Septerna's Q4 losses were better than expected, with partnership revenue driving performance

LootboxPhobia · 2026-03-10T13:02:22+00:00

Septerna Inc. announced a fourth-quarter loss of $0.24 per share, with revenue reaching $24.1 million, surpassing analyst expectations. The company highlighted positive clinical results for SEP-631 and plans to advance related trials in 2026. Despite increased R&D expenses, net losses narrowed, and it is expected that operating funds will be sustainable until 2029.

LootboxPhobia

2026-03-10 13:02:22

Abstract generation in progress

South San Francisco, California - On Monday, Septerna Inc. (NASDAQ:SEPN) announced a fourth-quarter loss of $0.24 per share, better than analysts’ expected loss of $0.72 per share. Revenue for the quarter reached $24.1 million, primarily driven by its collaboration with Novo Nordisk.

Following the earnings release, the company’s stock fell 0.89% in after-hours trading.

Fourth-quarter revenue included $14 million amortized from a $195 million prepayment received from Novo Nordisk in July 2025, as well as $10.1 million in research services related to the collaboration.

In comparison, revenue for the fourth quarter of 2024 was only $200,000. Total revenue for 2025 was $46 million, compared to $1.1 million in 2024.

This clinical-stage biotech company highlighted positive Phase 1 results for SEP-631, an oral small-molecule MRGPRX2 negative allosteric modulator.

The drug demonstrated safety comparable to placebo and showed strong inhibition of wheal formation at evaluated dose levels. Septerna plans to initiate Phase 2b clinical trials for chronic spontaneous urticaria with SEP-631 in the second half of 2026.

Septerna CEO and Co-Founder Jeffrey Finer stated, “These results demonstrate the clinical mechanism of action and validate our Native Complex platform’s ability to discover novel mechanisms and rapidly generate differentiated oral small molecules targeting historically challenging GPCRs.”

Research and development expenses increased from $19.3 million in the same period last year to $31.9 million in the fourth quarter, while general and administrative expenses rose from $5.6 million to $8.3 million.

The quarter’s net loss was $10.7 million, compared to $20.7 million in the fourth quarter of 2024.

As of December 31, 2025, the company reported cash, cash equivalents, and marketable securities of $548.7 million, which is expected to support operations at least until 2029. Septerna is also advancing its oral PTH1R agonist SEP-479, with Phase 1 trials planned to start in the first half of 2026.

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