Septerna (Nasdaq: SEPN) grows Q2 revenue and narrows net loss
Rhea-AI Filing Summary
Septerna, Inc. reported second quarter 2026 results and highlighted progress across its GPCR-focused pipeline. Revenue for the quarter ended June 30, 2026 was $26.7M, largely from its Novo Nordisk collaboration, including $14.6M of upfront payment amortization, $0.9M from research milestones and $11.2M for research services. Research and development expenses rose to $35.1M and general and administrative expenses to $8.5M, leading to a net loss of $13.0M, an improvement from a $24.8M loss a year earlier.
Cash, cash equivalents and marketable securities totaled $516.5M as of June 30, 2026, and the company expects this to fund operations at least into 2029. The Phase 1 trial of SEP-479 for hypoparathyroidism is ongoing; observed elimination half-life of roughly three to four days supports once-daily dosing, with SAD/MAD data expected in the first quarter of 2027. Septerna is also evaluating capital-efficient development paths for SEP-631 in mast cell-driven diseases, advancing its TSHR NAM program toward candidate selection, and continuing discovery work and milestones under its global collaboration with Novo Nordisk.
Positive
- Quarterly revenue increased to $26.7M from $0.1M a year earlier, driven by the Novo Nordisk collaboration.
- Net loss narrowed to $13.0M from $24.8M in the prior-year quarter, despite higher operating expenses.
- Cash, cash equivalents and marketable securities of $516.5M are expected to fund operations at least into 2029.
- The Phase 1 trial of SEP-479 reported an elimination half-life of roughly 3–4 days, supporting once-daily dosing.
- Revenue for the first half of 2026 reached $53.3M, reflecting substantial monetization of the Novo Nordisk collaboration.
Negative
- Research and development expenses rose to $35.1M from $22.2M in the prior-year quarter, increasing cash burn.
- General and administrative expenses increased to $8.5M from $6.9M year over year.
- Cash, cash equivalents and marketable securities declined from $548.7M at December 31, 2025 to $516.5M at June 30, 2026.
- Accumulated deficit widened to $(188.9)M, reflecting ongoing net losses as programs advance.
8-K Event Classification
Key Figures
Key Terms
single-ascending dose (SAD) medical
multiple-ascending dose (MAD) medical
negative allosteric modulator (NAM) medical
working capital financial
Native Complex Platform® technical
Earnings Snapshot
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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 August 10, 2026, Septerna, Inc. (the “Company”) announced its financial results and business highlights for the quarter ended June 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 August 10, 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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August 10, 2026 |
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/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 Second Quarter 2026 Financial Results
Phase 1 Clinical Trial Ongoing for SEP-479, an Oral Small Molecule PTH1R Agonist
SEP-479 Observed Clinical Pharmacokinetic Profile Supports Once-Daily Dosing;
SAD / MAD Data Expected in Q1 2027
Cash Position of $516.5 Million Expected to Support Operating Plans at Least into 2029
SOUTH SAN FRANCISCO, Calif. – August 10, 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 second quarter ended June 30, 2026.
“We continue to make meaningful progress across our portfolio as we execute on our strategy to develop differentiated oral medicines targeting GPCRs,” said Jeffrey Finer, M.D., Ph.D., Chief Executive Officer and Co-founder of Septerna. “We are advancing our Phase 1 study of SEP-479 and are very pleased with the observed clinical half-life, which is at the longer end of our preclinical estimates. This finding reinforces our confidence in the potential of SEP-479 as a differentiated, once-daily oral treatment for hypoparathyroidism, and we look forward to presenting SAD/MAD data in the first quarter of 2027. We are also advancing our broader portfolio by evaluating the next phase of development for SEP-631 in mast cell-driven diseases and progressing our TSHR program toward development candidate selection.”
Recent Portfolio Progress and Anticipated Milestones
Second 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 the first quarter of 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 our plan to evaluate development strategies for capital-efficient, signal-finding clinical 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 mast cell-driven diseases; 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 Quarterly Report on Form 10-Q for the three months ended June 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 June 30, |
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Six Months Ended June 30, |
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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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$ |
26,746 |
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$ |
119 |
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$ |
53,269 |
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$ |
338 |
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Operating expenses: |
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Research and development |
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35,132 |
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22,188 |
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64,667 |
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41,459 |
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General and administrative |
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8,450 |
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6,909 |
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18,738 |
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13,767 |
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Total operating expenses |
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43,582 |
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29,097 |
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83,405 |
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55,226 |
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Loss from operations |
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(16,836 |
) |
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(28,978 |
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(30,136 |
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(54,888 |
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Interest income and other expense, net |
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4,775 |
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4,140 |
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9,775 |
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8,574 |
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Provision for income taxes |
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(973 |
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— |
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(1,310 |
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— |
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Net loss |
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$ |
(13,034 |
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$ |
(24,838 |
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$ |
(21,671 |
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$ |
(46,314 |
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Net loss per share, basic and diluted |
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$ |
(0.29 |
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$ |
(0.56 |
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$ |
(0.48 |
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$ |
(1.05 |
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Weighted-average shares outstanding, basic and diluted |
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45,040,075 |
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44,165,168 |
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44,896,601 |
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44,051,918 |
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SEPTERNA, INC.
Condensed Balance Sheets
(In thousands)
(Unaudited)
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June 30, |
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December 31, |
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Cash, cash equivalents and marketable securities |
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$ |
516,513 |
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$ |
548,658 |
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Working capital (1) |
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316,836 |
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324,033 |
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Total assets |
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566,737 |
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596,187 |
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Total liabilities |
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180,016 |
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214,261 |
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Additional paid-in capital |
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576,861 |
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548,517 |
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Accumulated deficit |
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(188,924 |
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(167,253 |
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Total stockholders’ equity |
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$ |
386,721 |
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$ |
381,926 |
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