{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-25-072612","form_type":"8-K","ticker":"SEPN","cik":"0001984086","company_name":"Septerna, Inc.","filed_at":"2025-05-15T23:59:59+00:00","discovered_at":"2026-05-14T18:02:50.631348+00:00","generated_at":"2026-05-21T06:01:05.265204+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"positive","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"Septerna reports Q1 net loss $21.5M, $398.2M cash; Novo Nordisk deal up to $2.2B","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-25-072612","json":"https://secwatch.observer/filing/0000950170-25-072612.json","markdown":"https://secwatch.observer/filing/0000950170-25-072612.md","text":"https://secwatch.observer/filing/0000950170-25-072612.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1984086/000095017025072612/0000950170-25-072612-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1984086/000095017025072612/sepn-20250515.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-21T06:01:05.265204+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}