Septerna COO Elizabeth Bhatt sells 4,000 shares

Both sales were made under a Rule 10b5-1 plan adopted October 20, 2025; the option vests in monthly installments subject to continued service.

Rhea-AI Filing Summary

Septerna, Inc. (SEPN) President and COO Elizabeth Bhatt exercised an option covering 4,000 shares at a $6.81 exercise price on October 15, 2026, acquiring 4,000 common shares. She also sold 1,094 shares at a weighted average price of $36.8715 and 2,906 shares at a weighted average price of $37.6142. Both sales were made under a Rule 10b5-1 sales plan adopted October 20, 2025. Her reported option position after the exercise was 58,230 shares.

Insider Trade Summary 10b5-1

Exercise and Sale: 4,000 shares ($122K approx. pre-tax spread)

Exercise and Sale 4 txns

Insider Bhatt Elizabeth

Role President and COO

Sold 4,000 shs ($150K)

Approx. gross sale proceeds $150K

Approx. exercise cost $27K

Approx. pre-tax spread $122K

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy) F4	4,000	$0.00	$0.00
Exercise	Common Stock	4,000	$6.81	$27K
Sale	Common Stock F1, F2	1,094	$36.8715	$40K
Sale	Common Stock F1, F3	2,906	$37.6142	$109K

Holdings After Transaction: Stock Option (Right to Buy) — 58,230 contracts (Direct); Common Stock — 174,209 shares (Direct)

Footnotes (4)

1. F1. This transaction was effected pursuant to a Rule 10b5-1 sales plan adopted by the Reporting Person on October 20, 2025.
2. F2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $36.24 to $37.23. 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. F3. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $37.31 to $38.07. 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.
4. F4. 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, subject to the Reporting Person's continuous service to the Issuer on each such date.

Key Figures

Option exercised: 4,000 shares Option exercise price: $6.81 per share First sale: 1,094 shares at a weighted average price of $36.8715 per share +2 more

5 metrics

Option exercised 4,000 shares October 15, 2026

Option exercise price $6.81 per share Option exercise on October 15, 2026

First sale 1,094 shares at a weighted average price of $36.8715 per share October 15, 2026

Second sale 2,906 shares at a weighted average price of $37.6142 per share October 15, 2026

Reported option position after exercise 58,230 shares Following the October 15, 2026 transaction

Key Terms

Rule 10b5-1 sales plan, weighted average price, vest and become exercisable

3 terms

Rule 10b5-1 sales plan regulatory

"effected pursuant to a Rule 10b5-1 sales plan"

weighted average price financial

"The price reported in Column 4 is a weighted average price"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

vest and become exercisable financial

"shares subject to such option vest and become exercisable"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many SEPN shares did Elizabeth Bhatt sell, and at what prices?

Elizabeth Bhatt sold 1,094 shares at a weighted average price of $36.8715 (transactions ranged from $36.24 to $37.23) and 2,906 shares at a weighted average price of $37.6142 (range $37.31 to $38.07). Both sales were made under a Rule 10b5-1 sales plan adopted October 20, 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/19/2026 - 07:00 PM EDT Accepted by SEC EDGAR 10/19/2026 - 07:00 PM EDT Learn about SEC filing dates

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).

X

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 CALIFORNIA 94080

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/15/2026

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/15/2026		M		4,000	A	$6.81	178,209	D
Common Stock	10/15/2026		S(1)		1,094	D	$36.8715(2)	177,115	D
Common Stock	10/15/2026		S(1)		2,906	D	$37.6142(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$6.81	10/15/2026		M			4,000	(4)	09/22/2034	Common Stock	4,000	$0	58,230	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 $36.24 to $37.23. 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 $37.31 to $38.07. 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.

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, subject to the Reporting Person's continuous service to the Issuer on each such date.

	/s/ Mark A. Wilson, Attorney-in-Fact	10/19/2026
	** 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.
* Form 4: SEC 1474 (03-26)