Insider trades at Septerna (SEPN) include 4,000-share sale under 10b5-1

Filing Impact

(High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Septerna, Inc. President and COO Elizabeth Bhatt reported option exercises and stock sales. On February 18, 2026, she exercised stock options for 4,000 shares at an exercise price of $6.81 per share and received 4,000 shares of common stock.

She then sold 2,200 shares of common stock at a weighted average price of $28.4594 per share and 1,800 shares at a weighted average price of $29.5831 per share in open‑market transactions under a Rule 10b5‑1 sales plan adopted on October 20, 2025. After these trades, she directly owned 174,209 shares of common stock and held 88,911 stock options.

Insider Trade Summary

Net Seller: 4,000 shares ($115,860)

Net Sell 4 txns

Insider Bhatt Elizabeth

Role President and COO

Sold 4,000 shs ($116K)

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	4,000	$0.00	--
Exercise	Common Stock	4,000	$6.81	$27K
Sale	Common Stock	2,200	$28.4594	$63K
Sale	Common Stock	1,800	$29.5831	$53K

Holdings After Transaction: Stock Option (Right to Buy) — 88,911 shares (Direct); Common Stock — 178,209 shares (Direct)

Footnotes (1)

This transaction was effected pursuant to a Rule 10b5-1 sales plan adopted by the Reporting Person on October 20, 2025. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $28.09 to $29.07. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $29.12 to $29.98. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range. 1/48th of the shares subject to such option vest and become exercisable in substantially equal monthly installments on each monthly anniversary of October 28, 2024, contingent upon the consummation of the Issuer's initial public offering, and subject to the Reporting Person's continuous service to the Issuer on each such date.

Form 4 Insider Transactions: What Each Field Means →

02/20/2026 - 05:28 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bhatt Elizabeth

(Last)

(First)

(Middle)

C/O SEPTERNA, INC.

250 EAST GRAND AVENUE

(Street)

SOUTH SAN FRANCISCO

94080

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Septerna, Inc. [ SEPN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President and COO

3. Date of Earliest Transaction (Month/Day/Year)
02/18/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/18/2026		M		4,000	A	$6.81	178,209	D
Common Stock	02/18/2026		S⁽¹⁾		2,200	D	$28.4594⁽²⁾	176,009	D
Common Stock	02/18/2026		S⁽¹⁾		1,800	D	$29.5831⁽³⁾	174,209	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (Right to Buy)	$6.81	02/18/2026		M			4,000	⁽⁴⁾	09/22/2034	Common Stock	92,911	$0	88,911	D

Explanation of Responses:

1. This transaction was effected pursuant to a Rule 10b5-1 sales plan adopted by the Reporting Person on October 20, 2025.

2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $28.09 to $29.07. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.

3. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $29.12 to $29.98. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.

4. 1/48th of the shares subject to such option vest and become exercisable in substantially equal monthly installments on each monthly anniversary of October 28, 2024, contingent upon the consummation of the Issuer's initial public offering, and subject to the Reporting Person's continuous service to the Issuer on each such date.

	/s/ Mark A. Wilson, Attorney-in-Fact	02/20/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Septerna (SEPN) report for Elizabeth Bhatt?

Septerna reported that President and COO Elizabeth Bhatt exercised options for 4,000 shares and sold 4,000 common shares. The sales were completed in two open-market transactions on February 18, 2026, as disclosed in a Form 4 insider trading report.

At what prices did Elizabeth Bhatt sell Septerna (SEPN) shares?

Elizabeth Bhatt sold 2,200 Septerna common shares at a weighted average price of $28.4594 and 1,800 shares at a weighted average price of $29.5831. Footnotes state the actual trades occurred in ranges between $28.09–$29.07 and $29.12–$29.98 per share.

How many Septerna (SEPN) shares does Elizabeth Bhatt own after this Form 4?

Following the reported transactions, Elizabeth Bhatt directly owns 174,209 shares of Septerna common stock. She also holds 88,911 stock options, which continue to vest in monthly installments, subject to her continuous service and prior vesting conditions linked to the company’s initial public offering.

Were Elizabeth Bhatt’s Septerna (SEPN) stock sales under a 10b5-1 plan?

Yes. The filing states the sales were executed under a Rule 10b5‑1 trading plan adopted on October 20, 2025. Such plans allow insiders to prearrange trades, helping separate routine portfolio management from discretionary, potentially information-driven transactions.

What type of derivative transaction did Septerna’s Form 4 disclose?

The Form 4 shows an exercise of a stock option, classified as a derivative security. Bhatt exercised options for 4,000 shares at an exercise price of $6.81 per share, converting them into common stock as part of her equity compensation package.