Septerna (SEPN) Investor presentation summary

Strategic vision and platform

• Focuses on pioneering oral small molecule therapies targeting GPCRs using the proprietary Native Complex PlatformⓇ, enabling rapid structure-based drug design and expansion into previously undruggable GPCR targets.

• Portfolio includes wholly owned and partnered programs with multi-billion dollar market opportunities, supported by a cash runway into 2029.

Lead programs and pipeline

• SEP-479 is a first-in-class oral PTH1R agonist for hypoparathyroidism, showing normalization of serum calcium and robust preclinical efficacy; Phase 1 data expected Q1 2027.

• SEP-631 is a negative allosteric modulator of MRGPRX2 for mast cell-driven diseases, demonstrating full inhibition of target activation, clean safety, and once-daily oral dosing in Phase 1.

• TSHR NAM program targets Graves' disease and TED, with preclinical leads reversing disease symptoms in animal models and ongoing optimization toward candidate selection.

Partnership and financials

• Collaboration with Novo Nordisk covers oral small molecule programs for metabolic diseases, including GLP-1R, GIPR, and GCGR, with $195M upfront, up to ~$500M per program in milestones, and tiered royalties.

• Novo Nordisk covers all R&D expenses, and Septerna retains a profit-share option for one program.