Septerna, Inc. reported a net loss of $48.9 million for the year ended December 31, 2025, compared to a net loss of $71.8 million for the previous fiscal year. The company's revenue for 2025 totaled $45.95 million, a significant increase from the $1.08 million reported in 2024. This revenue was primarily driven by research activities performed under the Novo Nordisk A/S collaboration agreement, which contributed $45.4 million, with the remainder from the Vertex Research Service Agreement. As of December 31, 2025, Septerna's accumulated deficit stood at $167.3 million.
The company's operating expenses for 2025 amounted to $114.2 million, compared to $81.9 million in 2024. Research and development expenses increased to $97.6 million in 2025 from $65.3 million in 2024, primarily due to higher direct costs associated with the MRGPRX2 program and other programs, as well as increased employee-related costs. General and administrative expenses also rose to $29.2 million in 2025 from $16.6 million in 2024, reflecting increased headcount and costs related to operating as a public company. A gain on sale of a non-financial asset of $12.5 million was recorded in 2025, attributable to a milestone payment under the Vertex Asset Purchase Agreement.
Strategic developments for Septerna in 2025 included the global Collaboration and License Agreement with Novo Nordisk A/S, focused on discovering, developing, and commercializing oral small molecule therapies for metabolic-related diseases. This collaboration involved an upfront payment of $195.0 million to Septerna. In September 2025, Septerna selected SEP-479 as a new PTH1R development candidate, following the discontinuation of SEP-786 due to safety concerns. The company also announced positive results from its Phase 1 clinical trial of SEP-631 at the 2026 American Academy of Allergy Asthma & Immunology (AAAAI) Annual Meeting.
As of December 31, 2025, Septerna had 130 full-time employees, with 98 engaged in research and development and 32 in business development, finance, legal, and general management and administration. The company's cash, cash equivalents, and marketable securities totaled $548.7 million. Septerna anticipates that these resources will be sufficient to fund its operating expenses and capital expenditure requirements at least into 2029. The company plans to initiate a Phase 2b global study for SEP-631 in chronic spontaneous urticaria (CSU) in the second half of 2026, pending successful completion of toxicology studies.
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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