Septerna, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2026. The company generated revenue of $26.7 million for the three months ended June 30, 2026, a substantial increase from just $119,000 in the same period last year. For the first half of 2026, revenue reached $53.3 million, compared to $338,000 in the first half of 2025. This growth is attributed primarily to research activities performed under the company's collaboration agreement with Novo Nordisk, which included milestone achievements and recognition of deferred revenue from an upfront payment.
Operating expenses for Septerna also rose, totaling $43.6 million for the second quarter of 2026, up from $29.1 million in the same quarter of 2025. The increase was driven by higher research and development costs, which amounted to $35.1 million, reflecting a $12.9 million increase year-over-year. The company reported a net loss of $13.0 million for the second quarter, a notable improvement from a net loss of $24.8 million in the same period last year. For the first half of 2026, the net loss was $21.7 million, down from $46.3 million in the first half of 2025.
In terms of strategic developments, Septerna has been advancing its clinical programs, including the initiation of a Phase 1 clinical trial for its SEP-479 PTH1R agonist, aimed at treating hypoparathyroidism. The company is also evaluating new development strategies for its SEP-631 program, which targets mast cell-driven diseases. The collaboration with Novo Nordisk, initiated in July 2025, has been a key driver of Septerna's revenue, with the company eligible for up to $498 million in milestone payments and tiered royalties based on product sales.
Operationally, Septerna's cash, cash equivalents, and marketable securities totaled $516.5 million as of June 30, 2026, which the company believes will be sufficient to fund its operations into 2029. The company has also expanded its employee headcount to support its growing research and development activities, with total operating expenses expected to continue increasing as clinical trials progress. Septerna's focus remains on advancing its pipeline of GPCR-targeted therapies, with the potential for significant market opportunities in the future.
Looking ahead, Septerna anticipates continued net losses as it invests in the development of its product candidates and expands its operational capabilities. The company is actively seeking additional funding through equity offerings and collaborations to support its ongoing research and development efforts. The outlook remains contingent on the successful advancement of its clinical programs and the ability to secure regulatory approvals for its product candidates.
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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