Septerna, Inc. (Nasdaq: SEPN) reported its financial results for the third quarter ended September 30, 2026, and highlighted business progress across its G protein-coupled receptor (GPCR) drug discovery pipeline.
Financial results for the quarter included revenue of $18.9 million, a decrease from $21.5 million in the prior year period. The company noted that revenue for the quarter included $2.7 million in amortization from a $195.0 million upfront payment received from Novo Nordisk, $5.2 million from research milestones, and $11.0 million for research services related to the collaboration.
Research and development expenses were $36.6 million for the quarter, compared to $24.3 million in the prior year. General and administrative expenses were $9.6 million, up from $7.1 million. As a result, the company reported a net loss of $26.6 million for the quarter, compared to net income of $8.2 million in the prior year.
Septerna’s cash position as of September 30, 2026, totaled $565.2 million. The company stated that this cash balance is expected to support its operating plans at least into mid-2029.
In pipeline news, the company announced the selection of SEP-204 as its oral TSHR negative allosteric modulator (NAM) development candidate for Graves’ disease and thyroid eye disease. Preclinical data presented at the American Thyroid Association annual meeting indicated that SEP-204 potently and selectively inhibited TSHR, restored normal thyroid hormone T4 levels, and reduced thyroid enlargement and orbital proptosis in animal models. The candidate was well tolerated in 28-day GLP toxicology studies and demonstrated a pharmacokinetic profile suitable for once-daily oral dosing. Septerna anticipates initiating a Phase 1 clinical trial for SEP-204 in healthy volunteers in the first quarter of 2027.
Additionally, Septerna’s Phase 1 clinical trial for SEP-479, an oral small molecule PTH1R agonist for hypoparathyroidism, is ongoing in healthy volunteers. The company expects single-ascending dose (SAD) and multiple-ascending dose (MAD) data from this trial in the first quarter of 2027.
The company also noted progress under its collaboration with Novo Nordisk, initiated in July 2025. Under this agreement, Novo recently assumed responsibility for a development candidate delivered by Septerna’s research team and initiated IND-enabling toxicology studies. To date, Septerna has achieved $13 million in research milestones under the collaboration.
