Gubra's half-year report tracks three partnered obesity programs into Phase 2

Gubra, a Danish drug-discovery company that partners with larger pharmaceutical firms, reported on August 20, 2026 that three obesity treatments tied to its research have entered or are entering Phase 2 testing, the stage that typically checks whether a drug works at different doses in patients ^[1].

The most advanced is BI 3034701, a drug licensed to Boehringer Ingelheim that targets three different hormone receptors at once: GLP-1, GIP, and NPY2 ^[1][2]. Boehringer says this design is meant to combine two well-established ways drugs curb appetite and improve metabolism (GLP-1 and GIP) with a newer approach through NPY2, a receptor thought to affect hunger signals in the brain ^[2]. Boehringer started the Phase 2 trial after Phase 1 studies showed what the company called a "generally favorable safety and tolerability profile," and the milestone triggered a EUR 10 million payment to Gubra ^[1][2]. Boehringer has also registered additional early-stage studies of the drug, including one in Japanese participants and a metabolism study, with start dates in July and August 2026 ^[2].

A second program, ABBV-295, is a long-acting amylin analog licensed to AbbVie. Amylin drugs work through a different hormone pathway than GLP-1 medicines and are being studied both alone and alongside GLP-1 drugs. Gubra said AbbVie reported "highly encouraging" 12- and 13-week Phase 1 results and expects to start Phase 2 testing in the third quarter of 2026 ^[1].

The third program, GUB-UCN2, is Gubra's own drug, not licensed to a partner. It entered a Phase 1/2a trial in July 2026. Unlike typical weight-loss drugs that reduce overall body weight, GUB-UCN2 is designed to lower fat mass while preserving or building muscle, and the trial specifically measures muscle volume and function ^[1]. It is being tested both by itself and combined with existing incretin-based therapy, the drug class that includes semaglutide and tirzepatide ^[1]. Gubra said the first data, from a single ascending dose study, are expected in the first half of 2027 ^[1].

Financially, Gubra reported group revenue of DKK 126 million for the first half of 2026, down sharply from a year earlier when a licensing deal boosted results, and an operating loss of DKK 123 million ^[1]. The company kept its full-year 2026 financial guidance unchanged ^[1].

Why it matters for patients

None of these three drugs is approved or available to patients yet; all are in early or mid-stage human testing, and Phase 2 results can still fail to hold up in larger trials. But the report shows that companies are still actively developing alternatives to the GLP-1 shots already on the market, including drugs that add a third hormone target or that work through amylin instead of GLP-1, and one aimed at preserving muscle during weight loss rather than just cutting weight ^[1][2]. For patients today, this means the current menu of approved options is unlikely to be the last word, though how any of these drugs compare on effectiveness, side effects, or cost is not yet known.

What happens next

Boehringer's Phase 2 trial of BI 3034701 is underway, alongside separate early-stage studies with start dates in July and August 2026 ^[1][2]. AbbVie plans to start Phase 2 testing of ABBV-295 in the third quarter of 2026 ^[1]. Gubra expects the first clinical data from its GUB-UCN2 program in the first half of 2027 ^[1]. Gubra also plans an investor event on October 27, 2026, to lay out its research strategy through 2030 ^[1].