Septerna Inc. reported its third‑quarter 2025 results on 2025‑11‑10, showing a cash, cash equivalents and marketable securities balance of $561.6 million as of September 30, 2025. Revenue for the quarter was $21.5 million, a dramatic year‑over‑year increase from $0.2 million in Q3 2024, driven largely by collaboration revenue and the amortization of upfront payments from Novo Nordisk and Vertex. Despite the revenue jump, the company posted a net income of $8.2 million, translating to earnings per share of –$0.09, a miss of $0.28 versus the consensus estimate of $0.19.
The revenue miss can be traced to the fact that the $21.5 million figure, while a 10,750 % year‑over‑year gain, still falls short of the $91.7 million consensus estimate. The shortfall reflects the company’s heavy reliance on collaboration‑related cash rather than product sales, and the fact that the company has not yet generated revenue from any of its own drug candidates. The EPS miss, on the other hand, is largely attributable to higher research and development expenses of $24.3 million and general‑and‑administrative costs of $7.1 million, which together exceeded the $20.5 million net loss recorded in Q3 2024.
The $561.6 million cash balance gives Septerna a runway that extends to at least 2029, assuming current burn rates. This liquidity cushion is largely a result of the $200 million upfront payment from Novo Nordisk and a $100 million milestone payment from Vertex, underscoring the strategic value of the company’s Native Complex Platform to large biopharmaceutical partners.
In terms of pipeline progress, Septerna announced that it has selected SEP‑479 as its next‑generation parathyroid hormone‑1 receptor (PTH1R) agonist candidate. Preclinical studies in cynomolgus monkeys showed dose‑dependent increases in serum calcium and reductions in endogenous PTH, and a Phase 1 clinical trial is slated to begin in the first half of 2026. The company also confirmed that a Phase 1 trial of SEP‑631, an oral small‑molecule targeting the MRGPRX2 receptor for mast‑cell–driven diseases, was initiated in August 2025 and is currently enrolling healthy volunteers.
CEO Jeffrey Finer emphasized that the company’s platform continues to deliver differentiated oral GPCR therapies. “Both programs exemplify the power of our Native Complex Platform™ to generate differentiated oral small‑molecule GPCR therapies with the potential to address serious diseases across a range of indications,” he said. He added that the company remains focused on executing the pipeline and maintaining its strong cash position.
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