Septerna (SEPN) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was $18.9M and net loss was $26.6M; nine-month revenue was $72.2M and net loss was $48.3M. Quarter-end cash, cash equivalents and marketable securities totaled $565.2M.

• SEP-479 Phase 1 SAD/MAD data and planned SEP-204 Phase 1 initiation are expected in Q1 2027; liquidity is expected to fund operations at least into mid-2029.

Financial highlights

• Q3 revenue was $18.9M vs. $21.5M a year earlier; 9M revenue was $72.2M vs. $21.8M, all from research activities, primarily under the Novo collaboration. Q3 revenue included $2.7M upfront-payment amortization, $5.2M in research milestones and $11.0M in collaboration research services.

• Q3 R&D expense was $36.6M vs. $24.3M and G&A was $9.6M vs. $7.1M; 9M R&D was $101.2M vs. $65.7M and G&A was $28.3M vs. $20.9M.

• Q3 net loss was $26.6M vs. net income of $8.2M; 9M net loss was $48.3M vs. $38.1M. 2025 comparisons included a one-time $12.5M Vertex asset-sale gain.

• Q3 basic and diluted loss per share was $0.57; 9M loss per share was $1.06 vs. $0.86 in 9M 2025. Q3 operating loss was $27.2M vs. operating income of $2.6M; 9M operating loss was $57.4M vs. $52.3M.

Outlook and guidance

• Cash, cash equivalents and marketable securities of $565.2M at September 30, 2026 are expected to fund operations and capital expenditure requirements at least into mid-2029.

• SEP-479 Phase 1 SAD/MAD data are expected in Q1 2027; MAD dosing was extended to 14 days to characterize steady-state pharmacokinetics.

• Subject to remaining IND-enabling studies and regulatory clearance, SEP-204 Phase 1 initiation is planned for Q1 2027.

• R&D expenses are expected to increase as pipeline programs advance; significant and increasing operating losses are expected for several years.