Septerna, Inc.

What they do

Septerna uses its Native Complex Platform to discover oral small molecule drugs that target GPCRs, a large class of cell surface receptors. Its lead candidate SEP-479, an oral PTH1R agonist, is in an ongoing Phase 1 single- and multiple-ascending dose trial in healthy volunteers for hypoparathyroidism. Other programs include SEP-631, an oral MRGPRX2 negative allosteric modulator for mast cell-driven diseases, and a TSHR NAM program aimed at Graves' disease and thyroid eye disease. The company also runs a global collaboration with Novo Nordisk for oral small molecule medicines in obesity, type 2 diabetes and other cardiometabolic diseases.

Revenue drivers

• Novo Nordisk collaboration — The primary source of reported revenue, arising from a $195.0 million upfront payment plus research milestones and research services for discovering oral small molecule medicines in cardiometabolic diseases; Q2 2026 revenue was $26.7 million.
• Prior Vertex arrangement — Contributed a nominal $0.1 million in the quarter ended June 30, 2025, indicating a small historical revenue source that is no longer the main driver.
• Upfront payment amortization — A portion of the $195.0 million Novo Nordisk upfront is recognized over time; $14.6 million was amortized in Q2 2026.
• Research milestones — Septerna earned $0.9 million in Q2 2026 from achieving $4.0 million in research milestones under the Novo Nordisk collaboration.

Recent performance

For the quarter ended June 30, 2026, Septerna reported revenue of $26.7 million from the Novo Nordisk collaboration, compared with $0.1 million from Vertex in the prior-year quarter. That revenue included $14.6 million of amortized Novo Nordisk upfront payment, $0.9 million from research milestones, and $11.2 million for research services. Recent quarterly revenue has grown steadily, from $21.5 million in Q3 2025 to $24.1 million in Q4 2025, $26.5 million in Q1 2026 and $26.7 million in Q2 2026. The company ended the quarter with $516.5 million in cash, cash equivalents and marketable securities. Full-year 2025 revenue was $46.0 million with a net loss of $48.9 million, and operating cash flow was positive $110.2 million.

Strategy

Septerna is prioritizing clinical execution on SEP-479, extending MAD dosing to 14 days to characterize steady-state pharmacokinetics, with SAD and MAD data now expected in Q1 2027. For SEP-631, it is evaluating capital-efficient, signal-finding studies in mast cell-driven diseases instead of a Phase 2b study in chronic spontaneous urticaria. The company is progressing its TSHR NAM program toward development candidate selection for Graves' disease and thyroid eye disease. It continues to advance wholly-owned discovery-stage programs on its Native Complex Platform and to pursue research milestones under the Novo Nordisk collaboration. Management says its cash position supports operating plans at least into 2029.

Risks

• Clinical development risk — SEP-479 remains in Phase 1 and its safety, tolerability and pharmacokinetic profile may not support further development or once-daily dosing.
• Revenue concentration — Reported revenue depends heavily on the Novo Nordisk collaboration, including amortization of the upfront payment and research milestones, rather than on approved products.
• No approved products — Septerna is a clinical-stage company with no product revenue and has historically reported net losses, including a $48.9 million net loss in 2025.
• Program prioritization and timelines — The deferral of a SEP-631 Phase 2b study in chronic spontaneous urticaria and the extension of SEP-479 MAD dosing to 14 days shifted the expected Phase 1 data readout to Q1 2027.

Outlook

Management expects to report Phase 1 SAD and MAD data for SEP-479 in the first quarter of 2027. The company is evaluating next-phase development strategies for SEP-631 in mast cell-driven diseases and is progressing its TSHR NAM program toward development candidate selection. Septerna states its existing cash is expected to fund operations at least into 2029.