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1. A drug discovery company like Amgen or Regeneron, but laser-focused on developing medicines for G protein-coupled receptors (GPCRs).

2. Think of it as a Moderna for GPCR-targeted drugs – a biotech company using a specialized platform to develop new medicines for a specific class of targets.

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• GPCR-Targeted Drug Candidates: Novel small molecule therapeutics in various stages of development, designed to modulate G protein-coupled receptors for the treatment of specific diseases.
• Native GPCR Drug Discovery Platform: A proprietary technological platform utilized to identify and develop small molecule medicines by leveraging the native biology of G protein-coupled receptors.

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Septerna (symbol: SEPN) is a clinical-stage biotechnology company focused on discovering and developing novel small molecule G protein-coupled receptor (GPCR) therapeutics.

As a company primarily engaged in research and development, Septerna does not currently have major customers in the traditional sense. It is in the process of developing drug candidates and has not yet brought commercial products to market. Therefore, it does not sell products or services directly to individuals or other companies for commercial revenue at this stage.

Should Septerna successfully develop and commercialize its drug candidates, its future "customers" could include:

• Pharmaceutical Companies: If Septerna chooses to license out its drug candidates for further development, manufacturing, and commercialization, these larger pharmaceutical partners would be its primary customers.
• Healthcare Distributors & Providers: If Septerna develops its own commercial infrastructure, its approved therapies would be sold to pharmaceutical wholesalers, pharmacies, hospitals, and other healthcare institutions.

Currently, Septerna's primary financial activities revolve around investments in research and development and securing capital through equity financing to fund its pipeline.

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Jeffrey Finer, MD, PhD Chief Executive Officer and Co-Founder

Jeffrey Finer co-founded Septerna in 2019 and transitioned from interim CEO to full-time CEO in September 2022. He is also a Venture Partner at Third Rock Ventures, which led Septerna's $100 million Series A financing, indicating private equity backing. Dr. Finer has a history of creating and launching multiple biotech companies, including Maze Therapeutics and Ambys Medicines, and has held R&D leadership roles at Theravance Biopharma, Five Prime Therapeutics, and Cytokinetics.

Gil Labrucherie, CFA, JD Chief Financial Officer

Gil Labrucherie was appointed Chief Financial Officer of Septerna in January 2025, bringing over 25 years of senior leadership experience in finance and legal roles within the biopharma and technology sectors. He most recently served as CFO and Chief Business Officer at ACELYRIN and previously held executive positions, including CFO and COO, at Nektar Therapeutics. Throughout his career, Mr. Labrucherie has successfully raised over $1.5 billion in private and public equity capital and generated more than $1 billion in value from strategic partnerships.

Liz Bhatt, MS, MBA President and Chief Operating Officer

Liz Bhatt joined Septerna in July 2022 as Chief Operating Officer and brings over 25 years of experience in strategy, deal-making, and company-building across various biotech and pharmaceutical companies. Her previous roles include Chief Business & Strategy Officer at Applied Molecular Transport (AMT) and Chief Operating Officer at Achaogen. Ms. Bhatt also spent over a decade at Gilead Sciences, where she was VP, Corporate Development, and Senior Director, Commercial Strategy.

Samira Shaikhly Chief People Officer

Samira Shaikhly joined Septerna's leadership team in August 2023. She is an experienced human resources leader with over 25 years of experience in organizational effectiveness and driving impactful change in high-growth companies.

Jae Kim, MD Chief Medical Officer

Jae Kim, M.D., joined Septerna as Chief Medical Officer in September 2024 to lead the company's clinical development strategy. He is an accomplished healthcare executive with extensive experience in advancing novel therapies across multiple therapeutic areas.

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1. Clinical Trial and Product Development Risk

As a clinical-stage biotechnology company, Septerna faces significant inherent risks associated with drug discovery and development. The company recently discontinued its lead asset, SEP-786, in a Phase 1 clinical trial in February 2025 due to unexpected side effects (elevated unconjugated bilirubin), despite preclinical studies not predicting such events. This setback highlights the uncertainty of clinical development, where the results of preclinical studies may not be predictive of future human trial outcomes. Septerna is now focusing on advancing a next-generation candidate for its PTH1R program, which introduces delays to its clinical timeline and increases development costs. The success of its pipeline candidates, including SEP-631 and the TSHR program, relies on navigating complex regulatory hurdles, securing approvals, and demonstrating both safety and efficacy, all of which are lengthy, expensive, and subject to potential failures.

2. Financial Sustainability and Lack of Profitability

Septerna has a limited operating history and has consistently incurred significant operating losses since its inception, with expectations for continued losses for the foreseeable future. The company reported negative earnings per share (EPS), negative free cash flow, and negative return on equity. Drug development is a notoriously expensive business, requiring substantial and ongoing investment in research and development (R&D) to advance its programs. While Septerna ended Q1 2025 with $398.2 million in cash and equivalents, expected to fund operations into at least the second half of 2027, its financial health depends on its ability to secure partnerships and additional funding to sustain its growth trajectory and achieve long-term success. The discontinuation of its lead asset, SEP-786, also removed what would have been a nearer-term potential revenue source.

3. Intense Competition

Septerna operates in a highly competitive biotechnology industry, specifically focusing on G protein-coupled receptor (GPCR) drug development. The company faces direct competition from both established pharmaceutical giants, such as Amgen, Novartis, Merck, Pfizer, Sanofi, and Takeda, and other innovative biotech firms. These larger and more established companies often possess significantly greater financial resources, research and development capabilities, and marketing infrastructure. Septerna's success hinges on its ability to effectively differentiate its proprietary Native Complex Platform™ and its product candidates, demonstrating superior efficacy and safety to compete effectively in the market.

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Expected Drivers of Future Revenue Growth for Septerna (SEPN)

Over the next 2-3 years, Septerna (SEPN) is expected to drive future revenue growth through several key areas:

1. Revenue from Collaboration and Partnership Agreements: Septerna anticipates continued revenue generation from its strategic collaborations, most notably with Novo Nordisk and Vertex Pharmaceuticals. This includes the amortization of upfront payments, research service fees, and potential future milestone payments and tiered royalties on global net sales of marketed products derived from these partnerships. The global collaboration with Novo Nordisk alone involves potential milestone payments of up to $2.2 billion, with over $200 million in upfront and near-term payments.
2. Advancement and Potential Commercialization of SEP-479: Septerna plans to initiate a Phase 1 clinical trial for SEP-479, its next-generation oral PTH1R agonist for hypoparathyroidism, in the first half of 2026. Successful progression through clinical development and eventual market approval of this differentiated oral small molecule therapy is a significant expected driver of product revenue.
3. Advancement and Potential Commercialization of SEP-631: The company's Phase 1 clinical trial for SEP-631, an oral small molecule targeting MRGPRX2 for mast cell-driven diseases such as chronic spontaneous urticaria, is ongoing, with initial data readouts expected in the first half of 2026. Successful development and commercialization of SEP-631 would contribute to future product revenue.
4. Development and Potential Commercialization of Other Partnered Metabolic Programs: Beyond existing upfront and milestone payments, Septerna's collaboration with Novo Nordisk also encompasses the discovery, development, and potential commercialization of multiple oral small molecule medicines for obesity, type 2 diabetes, and other cardiometabolic diseases. The success of these programs, targeting receptors like GLP-1, GIP, and glucagon, could lead to substantial future milestone payments and royalties, significantly boosting revenue.

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Share Issuance

• Septerna completed an upsized initial public offering (IPO) in October 2024, raising $331.2 million in gross proceeds by issuing 18,400,000 shares at $18.00 per share.
• This IPO included the full exercise of a 30-day option for underwriters to purchase an additional 2,400,000 shares.
• Prior to its IPO, Septerna had raised over $200 million in private funding, with its latest private funding round being a Series B round on July 11, 2023, for $150 million.

Inbound Investments

• Septerna entered into a global collaboration with Novo Nordisk in May 2025 (effective July 2025) for the discovery, development, and commercialization of oral small molecule medicines for metabolic diseases, including obesity and type 2 diabetes.
• This collaboration included an upfront payment of $195 million from Novo Nordisk to Septerna.
• The partnership with Novo Nordisk has a potential value of over $2.2 billion in milestone payments, and Novo Nordisk will cover research and development costs for four programs.
• Septerna also received a $12.5 million milestone payment from Vertex as of September 30, 2025, which was tied to a gain on sale of a non-financial asset.

Outbound Investments

• Septerna has made no investments or acquisitions to date.

Capital Expenditures

• Research and development (R&D) expenses were a primary focus, amounting to $24.3 million for Q3 2025 and $65.34 million for the full year 2024.
• Approximately $117 million of the IPO proceeds are planned to advance the lead drug candidate, SEP-786, for hypoparathyroidism.
• An additional $37 million from the IPO proceeds is allocated for the development of SEP-631, targeting chronic spontaneous urticaria and other mast cell conditions.