SEPN Stock — Septerna Inc.: Cash, EV, Pipeline

Share price

$38.69

Market cap

$1,805.9M

Cash

$372.3M

Enterprise value

$1,433.6M

Balance sheet

Cash	$372.3M
Debt	$0.0M
Net cash	$372.3M
Enterprise value	$1,433.6M
Basic shares	45.7M shares
Fully diluted shares	52.7M shares
Fully diluted market cap	$2,039.1M
Cash per share	$8.15

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Mar 15 - Apr 26	SEP-479	Phase 1	Healthy Volunteers	late 2026 or early 2027

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

SEP-479

Phase 1 · Active Modality: small molecule (oral; PTH1R agonist)

Target PTH1R

Indications

Hypoparathyroidism (Phase 1)

Catalysts

— Q1 2027

Status note First participants dosed Apr 2026; up to 150 healthy volunteers; terminal half-life ~3-4 days supports once-daily dosing.

SEP-631

Phase 1 · Active Modality: small molecule (oral; MRGPRX2 negative allosteric modulator)

Target MRGPRX2

Indications

Chronic spontaneous urticaria (CSU) and other mast cell-driven diseases (Phase 1)

Status note Phase 1 complete (results presented AAAAI Mar 2026). Planned Phase 2b in CSU for H2 2026 deferred; evaluating capital-efficient signal-finding trials in mast cell diseases.

Novo collaboration programs

Preclinical · Active Modality: small molecule (oral; discovery-stage)

Target GLP-1 / GIP / glucagon receptors and other GPCRs

Partnerships Novo Nordisk (May 2025 Collaboration and License Agreement): exclusive; 4 simultaneous R&D programs; $195M upfront; up to ~$498M/R&D Program milestones; mid-to-high single-digit tiered royalties; Novo funds all post-development-candidate work

Indications

Obesity, type 2 diabetes and related metabolic diseases (Preclinical)

Status note First development candidate delivered to Novo Jul 2026; four simultaneous R&D programs across five GPCRs.

SEP-786

Phase 1 · Terminated Modality: small molecule (oral; PTH1R agonist)

Target PTH1R

Indications

Hypoparathyroidism (Phase 1)

Status note Discontinued Feb 2025 after two severe (Grade 3) unconjugated bilirubin events in MAD portion; later identified as potent UGT1A1 inhibitor. Superseded by SEP-479.

Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	SEP-479
Lead indication	Healthy Volunteers
Lead phase	Phase 1
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07433179	Phase 1	Recruiting	Sponsor	SEPN	—	Healthy Volunteers	late 2026 or early 2027

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Septerna, Inc. on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
ADAR1 Capital Management	940,747	-149,071	1.48%	2026-08-14
Logos Global Management	23,548	no change	0.03%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

SEPN — Septerna Inc.

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders