---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-106540"
form_type: "8-K"
ticker: "SEPN"
cik: "0001984086"
company_name: "Septerna, Inc."
filed_at: "2025-08-11T23:59:59+00:00"
generated_at: "2026-05-17T15:48:45.510937+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-25-106540
- form_type: 8-K
- ticker: SEPN
- cik: 0001984086
- company_name: Septerna, Inc.
- filed_at: 2025-08-11T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1984086/000095017025106540/0000950170-25-106540-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1984086/000095017025106540/sepn-20250811.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-106540
- JSON: https://secwatch.observer/filing/0000950170-25-106540.json
- Plain text: https://secwatch.observer/filing/0000950170-25-106540.txt

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