Septerna Q2 net loss $24.8M; cash $379.2M; Novo Nordisk upfront $195M extends runway into 2029

Septerna, Inc.

2025-Q2 EPS reported -$1.05 vs consensus $0.88 ▼ miss (-219.7%)

Net loss of $24.8M for Q2 2025, up from $16.4M in Q2 2024; R&D expenses $22.2M, G&A $6.9M.
Cash, cash equivalents and marketable securities $379.2M at June 30, 2025; plus $195M upfront from Novo Nordisk received in July, extending cash runway at least into 2029.
PTH1R agonist program: development candidate selection expected in Q3 2025, Phase 1 start in H1 2026.
SEP-631 Phase 1 trial initiating in Q3 2025 for mast cell diseases.
COO Liz Bhatt promoted to President effective August 1, 2025.

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