SEPN

MKT CAP:$1B

Septerna, Inc.

Market Cap

$1B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$26.33-$1.65 (-5.90%)

Apr 21, 2026

Company Details

Septerna, Inc., a clinical-stage biotechnology company, discovers and develops G protein-coupled receptor (GPCR) oral small molecule products candidates for the treatment of endocrinology, immunology and inflammation, and metabolic diseases...

CEO

Jeffrey T. Finer

IPO Date

Oct 25, 2024

Website

septerna.com

Key Metrics TTM

Revenue

$46M

+4174.5% YoY

Net Income

-$49M

EPS (Diluted)

-$1.11

Free Cash Flow

$110M

Revenue / Share

$1.04

Gross Margin

96.5%

Operating Margin

-175.8%

Net Margin

-106.4%

FCF Margin

238.7%

P/S

24.3x

P/E

—

Earnings Reports

FY 2025

Mar 9, 2026

$46M+4174.5%EPS -$1.10

Q4 2025

Mar 9, 2026

$24M+11276.4%EPS -$0.24

Q3 2025

Nov 10, 2025

$21M+12113.1%EPS $0.18

Q2 2025

Aug 11, 2025

$119.0K-67.8%EPS -$0.56

Q1 2025

May 15, 2025

$219.0K-30.9%EPS -$0.49

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 23	$33.0K	$33.0K	-$12M
Q4 23	$118.0K	$118.0K	$34M
Q1 24	$317.0K	$317.0K	-$15M
Q2 24	$370.0K	$370.0K	-$18M
Q3 24	$176.0K	$176.0K	-$23M
Q4 24	$212.0K	$212.0K	-$25M
Q1 25	$219.0K	$219.0K	-$26M
Q2 25	$119.0K	$119.0K	-$29M
Q3 25	$21M	$21M	$3M
Q4 25	$24M	$23M	-$29M

Valuation

Quarter	P/S	P/E
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	1022.2x	—
Q3 24	873.2x	—
Q4 24	959.5x	—
Q1 25	191.9x	—
Q2 25	639.7x	—
Q3 25	36.4x	—
Q4 25	27.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 23	-$10M	-$10M
Q4 23	-$9M	-$10M
Q1 24	-$17M	-$17M
Q2 24	-$13M	-$13M
Q3 24	-$17M	-$17M
Q4 24	-$21M	-$22M
Q1 25	-$23M	-$24M
Q2 25	-$20M	-$20M
Q3 25	$169M	$169M
Q4 25	-$15M	-$15M

Capital Expenditures

Quarter	CapEx
Q3 23	$395.0K
Q4 23	$1M
Q1 24	$764.0K
Q2 24	$149.0K
Q3 24	$578.0K
Q4 24	$612.0K
Q1 25	$382.0K
Q2 25	$58.0K
Q3 25	$13.0K
Q4 25	$65.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 24	+433.3%	+88.2%
Q4 24	+79.7%	+172.9%
Q1 25	-30.9%	+65.3%
Q2 25	-67.8%	+57.8%
Q3 25	+12113.1%	-16.9%
Q4 25	+11276.4%	+111.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 23	$347.0K	1051.5%
Q4 23	$575.0K	487.3%
Q1 24	$577.0K	182.0%
Q2 24	$0	0.0%
Q3 24	$683.0K	388.1%
Q4 24	$1M	596.2%
Q1 25	$1M	676.7%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$3M	11.0%

OpEx Breakdown

Quarter	R&D	G&A
Q3 23	$9M	$3M
Q4 23	$10M	$3M
Q1 24	$13M	$3M
Q2 24	$15M	$3M
Q3 24	$18M	$5M
Q4 24	$19M	$6M
Q1 25	$19M	$7M
Q2 25	$22M	$7M
Q3 25	$24M	$7M
Q4 25	$32M	$8M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 24	$131M	$18M	$149M
Q3 24	$88M	$42M	$131M
Q4 24	$238M	$113M	$351M
Q1 25	$210M	$126M	$336M
Q2 25	$189M	$137M	$327M
Q3 25	$320M	$154M	$474M
Q4 25	$121M	$270M	$391M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 23	19M	—	—
Q4 23	17M	-12.9%	—
Q1 24	42M	+147.3%	—
Q2 24	42M	0.0%	—
Q3 24	42M	0.0%	+115.4%
Q4 24	32M	-22.9%	+90.7%
Q1 25	44M	+35.7%	+4.6%
Q2 25	44M	+0.5%	+5.1%
Q3 25	46M	+3.3%	+8.6%
Q4 25	44M	-2.9%	+36.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$3	70K
Q1 25	$3	70K
Q2 25	$2	70K
Q3 25	$307	70K
Q4 25	$345	70K

Revenue / Employee