Septerna (SEPN) Corporate presentation summary

Strategic focus and platform innovation

• Native Complex PlatformⓇ enables rapid, structure-based drug discovery for difficult-to-drug GPCRs, supporting a deep pipeline of oral small molecule therapies.

• Platform allows identification and optimization of compounds in under a year, retaining GPCR natural structure and function for novel modulation.

• Approximately 75% of potential GPCR targets remain undrugged, representing significant untapped opportunity.

• Well-capitalized with cash runway projected to support operations into 2029.

Lead programs and clinical development

• SEP-479, a PTH1R agonist for hypoparathyroidism, demonstrated normalization of serum calcium in animal models and is on track for Phase 1 initiation in 1H 2026.

• SEP-631, a negative allosteric modulator of MRGPRX2, showed robust preclinical and Phase 1 results, supporting once-daily oral dosing and full inhibition of skin wheal formation.

• SEP-631 Phase 2b trial in chronic spontaneous urticaria (CSU) planned for 2H 2026, with additional studies in inducible urticaria and other mast cell-driven diseases.

• TSHR NAM program targets Graves' disease and thyroid eye disease, with preclinical leads reversing disease symptoms in animal models.

Market opportunities and partnerships

• Each pipeline program targets multi-billion dollar markets, including hypoparathyroidism, CSU, Graves' disease, and TED.

• Collaboration with Novo Nordisk covers oral small molecule programs for obesity, diabetes, and cardiometabolic diseases, with $195M upfront, up to $500M per program in milestones, and tiered royalties.

• Novo Nordisk partnership includes opt-in for profit-sharing on one program and full R&D expense coverage.