Septerna, Inc.
septerna.comWhat Do They Do?
Develops potential oral small-molecule medicines targeting cell-surface receptors for patients with endocrine, immune and metabolic diseases, and works with pharmaceutical partners on drug discovery and development.
10-K for FY2025, filed Mar 9, 2026We are a clinical-stage biotechnology company pioneering a new era of G protein-coupled receptor (“GPCR”) oral small molecule drug…View ↗
We are advancing a deep portfolio of oral small molecule GPCR-targeted programs with novel mechanistic approaches to treat diseases across…View ↗
On May 13, 2025, the Company entered into a Collaboration and License Agreement with Novo (the “Novo Collaboration Agreement”). Under the…View ↗
How Do They Make Money?
Drug-company partners pay upfront collaboration fees and fund research services as Septerna performs them; Septerna can also receive milestone payments and royalties on sales of approved drugs.
10-K for FY2025, filed Mar 9, 2026The Company’s revenues are primarily derived through its license and research and development service arrangements. Payments to the Company…View ↗
Research and development services - The promises under the Company's collaboration agreement include research and development services to…View ↗
Upon effectiveness of the Novo Collaboration Agreement, the Company received a one-time, non-refundable upfront payment of $195.0 million…View ↗
$46M
-
10-K for FY2025, filed Mar 9, 2026
$46M ↗
Who Are Their Customers?
Septerna's customers are its collaboration partners, including Novo and Vertex; Novo works with Septerna on discovery and development programs for potential oral medicines targeting metabolic diseases.
10-K for FY2025, filed Mar 9, 2026For the year ended December 31, 2025, the Company's revenue is comprised solely of arrangements with Novo and Vertex. For the year ended…View ↗
On May 13, 2025, the Company entered into a Collaboration and License Agreement with Novo (the “Novo Collaboration Agreement”). Under the…View ↗
The Company concluded the Agreement is not within the scope of Accounting Standards Codification 808, Collaborative Arrangements as the…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $48.9M in FY2025, but brought in more cash than it spent: $109.7M of free cash flow.
10-K for FY2025, filed Mar 9, 2026
−$68.3MView ↗
10-K for FY2025, filed Mar 9, 2026
−$48.9MView ↗
10-K for FY2025, filed Mar 9, 2026
$109.7MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
−$13MView ↗
- ▼ −48% (Loss)
- vs −$24.8M in Q2 FY2025
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