Summary of Septerna (SEPN) 2025 Conference Call Company Overview - Company: Septerna (SEPN) - Focus: Development of drugs targeting G protein-coupled receptors (GPCRs) using a proprietary platform called the native complex platform [1][2] Portfolio Strategy - Target Selection: Focus on biologically and clinically validated targets with significant unmet needs and market opportunities [2] - Current Programs: Discussion of four main programs, including a parathyroid hormone receptor agonist, MRGPRX2, thyroid stimulating hormone receptor negative allosteric modulator, and an incretin receptor agonist [3][4] Financial Position - Capitalization: Well-capitalized following an IPO in October and a recent collaboration with Novo Nordisk, providing a strong financial position for ongoing research and development [3][54] Key Programs 1. Parathyroid Hormone Receptor Agonist Program - Target: Oral small molecules for hypoparathyroidism [16] - Challenges: Discontinued trial of first compound (SEP-786) due to unanticipated bilirubin levels, but ongoing investigation into next-generation compounds [23][24][26] - Animal Model Results: Promising results in normalizing calcium levels in hypoparathyroid rat models with new compounds showing lower dosing requirements compared to SEP-786 [29][31][34] 2. MRGPRX2 Program - Target: Mast cell diseases, including chronic spontaneous urticaria and allergic asthma [35][37] - Compound: SEP-631, a negative allosteric modulator showing potent inhibition of receptor activation and promising preclinical results [38][42] - Clinical Timeline: Expected to enter Phase 1 trials in Q3 [43] 3. Thyroid Stimulating Hormone Receptor Program - Focus: Treating Graves' disease and thyroid eye disease with a negative allosteric modulator [44] - Mechanism: Aiming for a universal approach to target multiple autoantibodies in patients [45][46] 4. Incretin Receptor Agonist Program - Innovation: Discovery of a novel binding pocket allowing for the development of multi-incretin receptor agonists [50] - Preclinical Results: Early-stage molecules showing weight loss effects comparable to existing treatments [52] Collaboration with Novo Nordisk - Details: Collaboration includes three known targets and two undisclosed targets, with an upfront payment of $195 million and Novo responsible for all R&D costs [53][54] Leadership and Future Outlook - Team: Experienced leadership with decades of industry experience and a strong advisory board [55] - Market Potential: Each program represents a significant market opportunity, with ongoing efforts to extend financial runway into early 2028 and beyond [56] Conclusion - Overall Position: Septerna is well-positioned in the GPCR drug discovery space with a robust pipeline and strategic collaborations, aiming to address significant unmet medical needs across various therapeutic areas [56]
Septerna (SEPN) 2025 Conference Transcript