Company Overview - Septerna, Inc. is a biotechnology company focused on G protein-coupled receptor (GPCR) drug discovery, utilizing its proprietary Native Complex Platform™ to enhance GPCR therapies [3] - The company has developed a deep pipeline of oral small molecule product candidates targeting three therapeutic areas: endocrinology, immunology and inflammation, and metabolic diseases [3] Upcoming Event - Jeffrey Finer, M.D., Ph.D., CEO and Co-founder of Septerna, will present at the Jefferies Global Healthcare Conference on June 5, 2025, at 3:45 p.m. ET in New York [1] - A live webcast of the presentation will be available on the company's website and will be archived for at least 30 days [2]

Core Insights - Septerna, Inc. announced a global collaboration with Novo Nordisk to develop oral small molecules for metabolic diseases, with potential milestone payments exceeding $2.2 billion [1][6] - The company is on track to select a next-generation oral small molecule PTH1R agonist for clinical advancement by the end of 2025 [1][5] - Septerna ended Q1 2025 with $398.2 million in cash, significantly extending its cash runway guidance to early 2028 due to the collaboration [1][11] Collaboration with Novo Nordisk - The partnership aims to discover, develop, and commercialize multiple oral small molecule medicines targeting obesity, type 2 diabetes, and other cardiometabolic diseases [5][6] - The collaboration includes an upfront payment and milestone payments, with over $200 million expected in the near term [6] - Novo Nordisk will cover all R&D expenses for the partnered programs, providing Septerna with operational flexibility [6] Pipeline Development - Septerna is advancing its PTH1R agonist program, with plans to select a candidate for clinical trials by the end of 2025 [5][6] - The SEP-631 program for mast cell diseases is expected to initiate a Phase 1 clinical trial in Q3 2025 [1][5] - The company is also progressing TSHR NAM lead compounds aimed at treating Graves' disease and thyroid eye disease [5] Financial Performance - For Q1 2025, Septerna reported a net loss of $21.5 million, compared to a net loss of $14.2 million in Q1 2024 [11][14] - R&D expenses increased to $19.3 million in Q1 2025 from $13.2 million in Q1 2024, while G&A expenses rose to $6.9 million from $2.7 million [11][14] - The total cash, cash equivalents, and marketable securities as of March 31, 2025, were $398.2 million, down from $420.8 million at the end of 2024 [11][16]