---
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"
generated_at: "2026-05-21T06:01:05.265204+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-072612
- JSON: https://secwatch.observer/filing/0000950170-25-072612.json
- Plain text: https://secwatch.observer/filing/0000950170-25-072612.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.