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what it is
Septerna builds oral drugs that target GPCRs, the cell switches behind hormone, immune, and metabolic diseases.
how it gets paid
Last year Septerna made $46M in revenue. Metabolic GPCR programs was the main engine at $16M, or 35% of sales.
why it's growing
Revenue grew 4174.5% last year. $22M matters because one quarter produced about 48% of the year's $46M revenue.
what just happened
Latest quarter revenue was $22M, up 2% vs. prior year, but EPS fell to -$0.86.
At a glance
n/a balance sheet
-$7.26 fy2024 eps est
$1M fy2024 rev est
n/a operating margin
~$1B market cap
What they do
Septerna builds oral drugs that target GPCRs, the cell switches behind hormone, immune, and metabolic diseases.
Septerna is selling speed and chemistry. It had 75 employees and turned that platform into about $46 million of trailing revenue, per EDGAR and Yahoo Finance verification. GPCRs are a hard target set, and oral small molecules mean pills, not injections, so if the science works, your market gets a lot bigger.
How they make money
$46M
annual revenue · their business grew +4174.5% last year
Metabolic GPCR programs
$16M
Endocrinology programs
$12M
Immunology and inflammation programs
$10M
Other discovery and research programs
$8M
The products that matter
gpcr drug discovery platform
Native Complex Platform™
targets 75% of GPCRs still undrugged
this is the entire investment premise. if the platform can produce oral drugs against the 75% of GPCR targets the industry still has not cracked, the current $1B valuation can make sense. if it cannot, the story gets much smaller fast.
platform
phase 1 mast cell candidate
SEP-631
phase 1 data expected in 2026
SEP-631 is the first real public test of the platform in humans. one clinical readout matters more here than last year's $46M of collaboration revenue because data moves biotech valuations. payments do not.
lead readout
preclinical metabolic programs
Endocrinology pipeline
wholly owned and unproven
this is where the upside can get large, but the evidence is thin. with cash guided into 2029, you have time for more shots on goal. you do not have proof yet.
future option value
Key numbers
$46M
ttm revenue
That is the proof Septerna is not a pure zero-revenue biotech, even if the revenue base is still collaboration-heavy.
-148.6%
operating margin
Operating margin → profit after operating costs → it lost more than it sold, so what: scale has not fixed the economics.
-$7.26
2024 EPS est.
EPS → profit per share → deep losses mean your valuation depends on future trial wins, not present earnings.
$22M
latest quarter revenue
That quarter alone was nearly half of annual revenue, which tells you revenue timing matters as much as revenue size.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $22M (2% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for SEPN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue was $22M, up 2% vs. prior year, but EPS fell to -$0.86.
Revenue held up, but the loss widened hard. That is the clinical-stage biotech trade in one line: milestone revenue can show up before the business makes money.
$22M
revenue
$0.86
eps
+2%
revenue growth
the number that mattered
$22M matters because one quarter produced about 48% of the year's $46M revenue, which tells you this business is still milestone-driven.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is SEP-631 phase 1 failure. this company does not have commercial revenue to fall back on, so one bad readout can do a lot of damage.
med
SEP-631 phase 1 data disappoints
SEP-631 is the lead human proof point for the platform. negative safety or weak efficacy data would hit the part of the story the market is actually paying for.
impact: this is the primary value driver behind roughly a $1B market cap.
med
collaboration revenue falls back to almost nothing
reported revenue was $46.0M last year, but the current fy2024 estimate is just $1M. that gap tells you the top line is episodic and tied to deal timing, not demand from a product portfolio.
impact: most of the revenue base can disappear without saying anything useful about long-term scientific value.
med
the platform stays interesting longer than it stays proven
targeting the 75% of GPCRs that remain undrugged is a compelling pitch. it is still a pitch until multiple programs show clinical traction. biotech investors have heard versions of this movie before.
impact: if the science remains conceptually attractive but clinically thin, the multiple can compress long before the cash runs out.
med
the $150M ATM becomes real dilution
the at-the-market program gives management the option to issue stock. on paper, $150M equals roughly 15% of a $1B market cap. actual dilution depends on use and share price, but the math is not subtle.
impact: if the stock weakens and the company still raises, existing holders absorb more dilution per dollar raised.
four risks matter here, but they all point to the same truth: this is a cash-backed platform bet with one lead readout and very little current operating proof.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
SEP-631 phase 1 data readout
2026 — this is the first human proof test that can turn platform language into evidence.
financial
cash burn versus the 2029 runway claim
watch whether quarterly updates still support the $561.6M cash runway narrative. biotech stories stay clean until the runway shortens.
dilution
$150M ATM program activity
ongoing — if management taps the shelf aggressively, your ownership percentage shrinks even before the science is proven.
pipeline
whether SEP-631 stays the whole story
the thesis improves if more than one program starts to matter. a platform stock with only one watched asset is just a single-asset stock wearing a nicer jacket.
Analyst rankings
source: institutional data
Institutional activity
institutional ownership data for SEPN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$25
current price
n/a
target midpoint · n/a from current
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