Second Quarter 2026
Filed Aug 10, 2026Septerna Highlights Business Progress and Reports Second Quarter 2026 Financial Results
Revenue from the Novo Nordisk collaboration was $26.7 million, net loss was $13.0 million compared to $24.8 million, and cash, cash equivalents, and marketable securities totaled $516.5 million with runway expected at least into 2029. SEP-479 Phase 1 remains ongoing, with SAD/MAD data expected in the first quarter of 2027.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $26,746 (in thousands) | – | – |
| Research and development expensesGAAP | $35,132 (in thousands) | – | – |
| General and administrative expensesGAAP | $8,450 (in thousands) | – | – |
| Total operating expensesGAAP | $43,582 (in thousands) | – | – |
| Loss from operationsGAAP | $(16,836) (in thousands) | – | – |
| Interest income and other expense, netGAAP | $4,775 (in thousands) | – | – |
| Provision for income taxesGAAP | $(973) (in thousands) | – | – |
| Net lossGAAP | $(13,034) (in thousands) | – | – |
| Net loss per share, basic and dilutedGAAP | $(0.29) | – | – |
| Weighted-average shares outstanding, basic and dilutedother | 45,040,075 | – | – |
| Six months revenueGAAP | $53,269 (in thousands) | – | – |
| Six months research and development expensesGAAP | $64,667 (in thousands) | – | – |
| Six months general and administrative expensesGAAP | $18,738 (in thousands) | – | – |
| Six months total operating expensesGAAP | $83,405 (in thousands) | – | – |
| Six months loss from operationsGAAP | $(30,136) (in thousands) | – | – |
| Six months interest income and other expense, netGAAP | $9,775 (in thousands) | – | – |
| Six months provision for income taxesGAAP | $(1,310) (in thousands) | – | – |
| Six months net lossGAAP | $(21,671) (in thousands) | – | – |
| Six months net loss per share, basic and dilutedGAAP | $(0.48) | – | – |
| Six months weighted-average shares outstanding, basic and dilutedother | 44,896,601 | – | – |
at least into 2029 outlook
- NoteSepterna expects its existing cash runway to fund operations at least into 2029.
- NoteSepterna expects to report Phase 1 data from both the SAD and MAD cohorts in the first quarter of 2027.
- NoteDosing for the MAD cohorts will be extended to 14 days.
What drove it
- Revenue for the quarter included amortization of $14.6 million of the $195.0 million upfront payment from the Novo Nordisk collaboration.
- Revenue included $0.9 million from the achievement of $4.0 million in research milestones.
- Revenue included $11.2 million for research services associated with the Novo Nordisk collaboration.
- SEP-479 Phase 1 pharmacokinetic data showed an observed elimination half-life of approximately three to four days, which the Company anticipates will support once-daily dosing.
- SEP-631 previously demonstrated positive Phase 1 clinical results, including a well-tolerated safety profile, pharmacokinetics supportive of once-daily oral dosing and robust, dose-dependent suppression of icatibant-induced skin wheal formation.
Concerns
- SEP-479 Phase 1 SAD and MAD data are expected in the first quarter of 2027, and clinical safety, pharmacokinetic and pharmacodynamic findings remain subject to development risk.
- The Company is evaluating development strategies for capital-efficient, signal-finding clinical studies for SEP-631 in lieu of a Phase 2b study in chronic spontaneous urticaria.
- Research and development expenses were $35.1 million for the quarter ended June 30, 2026, compared to $22.2 million for the quarter ended June 30, 2025.
- General and administrative expenses were $8.5 million for the quarter ended June 30, 2026, compared to $6.9 million for the quarter ended June 30, 2025.
What to watch
- Phase 1 SAD and MAD data for SEP-479 in the first quarter of 2027.
- Completion of extended 14-day dosing for SEP-479 MAD cohorts to characterize steady-state pharmacokinetics.
- The selected development strategy and timing for SEP-631 signal-finding clinical studies in mast cell-driven diseases.
- Development candidate selection for the TSHR NAM program.
- Research milestones from the Novo Nordisk collaboration.
Balance sheet and cash flow
- Cash, cash equivalents and marketable securities were $516,513 (in thousands) as of June 30, 2026, compared to $548,658 (in thousands) as of December 31, 2025.
- Working capital was $316,836 (in thousands) as of June 30, 2026, compared to $324,033 (in thousands) as of December 31, 2025.
- Total assets were $566,737 (in thousands) as of June 30, 2026, compared to $596,187 (in thousands) as of December 31, 2025.
- Total liabilities were $180,016 (in thousands) as of June 30, 2026, compared to $214,261 (in thousands) as of December 31, 2025.
- Additional paid-in capital was $576,861 (in thousands) as of June 30, 2026, compared to $548,517 (in thousands) as of December 31, 2025.
- Accumulated deficit was $(188,924) (in thousands) as of June 30, 2026, compared to $(167,253) (in thousands) as of December 31, 2025.
- Total stockholders' equity was $386,721 (in thousands) as of June 30, 2026, compared to $381,926 (in thousands) as of December 31, 2025.
Analysis
Septerna reported second-quarter revenue of $26.7 million, compared to $0.1 million from Vertex in the prior-year quarter. The current-quarter revenue was from the Novo Nordisk collaboration and comprised $14.6 million of amortization of the $195.0 million upfront payment, $0.9 million from the achievement of $4.0 million in research milestones, and $11.2 million of research-services revenue. The reported revenue base is therefore tied to the collaboration rather than commercial product sales.
Operating expenses were $43.6 million, including $35.1 million of research and development expense and $8.5 million of general and administrative expense. Loss from operations was $16.8 million, compared to $29.0 million in the prior-year quarter. Net loss was $13.0 million, compared to $24.8 million, while net loss per share was $0.29 compared to $0.56.
Liquidity remains a central strength in the release. Cash, cash equivalents and marketable securities totaled $516.5 million as of June 30, 2026, compared to $548.7 million as of December 31, 2025. Septerna stated that its existing cash runway is expected to fund operating plans at least into 2029. The filing did not report operating cash flow, free cash flow, debt, repurchases, or dividends.
The key operating milestone is the ongoing Phase 1 study of SEP-479. The Company reported an observed elimination half-life of approximately three to four days and expects this profile to support once-daily dosing. MAD cohorts will use 14-day dosing to characterize steady-state pharmacokinetics, with data from both SAD and MAD cohorts expected in the first quarter of 2027. SEP-631 remains in strategic evaluation for capital-efficient signal-finding studies in mast cell-driven diseases, while the TSHR NAM program continues toward development candidate selection.
The reported period combines collaboration-supported revenue, a lower reported net loss than the prior-year quarter, and a stated multiyear cash runway. Attention is focused on whether SEP-479 Phase 1 data support the anticipated pharmacokinetic, safety and pharmacodynamic profile, and on the development path Septerna selects for SEP-631.
Management, verbatim
We continue to make meaningful progress across our portfolio as we execute on our strategy to develop differentiated oral medicines targeting GPCRs. 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.
Jeffrey Finer, M.D., Ph.D., Chief Executive Officer and Co-founder of Septerna
Not in the filing
stated, not guessed- Gross profit and gross margin
- Non-GAAP revenue, earnings, operating income, net income, EPS, or other non-GAAP measures
- Prior-quarter comparisons and quarter-over-quarter changes for reported operating metrics
- Explicit year-over-year percentage changes for reported operating metrics
- Reportable segment revenue and segment profitability
- Operating cash flow
- Free cash flow
- Capital expenditures
- Debt balance
- Share repurchases
- Dividends
- Financial guidance for revenue, gross margin, operating expenses, or tax rate
- Previous outlook for comparison with actual results
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.