{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-119386","form_type":"8-K","ticker":"SEPN","cik":"0001984086","company_name":"Septerna, Inc.","filed_at":"2025-05-14T23:59:59+00:00","discovered_at":"2026-05-14T18:02:50.631086+00:00","generated_at":"2026-05-21T10:45:29.179124+00:00","sec_items":["1.01","7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"Septerna & Novo Nordisk partner on oral small molecule obesity drugs; upfront $195M, potential $2.2B","bullets":["Collaboration covers up to 5 GPCR targets (GLP-1, GIP, glucagon) for oral small molecule therapies for obesity/T2D.","Upfront payment of $195M; total potential milestones exceed $2.2B; mid-to-high single-digit royalties on global sales.","Novo covers 100% of R&D costs; Septerna retains its Native Complex Platform and all other programs.","Septerna has option to convert to profit-share on one program in lieu of milestones/royalties.","Phase 1 trial of SEP-631 (MRGPRX2 antagonist for chronic urticaria) expected to start Q3 2025."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-119386","json":"https://secwatch.observer/filing/0001193125-25-119386.json","markdown":"https://secwatch.observer/filing/0001193125-25-119386.md","text":"https://secwatch.observer/filing/0001193125-25-119386.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1984086/000119312525119386/0001193125-25-119386-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1984086/000119312525119386/d940594d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-21T10:45:29.179124+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}