Septerna posts $522M cash, Q1 revenue $26.5M; advances SEP-631, launches SEP-479 trial
SEPN•Septerna reported $522.1 million in cash and equivalents as of March 31, 2026, securing runway into 2029 and posted Q1 revenue of $26.5 million from its Novo Nordisk collaboration. The clinical-stage biotech advanced SEP-631 with positive Phase 1 data and initiated a Phase 1 trial of SEP-479 in hypoparathyroidism.
1. Pipeline Progress and Milestones
Septerna advanced SEP-631 after Phase 1 showing robust, dose-dependent inhibition of skin wheal formation with once-daily dosing pharmacokinetics and is preparing a Phase 2b trial in chronic spontaneous urticaria in the second half of 2026. The company also initiated a Phase 1 trial of oral PTH1R agonist SEP-479 for hypoparathyroidism in April 2026, evaluating safety, pharmacokinetics and pharmacodynamics with data expected in late 2026 or early 2027. Ongoing efforts include selecting a development candidate for the TSHR NAM program and progressing the Novo Nordisk collaboration on obesity and type 2 diabetes candidates.
2. First Quarter 2026 Financial Results
As of March 31, 2026, Septerna held $522.1 million in cash, cash equivalents and marketable securities, funding operations into 2029. Revenue rose to $26.5 million from the Novo Nordisk collaboration compared to $0.2 million a year earlier, while R&D expenses increased to $29.5 million, G&A expenses to $10.3 million and net loss narrowed to $8.6 million from $21.5 million.
3. Corporate Developments
Chief Medical Officer Jae Kim, M.D., notified the company of his decision to pursue a new opportunity near his primary residence; he will remain in an advisory capacity during the search for his successor.
