Financial Performance - Septerna reported a revenue of $24.1 million for Q4 2025, a significant increase from $0.2 million in Q4 2024, and a total revenue of $46.0 million for the full year 2025, compared to $1.1 million in 2024[12] - The company’s cash, cash equivalents, and marketable securities totaled $548.7 million as of December 31, 2025, up from $420.8 million a year earlier, with a cash runway expected to support operations at least into 2029[12] - Net loss for Q4 2025 was $10.7 million, compared to a net loss of $20.7 million in Q4 2024, and the full year net loss was $48.9 million, down from $71.8 million in 2024[12] Research and Development - Research and development (R&D) expenses for Q4 2025 were $31.9 million, compared to $19.3 million in Q4 2024, and total R&D expenses for the full year were $97.6 million, up from $65.3 million in 2024[12] - Septerna plans to initiate a Phase 2b trial of SEP-631 in chronic spontaneous urticaria (CSU) in the second half of 2026, following positive Phase 1 results[6] - Septerna is advancing SEP-479 toward Phase 1 initiation in the first half of 2026, targeting hypoparathyroidism[4] - The company continues to progress its TSHR NAM program, aiming to deliver a potential oral treatment for Graves' disease and thyroid eye disease[6] Collaborations and Payments - The company received a $195.0 million upfront payment from Novo Nordisk and a $12.5 million milestone payment from Vertex during 2025[12] Product Development - SEP-631 demonstrated complete inhibition of wheal formation at doses as low as 10 mg once daily, with near complete inhibition at 90 and 200 mg once daily[6]
Septerna, Inc.(SEPN) - 2025 Q4 - Annual Results