Septerna, Inc. (SEPN)

Price$36.75Cached quoteAs of 2026-09-05 15:49 UTC

AI: Overvalued

Price checkThe market price leaves little asset-based protection against early clinical setbacks.

Using 46.7 million shares outstanding on August 5, the market value is about $1.76 billion. That is roughly 3.4 times June's $516.5 million of cash and marketable securities, leaving about $1.24 billion attributed to the drug platform and pipeline before liabilities and later cash use. It is also nearly 18 times the latest four quarters' $98.9 million revenue, although that revenue largely reflects collaboration accounting, not medicine sales. With no approved product and only early human studies, this price assumes meaningful clinical success, supporting an Overvalued verdict.

Big picturePartnership revenue softens losses, but the underlying research business still consumes cash.

Second-quarter revenue rose to $26.7 million from $0.1 million, and the net loss narrowed to $13.0 million from $24.8 million. Yet first-half research spending jumped 56% to $64.7 million, while operating cash use increased to $47.8 million from $43.6 million. After $0.8 million of equipment spending, free cash flow—cash left after running and investing in the business—was about negative $48.6 million. The positive 2025 operating cash flow reflected a large upfront partnership receipt, so it is not a durable earnings signal. Collaboration revenue and cash flow will remain lumpy as milestones arrive.

Business strengthA large cash reserve and major partner reduce financing risk, though dilution continues.

The balance sheet is the main defense: $516.5 million of cash and marketable securities, $22.5 million of debt, and $316.8 million of working capital at June 30. Novo Nordisk paid $195 million upfront; each research program can earn about $498 million in milestones, and Novo funds development after candidate selection. However, cash is being allocated to trials, not dividends or buybacks. Shares rose from 44.8 million at year-end to 46.7 million by August 5, and six million options were outstanding. Recent market sales raised $47.5 million but diluted owners by about 3%.

What could change the storyPatient results must validate early signals before the current valuation looks secure.

The clearest bull threshold is positive first-quarter 2027 SEP-479 data showing safe once-daily dosing and desired calcium changes in people. SEP-631 next needs benefit in patients, not merely a healthy-volunteer skin response. Novo's first candidate advancing into formal safety work or generating further milestones would help validate the platform. Conversely, weak effects, safety problems, or a prolonged delay in patient testing would undermine the roughly $1.24 billion pipeline value. This business is not conventionally cyclical: its value moves mainly with trial outcomes and partnership decisions rather than the economy.

AI: News

SEP-479 dosing outlookEarly human drug levels supported daily dosing, but the full trial readout moved into 2027.

On August 10, Septerna reported that SEP-479 remained in its first human trial and had an observed three-to-four-day half-life, meaning the drug left the body slowly enough to support once-daily dosing. Researchers extended repeated dosing to 14 days to measure stable drug levels, moving the combined data release to the first quarter of 2027. The stock rose 22.9% in the next session. The timing suggests the update contributed, but it does not prove causation.

SEP-631 development resetSepterna replaced a large planned patient trial with smaller studies aimed at finding a useful signal.

Also on August 10, management said it would not proceed with the previously planned Phase 2b study of SEP-631 in chronic spontaneous hives. Instead, it is evaluating smaller, more capital-efficient studies across mast-cell diseases. This could conserve cash and identify the best disease target, but it removes a clearly scheduled patient trial and leaves timing uncertain. That matters because healthy-volunteer target activity does not establish that SEP-631 relieves symptoms in people with disease.

SEP-631 clears first testHealthy-volunteer results showed strong target activity and tolerability, while patient benefit remains unproven.

On March 1, Septerna reported that SEP-631 caused complete suppression of an induced skin reaction at doses as low as 10 milligrams once daily. Its approximately 24-hour half-life supported daily dosing, and there were no severe or serious adverse events in the study. These results showed that the drug reached and blocked its intended target in humans. However, the test used healthy volunteers and an artificial skin challenge, so effectiveness in patients remains unknown. The stock fell 1.3% in the next session, showing no clear favorable market reaction.

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Revenue

2022

2023

2024

2025

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2023

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2025

Free cash flow

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Total cash / debt

CashTotal debt

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2025

Financial statements

	2025	2024	2023	2022
Revenue	$46.0M	$1.1M	$151,000	$0
Research & development	$97.6M	$65.3M	$36.0M	$22.0M
Operating expenses	$114.2M	$81.9M	$1.9M	$28.0M
Operating income	−$68.3M	−$80.8M	$2.1M	−$28.0M
Operating margin	−148.63%	−7,518.42%	1,374.17%	—
EBITDA	−$66.7M	−$79.4M	$2.9M	−$27.4M
EBITDA margin	−145.15%	−7,388.19%	1,903.97%	—
Net income	−$48.9M	−$71.8M	$4.2M	−$27.7M
Net profit margin	−106.37%	−6,678.88%	2,768.21%	—
Basic EPSper basic share	-$1.10	-$7.26	$0.29	-$1.42
Diluted EPSper diluted share	-$1.10	-$7.26	$0.29	-$1.42

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

15.32%of listed shares

RA CAPITAL MANAGEMENT, L.P.7M shares · Jun 30, 2026

View holders

Top 20 reported holders of SEPN
Holder	% owned
RA CAPITAL MANAGEMENT, L.P.	15.32%7M shares
TRV GP V, LLC	13.61%6.22M shares
Driehaus Capital Management LLC	9.71%4.43M shares
TRV GP VI, LLC	9.22%4.21M shares
SAMSARA BIOCAPITAL, LLC	6.90%3.15M shares
GOLDMAN SACHS GROUP INC	6.71%3.06M shares
BlackRock, Inc.	4.23%1.93M shares
Siren, L.L.C.	4.16%1.9M shares
Avoro Capital Advisors LLC	2.93%1.34M shares
Jupiter Topco LLC	2.86%1.31M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.68%1.22M shares
PRIMECAP MANAGEMENT CO/CA/	2.56%1.17M shares
First Light Asset Management, LLC	2.11%963.26K shares
ADAR1 Capital Management, LLC	2.06%940.75K shares
Finer Jeffrey	≈1.81%826.91K shares
GEODE CAPITAL MANAGEMENT, LLC	1.49%679.16K shares
STATE STREET CORP	1.43%652.63K shares
LOOMIS SAYLES & CO L P	1.37%624.75K shares
Casdin Capital, LLC	1.21%553.27K shares
Catalio Capital Management, LP	1.17%536.15K shares

Percentages use 45.67M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys19$93.97M disclosed value

Sells (SEC code S)16$3.61M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 29, 2026Form 4 · 10b5-1	Shaikhly SamiraChief People Officer	SellCommon Stock	2.2K	$35.18	$76.6K	793
Jun 22, 2026Form 4 · 10b5-1	Long Daniel D.SVP, Drug Discovery	SellCommon Stock	7.0K	$35.97	$251.8K	96.4K
Jun 22, 2026Form 4 · 10b5-1	Long Daniel D.SVP, Drug Discovery	SellCommon Stock	8.0K	$35.10	$280.8K	103.4K
Jun 12, 2026Form 4 · 10b5-1	Shaikhly SamiraChief People Officer	SellCommon Stock	6.3K	$35.08	$219.3K	793
Jun 1, 2026Form 4 · 10b5-1	Shaikhly SamiraChief People Officer	SellCommon Stock	2.9K	$29.66	$85.7K	793

Review ownership filings at SEC.gov ↗

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