Septerna
Develops oral GPCR drug candidates using its Native Complex Platform.
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Profile
Builds oral small-molecule medicines around GPCR targets, with wholly owned programs in endocrine and inflammatory diseases plus partnered cardiometabolic discovery. Revenue is not product-based yet; operations center on a single discovery and development platform.
Focuses on GPCR-targeted oral small molecules for endocrinology, immunology and inflammation, and metabolic disease. Wholly owned work covers a PTH1R agonist for hypoparathyroidism, an MRGPRX2 negative allosteric modulator for chronic spontaneous urticaria and other mast-cell-driven diseases, and a TSHR program for Graves' disease and thyroid eye disease.
Native Complex Platform work reconstitutes GPCRs outside cells with ligands, transducer proteins, and lipid bilayers, supporting structure-based design and screening for difficult targets. The company is headquartered in South San Francisco, while metabolic-disease work is structured as a global collaboration with Novo Nordisk.
Execution depends on translating an unproven platform into approved products, advancing early clinical and preclinical programs, and using third-party manufacturers for development supply.
Company facts
Key statistics
Year to date +38.9% · Average volume (30d) 385.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 12, 2026 | H.C. Wainwright | Reiterate | Buy | $35 | $60 |
| Aug 11, 2026 | Raymond James | Reiterate | Strong Buy | $53 | $49 |
| Aug 11, 2026 | Stifel Nicolaus | Target | $49 | ||
| Aug 11, 2026 | Guggenheim | Reiterate | Buy | $45 | $51 |
| Jul 1, 2026 | Guggenheim | Reiterate | Buy | $52 | $45 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | −$0.43 | −$0.29 | +31.9% | $19.2M | $26.7M | +39.1% | +22.93% |
| May 12, 2026Q1 FY26 | −$0.51 | −$0.19 | +62.7% | $17.0M | $26.5M | +56.2% | −0.36% |
| Mar 9, 2026Q4 FY25 | −$0.23 | −$0.24 | −4.3% | $18.2M | $24.1M | +32.5% | −3.58% |
| Nov 10, 2025Q3 FY25 | $0.19 | −$0.09 | −147.4% | $17.3M | $21.5M | +24.5% | +6.30% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $219.0K | $119.0K | $21.5M | $24.1M | $26.5M | $26.7M | |
| Gross profit | $219.0K | $119.0K | $21.5M | $24.1M | $26.1M | $26.7M | |
| Operating income | −$25.9M | −$29.0M | $2.6M | −$16.0M | −$13.3M | −$16.8M | |
| Net income | −$21.5M | −$24.8M | $8.2M | −$10.7M | −$8.6M | −$13.0M | |
| Diluted EPS | −$0.49 | −$0.56 | $0.18 | −$0.24 | −$0.19 | −$0.29 | |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 98.4% | 100.0% | |
| Operating margin | -11,831.1% | -24,351.3% | 12.2% | -66.4% | -50.1% | -62.9% |
Fiscal years (4-quarter sums)FY24 $1.1M · FY25 $46.0M
Balance sheet, Jun 30, 2026Cash & short-term investments $372.3M · Total debt $22.5M · Total assets $566.7M · Shareholders' equity $386.7M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 45.08M · Float 18.88M · 41.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Third Rock Ventures V, L.P. · 10 percent owner | 8.94M | 19.84% | Form 4 | Aug 14, 2026 |
| Rajeev Shah | 7.00M | 15.80% | 13D | Nov 4, 2024 |
| TRV GP V, LLC | 6.22M | 13.79% | 13F | Aug 10, 2026 |
| Ra Capital Management, L.P. · director, 10 percent owner: | 4.78M | 10.60% | Form 4 | Aug 14, 2026 |
| Driehaus Capital Management LLC | 4.43M | 9.83% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 12, 2026 | Third Rock Ventures V, L.P. | 10 percent owner | −147,200 | $50.27 |
| Aug 12, 2026 | Ra Capital Management, L.P. | director, 10 percent owner: | −746,500 | $42.50 |
| Aug 11, 2026 | Elizabeth Bhatt | officer: President and COO | −25,000 | $44.00 |
| Aug 3, 2026 | Daniel D. Long | officer: SVP, Drug Discovery | −3,334 | $34.47 |
| Jul 15, 2026 | Elizabeth Bhatt | officer: President and COO | −4,000 | $33.99 |
Peers
- Ascendis Pharma (ADR)
Approved PTH replacement leader in hypoparathyroidism
- AstraZeneca (ADR)
Late-stage PTH1R agonist challenger in hypoparathyroidism
- Novartis (ADR)
CSU incumbent with Xolair and oral Rhapsido
- M.B.X. Biosciences
Once-weekly PTH prodrug developer for hypoparathyroidism
- Evommune
Direct oral MRGPRX2 challenger in CSU and mast-cell disease
- Celldex Therapeutics
Late-stage mast-cell depletion approach for CSU
- Eli Lilly
Oral GLP-1 leader in obesity and diabetes
- Structure Therapeutics (ADR)
Oral GPCR platform peer in metabolic disease
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Septerna | $38.91 | +0.13% | $1.75B | — | — | 17.7 | +22,375.6% |
| Ascendis Pharma (ADR) | $247.91 | 0.00% | $15.40B | 18.7 | 31.9 | 12.6 | +108.2% |
| AstraZeneca (ADR) | $161.79 | −0.55% | $252.33B | 24.4 | 15.2 | 4.1 | +6.4% |
| Novartis (ADR) | $153.81 | 0.00% | $292.35B | 23.2 | 16.4 | 5.3 | +0.9% |
| M.B.X. Biosciences | $63.00 | +0.02% | $3.00B | — | — | — | — |
| Evommune | $13.23 | +0.08% | $480.1M | — | — | 48.0 | — |
| Celldex Therapeutics | $39.12 | +0.08% | $2.60B | — | — | 23,240.9 | −97.0% |
| Eli Lilly | $1,173.00 | −0.08% | $1.10T | 39.4 | 28.7 | 13.9 | +47.7% |
| Structure Therapeutics (ADR) | $47.37 | −0.21% | $2.73B | — | — | — | — |
| Median | 23.8 | 22.6 | 13.2 | +6.4% |