

Jun. 30, 2026

Composition of Certain Consolidated Financial Statement Line Items

Composition of Certain Consolidated Financial Statement Line Items

3. Composition of Certain Consolidated Financial Statement Line Items

Accrued expenses and other current liabilities consisted of the following (in thousands):



		JUNE 30,			DECEMBER 31,
		2026			2025
Accrued compensation		$	8,013		$	12,434
Accrued research and development expenses			17,348			12,404
Accrued clinical expenses			22,015			15,791
Accrued professional services			3,138			4,470
Accrued other liabilities			1,873			1,444
Total accrued expenses and other current liabilities		$	52,387		$	46,543

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The functional and reporting currency of the Company and its subsidiaries is the U.S. dollar. The aggregate foreign currency transaction gain (loss) included in determining net loss was not material for the periods presented.

Unaudited Interim Financial Information

The condensed consolidated balance sheet as of December 31, 2025 was derived from the Company’s audited financial statements, but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025, have been prepared by the Company, pursuant to the rules and regulations of the SEC, for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2025 and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 26, 2026. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position as of June 30, 2026 and condensed consolidated results of operations for the three and six months ended June 30, 2026 and 2025 and condensed consolidated cash flows for the six months ended June 30, 2026 and 2025 have been made. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2026.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of expenses during the reporting periods. Such estimates include lease liability, accruals for research and development activities, share-based compensation and certain other accrued liabilities. Actual results could differ from those estimates.

Segments

The Company operates and manages its business as one reportable and operating segment, which is the business of research and development of medicines that target chronic diseases with unmet medical need. The Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”), reviews consolidated financial statements and decides how to allocate resources and evaluate segment performance based on net loss reported in the consolidated statements of operations and comprehensive loss. The Company’s long-lived assets are primarily in China.

The table below is a summary of the segment net loss, including significant segment expenses (in thousands):



	THREE MONTHS ENDED						SIX MONTHS ENDED
	JUNE 30,						JUNE 30,
	2026			2025			2026			2025
Operating expenses:
Discovery research and development	$	23,079		$	26,244		$	41,596		$	48,031
Manufacturing		15,278			133			19,548			133
Clinical research and development		49,859			23,016			85,055			40,173
Other research and development expenses		11,841			5,317			20,365			9,240
General and administrative		18,573			15,741			41,445			29,185
Total operating expenses		118,630			70,451			208,009			126,762
Loss from operations		(118,630)			(70,451)			(208,009)			(126,762)
Interest and other income, net		12,705			8,929			26,306			18,505
Loss before provision for income taxes		(105,925)			(61,522)			(181,703)			(108,257)
Provision for income taxes		234			139			424			237
Segment net loss and net loss attributable to ordinary shareholders	$	(106,159)		$	(61,661)		$	(182,127)		$	(108,494)

Concentration of Credit Risk

The Company is exposed to credit risk from its deposits of cash, cash equivalents and short-term investments in excess of the amount of insurance provided on such deposits. The Company invests its cash, cash equivalents and short-term investments in money market funds, corporate debt securities, U.S. government bonds and U.S. government agency bonds. The Company limits its credit risk associated with cash, cash equivalents and short-term investments by investing in investment-grade securities and using banks and institutions it believes are creditworthy. The Company has not experienced any losses on its deposits of cash, cash equivalents and short-term investments to date. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.

Risks and Uncertainties

The Company is subject to risks and uncertainties common to companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials and regulatory approval prior to commercialization. These efforts require significant amounts of additional resources, adequate personnel, infrastructure and extensive compliance and reporting.

The Company relies and expects to continue to rely on a small number of vendors to manufacture supplies and materials for use in its clinical trial programs. These programs could be adversely affected by a significant interruption in these manufacturing services.

Fair Value of Financial Instruments

The Company establishes the fair value of its assets and liabilities using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and established a fair value hierarchy based on the inputs used to measure fair value.

The carrying value of cash and cash equivalents, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy which establishes three levels of inputs that may be used to measure fair value (see Note 4).

Net Loss Per Share Attributable to Ordinary Shareholders

Basic net loss per ordinary share is calculated by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period, including the Pre-Funded Warrants, without consideration of potentially dilutive securities. Ordinary shares into which the Pre-Funded Warrants may be exercised are considered outstanding for the purposes of computing basic net loss per share because the shares may be issued for little or no consideration, are fully vested and are exercisable after the original issuance date (see Note 6). Diluted net loss per ordinary share is computed by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares, including the Pre-Funded Warrants, and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the unvested restricted share units, ordinary shares committed under the employee share purchase plan and share options are considered to be potentially dilutive securities. Because the Company has reported a net loss for all periods presented and the inclusion of the potentially dilutive securities would be antidilutive, diluted net loss per ordinary share is the same as basic net loss per ordinary share for those periods.

Recent Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires additional information about a reporting entity’s certain expense categories in the notes to financial statements in interim and annual reporting periods. Among other provisions, the new standard requires disclosure of disaggregated amounts for expenses such as employee compensation, depreciation, and intangible asset amortization included in each expense caption presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on disclosures in its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This ASU clarifies and improves existing interim reporting guidance by consolidating disclosure requirements within Topic 270 and introducing a disclosure principle requiring entities to disclose events and changes occurring after the most recent annual reporting period that are expected to have a material effect on the entity’s financial condition or results of operations. The ASU does not introduce

significant changes to recognition or measurement guidance. This ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on disclosures in its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements. This ASU addresses suggestions received from stakeholders regarding the Accounting Standards Codification and makes other incremental improvements to GAAP. The update represents changes to the Codification that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. Entities are required to apply the amendments to ASC 260 retrospectively. All other amendments may be applied prospectively or retrospectively. The Company is currently evaluating the impact the adoption of this ASU will have on disclosures in its consolidated financial statements.

Asset Purchase Agreement	6 Months Ended
Jun. 30, 2026
Asset Purchase Agreement
Asset Purchase Agreement	8. Asset Purchase Agreement In August 2025, the Company’s wholly-owned subsidiary, Basecamp Bio Inc., entered into an asset purchase agreement (the “Exelixis Agreement”) with Exelixis, Inc. related to the sale of certain early-stage non-metabolic and non-obesity assets. The Company concluded that the sale of such assets should be accounted for under the guidance at ASC 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, as this type of transaction did not meet the definition of “ordinary activities” of the Company and Exelixis is not considered a “customer” in this transaction. Under the Exelixis Agreement, the Company is eligible for initial payments totaling $10.0 million and patent cost reimbursements, and contingent milestone payments of up to $90.0 million in the aggregate. In addition, the Company is eligible to receive tiered, low single digit royalties on the net sales of approved products. As of December 31, 2025, initial payments and patent cost reimbursements of $10.2 million has been received and were included in gains on sale of non-financial asset on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2025. At the inception of the Exelixis Agreement and as of June 30, 2026, it was determined that it was not more likely than not that the variable consideration related to the contingent milestone payments and royalties will be received and, therefore, such variable consideration was excluded from the total consideration. The contingent milestone payments will be recognized if and when it becomes more likely than not that the underlying milestones will be achieved and royalties will be recognized if and when the related sales occur.

Asset Purchase Agreement

6 Months Ended

Jun. 30, 2026

Asset Purchase Agreement

Asset Purchase Agreement

8. Asset Purchase Agreement

In August 2025, the Company’s wholly-owned subsidiary, Basecamp Bio Inc., entered into an asset purchase agreement (the “Exelixis Agreement”) with Exelixis, Inc. related to the sale of certain early-stage non-metabolic and non-obesity assets. The Company concluded that the sale of such assets should be accounted for under the guidance at ASC 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, as this type of transaction did not meet the definition of “ordinary activities” of the Company and Exelixis is not considered a “customer” in this transaction.

Under the Exelixis Agreement, the Company is eligible for initial payments totaling $10.0 million and patent cost reimbursements, and contingent milestone payments of up to $90.0 million in the aggregate. In addition, the Company is eligible to receive tiered, low single digit royalties on the net sales of approved products. As of December 31, 2025, initial payments and patent cost reimbursements of $10.2 million has been received and were included in gains on sale of non-financial asset on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2025. At the inception of the Exelixis Agreement and as of June 30, 2026, it was determined that it was not more likely than not that the variable consideration related to the contingent milestone payments and royalties will be received and, therefore, such variable consideration was excluded from the total consideration. The contingent milestone payments will be recognized if and when it becomes more likely than not that the underlying milestones will be achieved and royalties will be recognized if and when the related sales occur.

Organization and Nature of the Business (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended
	Dec. 11, 2025	Dec. 31, 2025	Sep. 30, 2025	Jul. 10, 2026	Jun. 30, 2026	May 31, 2026	Aug. 31, 2025
Organization and Nature of the Business
Accumulated deficit		$ 470,300			$ 652,427
Cash, cash equivalents and short-term investments					$ 1,342,700
American Depositary Shares (ADSs)
Organization and Nature of the Business
Sale of Stock, number of shares issued in transaction	1,500,000
At the Market offering
Organization and Nature of the Business
Maximum amount of issuance value						$ 400,000	$ 250,000
Increased shares available to be sold						$ 150,000
At the Market offering \| Subsequent Event
Organization and Nature of the Business
Remaining value of common stock under ATM program				$ 341,500
At the Market offering \| American Depositary Shares (ADSs)
Organization and Nature of the Business
Net proceeds after deducting			$ 55,800
Shares issued			3,040,000
Gross proceeds			$ 58,500
Net proceeds			$ 57,100
2025 Follow-On Offering
Organization and Nature of the Business
Net cash proceeds	$ 701,500
2025 Follow-On Offering \| Prefunded warrants
Organization and Nature of the Business
Number of shares	4,615,386
Price per share	$ 64.9999
Exercise price	$ 0.0001
2025 Follow-On Offering \| American Depositary Shares (ADSs)
Organization and Nature of the Business
Aggregate shares agreed to sell		8,461,538
Option granted to purchase maximum number of shares		1,500,000
Sale of Stock, number of shares issued in transaction	9,961,538
Purchase Price	$ 65
2025 Follow-On Offering \| American Depositary Shares (ADSs) \| Prefunded warrants
Organization and Nature of the Business
Number of shares	1,538,462	1,538,462
Price per share	$ 64.9999

Fair Value Measurements - Additional information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Fair Value Measurements
Transfers in and out of Level 3	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Contractual maturities of investments within one year	821.5		821.5
Contractual maturities of investments after one year through two years	248.5		248.5
Allowance for credit losses	0.0		0.0		$ 0.0
Impairment losses	$ 0.0	$ 0.0	$ 0.0	$ 0.0

License Agreement (Details) - GNE Agreement $ in Millions	1 Months Ended
License Agreement (Details) - GNE Agreement $ in Millions	Jan. 31, 2026 USD ($)	Dec. 31, 2025 USD ($) D
License Agreement
Agreement termination period \| D		60
Transaction price		$ 100.0
Genentech
License Agreement
Upfront payment received	$ 100.0	$ 100.0

Collaboration Agreements (Details) - Software platform use for research purposes - Schrodinger, Inc. $ in Millions	1 Months Ended		6 Months Ended
	Nov. 30, 2023 USD ($)	Oct. 31, 2020 USD ($)	Jun. 30, 2026 USD ($) Milestone	Dec. 31, 2025 USD ($)
Lhotse Collaboration Agreement
Collaboration Agreements
Collaboration agreement term		10 years
Collaboration agreement extension term		3 years
Payments paid or accrued			$ 0.0	$ 0.0
Lhotse Collaboration Agreement \| Maximum
Collaboration Agreements
Aggregate payment		$ 17.0
Aconcagua Collaboration Agreement
Collaboration Agreements
Aggregate payment			9.0
Collaboration agreement term	10 years
Collaboration agreement extension term	3 years
Payments paid or accrued			$ 9.0
Number of Milestones \| Milestone			2
Aconcagua Collaboration Agreement \| Maximum
Collaboration Agreements
Payments paid or accrued	$ 89.0

Asset Purchase Agreement (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Asset Purchase Agreement (Details) - USD ($) $ in Millions	Aug. 31, 2025	Dec. 31, 2025
Asset Purchase Agreement
Initial payments	$ 10.0
Contingent milestone payments	$ 90.0
Gains on sale of non-financial assets		$ 10.2

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Measurements

Fair Value Measurements

4. Fair Value Measurements

The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy which establishes three levels of inputs that may be used to measure fair value, as follows:

Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities;

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a

particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):



		JUNE 30,												DECEMBER 31,
		2026												2025
		LEVEL 1			LEVEL 2			LEVEL 3			TOTAL			LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Money market funds		$	267,032		$	—		$	—		$	267,032		$	795,089		$	—		$	—		$	795,089
U.S. government bonds			638,630			—			—			638,630			385,392			—			—			385,392
U.S. government agency bonds			—			34,647			—			34,647			—			24,941			—			24,941
Corporate debt securities			—			396,743			—			396,743			—			236,241			—			236,241
Total fair value of financial assets		$	905,662		$	431,390		$	—		$	1,337,052		$	1,180,481		$	261,182		$	—		$	1,441,663



		JUNE 30,											DECEMBER 31,
		2026											2025
			AMORTIZED		GROSS UNREALIZED					FAIR				AMORTIZED		GROSS UNREALIZED					FAIR
		COST			LOSSES		GAINS			VALUE			COST			LOSSES		GAINS			VALUE
Money market funds		$	267,032		$	—	$	—		$	267,032		$	795,089		$	—	$	—		$	795,089
U.S. government bonds			641,154			(2,569)		45			638,630			384,571			(1)		822			385,392
U.S. government agency bonds			34,802			(155)		—			34,647			24,922			—		19			24,941
Corporate debt securities			397,509			(777)		11			396,743			236,027			(16)		230			236,241
Total fair value of financial assets		$	1,340,497		$	(3,501)	$	56		$	1,337,052		$	1,440,609		$	(17)	$	1,071		$	1,441,663

As of June 30, 2026 and December 31, 2025, the Company did not have any liabilities measured at fair value on a recurring basis. There were no transfers in and out of Level 3 during the three and six months ended June 30, 2026 and 2025. The Company classifies its short-term investments as available-for-sale and records them at fair value based upon market prices at period end. Contractual maturities of short-term investments are generally not more than one year. As of June 30, 2026, the remaining contractual maturities of $821.5 million of investments were within one year and $248.5 million of investments were after one year through two years. The Company has classified these securities as short-term investments on its condensed consolidated balance sheets as they are available for use in the current operations.

The unrealized losses for marketable securities related to changes in interest rates and the Company has the intent and ability to hold the underlying securities until the estimated date of recovery of its amortized cost. No allowance for credit losses was recorded at either June 30, 2026 or December 31, 2025, and no impairment losses were recognized for the three and six months ended June 30, 2026 and 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies - Additional information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Commitments and Contingencies.
Operating lease cost	$ 1.3	$ 1.1	$ 2.4	$ 1.8
Short-term lease costs	$ 0.4	$ 0.4	$ 0.7	0.6
Weighted average remaining lease term (in years)	2 years 7 months 6 days		2 years 7 months 6 days
Weighted average discount rate (as percent)	7.70%		7.70%
Cash paid			$ 1.8	$ 1.4

Fair Value Measurements - Fair value to amortized cost (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value Measurements
AMORTIZED COST	$ 1,340,497	$ 1,440,609
GROSS UNREALIZED LOSSES	(3,501)	(17)
GROSS UNREALIZED GAINS	56	1,071
FAIR VALUE	1,337,052	1,441,663
Money market funds
Fair Value Measurements
AMORTIZED COST	267,032	795,089
FAIR VALUE	267,032	795,089
U.S. government bonds
Fair Value Measurements
AMORTIZED COST	641,154	384,571
GROSS UNREALIZED LOSSES	(2,569)	(1)
GROSS UNREALIZED GAINS	45	822
FAIR VALUE	638,630	385,392
U.S. government agency bonds
Fair Value Measurements
AMORTIZED COST	34,802	24,922
GROSS UNREALIZED LOSSES	(155)
GROSS UNREALIZED GAINS		19
FAIR VALUE	34,647	24,941
Corporate debt securities
Fair Value Measurements
AMORTIZED COST	397,509	236,027
GROSS UNREALIZED LOSSES	(777)	(16)
GROSS UNREALIZED GAINS	11	230
FAIR VALUE	$ 396,743	$ 236,241

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Net Loss Per Share

Schedule of computation of basic and diluted net loss per share attributable to ordinary shareholders

The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders (in thousands, except per share amounts):



		THREE MONTHS ENDED					SIX MONTHS ENDED
		JUNE 30,					JUNE 30,
		2026		2025			2026		2025
Numerator:
Net loss		$	(106,159)	$	(61,661)		$	(182,127)	$	(108,494)
Denominator:
Weighted-average ordinary shares outstanding			213,342		172,647			213,028		172,351
Add: weighted average of ordinary shares to be issued upon exercise of Pre-Funded Warrants			4,615		—			4,615		—
Weighted average shares used to compute net loss per share, basic and diluted			217,957		172,647			217,643		172,351
Net loss per share, basic and diluted		$	(0.49)	$	(0.36)		$	(0.84)	$	(0.63)

Schedule of outstanding shares of potentially dilutive securities excluded from the computation of diluted net loss per share

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because including them would have been antidilutive (in thousands):



		AS OF
		JUNE 30,
		2026	2025
Options to purchase ordinary shares		17,180	15,879
Unvested restricted share units		6,356	2,884
Shares committed under ESPP		256	310
Total		23,792	19,073

Net Loss Per Share - Outstanding shares of potentially dilutive securities (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Net Loss Per Share
Total	23,792	19,073
Options to purchase ordinary shares
Net Loss Per Share
Total	17,180	15,879
Unvested restricted share units
Net Loss Per Share
Total	6,356	2,884
Shares committed under ESPP
Net Loss Per Share
Total	256	310

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Net Loss Per Share

Net Loss Per Share

10. Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders (in thousands, except per share amounts):



		THREE MONTHS ENDED					SIX MONTHS ENDED
		JUNE 30,					JUNE 30,
		2026		2025			2026		2025
Numerator:
Net loss		$	(106,159)	$	(61,661)		$	(182,127)	$	(108,494)
Denominator:
Weighted-average ordinary shares outstanding			213,342		172,647			213,028		172,351
Add: weighted average of ordinary shares to be issued upon exercise of Pre-Funded Warrants			4,615		—			4,615		—
Weighted average shares used to compute net loss per share, basic and diluted			217,957		172,647			217,643		172,351
Net loss per share, basic and diluted		$	(0.49)	$	(0.36)		$	(0.84)	$	(0.63)



		AS OF
		JUNE 30,
		2026	2025
Options to purchase ordinary shares		17,180	15,879
Unvested restricted share units		6,356	2,884
Shares committed under ESPP		256	310
Total		23,792	19,073

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Jul. 31, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Securities Act File Number	001-41608
Entity Registrant Name	Structure Therapeutics Inc.
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1480821
Entity Address, Address Line One	601 Gateway Blvd.
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	457-1978
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		213,929,572
Entity Central Index Key	0001888886
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false
American Depositary Shares (ADSs)
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares (ADSs), each representing three ordinary shares, par value $0.0001 per ordinary share
Trading Symbol	GPCR
Security Exchange Name	NASDAQ
Ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, par value $0.0001 per share
No Trading Symbol Flag	true

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Schedule of segment net loss, including significant segment expenses

The table below is a summary of the segment net loss, including significant segment expenses (in thousands):



	THREE MONTHS ENDED						SIX MONTHS ENDED
	JUNE 30,						JUNE 30,
	2026			2025			2026			2025
Operating expenses:
Discovery research and development	$	23,079		$	26,244		$	41,596		$	48,031
Manufacturing		15,278			133			19,548			133
Clinical research and development		49,859			23,016			85,055			40,173
Other research and development expenses		11,841			5,317			20,365			9,240
General and administrative		18,573			15,741			41,445			29,185
Total operating expenses		118,630			70,451			208,009			126,762
Loss from operations		(118,630)			(70,451)			(208,009)			(126,762)
Interest and other income, net		12,705			8,929			26,306			18,505
Loss before provision for income taxes		(105,925)			(61,522)			(181,703)			(108,257)
Provision for income taxes		234			139			424			237
Segment net loss and net loss attributable to ordinary shareholders	$	(106,159)		$	(61,661)		$	(182,127)		$	(108,494)

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2026

Shareholders' Equity

Schedule of recognized share-based compensation

The Company recognized share-based compensation as follows (in thousands):



		THREE MONTHS ENDED					SIX MONTHS ENDED
		JUNE 30,					JUNE 30,
		2026		2025			2026		2025
Research and development		$	7,054	$	3,461		$	12,155	$	6,160
General and administrative			5,580		4,048			12,118		7,267
Total share-based compensation		$	12,634	$	7,509		$	24,273	$	13,427

Composition of Certain Consolidated Financial Statement Line Items (Tables)

6 Months Ended

Jun. 30, 2026

Composition of Certain Consolidated Financial Statement Line Items

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):



		JUNE 30,			DECEMBER 31,
		2026			2025
Accrued compensation		$	8,013		$	12,434
Accrued research and development expenses			17,348			12,404
Accrued clinical expenses			22,015			15,791
Accrued professional services			3,138			4,470
Accrued other liabilities			1,873			1,444
Total accrued expenses and other current liabilities		$	52,387		$	46,543

Commitments and Contingencies - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Commitments and Contingencies.
2026 (remaining six months)	$ 1,721
2027	2,298
2028	1,889
2029	942
Total undiscounted lease payments	6,850
Less: imputed interest	(622)
Total operating lease liability	6,228
Less: current portion	(2,595)	$ (2,878)
Operating lease liability, net of current portion	$ 3,633	$ 3,609

Shareholders' Equity

6 Months Ended

Jun. 30, 2026

Shareholders' Equity

Shareholders' Equity

6. Shareholders’ Equity

As of June 30, 2026, the Company’s amended and restated memorandum and articles of association, authorizes the Company to issue 500,000,000 ordinary shares and 100,000,000 undesignated shares, all of which remain undesignated shares, all with a par value of $0.0001 per share. The undesignated shares may be designated by the Company’s board of directors in accordance with the Company’s amended and restated memorandum and articles of association.

Ordinary shareholders are entitled to dividends if and when declared by the Company’s board of directors. As of June 30, 2026 and December 31, 2025, no dividends on ordinary shares had been declared by the board of directors.

Performance Share Units

In March 2024, the Company granted 381,252 restricted share units with service and performance conditions to certain employees. The awards are divided into three equal tranches, and the vesting of each tranche was contingent on the occurrence of certain milestone events and fulfilment of service condition. As of December 31, 2024, the Company concluded that the two milestones were probable of achievement and therefore recognized compensation expense of $1.7 million during the year ended December 31, 2024. In June 2025, the Company’s compensation committee certified the achievement of two of the three milestones, effective July 1, 2025. Because the third milestone was not achieved, the third tranche of performance share units was forfeited, effective July 1, 2025. As such, no share-based compensation expense has been or will be recognized for this third tranche of performance share units. During the six months ended June 30, 2026 and 2025, the Company recognized compensation expense of $0.1 million and $0.6 million, respectively.

In March and April 2026, the Company granted 804,573 restricted share units with service and performance conditions (the “2026 PSUs”) to certain employees. The 2026 PSUs vest in three tranches representing 25%, 25% and 50% of the target number of units, with each tranche vesting upon the achievement of a specified performance milestone and the satisfaction of a continuous service condition. The number of units that ultimately vest will depend on the timing of milestone achievement and may range from 75% to 125% of the target number of units granted. Compensation cost is recognized for each tranche when achievement of the applicable performance milestone is considered probable and is measured based on the grant-date fair value of the Company’s ordinary shares multiplied by the number of units expected to vest, resulting in an aggregate grant-date fair value of approximately $13.6 million. As achievement of the performance milestones was not considered probable as of June 30, 2026, no share-based compensation expense was recognized for the 2026 PSUs during the three and six months ended June 30, 2026.

Share-Based Compensation

The Company recognized share-based compensation as follows (in thousands):



		THREE MONTHS ENDED					SIX MONTHS ENDED
		JUNE 30,					JUNE 30,
		2026		2025			2026		2025
Research and development		$	7,054	$	3,461		$	12,155	$	6,160
General and administrative			5,580		4,048			12,118		7,267
Total share-based compensation		$	12,634	$	7,509		$	24,273	$	13,427

Pre-Funded Warrants

On December 11, 2025, in connection with the 2025 Follow-On Offering the Company issued 9,961,538 ADSs, including the issuance of 1,500,000 ADSs in connection with the full exercise of the 2025 Underwriters’ Option, and, in lieu of ADSs to certain investors, 1,538,462 Pre-Funded Warrants to purchase 4,615,386 ordinary shares. The Pre-Funded Warrants were sold at a public offering price of $64.9999 per Pre-Funded Warrant, which represents the per ADS public offering price less the $0.0001 per share exercise price for each such Pre-Funded Warrant. The Pre-Funded Warrants do not have an expiration date and are exercisable at any time. The Pre-Funded Warrants are classified as a component of permanent equity within the Company's condensed consolidated balance sheets as they are freestanding financial instruments that are immediately exercisable, do not embody an obligation for the Company to repurchase its own shares and permit the holders to receive a fixed number of ordinary shares upon exercise. Upon issuance, the Company recorded the Pre-Funded Warrants at the net proceeds, after deducting $6.2 million of underwriting discount and commissions and other offering expenses, of approximately $93.8 million. The Company may receive nominal proceeds, if any, from the exercise of the Pre-Funded Warrants. As of June 30, 2026, none of the Pre-Funded Warrants have been exercised.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 272,638	$ 799,623
Short-term investments	1,070,020	646,574
Other receivable		100,000
Prepaid expenses and other current assets	29,370	24,106
Total current assets	1,372,028	1,570,303
Property and equipment, net	6,332	6,653
Operating right-of-use assets	6,060	6,245
Other non-current assets	40,995	717
Total assets	1,425,415	1,583,918
Current liabilities:
Accounts payable	11,131	13,864
Accrued expenses and other current liabilities	52,387	46,543
Operating lease liabilities, current portion	2,595	2,878
Total current liabilities	66,113	63,285
Operating lease liabilities, net of current portion	3,633	3,609
Other non-current liabilities	1,265	647
Total liabilities	71,011	67,541
Commitments and contingencies (Note 5)
Shareholders' equity:
Undesignated shares - $0.0001 par value; 100,000 shares authorized as of June 30, 2026 and December 31, 2025
Ordinary shares - $0.0001 par value; 500,000 shares authorized as of June 30, 2026 and December 31, 2025; 213,655 and 212,513 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	21	21
Additional paid-in capital	2,010,255	1,985,602
Accumulated other comprehensive (loss) income	(3,445)	1,054
Accumulated deficit	(652,427)	(470,300)
Total shareholders' equity	1,354,404	1,516,377
Total liabilities and shareholders' equity	$ 1,425,415	$ 1,583,918

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 100,057	$ 54,710	$ 166,564	$ 97,577
General and administrative	18,573	15,741	41,445	29,185
Total operating expenses	118,630	70,451	208,009	126,762
Loss from operations	(118,630)	(70,451)	(208,009)	(126,762)
Interest and other income, net	12,705	8,929	26,306	18,505
Loss before provision for income taxes	(105,925)	(61,522)	(181,703)	(108,257)
Provision for income taxes	234	139	424	237
Net loss attributable to ordinary shareholders	$ (106,159)	$ (61,661)	$ (182,127)	$ (108,494)
Net loss per share attributable to ordinary shareholders, basic (in dollars per share)	$ (0.49)	$ (0.36)	$ (0.84)	$ (0.63)
Net loss per share attributable to ordinary shareholders, diluted (in dollars per share)	$ (0.49)	$ (0.36)	$ (0.84)	$ (0.63)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic (in shares)	217,957	172,647	217,643	172,351
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, diluted (in shares)	217,957	172,647	217,643	172,351
Other comprehensive loss:
Unrealized loss on investments, net	$ (1,250)	$ (453)	$ (4,499)	$ (552)
Total other comprehensive loss	(1,250)	(453)	(4,499)	(552)
Comprehensive loss	$ (107,409)	$ (62,114)	$ (186,626)	$ (109,046)

Collaboration Agreements

6 Months Ended

Jun. 30, 2026

Collaboration Agreements

Collaboration Agreements

9. Collaboration Agreements

Lhotse Collaboration Agreement with Schrödinger LLC

In October 2020, Lhotse Bio, Inc. (“Lhotse”), the Company’s wholly-owned subsidiary, entered into a collaboration agreement (the “Lhotse-Schrödinger Agreement”) with Schrödinger LLC to discover and develop novel, orally bioavailable, small molecule inhibitors of lysophosphatidic acid 1 receptor (“LPA1R”). Under the Lhotse-Schrödinger Agreement, Schrödinger LLC was obligated to provide computational modeling and design support, including by using its technology platform to perform virtual screens, and Lhotse was obligated to provide day-to-day chemistry and biology support. Lhotse solely owned the research results, work product, inventions and other intellectual property generated under the Lhotse-Schrödinger Agreement that were directed to LPA1R.

If Lhotse developed and commercialized a product containing a compound (a “Lhotse Collaboration Compound”), that was discovered or developed under the Lhotse-Schrödinger Agreement (a “Lhotse

Collaboration Product”), Lhotse was obligated to pay Schrödinger LLC development and regulatory milestone payments of up to an aggregate of $17.0 million, regardless of the number of Lhotse Collaboration Products that reach such milestones. Lhotse will also be obligated to pay Schrödinger LLC tiered royalties on a Lhotse Collaboration Product-by-Lhotse Collaboration Product basis equal to low single digit percentages on aggregate worldwide net sales of Lhotse Collaboration Products, subject to specified reductions and offsets. Lhotse’s obligation to pay royalties to Schrödinger LLC was to expire on a Lhotse Collaboration Product-by-Lhotse Collaboration Product and country-by-country basis on the later of (i) the expiration of the last-to-expire Lhotse patent claim covering the composition of matter of the Lhotse Collaboration Compound contained in such Lhotse Collaboration Product in such country, (ii) the expiration of regulatory, pediatric, orphan drug, or data exclusivity with respect to such Lhotse Collaboration Product in such country, and (iii) ten years after the first commercial sale of such Lhotse Collaboration Product in such country (the “Lhotse Royalty Term”).

The Lhotse-Schrödinger Agreement expired after three years. Lhotse’s obligation to make milestone and royalty payments (subject to the Lhotse Royalty Term) to Schrödinger LLC continues after the expiration of the Lhotse-Schrödinger Agreement. As of June 30, 2026 and December 31, 2025, no milestone or royalty payments have been paid or accrued.

Aconcagua Collaboration Agreement with Schrödinger

In November 2023, Aconcagua Bio, Inc. (“Aconcagua”), the Company’s wholly-owned subsidiary, entered into a collaboration agreement (the “Aconcagua-Schrödinger Agreement”) with Schrödinger to discover and develop novel, small molecule modulators of a specific target. Under the Aconcagua-Schrödinger Agreement, Schrödinger is obligated to provide computational modeling and design support, including by using its technology platform to perform virtual screens, and Aconcagua is obligated to provide day-to-day chemistry and biology support. During the term of the Aconcagua-Schrödinger Agreement or if longer, for a specified number of years after the effective date of the Aconcagua-Schrödinger Agreement, Schrödinger is obligated, subject to certain exceptions, to work exclusively with Aconcagua on the design, research, development and commercialization of compounds that inhibit the target. Aconcagua will solely own the research results, work product, inventions and other intellectual property generated under the Aconcagua-Schrödinger Agreement other than improvements to Schrödinger’s background intellectual property.

During the term of the Aconcagua-Schrödinger Agreement, Aconcagua is obligated to pay Schrödinger a monthly active program payment in the low six digits, which payment includes fees payable for certain Schrödinger software employed in the collaboration.

If Aconcagua develops and commercializes a product containing a compound (“Aconcagua Collaboration Compound”) that is discovered or developed under the Aconcagua-Schrödinger Agreement or a derivative thereof (“Aconcagua Collaboration Product”), Aconcagua is obligated to pay Schrödinger development, regulatory and commercialization milestone payments of up to an aggregate of $89.0 million for the first Aconcagua Collaboration Product to achieve a particular milestone event, regardless of the number of Aconcagua Collaboration Products that reach such milestones. Aconcagua will also be obligated to pay Schrödinger tiered royalties in the low single digit range on aggregate worldwide net sales of all Aconcagua Collaboration Products, subject to specified reductions and offsets. Aconcagua’s obligation to pay royalties to Schrödinger will expire on a Aconcagua Collaboration Product-by-Aconcagua Collaboration Product and country-by-country basis on the later of (i) the expiration of the last-to-expire Aconcagua owned patent claim covering the composition of matter of the Aconcagua Collaboration Compound contained in such Aconcagua Collaboration Product in such country and (ii) ten years after the first commercial sale of such Aconcagua Collaboration Product in such country (“Aconcagua Royalty Term”).

Unless terminated earlier, the Aconcagua-Schrödinger Agreement will continue for three years, subject to extension by mutual written agreement of the parties. Either party may terminate the Aconcagua-Schrödinger Agreement for convenience after a specified period or for the other party’s uncured material breach. Aconcagua’s obligation to make milestone and royalty payments (subject to the Aconcagua Royalty Term) to Schrödinger continues after the expiration or termination of the Aconcagua-Schrödinger Agreement, unless the Aconcagua-Schrödinger Agreement is terminated under specified circumstances. As of June 30, 2026, two milestones of $9.0 million were achieved and $9.0 million was paid under this agreement.

License Agreement

6 Months Ended

Jun. 30, 2026

License Agreement

License Agreement

7. License Agreement

In December 2025, the Company entered into a non-exclusive license agreement (the “GNE Agreement”) with Genentech, Inc. (“Genentech”) and F. Hoffmann-La Roche Ltd (“Roche”, and together with Genentech, “GNE”) under which the Company granted to GNE a non-exclusive, sublicensable, royalty-bearing license, under the Company’s licensed patents, to make, use, sell, offer for sale, and import licensed products (the “License”). The Company concluded that this type of transaction did not meet the definition of “ordinary activities” of the Company and GNE is not considered a “customer” in this transaction. In the absence of specific guidance, the Company applied ASC 606, Revenue from Contracts with Customers, by analogy to account for the GNE Agreement.

Under the terms of the GNE Agreement, the Company received an upfront payment of $100.0 million from Genentech in January 2026. In addition, the Company is eligible to receive low single digit royalties on annual worldwide net sales of licensed products.

Unless terminated earlier, the GNE Agreement shall continue in full force and effect, on a country-by-country and licensed product-by-licensed product basis, until the expiration of the last to expire valid claim of a licensed patent. GNE may, in its sole discretion, terminate the GNE Agreement in its entirety at any time and without cause upon 60 days’ prior written notice to the Company. Each party may terminate the GNE Agreement in its entirety if the other party materially breaches the GNE Agreement and fails to cure within a specified period. In addition, the Company may terminate the GNE Agreement in its entirety if GNE

commences a legal, administrative or other action challenging the validity, enforceability, patentability or scope of any licensed patent.

The Company determined that the License is the only promise and performance obligation in the GNE Agreement.

To determine the consideration amount to recognize under the GNE Agreement, the Company evaluated all payments to be received during the contract. The Company determined that at inception the transaction price was $100.0 million which consisted of fixed consideration of $100.0 million represented by the upfront payment. The transaction price was recognized as other license income at the point in time when the License was delivered to GNE in December 2025. The royalties will be recognized if and when the underlying sales occur.

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies.

Schedule of maturities of operating lease liabilities

The maturities of operating lease liabilities were as follows (in thousands):



		JUNE 30,
		2026
2026 (remaining six months)		$	1,721
2027			2,298
2028			1,889
2029			942
Total undiscounted lease payments			6,850
Less: imputed interest			(622)
Total operating lease liability			6,228
Less: current portion			(2,595)
Operating lease liability, net of current portion		$	3,633

Net Loss Per Share - Computation of basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net loss	$ (106,159)	$ (75,968)	$ (61,661)	$ (46,833)	$ (182,127)	$ (108,494)
Denominator:
Weighted-average ordinary shares outstanding	213,342		172,647		213,028	172,351
Add: weighted average of ordinary shares to be issued upon exercise of Pre-Funded Warrants	4,615				4,615
Weighted average shares used to compute net loss per share, basic	217,957		172,647		217,643	172,351
Weighted average shares used to compute net loss per share, diluted	217,957		172,647		217,643	172,351
Net loss per share, basic	$ (0.49)		$ (0.36)		$ (0.84)	$ (0.63)
Net loss per share, diluted	$ (0.49)		$ (0.36)		$ (0.84)	$ (0.63)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

Shareholders' Equity - Schedule of recognized share-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Shareholders' Equity
Total share-based compensation	$ 12,634	$ 7,509	$ 24,273	$ 13,427
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Shareholders' Equity
Total share-based compensation	5,580	4,048	12,118	7,267
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Shareholders' Equity
Total share-based compensation	$ 7,054	$ 3,461	$ 12,155	$ 6,160

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies.

Commitments and Contingencies

5. Commitments and Contingencies

Operating Leases

The Company has entered into various facility lease agreements expiring at various dates through October 31, 2029, and generally include annual rent increases.

The maturities of operating lease liabilities were as follows (in thousands):



		JUNE 30,
		2026
2026 (remaining six months)		$	1,721
2027			2,298
2028			1,889
2029			942
Total undiscounted lease payments			6,850
Less: imputed interest			(622)
Total operating lease liability			6,228
Less: current portion			(2,595)
Operating lease liability, net of current portion		$	3,633

Operating lease cost was $1.3 million and $1.1 million for the three months ended June 30, 2026 and 2025, respectively, including $0.4 million and $0.4 million short-term lease costs for the three months ended June 30, 2026 and 2025, respectively. Operating lease cost was $2.4 million and $1.8 million for the six months ended June 30, 2026 and 2025, respectively, including $0.7 million and $0.6 million short-term lease costs for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the weighted average remaining lease term was 2.6 years, and the weighted average discount rate used to measure the lease liabilities for such operating leases upon recognition was 7.7%. During the six months ended June 30, 2026 and 2025, cash paid for amounts included in operating lease liabilities of $1.8 million and $1.4 million, respectively, was included in cash flows from operating activities on the condensed consolidated statements of cash flows.

Indemnification Agreements

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential number of future payments the Company could be required to make under these provisions is not determinable. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by the applicable law and the amended and restated memorandum and articles of association of the Company. The Company currently has directors’ and officers’ liability insurance. As of June 30, 2026 and December 31, 2025, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently had not recognized any related liabilities.

Legal Proceedings

The Company is subject to claims and assessments from time to time in the ordinary course of business but is not aware of any such matters, individually or in the aggregate, that will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Organization and Nature of the Business

6 Months Ended

Jun. 30, 2026

Organization and Nature of the Business

Organization and Nature of the Business

1. Organization and Nature of the Business

Structure Therapeutics Inc. (the “Company”) is a clinical stage global biopharmaceutical company aiming to develop and deliver novel oral therapeutics to treat a wide range of chronic diseases with unmet medical need. The Company was incorporated in February 2019 in the Cayman Islands, with operating subsidiaries in the United States and China. In June 2022, the Company changed its name from ShouTi Inc. to Structure Therapeutics Inc.

At-the-Market Offering

In August 2025, the Company entered into a sales agreement (the “ATM Sales Agreement”) with Leerink Partners LLC and Cantor Fitzgerald & Co. (the “ATM Sales Agents”), pursuant to which the Company may, from time to time, offer and sell ADSs through the ATM Sales Agents in any manner deemed to be an “at-the-market offering,” up to an aggregate offering price of $250.0 million. In September 2025, the Company sold 3,040,000 ADSs under the ATM Sales Agreement, for gross proceeds of approximately $58.5 million. The net proceeds to the Company after deducting sales commissions to the ATM Sales Agents were approximately $57.1 million, and, after further deducting offering expenses, were approximately $55.8 million. The shares sold in September 2025 were sold pursuant to the Company’s automatic shelf registration statement on Form S-3, filed with the Securities and Exchange Commission (“SEC”) on August 6, 2025 (the “Shelf Registration Statement”). In May 2026, the Company amended and restated the ATM Sales Agreement (the “Amended and Restated Sales Agreement”) to remove the aggregate offering amount of ADSs the Company may offer and sell thereunder (the “ATM Shares”). In connection with the Amended and Restated Sales Agreement, in May 2026, the Company filed a prospectus supplement (the “Prospectus Supplement”) to the prospectus filed on August 6, 2025 (the “Prospectus”) with the SEC as part of the Shelf Registration Statement. The Company filed the Prospectus Supplement to increase the ATM Shares available to be sold pursuant to the terms of the Amended and Restated Sales Agreement by an additional $150.0 million, for an aggregate offering price of up to $400.0 million. As of the date of this Quarterly Report, approximately $341.5 million remained available for sale. Future shares may be sold pursuant to the Shelf Registration Statement or a subsequent registration statement.

2025 Follow-On Offering

In December 2025, the Company entered into an underwriting agreement with Jefferies LLC, Leerink Partners LLC, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, as representatives of the underwriters named therein (collectively, the “2025 Underwriters”), pursuant to which the Company agreed to issue and sell to the 2025 Underwriters an aggregate of 8,461,538 ADSs, and, in lieu of ADSs to certain investors, pre-funded warrants (“Pre-Funded Warrants”) to purchase ordinary shares represented by 1,538,462 ADSs. In addition, the Company granted the 2025 Underwriters an option (the “2025 Underwriters’ Option”) to purchase up to an aggregate of 1,500,000 additional ADSs at the public offering price, less the underwriting discounts and commissions (the “2025 Follow-On Offering”). The 2025 Follow-On Offering closed on December 11, 2025, at which time the Company issued 9,961,538 ADSs, including the issuance of 1,500,000 ADSs in connection with the full exercise of the 2025 Underwriters’ Option, at a price of $65.00 per ADS, and, in lieu of ADSs to certain investors, Pre-Funded Warrants to purchase ordinary shares represented by 1,538,462 ADSs, at a price to the public of $64.9999 per Pre-Funded Warrant, which represents the per ADS public offering price less the $0.0001 per share exercise price for each such Pre-Funded Warrant. The net proceeds from the 2025 Follow-On Offering were approximately $701.5 million after deducting underwriting discounts and commissions and estimated offering costs.

Liquidity and Capital Resources

The Company has incurred significant net operating losses and negative cash flows from operations since inception and had an accumulated deficit of $652.4 million as of June 30, 2026.

As of June 30, 2026, the Company had cash, cash equivalents and short-term investments of $1,342.7 million. Based on its current business plan, the Company believes that its current cash, cash equivalents and short-term investments will be sufficient to fund its projected operations for at least 12 months from the date of the issuance of these condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (182,127)	$ (108,494)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	24,273	13,427
Depreciation expense	1,127	565
Accretion of asset retirement obligation	29
Non-cash lease expense	1,384	972
Accretion of net investment discounts	(6,638)	(9,537)
Changes in operating assets and liabilities:
Other receivable	100,000
Prepaid expenses and other current assets	(5,264)	(5,109)
Other non-current assets	(40,278)	(1,096)
Accounts payable	(1,658)	966
Accrued expenses and other current liabilities	5,379	2,611
Operating lease liabilities	(1,458)	(1,092)
Other non-current liabilities	350
Net cash used in operating activities	(104,881)	(106,787)
Cash flows from investing activities
Purchases of short-term investments	(692,101)	(204,932)
Proceeds from maturities of short-term investments	270,794	288,453
Purchases of property and equipment	(1,140)	(546)
Net cash (used in) provided by investing activities	(422,447)	82,975
Cash flows from financing activities
Payments of offering costs	(37)
Proceeds from issuance of ordinary shares under employee share purchase plan	872	474
Proceeds from exercise of share options	2,082	1,008
Payment of taxes on restricted share units withheld for taxes	(2,574)	(156)
Net cash provided by financing activities	343	1,326
Net change in cash and cash equivalents	(526,985)	(22,486)
Beginning of the period	799,623	169,510
End of the period	272,638	147,024
Supplemental disclosures of noncash investing and financing activities
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	321
Offering costs included in accounts payable and accrued expenses and other current liabilities	405
Operating lease right-of-use assets obtained in exchange for new lease liabilities	1,199	$ 4,921
Recognition of asset retirement obligation	$ 239

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
CONDENSED CONSOLIDATED BALANCE SHEETS
Undesignated shares, par value	$ 0.0001	$ 0.0001
Undesignated shares, shares authorized	100,000,000	100,000,000
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	500,000,000	500,000,000
Ordinary shares, shares issued	213,655,000	212,513,000
Ordinary shares, shares outstanding	213,655,000	212,513,000

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

Fair Value Measurements - Level of the fair value hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value Measurements
Total fair value of financial assets	$ 1,337,052	$ 1,441,663
LEVEL 1
Fair Value Measurements
Total fair value of financial assets	905,662	1,180,481
LEVEL 2
Fair Value Measurements
Total fair value of financial assets	431,390	261,182
Recurring \| Money market funds
Fair Value Measurements
Total fair value of financial assets	267,032	795,089
Recurring \| U.S. government bonds
Fair Value Measurements
Total fair value of financial assets	638,630	385,392
Recurring \| U.S. government agency bonds
Fair Value Measurements
Total fair value of financial assets	34,647	24,941
Recurring \| Corporate debt securities
Fair Value Measurements
Total fair value of financial assets	396,743	236,241
Recurring \| LEVEL 1 \| Money market funds
Fair Value Measurements
Total fair value of financial assets	267,032	795,089
Recurring \| LEVEL 1 \| U.S. government bonds
Fair Value Measurements
Total fair value of financial assets	638,630	385,392
Recurring \| LEVEL 2 \| U.S. government agency bonds
Fair Value Measurements
Total fair value of financial assets	34,647	24,941
Recurring \| LEVEL 2 \| Corporate debt securities
Fair Value Measurements
Total fair value of financial assets	$ 396,743	$ 236,241

Summary of Significant Accounting Policies - Segments (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2026 USD ($) segment	Jun. 30, 2025 USD ($)
Summary of Significant Accounting Policies
Number of reportable segments \| segment					1
Number of operating segments \| segment					1
Operating expenses:
General and administrative	$ 18,573		$ 15,741		$ 41,445	$ 29,185
Total operating expenses	118,630		70,451		208,009	126,762
Loss from operations	(118,630)		(70,451)		(208,009)	(126,762)
Interest and other income, net	12,705		8,929		26,306	18,505
Loss before provision for income taxes	(105,925)		(61,522)		(181,703)	(108,257)
Provision for income taxes	234		139		424	237
Net loss attributable to ordinary shareholders	(106,159)	$ (75,968)	(61,661)	$ (46,833)	(182,127)	(108,494)
Single Reporting Segment
Operating expenses:
Discovery research and development	23,079		26,244		41,596	48,031
Manufacturing	15,278		133		19,548	133
Clinical research and development	49,859		23,016		85,055	40,173
Other research and development expenses	11,841		5,317		20,365	9,240
General and administrative	18,573		15,741		41,445	29,185
Total operating expenses	118,630		70,451		208,009	126,762
Loss from operations	(118,630)		(70,451)		(208,009)	(126,762)
Interest and other income, net	12,705		8,929		26,306	18,505
Loss before provision for income taxes	(105,925)		(61,522)		(181,703)	(108,257)
Provision for income taxes	234		139		424	237
Net loss attributable to ordinary shareholders	$ (106,159)		$ (61,661)		$ (182,127)	$ (108,494)

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Basis of Presentation

Unaudited Interim Financial Information

Use of Estimates

Segments

The table below is a summary of the segment net loss, including significant segment expenses (in thousands):



	THREE MONTHS ENDED						SIX MONTHS ENDED
	JUNE 30,						JUNE 30,
	2026			2025			2026			2025
Operating expenses:
Discovery research and development	$	23,079		$	26,244		$	41,596		$	48,031
Manufacturing		15,278			133			19,548			133
Clinical research and development		49,859			23,016			85,055			40,173
Other research and development expenses		11,841			5,317			20,365			9,240
General and administrative		18,573			15,741			41,445			29,185
Total operating expenses		118,630			70,451			208,009			126,762
Loss from operations		(118,630)			(70,451)			(208,009)			(126,762)
Interest and other income, net		12,705			8,929			26,306			18,505
Loss before provision for income taxes		(105,925)			(61,522)			(181,703)			(108,257)
Provision for income taxes		234			139			424			237
Segment net loss and net loss attributable to ordinary shareholders	$	(106,159)		$	(61,661)		$	(182,127)		$	(108,494)

Concentration of Credit Risk

Risks and Uncertainties

Fair Value of Financial Instruments

Net Loss Per Share Attributable to Ordinary Shareholders

Recent Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

Composition of Certain Consolidated Financial Statement Line Items - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Composition of Certain Consolidated Financial Statement Line Items
Accrued compensation	$ 8,013	$ 12,434
Accrued research and development expenses	17,348	12,404
Accrued clinical expenses	22,015	15,791
Accrued professional services	3,138	4,470
Accrued other liabilities	1,873	1,444
Total accrued expenses and other current liabilities	$ 52,387	$ 46,543

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	ORDINARY SHARES	ADDITIONAL PAID-IN CAPITAL	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED DEFICIT	Total
Beginning balance at Dec. 31, 2024	$ 17	$ 1,193,010	$ 914	$ (329,098)	$ 864,843
Beginning balance (in shares) at Dec. 31, 2024	171,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of vested share options		965			965
Issuance of ordinary shares upon exercise of vested share options (in shares)	644
Issuance of ordinary shares upon vesting of restricted share units (in shares)	134
Shares withheld for taxes		(156)			(156)
Shares withheld for taxes (in shares)	(28)
Share-based compensation expense		5,918			5,918
Unrealized loss on investments, net			(99)		(99)
Net loss				(46,833)	(46,833)
Ending balance at Mar. 31, 2025	$ 17	1,199,737	815	(375,931)	824,638
Ending balance (in shares) at Mar. 31, 2025	172,610
Beginning balance at Dec. 31, 2024	$ 17	1,193,010	914	(329,098)	864,843
Beginning balance (in shares) at Dec. 31, 2024	171,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on investments, net					(552)
Net loss					(108,494)
Ending balance at Jun. 30, 2025	$ 17	1,209,294	362	(437,592)	772,081
Ending balance (in shares) at Jun. 30, 2025	172,700
Beginning balance at Mar. 31, 2025	$ 17	1,199,737	815	(375,931)	824,638
Beginning balance (in shares) at Mar. 31, 2025	172,610
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of vested share options		43			43
Issuance of ordinary shares upon exercise of vested share options (in shares)	22
Issuance of ordinary shares pursuant to employee share purchase plan		474			474
Issuance of ordinary shares pursuant to employee share purchase plan (in shares)	68
Depository issuance cost offset		1,531			1,531
Share-based compensation expense		7,509			7,509
Unrealized loss on investments, net			(453)		(453)
Net loss				(61,661)	(61,661)
Ending balance at Jun. 30, 2025	$ 17	1,209,294	362	(437,592)	772,081
Ending balance (in shares) at Jun. 30, 2025	172,700
Beginning balance at Dec. 31, 2025	$ 21	1,985,602	1,054	(470,300)	1,516,377
Beginning balance (in shares) at Dec. 31, 2025	212,513
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of vested share options		869			869
Issuance of ordinary shares upon exercise of vested share options (in shares)	231
Issuance of ordinary shares upon vesting of restricted share units (in shares)	586
Shares withheld for taxes		(2,574)			(2,574)
Shares withheld for taxes (in shares)	(122)
Share-based compensation expense		11,639			11,639
Unrealized loss on investments, net			(3,249)		(3,249)
Net loss				(75,968)	(75,968)
Ending balance at Mar. 31, 2026	$ 21	1,995,536	(2,195)	(546,268)	1,447,094
Ending balance (in shares) at Mar. 31, 2026	213,208
Beginning balance at Dec. 31, 2025	$ 21	1,985,602	1,054	(470,300)	1,516,377
Beginning balance (in shares) at Dec. 31, 2025	212,513
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on investments, net					(4,499)
Net loss					(182,127)
Ending balance at Jun. 30, 2026	$ 21	2,010,255	(3,445)	(652,427)	1,354,404
Ending balance (in shares) at Jun. 30, 2026	213,655
Beginning balance at Mar. 31, 2026	$ 21	1,995,536	(2,195)	(546,268)	1,447,094
Beginning balance (in shares) at Mar. 31, 2026	213,208
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of vested share options		1,213			1,213
Issuance of ordinary shares upon exercise of vested share options (in shares)	280
Issuance of ordinary shares pursuant to employee share purchase plan		872			872
Issuance of ordinary shares pursuant to employee share purchase plan (in shares)	114
Issuance of ordinary shares upon vesting of restricted share units (in shares)	53
Share-based compensation expense		12,634			12,634
Unrealized loss on investments, net			(1,250)		(1,250)
Net loss				(106,159)	(106,159)
Ending balance at Jun. 30, 2026	$ 21	$ 2,010,255	$ (3,445)	$ (652,427)	$ 1,354,404
Ending balance (in shares) at Jun. 30, 2026	213,655

Shareholders' Equity - Additional information (Details) $ / shares in Units, $ in Thousands		1 Months Ended		2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 11, 2025 USD ($) $ / shares shares	Jun. 30, 2025 Milestone	Mar. 31, 2024 tranche shares	Apr. 30, 2026 USD ($) shares	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) Milestone
Shareholders' Equity
Ordinary shares, shares authorized					500,000,000		500,000,000		500,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares					$ 0.0001		$ 0.0001		$ 0.0001
Undesignated shares, shares authorized					100,000,000		100,000,000		100,000,000
Undesignated shares, par value \| $ / shares					$ 0.0001		$ 0.0001		$ 0.0001
Dividends on ordinary shares \| $							$ 0		$ 0
Share-based compensation expense \| $					$ 12,634	$ 7,509	$ 24,273	$ 13,427
Follow on offering 2025 \| Prefunded warrants
Shareholders' Equity
Number of warrants issued	1,538,462
Number of shares	4,615,386
Price per share \| $ / shares	$ 64.9999
Exercise price \| $ / shares	$ 0.0001
Issuance of pre-funded warrants, issuance costs and underwriting discounts \| $	$ 6,200
Proceeds from issuance of pre-funded warrants \| $	$ 93,800
Warrants exercised					0		0
American Depositary Shares (ADSs)
Shareholders' Equity
Sale of Stock, number of shares issued in transaction	1,500,000
American Depositary Shares (ADSs) \| Follow on offering 2025
Shareholders' Equity
Sale of Stock, number of shares issued in transaction	9,961,538
American Depositary Shares (ADSs) \| Follow on offering 2025 \| Prefunded warrants
Shareholders' Equity
Number of shares	1,538,462								1,538,462
Price per share \| $ / shares	$ 64.9999
Employee \| Performance Share Units
Shareholders' Equity
Shares granted			381,252
Number of tranches \| tranche			3
Number of milestones achievement probable \| Milestone										2
Share-based compensation expense \| $							$ 100	$ 600		$ 1,700
Number of milestones achievement certified \| Milestone		2
Number Of milestones \| Milestone		3
Employee \| 2026 PSUs
Shareholders' Equity
Shares granted				804,573
Number of tranches				3
Share-based compensation expense \| $					$ 0		0
Aggregate fair value \| $				$ 13,600
Tranche one \| Employee \| 2026 PSUs
Shareholders' Equity
Vesting percentage				25.00%
Tranche two \| Employee \| 2026 PSUs
Shareholders' Equity
Vesting percentage				25.00%
Tranche three \| Employee \| Performance Share Units
Shareholders' Equity
Share-based compensation expense \| $							$ 0
Tranche three \| Employee \| 2026 PSUs
Shareholders' Equity
Vesting percentage				50.00%
Maximum \| Employee \| 2026 PSUs
Shareholders' Equity
Vesting percentage				125.00%
Minimum \| Employee \| 2026 PSUs
Shareholders' Equity
Vesting percentage				75.00%

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Measurements

Schedule of financial assets measured at fair value on a recurring basis



		JUNE 30,												DECEMBER 31,
		2026												2025
		LEVEL 1			LEVEL 2			LEVEL 3			TOTAL			LEVEL 1			LEVEL 2			LEVEL 3			TOTAL
Money market funds		$	267,032		$	—		$	—		$	267,032		$	795,089		$	—		$	—		$	795,089
U.S. government bonds			638,630			—			—			638,630			385,392			—			—			385,392
U.S. government agency bonds			—			34,647			—			34,647			—			24,941			—			24,941
Corporate debt securities			—			396,743			—			396,743			—			236,241			—			236,241
Total fair value of financial assets		$	905,662		$	431,390		$	—		$	1,337,052		$	1,180,481		$	261,182		$	—		$	1,441,663



		JUNE 30,											DECEMBER 31,
		2026											2025
			AMORTIZED		GROSS UNREALIZED					FAIR				AMORTIZED		GROSS UNREALIZED					FAIR
		COST			LOSSES		GAINS			VALUE			COST			LOSSES		GAINS			VALUE
Money market funds		$	267,032		$	—	$	—		$	267,032		$	795,089		$	—	$	—		$	795,089
U.S. government bonds			641,154			(2,569)		45			638,630			384,571			(1)		822			385,392
U.S. government agency bonds			34,802			(155)		—			34,647			24,922			—		19			24,941
Corporate debt securities			397,509			(777)		11			396,743			236,027			(16)		230			236,241
Total fair value of financial assets		$	1,340,497		$	(3,501)	$	56		$	1,337,052		$	1,440,609		$	(17)	$	1,071		$	1,441,663