secwatch.observer — SEC 8-K summary
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Issuer:     Septerna, Inc. (SEPN)
CIK:        0001984086
Form:       8-K
Filed at:   2025-05-15T23:59:59+00:00
Accession:  0000950170-25-072612
Event type: earnings
Sentiment:  positive
Materiality: 0.90
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1984086/000095017025072612/0000950170-25-072612-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1984086/000095017025072612/sepn-20250515.htm
  HTML page:      https://secwatch.observer/filing/0000950170-25-072612

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer