---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-028247"
form_type: "8-K"
ticker: "SEPN"
cik: "0001984086"
company_name: "Septerna, Inc."
filed_at: "2025-02-18T23:59:59+00:00"
generated_at: "2026-05-26T17:41:34.530618+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Septerna discontinues SEP-786 Phase 1 trial after bilirubin events; plans next-gen PTH1R agonist

## Summary
- Discontinued SEP-786 Phase 1 trial due to two Grade 3 unconjugated bilirubin events without ALT/AST elevation; no SAEs or liver injury.
- Multiple next-generation oral PTH1R agonists in portfolio; candidate selection and clinic entry expected later in 2025.
- Cash, cash equivalents, and marketable securities $137.5M as of Sep 30, 2024; plus $302.6M from Oct IPO; runway into H2 2027.
- Also advancing SEP-631 (MRGPRX2 negative allosteric modulator) for mast cell diseases; clinical initiation planned later in 2025.

## SEC filing metadata
- accession: 0001193125-25-028247
- form_type: 8-K
- ticker: SEPN
- cik: 0001984086
- company_name: Septerna, Inc.
- filed_at: 2025-02-18T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1984086/000119312525028247/0001193125-25-028247-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1984086/000119312525028247/d934523d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-028247
- JSON: https://secwatch.observer/filing/0001193125-25-028247.json
- Plain text: https://secwatch.observer/filing/0001193125-25-028247.txt

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