Septerna (SEPN) Q1 2026 revenue jumps on Novo Nordisk deal, loss narrows
Rhea-AI Filing Summary
Septerna, Inc. reported first quarter 2026 results showing a sharp rise in collaboration revenue and a narrower loss as it advanced multiple clinical programs. Revenue was $26.5 million for the quarter ended March 31, 2026, driven by its Novo Nordisk partnership, compared to $0.2 million a year earlier.
Research and development expenses increased to $29.5 million and general and administrative expenses to $10.3 million, reflecting pipeline growth. Net loss improved to $8.6 million from $21.5 million, and cash, cash equivalents and marketable securities totaled $522.1 million, which the company expects will fund operations at least into 2029. Septerna highlighted positive Phase 1 data for SEP-631 in mast cell-driven diseases and the start of a Phase 1 trial for SEP-479 in hypoparathyroidism, alongside continued work on its TSHR NAM and Novo Nordisk collaboration programs.
Positive
- Revenue inflection from collaboration: Quarterly revenue reached $26.5 million, largely from the Novo Nordisk collaboration, up from $0.2 million a year earlier, materially improving the income statement.
- Extended cash runway: Cash, cash equivalents and marketable securities of $522.1 million as of March 31, 2026 are expected to fund operations at least into 2029, reducing near- to medium-term financing pressure.
- Pipeline advancement: Positive Phase 1 data for SEP-631 and initiation of a Phase 1 trial for SEP-479 mark meaningful progress in key clinical programs.
Negative
- None.
Insights
Collaboration revenue ramps up, loss narrows as pipeline advances.
Septerna posted Q1 2026 revenue of $26.5 million, mainly from its Novo Nordisk collaboration, versus $0.2 million a year earlier. Higher R&D at $29.5 million and G&A at $10.3 million reflect expanding clinical activity.
Net loss shrank to $8.6 million, helped by collaboration revenue and interest income. Cash of $522.1 million as of March 31, 2026 is expected to fund operations at least into 2029, providing unusual visibility for a clinical-stage biotech.
Operationally, positive Phase 1 data for SEP-631 and initiation of a Phase 1 trial for SEP-479 move the portfolio forward, while the TSHR NAM and Novo Nordisk cardiometabolic programs remain in earlier stages. Future company updates on SEP-479 Phase 1 data, expected in late 2026 or early 2027, will help clarify clinical potential.
8-K Event Classification
Key Figures
Key Terms
Native Complex Platform® technical
chronic spontaneous urticaria medical
hypoparathyroidism medical
negative allosteric modulator medical
working capital financial
Earnings Snapshot
Septerna expects its existing cash runway to fund operations at least into 2029.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On May 11, 2026 Septerna, Inc. (the “Company”) announced its financial results and business highlights for the quarter ended March 31, 2026. A copy of the press release issued in connection with the announcement is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information included under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 |
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Press Release issued by Septerna, Inc. on May 11, 2026, furnished herewith. |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Septerna, Inc. |
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May 11, 2026 |
By: |
/s/ Jeffrey Finer, M.D., Ph.D. |
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Jeffrey Finer, M.D., Ph.D. |
Exhibit 99.1
Septerna Highlights Business Progress and Reports First Quarter 2026 Financial Results
Compelling Phase 1 Data for SEP-631 (MRGPRX2 NAM) in Healthy Volunteers Support
Phase 2b Development, Initially in Chronic Spontaneous Urticaria (CSU) in Second Half of 2026
Phase 1 Clinical Trial Initiated for SEP-479, Oral Small Molecule PTH1R Agonist for Hypoparathyroidism
Cash Position of $522.1 Million Expected to Support Operating Plans at Least into 2029
SOUTH SAN FRANCISCO, Calif. – May 11, 2026 – Septerna, Inc. (Nasdaq: SEPN), a clinical-stage biotechnology company pioneering a new era of G protein-coupled receptor (GPCR) drug discovery, today highlighted pipeline progress and anticipated milestones and reported financial results for the first quarter ended March 31, 2026.
“In the first quarter, we continued to make meaningful progress across our pipeline, highlighted by positive Phase 1 clinical results for SEP-631 and the initiation of our Phase 1 clinical trial for SEP-479,” said Jeffrey Finer, M.D., Ph.D., chief executive officer and co-founder of Septerna. “These advances further validate our Native Complex Platform® and its ability to efficiently generate differentiated oral small molecules against historically challenging GPCR targets. As our clinical programs continue to advance, we believe Septerna is increasingly well positioned to unlock the broad therapeutic potential of GPCR-targeted medicines for patients with significant unmet need.”
Recent Portfolio Progress and Anticipated Milestones
Corporate Update
First Quarter 2026 Financial Results
About Septerna
Septerna, Inc. is a clinical-stage biotechnology company with a world-class team of GPCR experts and drug developers advancing cutting-edge science to unlock the full potential of GPCR therapies for patients with significant unmet needs. The company’s proprietary Native Complex Platform® is designed to enable new approaches to GPCR drug discovery and has led to the development of a diverse pipeline of novel oral small molecule drug candidates. Septerna is advancing programs in endocrinology, immunology and inflammation, metabolic diseases and additional therapeutic areas, both independently and with partners. For more information, please visit www.septerna.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, implied and express statements about Septerna’s beliefs and expectations regarding: the potential of SEP-479 preclinical data to translate into similar clinical safety, pharmacokinetic, and pharmacodynamic findings; the estimated availability of SEP-479 Phase 1 clinical data in late 2026 or early 2027; the potential for SEP-479 to be a differentiated once-daily oral therapy for patients with hypoparathyroidism; the potential of its proprietary Native Complex Platform®; the continued advancement of SEP-631, including the plan to initiate a Phase 2b clinical study in CSU in the second half of 2026 subject to the successful completion of long-term preclinical toxicology studies; the role of MRGPRX2 in mast cell-driven diseases; the potential of SEP-631 to provide a convenient oral treatment option for patients with CSU and other mast cell-driven diseases; expectations regarding the anticipated once-daily dosing frequency of SEP-631; the ability of the SEP-631 Phase 1 safety and efficacy observations to successfully translate into clinical outcomes in patients; the continued development of its TSHR NAM program; the advancement of its discovery-stage programs across multiple therapeutic areas; the size and growth potential of the markets for its current and future product candidates; its expectations regarding strategic plans for its business, product candidates, and technology; its expectations regarding the company’s uses of capital, expenses and financial results, including its expected cash runway at least into 2029; and the scope of protection it is able to establish and maintain for intellectual property rights covering its Native Complex Platform® and its product candidates. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” or “would,” or the negative of these terms, or other comparable terminology are intended to identify forward-looking statements, although not all forward looking statements contain these identifying words.
Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, risks associated with: Septerna’s product candidates successfully entering and advancing through clinical trials (including those for SEP-479 and SEP-631) including uncertainties related to opening INDs and obtaining other regulatory approvals; risks related to clinical development outcomes including unexpected safety or efficacy findings; the results of preclinical studies including the long-term toxicology studies for SEP-479 and SEP-631, or clinical studies not being predictive of future clinical outcomes; risks related to the timing of initiating clinical studies and future availability of clinical data; the scope of protection Septerna is able to establish and maintain for intellectual property rights covering its Native Complex Platform® and its product candidates; and Septerna’s ability to identify and enter into future license agreements and collaborations; and general economic, industry and market conditions. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Septerna’s Annual Report on Form 10-K for the year ended December 31, 2025, as well as any subsequent filings with the Securities and Exchange Commission. In addition, any forward-looking statements represent Septerna’s views only as of today and should not be relied upon as representing its views as of any subsequent date. Septerna
explicitly disclaims any obligation to update any forward-looking statements subject to any obligations under applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.
Investor Contact:
Renee Leck, THRUST
renee@thrustsc.com
Media Contact:
Carly Scaduto, THRUST
carly@thrustsc.com
SEPTERNA, INC.
Condensed Statements of Operations
(In thousands, except for share and per share data)
(Unaudited)
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March 31, |
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2026 |
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2025 |
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Revenue |
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$ |
26,523 |
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$ |
219 |
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Operating expenses: |
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Research and development |
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29,535 |
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19,271 |
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General and administrative |
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10,288 |
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6,858 |
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Total operating expenses |
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39,823 |
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26,129 |
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Loss from operations |
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(13,300 |
) |
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(25,910 |
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Interest and other income, net |
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5,000 |
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4,434 |
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Provision for income taxes |
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(337 |
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— |
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Net loss attributable to common stockholders |
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$ |
(8,637 |
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$ |
(21,476 |
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Net loss per share attributable to common stockholders, basic and diluted |
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$ |
(0.19 |
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$ |
(0.49 |
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Weighted-average shares outstanding, basic and diluted |
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44,758,800 |
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43,937,410 |
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SEPTERNA, INC.
Condensed Balance Sheets
(In thousands)
(Unaudited)
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March 31, |
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December 31, |
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Cash, cash equivalents and marketable securities |
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$ |
522,092 |
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$ |
548,658 |
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Working capital (1) |
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289,893 |
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324,033 |
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Total assets |
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569,688 |
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596,187 |
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Total liabilities |
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191,230 |
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214,261 |
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Additional paid-in capital |
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554,872 |
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548,517 |
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Accumulated deficit |
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(175,890 |
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(167,253 |
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Total stockholders’ equity |
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$ |
378,458 |
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$ |
381,926 |
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