Septerna (SEPN)
Develops oral GPCR drug candidates using its Native Complex Platform.
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Builds oral small-molecule medicines around GPCR targets, with wholly owned programs in endocrine and inflammatory diseases plus partnered cardiometabolic discovery. Revenue is not product-based yet; operations center on a single discovery and development platform.
Focuses on GPCR-targeted oral small molecules for endocrinology, immunology and inflammation, and metabolic disease. Wholly owned work covers a PTH1R agonist for hypoparathyroidism, an MRGPRX2 negative allosteric modulator for chronic spontaneous urticaria and other mast-cell-driven diseases, and a TSHR program for Graves' disease and thyroid eye disease.
Native Complex Platform work reconstitutes GPCRs outside cells with ligands, transducer proteins, and lipid bilayers, supporting structure-based design and screening for difficult targets. The company is headquartered in South San Francisco, while metabolic-disease work is structured as a global collaboration with Novo Nordisk.
Execution depends on translating an unproven platform into approved products, advancing early clinical and preclinical programs, and using third-party manufacturers for development supply.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 12, 2026 | H.C. Wainwright | Reiterate | Rating: —Target: $35 | Target: $60 |
| Aug 11, 2026 | Raymond James | Reiterate | Rating: —Target: $53 | Target: $49 |
| Aug 11, 2026 | Stifel Nicolaus | Target | Target: — | Target: $49 |
| Aug 11, 2026 | Guggenheim | Reiterate | Rating: —Target: $45 | Target: $51 |
| Jul 1, 2026 | Guggenheim | Reiterate | Rating: —Target: $52 | Target: $45 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $372.3M · Total debt $22.5M · Total assets $566.7M · Shareholders' equity $386.7M
- Revenue
- $26.7M
- Operating income
- −$16.8M
- Net income
- −$13.0M
No dividends on record.
| Institutions | ≈ 101.18% | 47.23M shares | |
|---|---|---|---|
| 166 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 3.09% | 1.44M shares | |
| 8 holders · as of Sep 3, 2026 | |||
| Strategic holders | 13.63% | 6.36M shares | |
| 1 holder · as of Aug 14, 2026 | |||
| Adds to | 117.90% | ||
46.68M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 117.90%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Ra Capital Management, L.P.Institution | 14.99% | 7.00M | as of Jun 30, 2026 |
Third Rock Ventures V, L.P.1,2,3Strategic10 percent owner | 13.63% | 6.22M | filed Aug 14, 2026 |
TRV GP V, LLCInstitution | 13.32% | 6.22M | as of Jun 30, 2026 |
Driehaus Capital Management LLCInstitution | 9.50% | 4.43M | as of Jun 30, 2026 |
TRV GP Vi, LLCInstitution | 9.02% | 4.21M | as of Jun 30, 2026 |
- Third Rock Ventures V, L.P.'s transaction reports restate only vehicles that traded; the 2025 ownership statement (6.22M) plus the 147.2K net shares acquired since is used instead.
- Third Rock Ventures V, L.P. reports a block also reported by TRV GP V, LLC; it is counted once, under TRV GP V, LLC.
- Third Rock Ventures V, L.P. reports a block also reported by Samsara Biocapital, LLC; it is counted once, under Samsara Biocapital, LLC.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 1, 2026 | Daniel D. Long | officer: SVP, Drug Discovery | −3,333 | $37.83 |
| Aug 12, 2026 | Third Rock Ventures V, L.P. | 10 percent owner | −147,200 | $50.27 |
| Aug 12, 2026 | Ra Capital Management, L.P. | director, 10 percent owner: | −746,500 | $42.50 |
| Aug 11, 2026 | Elizabeth Bhatt | officer: President and COO | −25,000 | $44.00 |
| Aug 3, 2026 | Daniel D. Long | officer: SVP, Drug Discovery | −3,334 | $34.47 |
- Ascendis Pharma (ADR)
Approved PTH replacement leader in hypoparathyroidism
- AstraZeneca (ADR)
Late-stage PTH1R agonist challenger in hypoparathyroidism
- Novartis (ADR)
CSU incumbent with Xolair and oral Rhapsido
- M.B.X. Biosciences
Once-weekly PTH prodrug developer for hypoparathyroidism
- Evommune
Direct oral MRGPRX2 challenger in CSU and mast-cell disease
- Celldex Therapeutics
Late-stage mast-cell depletion approach for CSU
- Eli Lilly
Oral GLP-1 leader in obesity and diabetes
- Structure Therapeutics (ADR)
Oral GPCR platform peer in metabolic disease
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Septerna | $40.38 | 0.00% | $1.74B | — | — | 17.6 | +22,375.6% |
| Ascendis Pharma (ADR) | $237.57 | +0.09% | $14.76B | 18.1 | 33.9 | 12.2 | +108.2% |
| AstraZeneca (ADR) | $168.45 | +0.05% | $260.70B | 25.2 | 15.8 | 4.2 | +6.4% |
| Novartis (ADR) | $141.28 | +0.01% | $267.96B | 21.3 | 15.0 | 4.8 | +0.9% |
| M.B.X. Biosciences | $61.98 | −0.05% | $2.90B | — | — | — | — |
| Evommune | $9.70 | +1.15% | $343.0M | — | — | 34.3 | — |
| Celldex Therapeutics | $33.78 | +0.78% | $2.52B | — | — | 22,510.2 | −97.0% |
| Eli Lilly | $1,170.23 | −0.02% | $1.10T | 39.1 | 28.6 | 13.8 | +47.7% |
| Structure Therapeutics (ADR) | $37.20 | +1.03% | $2.12B | — | — | — | — |
| Median | 23.3 | 22.2 | 13.0 | +6.4% |