Septerna(NASDAQ) SEPN

Septerna makes new medicines that patients take by mouth. These drugs target cell switches to treat hormone and immune diseases. The company helps people avoid frequent injections for their health conditions.

Pills for Rare Diseases

• SEP-479: Oral medicine for a rare hormone disorder involving the parathyroid gland; replaces older treatments that require daily injections.
• SEP-631: Treatment for chronic skin hives and swelling; targets specific receptors on immune cells called mast cells.
• TSHR Program: Drug candidates for Graves' disease; works by blocking antibodies that cause the thyroid to over-activate.
• Metabolic Pipeline: Research for oral obesity and diabetes treatments; involves receptors that regulate insulin and hunger.

Major Partnership Milestones

• Partnered with Novo Nordisk A/S in May 2025 to discover new metabolic disease therapies.
• Received an upfront payment of $195 million from Novo Nordisk A/S in July 2025.
• Initiated a Phase 1 clinical trial for the SEP-631 program in August 2025.
• Selected SEP-479 as a lead drug candidate for hormone disorders in September 2025.

How the Platform Works

Septerna uses its own platform to study cell receptors outside of living cells. This method allows the company to design oral pills for targets that usually require injections.

Recent Financial Trends

• Revenue reached $24.1 million in Q4 2025, up 11276.4% year-over-year.
• Operating losses narrowed to $16 million in Q4 2025, a 35.2% improvement from Q4 2024.
• Net loss improved 48% in Q4 2025, reaching $10.7 million compared to $20.7 million in Q4 2024.
• Market capitalization grew to $1.2 billion in Q4 2025, a 66.4% increase year-over-year.

Bottom Line

Septerna is moving from a research startup to a developer of clinical-stage oral therapies. Its partnerships and specialized technology platform provide a foundation for targeting complex diseases with simple pills.