Septerna reports Q1 net loss $21.5M, $398.2M cash; Novo Nordisk deal up to $2.2B

Septerna, Inc.

2025-Q1 EPS reported -$0.49 revenue$219,000

Collaboration with Novo Nordisk for oral small molecules in metabolic diseases: >$200M upfront and near-term, up to $2.2B total milestones plus royalties.
Cash, cash equivalents, and marketable securities were $398.2M as of March 31, 2025; prior runway extended beyond early 2028.
Q1 net loss $21.5M vs $14.2M YoY; R&D expense $19.3M, G&A $6.9M.
On track to select next-gen oral PTH1R agonist candidate by end of 2025; SEP-631 Phase 1 initiation expected Q3 2025.
Novo Nordisk to cover all R&D costs for partnered programs; Septerna can opt-in to profit-share on one program.

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