Septerna, Inc. Financials
This page shows Septerna, Inc. (SEPN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Septerna’s statements still describe a cash-funded R&D business whose economics are driven more by capital allocation than steady commercialization.
FY2025’s positive operating cash flow of$110.2M looks less like earnings power when set beside a still-large operating loss of-$68.3M . Because R&D still ran at$97.6M on only$46.0M of revenue, the business still reads as externally capitalized rather than self-funding, even though the headline cash flow line briefly turned positive.
The real turning point was a balance-sheet recapitalization in FY2024: financing brought in
Even with revenue scaling up, spending remains research-led; FY2025 R&D of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Septerna, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Septerna, Inc. has an operating margin of -148.6%, meaning the company retains $-149 of operating profit per $100 of revenue. This below-average margin results in a low score of 11/100, suggesting thin profitability after operating expenses. This is up from -7518.4% the prior year.
Septerna, Inc.'s revenue surged 4174.5% year-over-year to $46.0M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Septerna, Inc. has a moderate D/E ratio of 0.56. This balance of debt and equity financing earns a leverage score of 58/100.
With a current ratio of 4.73, Septerna, Inc. holds $4.73 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 89/100.
Septerna, Inc.'s free cash flow margin of 238.7% results in a low score of 1/100. Capital expenditures of $518K absorb a large share of operating cash flow.
Septerna, Inc.'s ROE of -12.8% shows moderate profitability relative to equity, earning a score of 38/100. This is up from -17.1% the prior year.
Septerna, Inc. scores 4.73, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.7B) relative to total liabilities ($214.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Septerna, Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Septerna, Inc. generates $-2.25 in operating cash flow ($110.2M OCF vs -$48.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Septerna, Inc. generated $46.0M in revenue in fiscal year 2025. This represents an increase of 4174.5% from the prior year.
Septerna, Inc.'s EBITDA was -$66.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.0% from the prior year.
Septerna, Inc. reported -$48.9M in net income in fiscal year 2025. This represents an increase of 31.9% from the prior year.
Septerna, Inc. earned $-1.10 per diluted share (EPS) in fiscal year 2025. This represents an increase of 84.8% from the prior year.
Cash & Balance Sheet
Septerna, Inc. generated $109.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 257.6% from the prior year.
Septerna, Inc. held $120.7M in cash against $0 in long-term debt as of fiscal year 2025.
Septerna, Inc. had 45M shares outstanding in fiscal year 2025. This represents an increase of 0.9% from the prior year.
Margins & Returns
Septerna, Inc.'s operating margin was -148.6% in fiscal year 2025, reflecting core business profitability. This is up 7369.8 percentage points from the prior year.
Septerna, Inc.'s net profit margin was -106.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 6572.5 percentage points from the prior year.
Septerna, Inc.'s ROE was -12.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.3 percentage points from the prior year.
Capital Allocation
Septerna, Inc. invested $97.6M in research and development in fiscal year 2025. This represents an increase of 49.4% from the prior year.
Septerna, Inc. invested $518K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 75.4% from the prior year.
SEPN Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $26.5M+10.0% | $24.1M+12.2% | $21.5M+17963.0% | $119K-45.7% | $219K+3.3% | $212K+20.5% | $176K-52.4% | $370K |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $29.5M-7.3% | $31.9M+31.3% | $24.3M+9.4% | $22.2M+15.1% | $19.3M-0.2% | $19.3M+8.3% | $17.8M+18.6% | $15.0M |
| SG&A Expenses | $10.3M+24.3% | $8.3M+16.3% | $7.1M+3.0% | $6.9M+0.7% | $6.9M+22.2% | $5.6M+14.7% | $4.9M+43.9% | $3.4M |
| Operating Income | -$13.3M+17.0% | -$16.0M-713.0% | $2.6M+109.0% | -$29.0M-11.8% | -$25.9M-4.8% | -$24.7M-9.6% | -$22.6M-24.8% | -$18.1M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $337K+2708.3% | $12K | $0 | $0 | $0+100.0% | -$564K-314.7% | -$136K-224.8% | $109K |
| Net Income | -$8.6M+19.6% | -$10.7M-231.4% | $8.2M+132.9% | -$24.8M-15.7% | -$21.5M-3.9% | -$20.7M-0.7% | -$20.5M-24.3% | -$16.5M |
| EPS (Diluted) | $-0.19 | N/A | $0.18+132.1% | $-0.56-14.3% | $-0.49 | N/A | $-8.40-19.5% | $-7.03 |
SEPN Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $569.7M-4.4% | $596.2M-1.7% | $606.7M+46.1% | $415.2M-4.3% | $434.0M-4.9% | $456.6M+162.0% | $174.3M | N/A |
| Current Assets | $368.1M-10.4% | $411.0M-16.4% | $491.7M+47.1% | $334.1M-2.4% | $342.5M-4.0% | $356.8M+167.5% | $133.4M | N/A |
| Cash & Equivalents | $71.6M-40.7% | $120.7M-62.3% | $320.0M+69.0% | $189.3M-9.9% | $210.0M-11.8% | $238.2M+169.9% | $88.2M-32.7% | $131.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $10.8M+4.7% | $10.4M+19.8% | $8.6M+5625.2% | $151K-39.6% | $250K+46.2% | $171K-18.6% | $210K | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $191.2M-10.7% | $214.3M-1.7% | $217.9M+478.4% | $37.7M-95.5% | $834.3M+2185.3% | $36.5M-86.0% | $261.7M | N/A |
| Current Liabilities | $78.2M-10.1% | $86.9M+15.5% | $75.3M+397.7% | $15.1M+42.2% | $10.6M-17.2% | $12.8M-2.9% | $13.2M | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $378.5M-0.9% | $381.9M-1.8% | $388.7M+3.0% | $377.6M+194.3% | -$400.3M-195.3% | $420.0M+580.6% | -$87.4M-29.0% | -$67.8M |
| Retained Earnings | -$175.9M-5.2% | -$167.3M-6.9% | -$156.5M+5.0% | -$164.7M-17.8% | -$139.8M-18.1% | -$118.4M-21.2% | -$97.7M | N/A |
SEPN Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$25.6M-71.0% | -$15.0M-108.9% | $168.8M+932.1% | -$20.3M+13.1% | -$23.3M-11.4% | -$21.0M-24.6% | -$16.8M-29.5% | -$13.0M |
| Capital Expenditures | $832K+1180.0% | $65K+400.0% | $13K-77.6% | $58K-84.8% | $382K-37.6% | $612K+5.9% | $578K+287.9% | $149K |
| Free Cash Flow | -$26.5M-75.8% | -$15.1M-108.9% | $168.8M+929.7% | -$20.3M+14.2% | -$23.7M-10.0% | -$21.6M-24.0% | -$17.4M-32.4% | -$13.1M |
| Investing Cash Flow | -$23.8M+87.1% | -$185.3M-382.7% | -$38.4M-4784.5% | -$786K+83.9% | -$4.9M+96.3% | -$133.2M-437.4% | -$24.8M-104.4% | -$12.1M |
| Financing Cash Flow | $333K-67.4% | $1.0M+288.2% | $263K-22.4% | $339K+413.6% | $66K-100.0% | $304.2M+23106.9% | -$1.3M | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SEPN Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -50.1%+16.3pp | -66.4%-78.6pp | 12.2%+24363.4pp | -24351.3%-12520.2pp | -11831.1%-171.6pp | -11659.4%+1153.1pp | -12812.5%-7930.1pp | -4882.4% |
| Net Margin | -32.6%+12.0pp | -44.5%-82.5pp | 38.0%+20910.3pp | -20872.3%-11065.9pp | -9806.4%-57.3pp | -9749.1%+1911.7pp | -11660.8%-7198.6pp | -4462.2% |
| Return on Equity | -2.3%+0.5pp | -2.8%-4.9pp | 2.1%+8.7pp | -6.6%-1.2pp | -5.4%-0.4pp | -4.9% | N/A | N/A |
| Return on Assets | -1.5%+0.3pp | -1.8%-3.1pp | 1.4%+7.3pp | -6.0%-1.0pp | -5.0%-0.4pp | -4.5%+7.3pp | -11.8% | N/A |
| Current Ratio | 4.71-0.0 | 4.73-1.8 | 6.53-15.6 | 22.09-10.1 | 32.19+4.4 | 27.77+17.7 | 10.08 | N/A |
| Debt-to-Equity | 0.51-0.1 | 0.560.0 | 0.56+0.5 | 0.10+2.2 | -2.08-2.2 | 0.09+3.1 | -2.99 | N/A |
| FCF Margin | -99.8%-37.4pp | -62.4%-847.7pp | 785.3%+17881.9pp | -17096.6%-6263.3pp | -10833.3%-658.8pp | -10174.5%-292.7pp | -9881.8%-6331.6pp | -3550.3% |
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Frequently Asked Questions
What is Septerna, Inc.'s annual revenue?
Septerna, Inc. (SEPN) reported $46.0M in total revenue for fiscal year 2025. This represents a 4174.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Septerna, Inc.'s revenue growing?
Septerna, Inc. (SEPN) revenue grew by 4174.5% year-over-year, from $1.1M to $46.0M in fiscal year 2025.
Is Septerna, Inc. profitable?
No, Septerna, Inc. (SEPN) reported a net income of -$48.9M in fiscal year 2025, with a net profit margin of -106.4%.
What is Septerna, Inc.'s EBITDA?
Septerna, Inc. (SEPN) had EBITDA of -$66.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Septerna, Inc.'s operating margin?
Septerna, Inc. (SEPN) had an operating margin of -148.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Septerna, Inc.'s net profit margin?
Septerna, Inc. (SEPN) had a net profit margin of -106.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Septerna, Inc.'s return on equity (ROE)?
Septerna, Inc. (SEPN) has a return on equity of -12.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Septerna, Inc.'s free cash flow?
Septerna, Inc. (SEPN) generated $109.7M in free cash flow during fiscal year 2025. This represents a 257.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Septerna, Inc.'s operating cash flow?
Septerna, Inc. (SEPN) generated $110.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Septerna, Inc.'s total assets?
Septerna, Inc. (SEPN) had $596.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Septerna, Inc.'s capital expenditures?
Septerna, Inc. (SEPN) invested $518K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Septerna, Inc. spend on research and development?
Septerna, Inc. (SEPN) invested $97.6M in research and development during fiscal year 2025.
What is Septerna, Inc.'s current ratio?
Septerna, Inc. (SEPN) had a current ratio of 4.73 as of fiscal year 2025, which is generally considered healthy.
What is Septerna, Inc.'s debt-to-equity ratio?
Septerna, Inc. (SEPN) had a debt-to-equity ratio of 0.56 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Septerna, Inc.'s return on assets (ROA)?
Septerna, Inc. (SEPN) had a return on assets of -8.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Septerna, Inc.'s Altman Z-Score?
Septerna, Inc. (SEPN) has an Altman Z-Score of 4.73, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Septerna, Inc.'s Piotroski F-Score?
Septerna, Inc. (SEPN) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Septerna, Inc.'s earnings high quality?
Septerna, Inc. (SEPN) has an earnings quality ratio of -2.25x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Septerna, Inc.?
Septerna, Inc. (SEPN) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.