Pre-revenue with R&D expenses dominating 80% of costs, operating losses widened to $118.6M in 2026Q2 from $32.0M in 2024Q1, reflecting a 3.7x increase in burn.
Structure Therapeutics Inc. (GPCR) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 1.22M | 3.9M | 0 | 0 | 0 | 0 | 20.03K |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | -1.22M | -3.9M | 0 | 0 | 0 | 0 | -20.03K |
| Gross Margin % | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | - |
| Operating Expenses | 256.85M | 283.67M | 158.23M | 102.78M | 52.56M | 37.7M | 15.91M |
| OpEx % of Revenue | - | - | - | - | - | - | - |
| Selling, General & Admin | 73.81M | 61.55M | 49.41M | 32.67M | 16.37M | 8.59M | 3.53M |
| SG&A % of Revenue | - | - | - | - | - | - | - |
| Research & Development | 294.44M | 225.25M | 108.81M | 70.1M | 36.19M | 29.11M | 12.39M |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | -3.14M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -258.07M | -287.57M | -158.23M | -102.78M | -52.56M | -37.7M | -15.93M |
| Operating Margin % | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -81.74% | -53.96% | -95.53% | -39.43% | -136.59% | - |
| EBITDA | -256.18M | -286.23M | -157.24M | -102.48M | -52.28M | -37.62M | -15.91M |
| EBITDA Margin % | - | - | - | - | - | - | - |
| EBITDA Growth % | -17.21% | -82.04% | -53.43% | -96.01% | -38.96% | -136.43% | - |
| D&A (Non-Cash Add-back) | 1.9M | 1.33M | 992K | 295K | 277K | 72K | 20.03K |
| EBIT | -214.36M | -140.69M | -122.22M | -75.99M | -51.3M | -37.7M | -15.77M |
| Net Interest Income | 32.19M | 35.97M | 36.01M | -11.64K | 1.26M | -122.04K | 168K |
| Interest Income | 32.19M | 35.97M | 36.03M | 13.38M | 1.26M | 122 | 168.29K |
| Interest Expense | 0 | 0 | 0 | 13.39M | 0 | 122.16K | 0 |
| Other Income/Expense | 43.71M | 146.51M | 36.01M | 13.39M | 1.26M | -122K | 168.29K |
| Pretax Income | -214.36M | -140.69M | -122.22M | -89.38M | -51.3M | -37.82M | -15.77M |
| Pretax Margin % | - | - | - | - | - | - | - |
| Income Tax | 702.57K | 515K | 310K | 236K | 17K | 231K | 138.24K |
| Effective Tax Rate % | -0.33% | -0.37% | -0.25% | -0.26% | -0.03% | -0.61% | -0.88% |
| Net Income | -215.06M | -141.2M | -122.53M | -89.62M | -51.32M | -40.01M | -15.9M |
| Net Margin % | - | - | - | - | - | - | - |
| Net Income Growth % | -20.18% | -15.24% | -36.72% | -74.63% | -28.28% | -151.57% | - |
| Net Income (Continuing) | -215.06M | -141.2M | -122.53M | -89.62M | -51.32M | -38.05M | -15.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.96 | -2.40 | -2.34 | -2.43 | -1.44 | -1.20 | -0.45 |
| EPS Growth % | 2.88% | -2.56% | 3.7% | -68.75% | -20% | -166.67% | - |
| EPS (Basic) | - | -2.40 | -2.34 | -2.43 | -1.44 | -1.20 | -0.45 |
| Diluted Shares Outstanding | 72.65M | 59.2M | 52.64M | 36.73M | 36.59M | 36.59M | 36.59M |
| Basic Shares Outstanding | 72.65M | 59.2M | 52.64M | 36.73M | 36.59M | 36.59M | 36.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying GPCR stock.
For fiscal year 2025, Structure Therapeutics Inc. (GPCR) reported total revenue of $0.0M.
Structure Therapeutics Inc. (GPCR) reported a net loss of $141.2M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Clinical trial failure risk
Metrics are mathematically derived from official filings.
Pre-Revenue Burn Accelerates
As a pre-revenue clinical-stage biotech, GPCR's growth is measured by R&D investment, which surged 50% year-over-year to $100.1M in 2026Q2, according to the latest income statement.
The absence of revenue means the company's trajectory is defined by its cash consumption and pipeline advancement. R&D expenses have grown from $20.7M in 2024Q1 to $100.1M in 2026Q2, reflecting the scaling of clinical trials. This acceleration in spending is typical for a company transitioning from discovery to late-stage development, but it also shortens the runway unless additional capital is raised.
R&D Dominates Cost Structure
R&D expenses account for over 80% of total operating costs, reaching $100.1M in 2026Q2, while SG&A remains relatively stable at $18.6M, as reported in the financial statements.
The cost structure is heavily weighted toward R&D, which is expected for a clinical-stage biotech. The rapid increase in R&D spending from $20.7M in 2024Q1 to $100.1M in 2026Q2 indicates a strategic push into later-stage trials. SG&A has grown more slowly, suggesting management is keeping overhead in check while focusing resources on pipeline development.
Operating Leverage Absent
With no revenue, operating leverage is non-existent; operating losses widened to $118.6M in 2026Q2, up from $32.0M in 2024Q1, based on reported figures.
The company's operating losses are scaling directly with R&D investment, showing no signs of operating leverage. This is typical for pre-revenue biotechs, but the pace of loss expansion is notable. The increase in operating losses from $32.0M to $118.6M over nine quarters suggests a deliberate acceleration in clinical spending, which investors should monitor against the cash runway.
Net Losses Driven by R&D
Net losses are almost entirely attributable to R&D investment, with stock-based compensation adding $12.6M in 2026Q2, as per the income statement data.
The quality of earnings is inherently low given the pre-revenue status, but the composition of losses is important. Non-cash stock-based compensation represents a significant portion of SG&A, but the core driver is R&D. The net loss of $106.2M in 2026Q2 is roughly 90% of the operating loss, indicating minimal non-operating noise. Investors should focus on cash burn rather than net loss, as the latter includes non-cash charges.
2025Q4 Anomaly: One-Time Gain
In 2025Q4, GPCR reported a net income of $33.0M and positive operating income of $24.0M, a stark contrast to surrounding quarters, as disclosed in the financial statements.
The 2025Q4 quarter stands out as an inflection point, but it appears to be driven by a one-time event, likely a gain from a collaboration or change in fair value of warrants. This is not indicative of operational profitability, as the subsequent quarters returned to losses. The anomaly underscores the importance of adjusting for non-recurring items when evaluating the company's underlying performance.
Cash Burn Threatens Runway
Despite a ~$800M cash position, the accelerating quarterly burn of $118.6M in 2026Q2 implies a runway of under two years, based on reported operating losses.
The company's cash position appears healthy, but the burn rate is escalating. If operating losses continue to grow at the current pace, the cash runway could be shorter than expected, potentially forcing dilutive financing. Additionally, the lack of revenue and reliance on clinical success makes the stock highly sensitive to trial outcomes. Short-sellers might argue that the market is overvaluing a single-asset pipeline with unproven commercial viability.