Here are a few analogies to describe Septerna:

• Moderna for GPCR drug discovery

• CRISPR Therapeutics for GPCRs

• Oral small molecule drug candidates for endocrinology: These are novel GPCR-targeted therapies in Septerna's pipeline aimed at treating endocrine diseases.
• Oral small molecule drug candidates for immunology and inflammation: These are novel GPCR-targeted therapies in Septerna's pipeline aimed at treating immune and inflammatory conditions.
• Oral small molecule drug candidates for metabolic diseases: These are novel GPCR-targeted therapies in Septerna's pipeline aimed at treating metabolic disorders.

Septerna (SEPN) is a clinical-stage biotechnology company focused on the discovery and development of oral small molecule drugs targeting G protein-coupled receptors (GPCRs). As such, its ultimate customers are not other companies, but individual patients who will be prescribed these medications once they are developed, approved, and commercialized.

The categories of customers (patients) that Septerna aims to serve are primarily those suffering from diseases within its initial three therapeutic areas:

1. Patients with endocrinology-related diseases.
2. Patients with immunology and inflammation-related diseases.
3. Patients with metabolic diseases.

Jeffrey Finer, Chief Executive Officer & Co-Founder

Jeffrey Finer was appointed CEO of Septerna in November 2021 and is also a co-founder of the company. He has a background in founding and launching multiple new biotechnology companies, including Maze Therapeutics and Ambys Medicines. Dr. Finer has held R&D leadership positions at Theravance Biopharma, Five Prime Therapeutics, and Cytokinetics. He also serves as a Venture Partner at Third Rock Ventures, which led Septerna's Series A financing and retained a minority stake after the company's IPO, indicating a pattern of managing companies backed by private equity firms.

Gil Labrucherie, Chief Financial Officer

Gil Labrucherie was appointed Chief Financial Officer of Septerna effective January 6, 2025. He brings over 25 years of senior leadership experience in finance and legal roles within public biopharmaceutical and technology companies. Prior to Septerna, Mr. Labrucherie served as CFO and Chief Business Officer at ACELYRIN, and as CFO, COO, and SVP/General Counsel at Nektar Therapeutics. He has a track record of raising over $1.5 billion in private and public equity capital and generating over $1 billion in realized value from strategic partnering transactions. Earlier in his career, he held executive leadership positions at various high-growth technology companies. He currently serves on the board of Rezolute, Inc.

Liz Bhatt, President and Chief Operating Officer

Liz Bhatt joined Septerna as Chief Operating Officer in July 2022 and brings over 25 years of experience in strategy, deal-making, and company-building across 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, holding positions as VP, Corporate Development and Senior Director, Commercial Strategy.

Daniel Long, Senior Vice President, Drug Discovery

Daniel Long serves as the Senior Vice President of Drug Discovery at Septerna.

Jae Kim, Chief Medical Officer

Jae Kim holds the position of Chief Medical Officer at Septerna.

The key risks for Septerna (SEPN) are primarily associated with the inherent challenges of drug development in the biotechnology sector and the reliance on its proprietary technology.

1. Clinical Development and Regulatory Approval Risk: As a clinical-stage biotechnology company, Septerna's success is entirely contingent upon the successful development, clinical trial completion, and regulatory approval of its product candidates. Drug development is a lengthy, costly, and highly uncertain process with a high rate of failure at every stage, from preclinical studies to post-marketing. The company currently has a deep pipeline of product candidates, but none have yet reached commercialization, meaning there is no current revenue from drug sales. Failure to achieve favorable results in clinical trials or obtain necessary regulatory approvals would significantly impair or prevent the commercialization of its product candidates and, consequently, its ability to generate revenue.
2. Platform Technology Risk: Septerna's entire drug discovery and development strategy is powered by its proprietary Native Complex Platform™. The company asserts that this platform uniquely replicates the natural structure, function, and dynamics of GPCRs outside of cells at an industrial scale, enabling the discovery of novel oral small molecule drug candidates. There is a risk that this platform may not consistently or effectively deliver viable drug candidates, or that its purported advantages over traditional drug discovery methods may not materialize as expected. If the platform proves less effective or less efficient than anticipated in identifying or optimizing drug candidates, Septerna's ability to build and advance its pipeline would be significantly hampered.
3. Intellectual Property Risk: Septerna's business relies heavily on its proprietary Native Complex Platform™ and the intellectual property surrounding its drug candidates. The ability to protect its proprietary technology and future product candidates through patents, trade secrets, and other intellectual property rights is crucial for its competitive position. Challenges to the validity or enforceability of its existing or future patents, the inability to obtain new patent protection, or the unauthorized use or infringement of its intellectual property by third parties could significantly diminish its competitive advantage and its ability to monetize its discoveries.

Share Repurchases

No information is available regarding share repurchases made by Septerna in the last 3-5 years. The reported "Buyback Yield" of -1,704.89% indicates share issuance rather than repurchases.

Share Issuance

• Septerna completed its upsized Initial Public Offering (IPO) on October 30, 2024, raising aggregate gross proceeds of $331.2 million by issuing 18,400,000 shares of common stock at $18.00 per share.
• The number of shares outstanding for Septerna increased by 1,704.89% in one year.

Inbound Investments

• In May 2025, Septerna announced a significant collaboration and license agreement with Novo Nordisk, valued at up to $2.2 billion, focused on developing oral medicines for obesity and other diseases.
• Revenue for Q4 2025 and the full year 2025 primarily reflected this collaboration work and the amortization of an upfront payment from Novo Nordisk.

Outbound Investments

No information is available regarding outbound investments made by Septerna in the last 3-5 years.

Capital Expenditures

• Capital expenditures for the full year 2025 were reported as $2.1 million.
• In the 12 months leading up to November 10, 2025, capital expenditures were -$1.07 million.
• These capital expenditures consumed a significant portion of the company's operating cash flow in 2025.