All eyes have been on the successful launch of Wegovy oral tablets and the impending launch of orforglipron tablets. Speculation that they will reach more people than injections and bring lower prices has sparked interest. But yesterday, we got a reminder that these two will not be the only options for long. Structure Therapeutics announced that their oral GLP-1 – aleniglipron – is advancing with good results in phase two studies. In fact, the company said:

“Aleniglipron represents a potentially best-in-class oral small molecule GLP1 and may be a backbone therapy for obesity.”

Investors liked that news enough to boost the price of Structure’s stock by five percent. In fact, over the last year, the stock has more than doubled in value. The biggest boost came back in December when the company released its first peek at clinical trial results.

Yesterday’s data release was more detailed, with the company claiming to see weight loss of as much as 16% after 44 to 52 weeks for persons with obesity or overweight but not type 2 diabetes.

Highest Efficacy?

As we hear these topline results, we detect a bit of puffery. The claim that they represent “the highest efficacy yet” for an oral GLP-1, “comparable to injectables,” might be a stretch at this early stage of development. Pivotal phase three studies won’t start until later this year and thus aleniglipron is two years or more away from reaching the market.

Stock analysts from William Blair saw two ways to look at these data. On one hand, they “offer another set of positive datasets for aleniglipron.” On the other, they say “it is our view that it is premature to label aleniglipron as differentiated against orforglipron or best-in-class.”

We agree effective and well-tolerated oral obesity medicines will likely expand the possibilities for long-term obesity care and the unmet need is great. Will aleniglipron be best in class? It is definitely too soon to bet on that. Regardless, though, it’s clear the options for obesity care will multiply and improve. This is good news.

Click here for the announcement of topline results from Structure and here for the company’s presentation on those results. For additional reporting on this news, click here, here, and here.

The Pointillism of Tablets, photographic illustration by Ted Kyle / ConscienHealth