---
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"
generated_at: "2026-05-21T10:45:29.179124+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Septerna & Novo Nordisk partner on oral small molecule obesity drugs; upfront $195M, potential $2.2B

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-119386
- JSON: https://secwatch.observer/filing/0001193125-25-119386.json
- Plain text: https://secwatch.observer/filing/0001193125-25-119386.txt

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