Septerna swings to $26.6M net loss in Q3 2026
Septerna expects its existing cash runway to fund operations at least into mid-2029.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Septerna, Inc. reported third-quarter 2026 revenue of $18.9 million, compared with $21.5 million a year earlier, and a $26.6 million net loss, versus $8.2 million net income. Research and development expenses were $36.6 million, compared with $24.3 million, and general and administrative expenses were $9.6 million, compared with $7.1 million.
The SEP-479 Phase 1 trial in healthy volunteers is ongoing, with single- and multiple-ascending-dose data expected in the first quarter of 2027. Septerna selected SEP-204 as an oral TSHR negative allosteric modulator development candidate and anticipates a Phase 1 trial in the first quarter of 2027, following successful completion of remaining preclinical work. Preclinical data showed reduced thyroid enlargement and orbital proptosis in Graves’ disease animal models.
Cash, cash equivalents and marketable securities totaled $565.2 million as of September 30, 2026. Under its Novo collaboration, Novo assumed responsibility for a development candidate and initiated IND-enabling toxicology studies; Septerna has achieved $13 million in research milestones to date.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Moderate pointRevenue was $18.9 million, versus $21.5 million a year earlier.
- Moderate pointQuarterly results shifted from $8.2 million net income to a $26.6 million net loss.
8-K Event Classification
Key Figures
Key Terms
single-ascending dose (SAD) technical
multiple-ascending dose (MAD) technical
negative allosteric modulator (NAM) technical
IND-enabling toxicology studies technical
GLP toxicology studies technical
Earnings Snapshot
Septerna expects its existing cash runway to fund operations at least into mid-2029.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were SEPN’s third-quarter 2026 revenue and net results?
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AI-generated analysis. How Rhea-AI works. Not financial advice.
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 November 09, 2026, Septerna, Inc. (the “Company”) announced its financial results and business highlights for the quarter ended September 30, 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 November 9, 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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November 9, 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 Third Quarter 2026 Financial Results
Phase 1 Clinical Trial for PTH1R Agonist SEP-479 Ongoing; SAD / MAD Data Expected in Q1 2027
Plans to Initiate Phase 1 Clinical Trial of Newly Selected Oral TSHR NAM Development Candidate SEP-204 in Q1 2027
Cash Position of $565.2 Million Expected to Support Operating Plans at Least into mid-2029
SOUTH SAN FRANCISCO, Calif. – November 09, 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 third quarter ended September 30, 2026.
“We are building momentum across our portfolio, with an upcoming important clinical milestone for SEP-479, our oral PTH1R agonist for hypoparathyroidism, and the selection of SEP-204 as our oral TSHR NAM development candidate for Graves’ disease and thyroid eye disease,” said Jeffrey Finer, M.D., Ph.D., Chief Executive Officer and Co-founder of Septerna. “With Phase 1 data for SEP-479 and the initiation a Phase 1 trial of SEP-204 expected in the first quarter of 2027, we are moving closer to realizing our ambition to translate our GPCR expertise into differentiated oral medicines for patients with significant unmet needs.”
Recent Portfolio Progress and Anticipated Milestones
Corporate Announcements
Third 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. Septerna intends to use its Investor Relations website and LinkedIn as means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Septerna’s Investor Relations website and follow https://www.linkedin.com/company/septernainc on LinkedIn, in addition to following Septerna’s press releases, SEC filings, public conference calls, presentations, and webcasts.
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 translating of SEP-479, SEP-204, SEP-631 and any future preclinical data into similar clinical findings; the availability of SEP-479 Phase 1 clinical data; SEP-479’s potential as a differentiated once-daily oral therapy for patients with hypoparathyroidism; advancing SEP-204 into a Phase 1 clinical trial and timing thereof; SEP-204’s potential as a disease-modifying treatment for Graves’ disease and thyroid eye disease; continuing to advance programs under the Novo collaboration and achieving milestones thereunder; the potential of its proprietary Native Complex Platform®; the continued advancement of SEP-631, including plans to evaluate development strategies for capital-efficient, signal-finding clinical trials; the role of MRGPRX2 in mast cell-driven diseases; SEP-631’s potential to provide a convenient oral treatment option for patients with mast cell-driven diseases; 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 strategic plans for its business, product candidates, and technology; its uses of capital, expenses and financial results, including its expected cash runway at least into mid-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; among others. 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, SEP-204 and SEP-631) including uncertainties related to opening investigational new drug applications (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, SEP-204, and SEP-631, or preclinical studies or clinical trials 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; among others. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Septerna’s Quarterly Report on Form 10-Q for the three months ended September 30, 2026, 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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Three Months Ended September 30, |
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Nine Months Ended |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue |
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$ |
18,881 |
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$ |
21,495 |
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$ |
72,150 |
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$ |
21,833 |
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Operating expenses (income): |
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Research and development |
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36,556 |
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24,264 |
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101,223 |
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65,723 |
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General and administrative |
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9,554 |
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7,117 |
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28,292 |
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20,884 |
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Gain on sale of non-financial asset |
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— |
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(12,500 |
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— |
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(12,500 |
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Total operating expenses |
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46,110 |
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18,881 |
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129,515 |
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74,107 |
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(Loss) income from operations |
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(27,229 |
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2,614 |
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(57,365 |
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(52,274 |
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Interest income and other expense, net |
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5,260 |
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5,559 |
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15,035 |
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14,133 |
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Provision for income taxes |
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(4,621 |
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— |
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(5,931 |
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— |
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Net (loss) income |
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$ |
(26,590 |
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$ |
8,173 |
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$ |
(48,261 |
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$ |
(38,141 |
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Net (loss) income per share, basic |
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$ |
(0.57 |
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$ |
0.18 |
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$ |
(1.06 |
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$ |
(0.86 |
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Net (loss) income per share, diluted |
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$ |
(0.57 |
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$ |
0.18 |
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$ |
(1.06 |
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$ |
(0.86 |
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Weighted-average shares outstanding, basic |
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46,914,946 |
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44,343,085 |
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45,579,174 |
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44,150,041 |
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Weighted-average shares outstanding, diluted |
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46,914,946 |
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45,602,099 |
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45,579,174 |
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44,150,041 |
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SEPTERNA, INC.
Condensed Balance Sheets
(In thousands)
(Unaudited)
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September 30, |
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December 31, |
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Cash, cash equivalents and marketable securities |
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$ |
565,188 |
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$ |
548,658 |
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Working capital (1) |
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402,486 |
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324,033 |
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Total assets |
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619,404 |
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596,187 |
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Total liabilities |
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191,475 |
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214,261 |
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Additional paid-in capital |
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645,441 |
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548,517 |
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Accumulated deficit |
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(215,514 |
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(167,253 |
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Total stockholders’ equity |
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$ |
427,929 |
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$ |
381,926 |
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