Septerna, Inc. reported its financial results for the second quarter of 2025, revealing a significant decline in revenue and an increase in operating losses compared to the same period in the previous year. The company generated revenue of $119,000 for the three months ended June 30, 2025, down from $370,000 in the same quarter of 2024. For the first half of 2025, revenue totaled $338,000, compared to $687,000 for the first half of 2024. The decrease in revenue is attributed to a reduction in service revenue from research activities, primarily related to a contract with Vertex Pharmaceuticals.
Operating expenses for Septerna increased substantially, with total operating expenses reaching $29.1 million for the second quarter of 2025, compared to $18.4 million in the same quarter of 2024. This increase was driven by higher research and development costs, which rose to $22.2 million from $15.0 million year-over-year, reflecting increased investment in clinical and preclinical programs. General and administrative expenses also rose to $6.9 million from $3.4 million, largely due to higher employee-related costs and legal fees associated with operating as a public company following its IPO in October 2024.
The company reported a net loss of $24.8 million for the second quarter of 2025, compared to a net loss of $16.4 million in the same quarter of 2024. For the first half of 2025, the net loss was $46.3 million, up from $30.6 million in the prior year. As of June 30, 2025, Septerna had an accumulated deficit of $164.7 million and cash, cash equivalents, and marketable securities totaling $379.2 million, which the company believes will be sufficient to fund operations for at least the next 12 months.
Strategically, Septerna entered into a significant collaboration agreement with Novo Nordisk A/S in May 2025, aimed at developing oral small molecule therapies for metabolic diseases. The agreement, which became effective in July 2025, includes an upfront payment of $195 million and potential milestone payments totaling up to $498 million. Additionally, the company received a milestone payment of $12.5 million from Vertex Pharmaceuticals in August 2025, following the achievement of a milestone event related to an asset purchase agreement.
Looking ahead, Septerna anticipates continued investment in its research and development programs, particularly as it advances its product candidates through clinical trials. The company acknowledges the need for additional funding to support its operations and growth strategy, which may include equity offerings, debt financing, and collaborations. The ongoing development of its proprietary Native Complex Platform™ remains central to its strategy, as it seeks to unlock the potential of G protein-coupled receptor therapies across various therapeutic areas.
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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