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
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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 0/100, 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. carries a low D/E ratio of 0.56, meaning only $0.56 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.
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 94/100.
Septerna, Inc.'s free cash flow margin of 238.7% results in a low score of 0/100. Capital expenditures of $518K absorb a large share of operating cash flow.
Septerna, Inc. generates a -12.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -17.1% the prior year.
Septerna, Inc. passes 4 of 9 financial strength tests. 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 Piotroski F-Score?
Septerna, Inc. (SEPN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.