SEPN Stock — Septerna Inc.: Cash, EV, Pipeline

What they do

We are a clinical-stage biotechnology company pioneering a new era of G protein-coupled receptor (“GPCR”) oral small molecule drug discovery powered by our proprietary Native Complex Platform®. Our industrial-scale platform aims to unlock the full potential of GPCR therapies and has led to the discovery and development of our deep pipeline of product candidates focused initially on treating patients in three therapeutic areas: endocrinology, immunology and inflammation, and metabolic diseases.

Source: 10-K FY2025 via SEC EDGAR

Share price

$48.85

Market cap

$2,280.2M

Cash

$516.5M

Enterprise value

$1,763.7M

Balance sheet

Cash	$516.5M
Debt	$0.0M
Net cash	$516.5M
Enterprise value	$1,763.7M
Basic shares	46.7M shares
Fully diluted shares	53.2M shares
Fully diluted market cap	$2,597.7M
Cash per share	$11.07
Quarterly burn	$22.2M
Cash runway	23.3 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

46.7M

Pre-funded warrants

0.0M

Options

6.0M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.5M

FDSO

53.2M

Cap table as of 2026-06-30.

Price history

Loading SEPN daily closes…

Loading price history…

Next catalyst

SEP-479 · Mar 15 - Apr 26 in 4 mo · Phase 1 · Healthy Volunteers

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Mar 15 - Apr 26 in 4 mo	SEP-479	Phase 1	Healthy Volunteers	late 2026 or early 2027 Est. Dec 30, 2026 · guidance midpoint

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

SEP-479

Phase 1 · Active Modality: small molecule (oral; PTH1R agonist)

Target PTH1R

Indications

Hypoparathyroidism (Phase 1)

Catalysts

— Q1 2027

Status note First participants dosed Apr 2026; up to 150 healthy volunteers; terminal half-life ~3-4 days supports once-daily dosing.

SEP-631

Phase 1 · Active Modality: small molecule (oral; MRGPRX2 negative allosteric modulator)

Target MRGPRX2

Indications

Chronic spontaneous urticaria (CSU) and other mast cell-driven diseases (Phase 1)

Status note Phase 1 complete (results presented AAAAI Mar 2026). Planned Phase 2b in CSU for H2 2026 deferred; evaluating capital-efficient signal-finding trials in mast cell diseases.

Novo collaboration programs

Preclinical · Active Modality: small molecule (oral; discovery-stage)

Target GLP-1 / GIP / glucagon receptors and other GPCRs

Partnerships Novo Nordisk (May 2025 Collaboration and License Agreement): exclusive; 4 simultaneous R&D programs; $195M upfront; up to ~$498M/R&D Program milestones; mid-to-high single-digit tiered royalties; Novo funds all post-development-candidate work

Indications

Obesity, type 2 diabetes and related metabolic diseases (Preclinical)

Status note First development candidate delivered to Novo Jul 2026; four simultaneous R&D programs across five GPCRs.

SEP-786

Phase 1 · Terminated Modality: small molecule (oral; PTH1R agonist)

Target PTH1R

Indications

Hypoparathyroidism (Phase 1)

Status note Discontinued Feb 2025 after two severe (Grade 3) unconjugated bilirubin events in MAD portion; later identified as potent UGT1A1 inhibitor. Superseded by SEP-479.

Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	SEP-479
Lead indication	Healthy Volunteers
Lead phase	Phase 1
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07433179	Phase 1	Recruiting	Sponsor	SEPN	—	Healthy Volunteers	late 2026 or early 2027 Est. Dec 30, 2026 · guidance midpoint

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Septerna, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RA Capital Management	6,995,858	no change	2.04%	2026-08-14
Avoro Capital Advisors	1,337,500	no change	0.40%	2026-08-14
ADAR1 Capital Management	940,747	-149,071	1.48%	2026-08-14
Casdin Capital	553,268	no change	0.93%	2026-08-14
Logos Global Management	23,548	no change	0.03%	2026-08-14
BVF Partners	0	-1,353,249	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

Loading headlines…

Headlines from the Fully Diluted live wire: IR newsrooms, newswires, SEC filings, and halt notices, refreshed every 15 minutes.

SEPN — Septerna Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

SEPN — Septerna Inc.