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Septerna (SEPN) investor relations material
Septerna Evercore ISI 8th Annual HealthCONx Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Evercore ISI 8th Annual HealthCONx Conference summary2 Dec, 2025
Platform and portfolio overview
Focused on GPCR drug discovery using the Native Complex Platform, enabling rapid development of a portfolio with validated targets and early clinical readouts.
Cash runway extends into at least 2029, supporting ongoing and future programs.
Key programs include SEP-479 (PTH1 receptor agonist for hyperparathyroidism), SEP-631 (MRGPRX2 negative allosteric modulator for mast cell diseases), and a TSHR NAM for Graves' and thyroid eye disease.
Collaboration with Novo Nordisk on a novel incretin receptor agonist program, leveraging a unique binding pocket for multi-receptor activation.
SEP-479 (PTH1 receptor agonist) development
SEP-479 is structurally distinct from the discontinued SEP-786 and shows no UGT1A1 inhibition, with improved pharmaceutical properties.
Demonstrated normalization of calcium and phosphate in a rat model at lower doses than SEP-786.
Monkey PK/PD studies show 80% reduction in endogenous PTH and targeted increases in serum calcium, simulating healthy volunteer responses.
IND-enabling studies completed in rats and dogs; cynomolgus monkey study ongoing, with clinical entry expected in the first half of next year.
Low receptor occupancy is sufficient for efficacy, with titration required for individual patients; healthy volunteer data will inform patient dosing.
SEP-631 (MRGPRX2 negative allosteric modulator) progress
High potency and broad inhibition across MRGPRX2 agonists, with a long residence time and insurmountable negative allosteric mechanism.
Preclinical models show complete inhibition of mast cell activation and extravasation in humanized mice and primary human skin mast cells.
Phase I trial underway with once-daily dosing; Icatibant skin challenge used in the MAD portion to assess efficacy at both low and high doses.
Data from the trial expected in the first half of next year; plans to move directly into a controlled CSU study following positive results.
Monitoring external data from competitors to benchmark efficacy and inform development strategy.
How does SEP-479 avoid 786's UGT1A1 issue?
What is SEP-631's clinical path post-Phase 1?
How is TSHR potency/properties optimized?
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Septerna Inc. is a biotechnology company focused on the discovery and development of innovative therapies targeting G protein-coupled receptors (GPCRs). The company leverages proprietary technology to design small molecule therapeutics aimed at addressing unmet medical needs across various disease areas. The company is headquartered in South San Francisco, California, and its shares are listed on the NASDAQ.
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