SEC Form S-1 filed by Structure Therapeutics Inc.
SECURITIES AND EXCHANGE COMMISSION
UNDER
THE SECURITIES ACT OF 1933
|
Cayman Islands
(State or other jurisdiction of
incorporation or organization) |
| |
2834
(Primary Standard Industrial
Classification Code Number) |
| |
98-1480821
(I.R.S. Employer
Identification Number) |
|
South San Francisco, CA 94080
(650) 457-1978
Chief Executive Officer
Structure Therapeutics Inc.
601 Gateway Blvd., Suite 900
South San Francisco, CA 94080
(650) 457-1978
|
Charles S. Kim
Patrick Loofbourrow Carlos Ramirez Su Lian Lu Cooley LLP 10265 Science Center Drive San Diego, CA 92121 (858) 550-6000 |
| |
Matthew T. Bush
Cheston Larson Latham & Watkins LLP 12670 High Bluff Drive San Diego, CA 92130 (858) 523-5400 |
|
As soon as practicable after the effective date of this Registration Statement.
| Large accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ | |
| Non-accelerated filer | | | ☒ | | | Smaller reporting company | | | ☒ | |
| | | | | | | Emerging growth company | | | ☒ | |
| | | | | 1 | | | |
| | | | | 17 | | | |
| | | | | 24 | | | |
| | | | | 26 | | | |
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| | | | | 29 | | | |
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| | | | | 60 | | | |
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| | | | | 69 | | | |
| | | | | 75 | | | |
| | | | | 75 | | | |
| | | | | 75 | | | |
| | | | | 76 | | |
ADSs
| | |
YEAR ENDED
DECEMBER 31, |
| |
THREE MONTHS ENDED
MARCH 31, |
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| | |
2022
|
| |
2023
|
| |
2023
|
| |
2024
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| | |
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
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Statements of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 36,193 | | | | | $ | 70,103 | | | | | $ | 13,135 | | | | | $ | 20,679 | | |
General and administrative
|
| | | | 16,368 | | | | | | 32,672 | | | | | | 6,514 | | | | | | 11,336 | | |
Total operating expenses
|
| | | | 52,561 | | | | | | 102,775 | | | | | | 19,649 | | | | | | 32,015 | | |
Loss from operations
|
| | | | (52,561) | | | | | | (102,775) | | | | | | (19,649) | | | | | | (32,015) | | |
Interest and other income (expense), net
|
| | | | 1,257 | | | | | | 13,391 | | | | | | 1,699 | | | | | | 6,008 | | |
Loss before provision for income taxes
|
| | | | (51,304) | | | | | | (89,384) | | | | | | (17,950) | | | | | | (26,007) | | |
Provision for income taxes
|
| | | | 17 | | | | | | 236 | | | | | | 25 | | | | | | 29 | | |
Net loss
|
| | | $ | (51,321) | | | | | $ | (89,620) | | | | | $ | (17,975) | | | | | $ | (26,036) | | |
Net loss per share attributable to ordinary shareholders, basic and diluted
|
| | | $ | (5.51) | | | | | $ | (0.81) | | | | | $ | (0.25) | | | | | $ | (0.19) | | |
Weighted-average shares, basic and ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted(1)
|
| | | | 9,584 | | | | | | 110,198 | | | | | | 71,655 | | | | | | 139,710 | | |
| | |
AS OF MARCH 31, 2024
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ACTUAL
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AS ADJUSTED(1)(2)
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(IN THOUSANDS)
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Balance Sheet Data: | | | | | | | | | | | | | |
Cash, cash equivalents and short-term investments
|
| | | $ | 436,449 | | | | | $ | 692,233 | | |
Working capital(3)
|
| | | | 425,774 | | | | | | 681,558 | | |
Total assets
|
| | | | 457,225 | | | | | | 713,009 | | |
Total liabilities
|
| | | | 27,407 | | | | | | 27,407 | | |
Accumulated deficit
|
| | | | (232,608) | | | | | | (232,608) | | |
Total shareholders’ equity
|
| | | | 429,818 | | | | | | 685,602 | | |
| | |
AS OF MARCH 31, 2024
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ACTUAL
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AS ADJUSTED(1)(2)
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(IN THOUSANDS,
EXCEPT SHARE AND PER SHARE AMOUNTS) |
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Cash, cash equivalents and short-term investments
|
| | | $ | 436,449 | | | | | $ | 692,233 | | |
Shareholders’ equity: | | | | | | | | | | | | | |
Undesignated shares, $0.0001 par value; 100,000,000 shares authorized as of March 31, 2024
|
| | | | — | | | | | | — | | |
Ordinary shares, $0.0001 par value; 500,000,000 shares authorized as of
March 31, 2024, 139,856,287 shares issued and outstanding as of March 31, 2024, actual; and 163,856,287 shares issued and outstanding as of March 31, 2024, as adjusted |
| | | | 14 | | | | | | 16 | | |
Additional paid-in capital
|
| | | | 662,502 | | | | | | 918,284 | | |
Accumulated other comprehensive (loss) income
|
| | | | (90) | | | | | | (90) | | |
Accumulated deficit
|
| | | | (232,608) | | | | | | (232,608) | | |
Total shareholders’ equity
|
| | | | 429,818 | | | | | | 685,602 | | |
Total capitalization
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| | | $ | 429,818 | | | | | $ | 685,602 | | |
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Assumed public offering price per ADS
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| | | | | | | | | $ | 34.20 | | |
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Historical net tangible book value per ADS as of March 31, 2024
|
| | | $ | 9.22 | | | | | | | | |
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Increase in as adjusted net tangible book value per ADS attributable to new investors participating in this offering
|
| | | | 3.33 | | | | | | | | |
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As adjusted net tangible book value per ADS after this offering
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| | | | | | | | | | 12.55 | | |
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Dilution per ADS to new investors purchasing shares in this offering
|
| | | | | | | | | $ | 21.65 | | |
Underwriters
|
| |
Number of
ADSs |
| |
Number of
Pre-Funded Warrants |
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Goldman Sachs & Co. LLC
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| |
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Morgan Stanley & Co. LLC
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Jefferies LLC
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Leerink Partners LLC
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Guggenheim Securities, LLC
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BMO Capital Markets Corp.
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Total
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| | | | | | | | | | |
| | |
No Exercise
|
| |
Full Exercise
|
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Per ADS
|
| | | $ | | | | | $ | | | ||
Per Pre-Funded Warrant
|
| | | | | | | | | | | | |
Total
|
| | | $ | | | | | $ | | | |
Represented by American Depositary Shares
Represented by American Depositary Shares
ITEM
|
| |
AMOUNT
PAID OR TO BE PAID |
| |||
SEC registration fee
|
| | | $ | 47,541 | | |
FINRA filing fee
|
| | | | 47,696 | | |
Printing expenses
|
| | | | 35,000 | | |
Legal fees and expenses
|
| | | | 800,000 | | |
Accounting fees and expenses
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| | | | 280,000 | | |
Depositary fees and expenses
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| | | | 100,000 | | |
Miscellaneous expenses
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| | | | 89,763 | | |
Total
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| | | $ | 1,400,000 | | |
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Exhibit
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Description of Document
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Form
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File No.
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Exhibit
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Filing Date
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Filed Herewith
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| 1.1 | | | | | | | | | | | | | | | | |
X
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| 3.1 | | | | |
8-K
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001-41608
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3.1
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February 7, 2023
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| 4.1 | | | | |
S-1/A
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333-269200
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4.1
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January 30, 2023
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| 4.2 | | | | |
S-1/A
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333-269200
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4.2
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January 30, 2023
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| 4.3 | | | | |
S-1/A
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333-269200
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4.3
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January 30, 2023
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| 4.4 | | | | |
S-1
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333-269200
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4.4
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January 12, 2023
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| 4.5 | | | | | | | | | | | | | | | | |
X
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| 5.1 | | | | | | | | | | | | | | | | |
X
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| 5.2 | | | | | | | | | | | | | | | | |
X
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| 5.3 | | | | | | | | | | | | | | | | |
X
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| 10.1+ | | | | |
S-1
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333-269200
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10.1
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January 12, 2023
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| 10.2+ | | | | |
S-1
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333-269200
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10.2
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January 12, 2023
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| 10.3+ | | | | |
10-K
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001-41608
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10.3
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March 30, 2023
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| 10.4+ | | | | |
S-1
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333-269200
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10.4
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January 12, 2023
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Exhibit
Number |
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Description of Document
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Form
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File No.
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Exhibit
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Filing Date
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Filed Herewith
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| 10.5+ | | | | |
S-1
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333-269200
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10.5
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January 12, 2023
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| 10.6+ | | | | |
S-1
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333-269200
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10.6
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January 12, 2023
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| 10.7+ | | | | |
S-1
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333-269200
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10.7
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January 12, 2023
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| 10.8+ | | | | |
S-1
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333-269200
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10.8
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January 12, 2023
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| 10.9+ | | | | |
10-K
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001-41608
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10.9
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March 30, 2023
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| 10.10+ | | | | |
S-1
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333-269200
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10.10
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January 12, 2023
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| 10.11+ | | | | |
S-1
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333-269200
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10.11
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January 12, 2023
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| 10.12+ | | | | |
S-1
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333-269200
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10.12
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January 12, 2023
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| 10.13+ | | | | |
S-1
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333-269200
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10.13
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January 12, 2023
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| 10.14+ | | | | |
S-1
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333-269200
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10.15
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January 12, 2023
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| 10.15+ | | | | |
S-1
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333-269200
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10.16
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January 12, 2023
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Exhibit
Number |
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Description of Document
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Form
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File No.
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Exhibit
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Filing Date
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Filed Herewith
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| 10.16+ | | | | |
S-1
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333-269200
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10.17
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January 12, 2023
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| 10.17+ | | | | |
S-1
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333-269200
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10.18
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January 12, 2023
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| 10.18+ | | | | |
S-1
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333-269200
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10.19
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January 12, 2023
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| 10.19+ | | | | |
S-1
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333-269200
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10.20
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January 12, 2023
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| 10.20+ | | | | |
S-1
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333-269200
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10.21
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January 12, 2023
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| 10.21+ | | | | |
10-Q
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001-41608
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10.2
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May 9, 2024
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| 10.22+ | | | | |
S-1
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333-269200
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10.23
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January 12, 2023
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| 10.23* | | | | |
S-1
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333-269200
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10.24
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January 12, 2023
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| 10.24 | | | | |
S-1
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333-269200
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10.25
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January 12, 2023
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| 10.25 | | | | |
10-Q
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001-41608
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10.1
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May 11, 2023
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| 10.26 | | | | |
8-K
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001-41608
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10.1
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July 6, 2023
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| 10.27 | | | House Leasing Contract, dated June 29, 2023, by and between the Shanghai ShouTi Biotechnology Co., ltd. and Shanghai Chuangzhi Space Entrepreneurship Incubator Management Co., Ltd. | | |
8-K
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001-41608
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10.2
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July 6, 2023
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Exhibit
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Description of Document
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Form
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File No.
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Exhibit
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Filing Date
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Filed Herewith
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| 10.28 | | | | |
8-K
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001-41608
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10.3
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July 6, 2023
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| 10.29 | | | | |
10-Q
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001-41608
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10.4
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November 17, 2023
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| 10.30* | | | | |
8-K
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001-41608
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10.1
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November 14, 2023
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| 21.1 | | | | |
S-1
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001-41608
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21.1
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November 17, 2023
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| 23.1 | | | | | | | | | | | | | | | | |
X
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| 23.2 | | | Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm. | | | | | | | | | | | | | | |
X
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| 23.3 | | | | | | | | | | | | | | | | |
X
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| 23.4 | | | | | | | | | | | | | | | | |
X
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| 23.5 | | | | | | | | | | | | | | | | |
X
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| 24.1 | | | | | | | | | | | | | | | | |
X
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| 107 | | | | | | | | | | | | | | | | |
X
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| | | | STRUCTURE THERAPEUTICS INC. | |
| | | |
By:
/s/ Raymond Stevens, Ph.D.
Raymond Stevens, Ph.D.
Chief Executive Officer |
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SIGNATURE
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TITLE
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DATE
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/s/ Raymond Stevens, Ph.D.
Raymond Stevens, Ph.D.
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Chief Executive Officer and Director
(Principal Executive Officer) |
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June 3, 2024
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/s/ Jun Yoon
Jun Yoon
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Chief Financial Officer
(Principal Financial and Accounting Officer) |
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June 3, 2024
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/s/ Daniel Welch
Daniel Welch
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Chairman
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June 3, 2024
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/s/ Eric Dobmeier
Eric Dobmeier
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Director
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June 3, 2024
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/s/ Ramy Farid, Ph.D.
Ramy Farid, Ph.D.
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Director
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June 3, 2024
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SIGNATURE
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TITLE
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DATE
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/s/ Ted W. Love, M.D.
Ted W. Love, M.D.
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Director
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June 3, 2024
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/s/ Sharon Tetlow
Sharon Tetlow
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Director
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June 3, 2024
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/s/ Joanne Waldstreicher, M.D.
Joanne Waldstreicher, M.D.
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Director
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June 3, 2024
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