Septerna, Inc. (SEPN)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$98.9M

Revenue growth

13520.1%

Net income, last twelve months

-$24.2M

Earnings per share

-$0.53

Operating margin

-44.0%

Net margin

-24.5%

Free cash flow

$105.1M

Return on equity

-6.3%

Market value

$2.0B

Cash

$84.7M

Debt

$0

Debt to equity

0.00

Shares outstanding

45.7M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 10 August 2026.

• Phase 1 trial ongoing in volunteers. The SAD and MAD study in healthy volunteers is ongoing. It evaluates safety, tolerability, pharmacokinetics and pharmacodynamics, including serum calcium and endogenous serum PTH.
• Half-life supports once-daily dosing. The observed elimination half-life is approximately three to four days, at the longer end of preclinical estimates. Management anticipates this will support once-daily dosing.
• Data timing moved to Q1 2027. MAD cohort dosing is extended to 14 days to characterize steady-state pharmacokinetics. Management expects SAD and MAD Phase 1 data in the first quarter of 2027.
• Preclinical data shown at ENDO. The company presented the first detailed preclinical characterization of SEP-479 in an oral presentation at ENDO 2026 during the quarter.
• Phase 1 results reported in March. Phase 1 results for SEP-631 were reported in March 2026, including a well-tolerated safety profile, once-daily pharmacokinetics and dose-dependent suppression of icatibant-induced skin wheal formation.
• CSU Phase 2b replaced by evaluation. In place of the planned Phase 2b study in chronic spontaneous urticaria, management is evaluating development strategies for capital-efficient, signal-finding studies in mast cell-driven diseases.
• Novo Nordisk collaboration drove revenue. Collaboration revenue from Novo Nordisk was $26.7 million for the quarter, compared with $0.1 million from Vertex in the same quarter of 2025.
• Revenue components disclosed. Quarter revenue included $14.6 million of amortization from the $195.0 million upfront payment, $0.9 million from $4.0 million in research milestones, and $11.2 million for research services.
• Net loss was $13.0 million. Net loss was $13.0 million, compared with $24.8 million a year earlier. Net loss per share, basic and diluted, was $(0.29), compared with $(0.56).
• R&D expense rose to $35.1M. R&D expenses were $35.1 million, compared with $22.2 million a year earlier. The previous quarter reported R&D expenses of $29.5 million.
• G&A expense rose to $8.5M. G&A expenses were $8.5 million, compared with $6.9 million for the quarter ended June 30, 2025.
• Operating loss was $16.8 million. Loss from operations was $16.8 million (16,836 thousand in the table), compared with $29.0 million (28,978 thousand) a year earlier.
• Cash position was $516.5 million. Cash, cash equivalents and marketable securities were $516.5 million at June 30, 2026, compared with $522.1 million at March 31, 2026.
• Runway kept into 2029. Management kept its cash runway guidance at least into 2029, the same timing given in the previous release.

Company events

The newest 8-K filings of 26 held.

Every filing

The newest filings with the SEC of 61 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

169 funds held it at 30 Jun 2026: 93 added and 32 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Septerna is a clinical-stage biotechnology company that discovers oral small molecule drugs aimed at G protein-coupled receptors, known as GPCRs. Its wholly owned pipeline is focused initially on three therapeutic areas: endocrinology, immunology and inflammation, and metabolic diseases. The company is based in South San Francisco, California, and had 130 full-time employees as of 31 December 2025.

The science it works with

GPCRs are proteins that span the cell membrane seven times and pass signals from outside the cell to the inside. The filing says the family has around 800 identified members. It says nearly one-third of FDA-approved drugs, approximately 500 products, target GPCR-associated pathways, and that about 75% of potential GPCR targets remain undrugged. The company explains that GPCRs have been hard to work with outside a cell because each step in activation involves subtle changes in shape.

How the platform works

The Native Complex Platform isolates and purifies full-length, properly folded GPCRs. It then reconstitutes them with ligands and transducer proteins in a lipid bilayer that mimics the cell membrane. The company applies cryogenic electron microscopy to these complexes to determine their three-dimensional structures. It screens those structures virtually against databases of billions of candidate molecules and also uses DNA-encoded libraries. Cellular and in vivo pharmacology models then test the compounds. The platform is designed to pursue agonists, antagonists and allosteric modulators.

The programs

- PTH1R agonist for hypoparathyroidism. The first candidate, SEP-786, was discontinued after two severe events of elevated unconjugated bilirubin in a Phase 1 trial. A later investigation found it was a potent UGT1A1 inhibitor. In September 2025 the company selected SEP-479 from an unrelated chemical series. The company says it plans to start a Phase 1 trial in Australia in the first half of 2026. The filing says hypoparathyroidism affects approximately 70,000 patients in the United States and 140,000 in Europe. - SEP-631, an MRGPRX2 negative allosteric modulator for chronic spontaneous urticaria (CSU). The Phase 1 trial in healthy adult volunteers was presented on 1 March 2026. In that trial the adverse event profile was comparable to placebo, and the observed elimination half-life was approximately 24 hours. The company says it plans a Phase 2b study in the second half of 2026, subject to completing long-term toxicology studies. The filing says CSU affects approximately 2-3 million patients in the United States. - TSHR negative allosteric modulator for Graves' disease and thyroid eye disease. This program is preclinical. The company is advancing several lead compounds toward selection of a development candidate. The filing says Graves' disease affects over 2 million patients in the United States and that thyroid eye disease develops in approximately 50% of Graves' disease patients.

The Novo Nordisk collaboration

On 13 May 2025 the company and Novo Nordisk A/S signed a global Collaboration and License Agreement for metabolic diseases. It became effective on 1 July 2025. The work covers five GPCRs, including the GLP-1, GIP and glucagon receptors. Four research and development programs are running at the same time.

Novo reimburses 100% of the company's research and development costs under the agreement. Beginning with investigational new drug-enabling activities, Novo is responsible for further global development and commercialization at its own cost. The company paid a one-time, non-refundable upfront payment in July 2025. It is also eligible for milestone payments and for tiered royalties ranging from mid-to-high single-digits on global product sales. It holds an option to take a profit and loss share on one product candidate instead of milestones and royalties. It keeps all other rights to its platform and its other programs.

Manufacturing and competition

The company does not own or operate manufacturing facilities. The filing notes that the number of manufacturers of its drug substances is limited.

Competitors include major pharmaceutical and biotechnology companies, academic institutions, governmental agencies and research institutions. Several other companies also focus on GPCRs with platform technologies distinct from the Native Complex Platform. The filing says many competitors have greater financial, technical, manufacturing, marketing and sales resources. Within CSU, it lists therapies and candidates from others, including dupilumab and remibrutinib, both approved by the FDA in 2025. The approved injectable for hypoparathyroidism is Yorvipath, marketed by Ascendis Pharma.

Intellectual property and regulation

As of 1 March 2026 the company owned 2 issued patents and 135 pending patent applications in the United States, Europe, Japan, China and other territories. For the PTH1R, MRGPRX2 and TSHR programs it owns a total of 12 patent families. It protects the Native Complex Platform mainly as trade secret and know-how, supported by confidentiality agreements.

Its people

Of the 130 full-time employees, 98 work in research and development. The other 32 work in business development, finance, legal, and general management and administration. Sixty-seven hold medical or doctoral degrees. None are represented by labor unions or covered by collective bargaining agreements. The company was incorporated in Delaware in December 2019 as GPCR NewCo, Inc. and took the name Septerna, Inc. in June 2021.

*From Septerna's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1984086/000119312526098507/sepn-20251231.htm)*

From the company's 10-K.