# Septerna, Inc. (SEPN)

> Source: Nexqual · https://nexqual.com/SEPN · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Septerna, Inc. (SEPN), nexqual.com/SEPN" · informational, not investment advice.

**Price:** USD 45.23 (+2.21% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 44.25 · day 43.74–45.6 · 52w 17.55–51.1 · market cap $2.11B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $98.9M, net income -$24.2M (-24.5% margin), free cash flow $105M (SEC filings).
- Analysts: Buy (mean 1.90 on a 1–5 scale) (10 analysts), mean target USD 54.22 (range 48–62).
- Total return with dividends: 1Y +105.9% vs S&P 500 +14.8%; 5Y +111.4% vs S&P 500 +79.1%.
- Next earnings: 2026-11-09 (date not yet confirmed by the company), EPS estimate USD -0.4, revenue estimate $20.8M. All companies reporting that day: https://nexqual.com/earnings/2026-11-09
- Dividend: SEPN paid no cash dividend in the last five years.
- Short interest: 14.42% of float (as of 2026-10-15), 8.7 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $151K | $1.1M | $46.0M | $98.9M |
| Operating income | $2.1M | -$80.8M | -$68.3M | -$43.5M |
| Net income | $4.2M | -$71.8M | -$48.9M | -$24.2M |
| EPS (diluted) | $0.29 | -$7.26 | -$1.10 | — |
| Free cash flow | -$41.6M | -$69.6M | $110M | $105M |
| Operating margin | 1374.2% | -7518.4% | -148.6% | -44.0% |
| Net margin | 2768.2% | -6678.9% | -106.4% | -24.5% |
| Revenue growth | — | +611.9% | +4174.5% | — |
| Cash + short-term investments | $88.5M | $351M | $391M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 21.4x · P/FCF 20.1x · P/B 5.5x · FCF yield 4.98% · Earnings yield -1.15%

## Analysts
Consensus Buy (mean 1.90 on a 1–5 scale), 10 analysts; mean target USD 54.22 (low 48, high 62).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-19 | JP Morgan | Target raised | Overweight | $38 → $48 |
| 2026-08-13 | Jones Trading | Target raised | Buy | $43 → $62 |
| 2026-08-12 | Wells Fargo | Target raised | Overweight | $48 → $50 |
| 2026-08-12 | HC Wainwright & Co. | Target raised | Buy | $40 → $60 |
| 2026-08-11 | Guggenheim | Target raised | Buy | $45 → $51 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2024-10-21) |
|---|---|---|
| Total return | +105.9% | +111.4% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +106.8% | +44.8% |
| Volatility (annualized) | 65.4% | 89.8% |
| Max drawdown | -26.0% (Aug 2026→Oct 2026) | -78.8% (Nov 2024→Mar 2025) |

## Dividends
SEPN paid no cash dividend in the last five years.

## Short interest
3,522,956 shares sold short, 14.42% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 2,894,002 shares (+21.7%). Days to cover: 8.7 (short shares ÷ average daily volume).

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 317.33 -0.45% · ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.07 +1.20% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/SEPN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SEPN's own 10-K filed 2026-03-09 (https://www.sec.gov/Archives/edgar/data/1984086/000119312526098507/sepn-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | WuXi | "continue to use WuXi Biologics, WuXi AppTec or other suppliers or partners identified as "biotechnology companies of concern" beyond this grandfathering period." |
| Partner | Novo Nordisk (NVO) | "the partnership with Novo Nordisk A/S ("Novo") and the intended and potential benefits thereof, including the receipt of potential milestone payments and royalty payments from commercial product sales, along with tiered …" |
| Partner | Vertex Pharmaceuticals | "In addition to the Vertex purchase agreement, we also entered into a research service agreement with Vertex ("Vertex Research Service Agreement") under which we agreed to perform certain exploratory research activities f…" |
| Competitor | Eli Lilly (LLY) | "In addition, there are oral products such as Rybelsus (semaglutide, marketed by Novo Nordisk A/S) approved for patients with T2D and other oral products in development for treating obesity or T2D, including those being d…" |
| Competitor | Pfizer (PFE) | "In addition, there are oral products such as Rybelsus (semaglutide, marketed by Novo Nordisk A/S) approved for patients with T2D and other oral products in development for treating obesity or T2D, including those being d…" |

## Company outlook (8-K filed 2026-08-10)

- "SAD / MAD Data Expected in Q1 2027 Cash Position of $516.5 Million Expected to Support Operating Plans at Least into 2029 SOUTH SAN FRANCISCO, Calif. – August 10, 2026 – Septerna, Inc."
- "Septerna expects its existing cash runway to fund operations at least into 2029. • Revenue: Revenue from the Novo Nordisk collaboration was $26.7 million for the quarter ended June 30, 2026, compared to $0.1 million from Vertex for the quarter ended June 30, 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.40 | $-0.55 | +$0.16 | $20.8M | 4 |
| Next quarter (ends 2026-12-31) | $-0.37 | $-0.51 | +$0.15 | $22.0M | 4 |
| Current fiscal year (ends 2026-12-31) | $-1.19 | $-1.84 | +$0.65 | $96.1M | 4 |
| Next fiscal year (ends 2027-12-31) | $-1.94 | $-2.66 | +$0.72 | $73.6M | 4 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.29 | −$0.49 | Beat +40.8% | — |
| — | Quarter ended Mar 31, 2026 | −$0.19 | −$0.27 | Beat +29.6% | — |
| — | Quarter ended Dec 31, 2025 | −$0.24 | −$0.22 | Miss −9.1% | — |
| — | Quarter ended Sep 30, 2025 | −$0.10 | $0.79 | Miss −$0.89 | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).