SEPN Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About SEPN Interactive Breakdown Better Bets vs. SEPN Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Septerna (SEPN)

    Market Price (9/30/2026): $39.15 | Market Cap: $1.8 BilSector: Health Care | Industry: Biotechnology

    Septerna (SEPN)

    Market Price (9/30/2026): $39.15
    Market Cap: $1.8 Bil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13520%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 107%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 106%

    Attractive yield
    FCF Yield is 6.0%

    Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies.

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -56 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -57%

    Stock price has recently run up significantly
    12M Rtn12 month market price return is 116%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.2%

    Key risks
    SEPN key risks include [1] the recent clinical trial failure and discontinuation of its lead asset, Show more.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13520%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 107%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 106%
    3 Attractive yield
    FCF Yield is 6.0%
    4 Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies.
    5 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -56 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -57%
    6 Stock price has recently run up significantly
    12M Rtn12 month market price return is 116%
    7 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16%
    8 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.2%
    9 Key risks
    SEPN key risks include [1] the recent clinical trial failure and discontinuation of its lead asset, Show more.

    SEPN in ETFs

    Weight = SEPN's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.03%
    IBB0.08%
    IWO0.04%
    VTWO0.03%
    SCHA0.02%
    VHT0.01%
    +6 more covered ETFs

    Valuation & Metrics

    FYE: 12/31SEPN [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$98.9 Mil—
    FY 2026 Sales$96.0 Mil—
    FY 2027 Sales$73.6 Mil—
    FY 2026 Sales Growth-2.9%—
    FY 2027 Sales Growth-23.3%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$-24.2 Mil—
    FY 2026 Net Income (Non-GAAP)$-51.0 Mil—
    FY 2027 Net Income (Non-GAAP)$-85.6 Mil—
    FY 2027 Net Income Growth—18.4%
    FY 2026 EPS (Non-GAAP)$-1.35—
    FY 2027 EPS (Non-GAAP)$-2.28—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S18.41.6
    FY 2027 P/S24.0—
    FY 2026 P/E—7.6
    FY 2027 P/E——

    [1] SEPN forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    SEPNS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.1
    Rev Chg Q22,375.6%9.3%
    Rev Chg LTM13,520.1%8.3%
    Rev Chg 3Y Avg6,753.4%5.8%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.1
    CFO LTM ($ Bil)0.1
    Net Inc LTM ($ Bil)-0.0
    Op Mgn LTM-56.7%18.6%
    CFO/Rev LTM107.2%21.8%
    Net Inc Mgn-24.5%13.1%
    VALUATIONHIGH
    P/S17.83.0
    P/CFO16.614.4
    P/FCF16.818.9
    P/E-72.821.7
    STABILITYVERY GOOD
    Debt/Equity0.010.21
    Cash/Assets0.660.07

    AI Analysis | Feedback

    MetricValueDateSource
    Wholly-Owned Pipeline Programs311082025Link
    Partnered Development Programs45142025Link
    Clinical-Stage Programs19032025Link
    Preclinical and Discovery Stage Programs211082025Link
    Total Patent Applications and Grants98042025Link
    Number of Employees786302025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/28/2026

    Septerna (SEPN) stock has gained about 30% since 5/31/2026 because of the following key factors:

    1. Septerna reported strong fiscal Q2 2026 financial results, surpassing analyst expectations. The company announced its fiscal Q2 2026 earnings on August 10, 2026, revealing revenue of $26.7 million, which significantly beat the consensus estimate of $19.2 million by approximately 39%. Additionally, the net loss narrowed to $13.0 million, compared to $24.8 million in fiscal Q2 2025. Septerna also reported an earnings per share (EPS) of -$0.29, beating the consensus estimate of -$0.43 by $0.14. This robust financial performance contributed to a notable stock surge of 22.93% on August 11, 2026.

    2. Favorable Phase 1 clinical trial data for SEP-479 demonstrated once-daily dosing potential. Updates from the ongoing Phase 1 clinical trial of SEP-479, an oral PTH1R agonist for hypoparathyroidism, indicated an elimination half-life of approximately three to four days. This pharmacokinetic profile supports once-daily dosing, a key differentiation for this therapy. The company's presentation of preclinical characterization of SEP-479 at the 2026 ENDO Annual Meeting in June 2026 also highlighted its potential.

    Show more
    Updated on 9/28/2026

    Septerna (SEPN) stock has gained about 30% since 5/31/2026 because of the following key factors:

    1. Septerna reported strong fiscal Q2 2026 financial results, surpassing analyst expectations. The company announced its fiscal Q2 2026 earnings on August 10, 2026, revealing revenue of $26.7 million, which significantly beat the consensus estimate of $19.2 million by approximately 39%. Additionally, the net loss narrowed to $13.0 million, compared to $24.8 million in fiscal Q2 2025. Septerna also reported an earnings per share (EPS) of -$0.29, beating the consensus estimate of -$0.43 by $0.14. This robust financial performance contributed to a notable stock surge of 22.93% on August 11, 2026.

    2. Favorable Phase 1 clinical trial data for SEP-479 demonstrated once-daily dosing potential. Updates from the ongoing Phase 1 clinical trial of SEP-479, an oral PTH1R agonist for hypoparathyroidism, indicated an elimination half-life of approximately three to four days. This pharmacokinetic profile supports once-daily dosing, a key differentiation for this therapy. The company's presentation of preclinical characterization of SEP-479 at the 2026 ENDO Annual Meeting in June 2026 also highlighted its potential.

    3. Progress in the SEP-631 program and the ongoing Novo Nordisk collaboration provided significant validation and revenue. Septerna continued to advance its SEP-631 program, an oral MRGPRX2 NAM for mast cell-driven diseases, with plans to initiate a Phase 2b trial in chronic spontaneous urticaria (CSU) in the second half of fiscal year 2026. Furthermore, the global collaboration with Novo Nordisk generated $26.7 million in revenue during fiscal Q2 2026, including $14.6 million from the amortization of an upfront payment. The delivery of the first development candidate to Novo Nordisk in July 2026 underscored the productivity and strategic value of this partnership, which also provides a substantial cash runway expected to fund operations into 2029.

    4. Increased analyst confidence and raised price targets bolstered investor sentiment. Following the positive financial and clinical updates, multiple Wall Street analysts upgraded their outlooks and significantly raised their price targets for Septerna. For instance, JPMorgan increased its price target to $48 from $38, H.C. Wainwright raised its target to $60 from $40, and Jones increased its target to $62 from $43. The consensus rating among analysts shifted towards a "Strong Buy" or "Moderate Buy," with an average price target ranging from $52.43 to $54.22, suggesting considerable potential upside.

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    Stock Movement Drivers

    Fundamental Drivers

    The 29.6% change in SEPN stock from 5/31/2026 to 9/29/2026 was primarily driven by a 36.9% change in the company's Total Revenues ($ Mil).
    (LTM values as of)53120269292026Change
    Stock Price ($)30.2039.1329.6%
    Change Contribution By: 
    Total Revenues ($ Mil)729936.9%
    P/S Multiple18.717.8-4.7%
    Shares Outstanding (Mil)4545-0.6%
    Cumulative Contribution29.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/29/2026
    ReturnCorrelation
    SEPN29.6% 
    Market (SPY)1.3%10.5%
    Sector (XLV)14.7%10.1%

    Fundamental Drivers

    The 34.8% change in SEPN stock from 2/28/2026 to 9/29/2026 was primarily driven by a 348.5% change in the company's Total Revenues ($ Mil).
    (LTM values as of)22820269292026Change
    Stock Price ($)29.0239.1334.8%
    Change Contribution By: 
    Total Revenues ($ Mil)2299348.5%
    P/S Multiple58.417.8-69.5%
    Shares Outstanding (Mil)4445-1.5%
    Cumulative Contribution34.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/29/2026
    ReturnCorrelation
    SEPN34.8% 
    Market (SPY)12.0%19.3%
    Sector (XLV)7.5%17.9%

    Fundamental Drivers

    The 223.4% change in SEPN stock from 8/31/2025 to 9/29/2026 was primarily driven by a 13520.1% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120259292026Change
    Stock Price ($)12.1039.13223.4%
    Change Contribution By: 
    Total Revenues ($ Mil)19913520.1%
    P/S Multiple736.117.8-97.6%
    Shares Outstanding (Mil)4445-1.9%
    Cumulative Contribution223.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/29/2026
    ReturnCorrelation
    SEPN223.4% 
    Market (SPY)19.8%19.3%
    Sector (XLV)26.4%15.9%

    Fundamental Drivers

    null
    null

    Market Drivers

    8/31/2023 to 9/29/2026
    ReturnCorrelation
    SEPN  
    Market (SPY)76.1%23.1%
    Sector (XLV)34.8%12.9%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    SEPN Return---7%22%43%86%
    Peers Return23%39%39%29%20%10%303%
    S&P 500 Return27%-19%24%23%16%12%105%

    Monthly Win Rates [3]
    SEPN Win Rate---67%58%67% 
    Peers Win Rate55%58%55%55%50%58% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    SEPN Max Drawdown-----79%-25% 
    Peers Max Drawdown-25%-26%-27%-33%-32%-22% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: LLY, VKTX, REGN, AMGN, ABBV.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/29/2026 (YTD)

    About Septerna (SEPN)

    Septerna (SEPN) is a clinical-stage biotechnology company dedicated to discovering and developing a new generation of oral small molecule drugs that target G protein-coupled receptors (GPCRs). The company’s core innovation is its proprietary Native Complex Platform™, which addresses historical challenges in GPCR drug discovery. This platform allows Septerna to isolate, purify, and reconstitute full-length, functional GPCR proteins in a cell-mimicking environment at an industrial scale, enabling state-of-the-art structure-based drug design and optimization.

    GPCRs are a vast family of cell membrane receptors vital for regulating nearly every physiological process, making them the most successful drug target class in history. Despite this, a significant portion of potential GPCR targets remains undrugged. Septerna’s Native Complex Platform™ is designed to unlock these untapped opportunities by precisely targeting specific GPCRs, identifying novel binding pockets, and developing various pharmacologies, including agonists (activators), antagonists (inhibitors), and allosteric modulators (fine-tuners), to create highly effective oral small molecule therapies.

    The company is building a deep pipeline of these oral GPCR-targeted programs. Septerna initially focuses on developing medicines for patients with significant unmet needs in three key therapeutic areas: endocrinology, immunology and inflammation, and metabolic diseases. It also plans to explore opportunities in other major therapeutic areas such as neurology, women’s health, cardiovascular, and respiratory diseases, aiming to become a leader in oral GPCR-targeted medicines.

    AI Analysis | Feedback

    Here are a few analogies to describe Septerna:

    • Moderna for GPCR drug discovery

    • CRISPR Therapeutics for GPCRs

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Septerna (symbol: SEPN) is a clinical-stage biotechnology company focused on developing oral small molecule drugs for various therapeutic areas. The addressable markets for their main product candidates, based on their initial focus areas, are substantial on a global scale. The global addressable markets for Septerna's focus areas are: * The global endocrinology drug market is estimated to be valued at USD 77.44 billion in 2026 and is projected to reach USD 105.39 billion by 2033. * The global immunology & inflammatory diseases drugs market size reached US$ 212.76 billion in 2024 and is expected to reach US$ 431.11 billion by 2033. * The global metabolic disorder therapeutics market was valued at USD 103.85 billion in 2025 and is expected to increase to USD 167.86 billion by 2032.

    AI Analysis | Feedback

    Septerna's (SEPN) future revenue growth over the next 2-3 years is expected to be driven by several key factors as the clinical-stage biotechnology company advances its pipeline and leverages strategic partnerships. The primary drivers of future revenue growth include: * Revenue from strategic collaborations and partnerships: A significant driver of Septerna's revenue comes from upfront payments, research services, and milestone payments associated with strategic alliances. The multi-billion-dollar collaboration with Novo Nordisk on oral incretin receptor agonists is a key example, having contributed a $195.0 million upfront payment in July 2025 and ongoing research service revenue. Additionally, the company received a $12.5 million milestone payment from Vertex in 2025, highlighting the continued potential for such payments as their pipeline progresses. * Advancement of lead pipeline candidate SEP-631 through clinical trials: Septerna is progressing SEP-631, an MRGPRX2 negative allosteric modulator for mast cell-driven diseases, including chronic spontaneous urticaria. Positive Phase 1 data for SEP-631 has been reported, and the company plans to initiate Phase 2b trials in the second half of 2026. Successful advancement through these later-stage trials is critical for generating further milestone payments from partners and ultimately for potential product commercialization. * Initiation and progression of other pipeline candidates, such as SEP-479: The company plans to initiate Phase 1 trials for SEP-479, a PTH1R agonist for hypoparathyroidism, in early 2026. Progress in these earlier-stage programs helps build value for the company and could lead to future licensing deals or collaborations. * Validation and expansion of the Native Complex Platform™ to foster new discovery programs: The positive Phase 1 results for SEP-631 validate Septerna's proprietary Native Complex Platform™. This validation demonstrates the platform's ability to discover new mechanisms of action and generate differentiated oral small molecules for challenging G protein-coupled receptors (GPCRs). The continued success and validation of this platform can attract new collaborations and expand Septerna's pipeline, creating additional future revenue opportunities.

    AI Analysis | Feedback

    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.

    Peer Outperformance in Biotechnology

    null
    Share of Biotechnology constituents that SEPN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    87%
    of 454 industry peers · 115.6% return
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is SEPN's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 6 7.3%44.8%91.5% CAH 400% · MCK 344% · COR 172%
    Health Care Services 20 18.5%36.2%5.7% HIMS 281% · RDNT 141% · DGX 76%
    Managed Health Care 8 32.0%-7.4%4.7% OSCR 71% · HQY 35% · ELV 13%
    Health Care Facilities 24 2.4%7.6%-3.3% THC 288% · NHC 263% · ENSG 137%
    Health Care Equipment 50 -2.4%-1.0%-15.1% POCI 10575% · UFPT 382% · GKOS 229%
    Pharmaceuticals 62 -7.7%-0.5%-28.8% LQDA 2461% · INDV 1157% · ETON 1074%
    Health Care Supplies 12 27.5%-7.6%-37.1% LNTH 288% · HAE 50% · MMSI 22%
    Life Sciences Tools & Services 109 -1.0%-16.8%-66.5% SNWV 1835% · NTRA 272% · MEDP 229%
    Health Care Technology 21 -33.1%-53.9%-76.9% SPOK 69% · HSTM 6% · VEEV -3%
    Biotechnology ← 363 -10.5%-24.8%-78.3% CELZ 1279% · DNTH 1097% · ELVN 1040%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    IMUXImmunic0.4-42.1%66.9%
    ALHCAlignment Healthcare1.6-41.9%-59.9%

    More From Trefis

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    Peer Comparisons

    Peers to compare with:

    Financials

    SEPNLLYVKTXREGNAMGNABBVMedian
    NameSepterna Eli LillyViking T.Regenero.Amgen AbbVie  
    Mkt Price38.671,187.9132.42745.75422.75263.16342.96
    Mkt Cap1.71,060.13.876.7228.3465.5152.5
    Rev LTM9979,666015,53538,09564,38626,815
    Op Inc LTM-5639,608-5604,17411,42621,8507,800
    FCF LTM10513,560-4183,57510,17518,2106,875
    FCF 3Y Avg-103,294-2143,4398,75418,0763,366
    CFO LTM10628,083-4184,68112,47819,5078,580
    CFO 3Y Avg-814,510-2144,49810,31219,1437,405

    Growth & Margins

    SEPNLLYVKTXREGNAMGNABBVMedian
    NameSepterna Eli LillyViking T.Regenero.Amgen AbbVie  
    Rev Chg LTM13,520.1%49.6%-9.3%9.1%10.4%10.4%
    Rev Chg 3Y Avg-39.4%-7.0%12.8%4.9%9.9%
    Rev Chg Q22,375.6%47.7%-16.7%9.5%10.2%16.7%
    QoQ Delta Rev Chg LTM36.9%10.3%-4.1%2.4%2.5%4.1%
    Op Inc Chg LTM45.1%76.5%-163.1%6.1%39.5%59.5%42.3%
    Op Inc Chg 3Y Avg-71.3%-96.1%-1.7%12.3%11.2%11.2%
    Op Mgn LTM-56.7%49.7%-26.9%30.0%33.9%30.0%
    Op Mgn 3Y Avg-7,052.3%42.1%-28.2%24.5%27.5%27.5%
    QoQ Delta Op Mgn LTM37.7%2.4%-1.1%1.6%0.8%1.6%
    CFO/Rev LTM107.2%35.3%-30.1%32.8%30.3%32.8%
    CFO/Rev 3Y Avg-5,628.1%22.5%-31.2%29.3%32.4%29.3%
    FCF/Rev LTM106.3%17.0%-23.0%26.7%28.3%26.7%
    FCF/Rev 3Y Avg-5,804.6%2.5%-23.9%24.9%30.6%23.9%

    Valuation

    SEPNLLYVKTXREGNAMGNABBVMedian
    NameSepterna Eli LillyViking T.Regenero.Amgen AbbVie  
    Mkt Cap1.71,060.13.876.7228.3465.5152.5
    P/S17.613.3-4.96.07.27.2
    P/Op Inc-31.126.8-6.718.420.021.319.2
    P/EBIT-31.125.7-6.714.717.640.116.2
    P/E-71.939.7-7.017.726.173.821.9
    P/CFO16.437.7-9.016.418.323.917.4
    Total Yield-1.4%3.1%-14.5%6.1%6.1%3.9%3.5%
    Dividend Yield0.0%0.5%0.0%0.5%2.3%2.6%0.5%
    FCF Yield 3Y Avg-0.3%-5.2%4.9%5.2%5.2%4.9%
    D/E0.00.10.00.00.30.20.0
    Net D/E-0.20.0-0.1-0.10.20.1-0.0

    Returns

    SEPNLLYVKTXREGNAMGNABBVMedian
    NameSepterna Eli LillyViking T.Regenero.Amgen AbbVie  
    1M Rtn-0.6%1.1%0.8%-6.1%-2.2%3.0%0.1%
    3M Rtn15.5%-0.8%-16.9%19.7%17.4%5.3%10.4%
    6M Rtn60.9%29.6%-0.4%-3.2%21.8%22.9%22.3%
    12M Rtn113.1%64.5%25.6%33.7%58.6%21.6%46.1%
    3Y Rtn80.7%125.8%192.9%-8.5%72.1%95.8%88.3%
    1M Excs Rtn-0.1%1.7%1.3%-5.6%-1.7%3.5%0.6%
    3M Excs Rtn13.2%-3.1%-19.2%17.5%15.1%3.0%8.1%
    6M Excs Rtn45.3%13.4%-13.0%-21.0%1.9%4.5%3.2%
    12M Excs Rtn106.3%49.5%11.0%17.6%43.7%7.5%30.6%
    3Y Excs Rtn4.0%42.5%72.7%-85.8%-4.6%13.6%8.8%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/10/20265/11/20263/9/202611/10/20258/11/20255/15/20253/27/202511/20/202410/25/20245/15/202510/25/202411/20/2024
    Key Financials Quarterly            
    Total Revenue2727242100000000
    Ebitda-16-13-16-9-29-26-24-22-18-15-13-12
    Operating Income-17-13-16-10-29-26-25-23-18-15-13-12
    Net Income-13-9-118-25-21-21-21-16-1435-11
    EPS-0.29-0.19-0.240.18-0.56-0.49-0.64-0.49-0.39-0.341.60-0.56
    Key Financials TTM            
    Total Revenue TTM9972462211111---
    Ebitda TTM-54-67-79-88-101-90-79-68-58---
    Operating Income TTM-56-68-81-89-102-91-81-69-59---
    Net Income TTM-24-36-49-59-88-79-72-16-7---
    Growth Rates Quarterly            
    Total Revenue Growth22375.6%12011.0%11276.4%12113.1%-67.8%-30.9%79.7%433.3%----
    EBITDA Growth42.6%49.5%35.8%57.2%-61.1%-68.1%-86.2%-87.9%----
    Operating Income Growth41.9%48.7%35.2%56.2%-60.4%-67.3%-85.7%-87.3%----
    Net Income Growth47.5%59.8%48.0%139.8%-51.1%-51.6%-159.2%-87.5%----
    Margins Quarterly            
    EBITDA Margin-61.4%-48.6%-64.8%-44.1%-24010.9%-11649.8%-11476.4%-12605.7%-4792.4%-4786.8%-11072.0%-35778.8%
    Operating Income Margin-62.9%-50.1%-66.4%-46.0%-24351.3%-11831.1%-11659.4%-12812.5%-4882.4%-4886.4%-11278.0%-36484.8%
    Net Income Margin-48.7%-32.6%-44.5%38.0%-20872.3%-9806.4%-9749.1%-11660.8%-4443.5%-4468.8%29571.2%-33166.7%
    Cash & Debt            
    Total Cash372347391474327336351131149-88-
    Total Debt2323242425252525120130
    Net Debt / (Cash)-350-324-367-450-302-311-325-105-137--76-
    Cash Flows Quarterly            
    FCF from Operations-22-26-15169-20-23-21-17-13-17-9-10
    Cash Flows TTM            
    FCF from Operations TTM106108110104-81-74-67-55-48---
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-00-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-29.8%-23.1%-35.3%-41.6%-48.2%-45.2%-46.1%-----
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-24.8%-29.6%-44.5%-93.9%-42.4%-39.6%-37.7%-----

    Segment Financials

    Revenue by Segment
    $ Mil2025202420232022
    Single Segment46100
    Total46100


    Operating Income by Segment
    $ Mil202520242023
    Single Segment-68-810
    Total-68-810


    Net Income by Segment
    $ Mil202520242023
    Single Segment-49-720
    Total-49-720


    Assets by Segment
    $ Mil20232022
    Single Segment13136
    Total13136


    Price Behavior

    Price Behavior
    Market Price$39.13 
    Market Cap ($ Bil)1.8 
    First Trading Date10/25/2024 
    Distance from 52W High-18.8% 
       50 Days200 Days
    DMA Price$38.81$30.56
    DMA Trendupup
    Distance from DMA0.8%28.0%
     3M1YR
    Volatility69.7%67.2%
    Downside Capture-41.9173.93
    Upside Capture48.09150.72
    Correlation (SPY)14.5%19.4%
    SEPN Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta1.981.440.641.001.070.12
    Up Beta5.314.333.071.851.640.56
    Down Beta7.161.870.37-0.21-0.040.01
    Up Capture49%60%44%134%296%83%
    Bmk +ve Days10213268138427
    Stock +ve Days10203161126223
    Down Capture-200%-20%-81%92%76%97%
    Bmk -ve Days11213259113324
    Stock -ve Days11223365124232

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with SEPN
    SEPN125.0%67.1%1.46-
    Sector ETF (XLV)27.7%16.0%1.3317.0%
    Equity (SPY)16.5%13.0%0.9019.3%
    Gold (GLD)10.5%29.6%0.347.7%
    Commodities (DBC)40.5%20.8%1.52-14.2%
    Real Estate (VNQ)3.2%13.6%-0.0211.7%
    Bitcoin (BTCUSD)-24.6%44.7%-0.502.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with SEPN
    SEPN14.0%90.5%0.79-
    Sector ETF (XLV)7.0%15.2%0.2712.8%
    Equity (SPY)13.5%17.2%0.6023.0%
    Gold (GLD)18.2%18.9%0.78-2.4%
    Commodities (DBC)10.6%19.6%0.42-10.1%
    Real Estate (VNQ)0.9%18.9%-0.0611.0%
    Bitcoin (BTCUSD)15.3%52.4%0.469.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with SEPN
    SEPN6.8%90.5%0.79-
    Sector ETF (XLV)10.9%16.7%0.5312.8%
    Equity (SPY)15.4%17.9%0.7323.0%
    Gold (GLD)11.8%16.4%0.59-2.4%
    Commodities (DBC)8.3%18.1%0.37-10.1%
    Real Estate (VNQ)4.6%20.7%0.1811.0%
    Bitcoin (BTCUSD)63.5%66.2%1.039.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity2.9 Mil
    Short Interest: % Change Since 83120266.5%
    Average Daily Volume0.3 Mil
    Days-to-Cover Short Interest9.5 days
    Basic Shares Quantity45.0 Mil
    Short % of Basic Shares6.4%

    Returns Analyses

    Earnings Returns History

    Updated 9/11/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/10/202622.9%13.8%-2.3%
    5/11/20265.4%11.6%29.3%
    3/9/2026-3.6%-13.5%-15.7%
    11/10/2025-2.2%25.7%38.5%
    8/11/2025-2.5%0.9%28.1%
    5/15/2025-2.8%-6.3%4.2%
    3/27/20252.4%-10.5%5.2%
    11/20/2024-3.2%10.1%7.9%
    SUMMARY STATS   
    # Positive356
    # Negative532
    Median Positive5.4%11.6%18.0%
    Median Negative-2.8%-10.5%-9.0%
    Max Positive22.9%25.7%38.5%
    Max Negative-3.6%-13.5%-15.7%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/10/202622.9%13.8%-2.3%
    5/11/20265.4%11.6%29.3%
    3/9/2026-3.6%-13.5%-15.7%
    11/10/2025-2.2%25.7%38.5%
    8/11/2025-2.5%0.9%28.1%
    5/15/2025-2.8%-6.3%4.2%
    3/27/20252.4%-10.5%5.2%
    11/20/2024-3.2%10.1%7.9%
    SUMMARY STATS   
    # Positive356
    # Negative532
    Median Positive5.4%11.6%18.0%
    Median Negative-2.8%-10.5%-9.0%
    Max Positive22.9%25.7%38.5%
    Max Negative-3.6%-13.5%-15.7%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    03/31/202605/11/202610-Q
    12/31/202503/09/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/11/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/27/202510-K
    09/30/202411/20/202410-Q
    06/30/202410/25/2024424B4
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    03/31/202605/11/202610-Q
    12/31/202503/09/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/11/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/27/202510-K
    09/30/202411/20/202410-Q
    06/30/202410/25/2024424B4

    Recent Forward Guidance

    Updated 9/28/2026

    Latest: Q2 2026 Earnings Reported 8/10/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2029 Cash RunwayReported     AffirmedGuidance: 2029 for 2029

    null

    Insider Activity

    Updated 9/10/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Long, Daniel DSVP, Drug DiscoveryDirectSell903202637.833,333126,0783,646,986Form
    2Bhatt, ElizabethPresident and COODirectSell813202644.0025,0001,100,0007,665,196Form
    3Long, Daniel DSVP, Drug DiscoveryDirectSell805202634.473,334114,9203,323,232Form
    4Bhatt, ElizabethPresident and COODirectSell717202633.994,000135,9745,921,974Form
    5Long, Daniel DSVP, Drug DiscoveryDirectSell702202634.363,333114,5283,312,900Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Long, Daniel DSVP, Drug DiscoveryDirectSell903202637.833,333126,0783,646,986Form
    2Bhatt, ElizabethPresident and COODirectSell813202644.0025,0001,100,0007,665,196Form
    3Long, Daniel DSVP, Drug DiscoveryDirectSell805202634.473,334114,9203,323,232Form
    4Bhatt, ElizabethPresident and COODirectSell717202633.994,000135,9745,921,974Form
    5Long, Daniel DSVP, Drug DiscoveryDirectSell702202634.363,333114,5283,312,900Form
    6Shaikhly, SamiraChief People OfficerDirectSell630202635.182,17876,62227,898Form
    7Long, Daniel DSVP, Drug DiscoveryDirectSell624202635.5115,000532,5823,423,151Form
    8Shaikhly, SamiraChief People OfficerDirectSell616202635.086,250219,22427,815Form
    9Shaikhly, SamiraChief People OfficerDirectSell603202628.935,935171,68222,939Form
    10Shaikhly, SamiraChief People OfficerDirectSell528202630.0611,798354,65623,838Form
    11Bhatt, ElizabethPresident and COODirectSell417202624.344,00097,3434,239,522Form
    12Shaikhly, SamiraChief People OfficerDirectSell304202628.1070,4531,979,83822,285Form
    13Bhatt, ElizabethPresident and COODirectSell220202628.974,000115,8605,045,975Form
    14Long, Daniel DSVP, Drug DiscoveryDirectSell1113202518.063,50163,2231,677,843Form

    Investor Activity (13F)

    Updated Sep 30, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    TRV GP V, LLC$149.4 Mil37.2%3Hold13F
    Samsara Biocapital, LLC$75.7 Mil7.4%22Hold13F
    First Light Asset Management, LLC$17.6 Mil1.6%35ADD +18.0%13F
    Catalio Capital Management, LP$7.1 Mil1.5%41Hold13F
    BVF Inc/Il$32.5 Mil1.0%41TRIM -21.4%13F
    Casdin Capital, LLC$13.3 Mil1.0%40Hold13F
    Venrock Adviser, LLC$12.2 Mil0.5%33TRIM -17.1%13F
    Avoro Capital Advisors LLC$32.1 Mil0.3%30Hold13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    First Light Asset Management, LLC$17.6 Mil1.6%35ADD +18.0%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    BVF Inc/Il$32.5 Mil1.0%41TRIM -21.4%13F
    Venrock Adviser, LLC$12.2 Mil0.5%33TRIM -17.1%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    TRV GP V, LLC$149.4 Mil37.2%3Hold13F
    Samsara Biocapital, LLC$75.7 Mil7.4%22Hold13F
    BVF Inc/Il$32.5 Mil1.0%41TRIM -21.4%13F
    Avoro Capital Advisors LLC$32.1 Mil0.3%30Hold13F
    First Light Asset Management, LLC$17.6 Mil1.6%35ADD +18.0%13F
    Casdin Capital, LLC$13.3 Mil1.0%40Hold13F
    Venrock Adviser, LLC$12.2 Mil0.5%33TRIM -17.1%13F
    Catalio Capital Management, LP$7.1 Mil1.5%41Hold13F

    Industry Resources

    External Quote Links


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