Septerna, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2026. The company generated revenue of $26.5 million, a substantial increase from just $219,000 in the same period last year. This revenue primarily stemmed from research activities conducted under its collaboration with Novo Nordisk, which included $15.7 million recognized from deferred revenue associated with an upfront payment, $10.3 million from variable consideration related to research services, and $0.5 million from milestone achievements.
Despite the increase in revenue, Septerna's operating expenses also rose, totaling $39.8 million for the quarter, compared to $26.1 million in the prior year. The increase was driven by higher research and development costs, which amounted to $29.5 million, up from $19.3 million, reflecting the company's ongoing investment in its clinical and preclinical programs. General and administrative expenses also increased to $10.3 million from $6.9 million, largely due to higher personnel-related costs associated with expanding the workforce to support growth.
The company reported a net loss of $8.6 million for the quarter, a notable improvement from the $21.5 million loss recorded in the same period of 2025. As of March 31, 2026, Septerna's accumulated deficit stood at $175.9 million. The company continues to anticipate significant operating losses as it advances its product candidates through clinical trials and expands its research and development efforts.
Operationally, Septerna is advancing its pipeline of oral small molecule drug candidates targeting G protein-coupled receptors (GPCRs) for various therapeutic areas, including endocrinology and metabolic diseases. The company recently initiated a Phase 1 clinical trial for its SEP-479 program, which is designed to treat hypoparathyroidism. The trial is expected to enroll up to 150 healthy adult participants, with data anticipated in late 2026 or early 2027.
Looking ahead, Septerna has a strong liquidity position, with cash, cash equivalents, and marketable securities totaling $522.1 million as of March 31, 2026. This funding is expected to support operations through at least 2029. The company has also entered into an at-the-market equity offering program, allowing it to raise up to $150 million, which could provide additional financial flexibility as it continues to develop its product candidates and expand its operations.
About Septerna, Inc.
Septerna, Inc. is a biotechnology company focused on innovative GPCR small molecule drug discovery using its proprietary Native Complex Platform. It develops oral therapeutics across multiple areas, including endocrinology, immunology, and metabolic diseases. Its pipeline targets underserved conditions like hypoparathyroidism, autoimmune thyroid disease, and obesity, leveraging structure-based design to create highly selective, potent medicines with potential for improved safety, efficacy, and patient convenience.
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