Septerna (SEPN)

Market Price (11/12/2026): $48.5 | Market Cap: $2.3 BilSector: Health Care | Industry: Biotechnology

Septerna (SEPN)

Market Price (11/12/2026): $48.5
Market Cap: $2.3 Bil
Sector: Health Care
Industry: Biotechnology

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

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 337%

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

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.95

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -73 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -76%

Stock price has recently run up significantly
12M Rtn12 month market price return is 152%

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -12%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -80%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -81%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 55%

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 -7.9%

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 337%
2	Megatrend and thematic drivers Megatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies.
3	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.95
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -73 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -76%
5	Stock price has recently run up significantly 12M Rtn12 month market price return is 152%
6	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -12%
7	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20%
8	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -80%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -81%
9	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 55%
10	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 -7.9%
11	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%

IWM0.04%

IBB0.10%

IWO0.05%

SCHA0.03%

VTWO0.03%

IWN0.02%

+6 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	11/12/26	2025	2024	2023	2022
Share Price			$48.50	$27.88	$22.90	�	�
Mkt Cap ($ Bil)			2.3	1.2	1.0	-	-
+ Debt ($ Bil)			0.0	0.0	0.0	0.0	0.0
- Cash ($ Bil)			0.5	0.4	0.4	0.1	0.0
TEV ($ Bil)			1.8	1.2	1.0
Valuation Ratios
P/S	32.1	24.1	23.6	27.1	946.3	-	-
P/EBIT	—	—	-31.0	-15.4	-12.6	-	-
P/E	—	—	-38.6	-25.4	-14.2	-	-
P/FCF	—	—	-29.3	11.3	-14.6	-	-
Sector Ratios (* = sector average)
P/S *			3.6	4.0	3.7	4.0	4.5
P/EBIT *			-1.4	-1.7	-1.4	-1.5	-1.4
P/E *			-1.4	-1.8	-1.6	-1.7	-1.4
P/FCF *			-1.5	-1.7	-1.5	-1.3	-1.7

FYE: 12/31	Forward FYE		Now
	2027	2026	11/12/26
Share Price			$48.50
Mkt Cap ($ Bil)			2.3
+ Debt ($ Bil)			0.0
- Cash ($ Bil)			0.5
TEV ($ Bil)			1.8
Valuation Ratios
P/S	32.1	24.1	23.6
P/EBIT	—	—	-31.0
P/E	—	—	-38.6
P/FCF	—	—	-29.3
Sector Ratios (* = sector average)
P/S *			3.6
P/EBIT *			-1.4
P/E *			-1.4
P/FCF *			-1.5

FYE: 12/31	SEPN [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$96.3 Mil	—
FY 2026 Sales	$95.6 Mil	—
FY 2027 Sales	$71.8 Mil	—
FY 2026 Sales Growth	-0.7%	—
FY 2027 Sales Growth	-24.9%	8.6%
EARNINGS
LTM Net Income (GAAP) [3]	$-59.0 Mil	—
FY 2026 Net Income (Non-GAAP)	$-55.2 Mil	—
FY 2027 Net Income (Non-GAAP)	$-117.4 Mil	—
FY 2027 Net Income Growth	—	12.7%
FY 2026 EPS (Non-GAAP)	$-1.43	—
FY 2027 EPS (Non-GAAP)	$-2.31	—
FY 2027 EPS Growth	—	—
VALUATION
FY 2026 P/S	24.1	1.7
FY 2027 P/S	32.1	—
FY 2026 P/E	—	8.8
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 11/30/27 (~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).

	SEPN	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.1
Rev Chg Q	-12.2%	8.8%
Rev Chg LTM	336.7%	8.7%
Rev Chg 3Y Avg	1,241.9%	6.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.1
CFO LTM ($ Bil)	-0.1
Net Inc LTM ($ Bil)	-0.1
Op Mgn LTM	-76.2%	19.0%
CFO/Rev LTM	-79.5%	21.4%
Net Inc Mgn	-61.3%	13.5%
VALUATION	VERY HIGH
P/S	23.6	3.2
P/CFO	-29.7	15.3
P/FCF	-29.3	20.5
P/E	-38.6	21.8
STABILITY	VERY GOOD
Debt/Equity	0.01	0.19
Cash/Assets	0.77	0.07

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Metric	Value	Date	Source
Wholly-Owned Pipeline Programs	3	11082025	Link
Partnered Development Programs	4	5142025	Link
Clinical-Stage Programs	1	9032025	Link
Preclinical and Discovery Stage Programs	2	11082025	Link
Total Patent Applications and Grants	9	8042025	Link
Number of Employees	78	6302025	Link

Price Chart

Recent
11/09/2026	Earnings Release	Rev: $18 Mil (A) vs. $20 Mil (E) EPS: -0.57 (A) vs. $-0.41 (E)
Upcoming
3/08/2027	Earnings Release	Rev: $21 Mil (E) EPS: $-0.57 (E)

Why The Stock Moved

Qualitative Assessment

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Prices as of 11/11/2026

Nov 11: down 7.2% in one day (S&P 500 up 1.3%)
The stock declined without company news. The S&P 500 rose that day.

Up 46.7% from its Oct 6 low to Nov 10, down 7.2% since (S&P 500 down 3.7%)
The stock rose significantly, driven by the selection of SEP-204 as a development candidate for Graves' Disease and TED, and preclinical data. This news was reported on November 4, 2026.

Nov 10: up 3.2% the day after its Nov 9 earnings report (S&P 500 down 0.4%)
The stock rose the day after reporting a Q3 loss of $0.57 per share and lagging revenue estimates. The S&P 500 declined that day.

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Stock Movement Drivers

Fundamental Drivers

The 41.0% change in SEPN stock from 7/31/2026 to 11/11/2026 was primarily driven by a 33.2% change in the company's Total Revenues ($ Mil).

(LTM values as of)	7312026	11112026	Change
Stock Price ($)	34.45	48.56	41.0%
Change Contribution By:
Total Revenues ($ Mil)	72	96	33.2%
P/S Multiple	21.3	23.7	10.9%
Shares Outstanding (Mil)	45	47	-4.6%
Cumulative Contribution			41.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/11/2026

	Return	Correlation
SEPN	41.0%
Market (SPY)	1.7%	20.1%
Sector (XLV)	16.2%	25.2%

Fundamental Drivers

The 104.4% change in SEPN stock from 4/30/2026 to 11/11/2026 was primarily driven by a 109.5% change in the company's Total Revenues ($ Mil).

(LTM values as of)	4302026	11112026	Change
Stock Price ($)	23.76	48.56	104.4%
Change Contribution By:
Total Revenues ($ Mil)	46	96	109.5%
P/S Multiple	23.1	23.7	2.7%
Shares Outstanding (Mil)	45	47	-5.0%
Cumulative Contribution			104.4%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/11/2026

	Return	Correlation
SEPN	104.4%
Market (SPY)	6.0%	18.6%
Sector (XLV)	30.0%	20.1%

Fundamental Drivers

The 135.7% change in SEPN stock from 10/31/2025 to 11/11/2026 was primarily driven by a 13160.1% change in the company's Total Revenues ($ Mil).

(LTM values as of)	10312025	11112026	Change
Stock Price ($)	20.60	48.56	135.7%
Change Contribution By:
Total Revenues ($ Mil)	1	96	13160.1%
P/S Multiple	1,253.2	23.7	-98.1%
Shares Outstanding (Mil)	44	47	-5.9%
Cumulative Contribution			135.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/11/2026

	Return	Correlation
SEPN	135.7%
Market (SPY)	12.3%	19.6%
Sector (XLV)	32.7%	21.1%

Fundamental Drivers

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Market Drivers

10/31/2023 to 11/11/2026

	Return	Correlation
SEPN
Market (SPY)	87.9%	23.1%
Sector (XLV)	58.9%	14.7%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
SEPN Return	-	-	-	7%	22%	74%	127%
Peers Return	23%	39%	39%	29%	20%	24%	352%
S&P 500 Return	27%	-19%	24%	23%	16%	10%	100%
Monthly Win Rates [3]
SEPN Win Rate	-	-	-	67%	58%	73%
Peers Win Rate	55%	58%	55%	55%	50%	62%
S&P 500 Win Rate	75%	42%	67%	75%	67%	36%
Max Drawdowns [4]
SEPN Max Drawdown	-	-	-	-	-79%	-26%
Peers Max Drawdown	-25%	-26%	-27%	-33%	-32%	-25%
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 11/11/2026 (YTD)

About Septerna (SEPN)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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.

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Here are a few analogies to describe Septerna:

Moderna for GPCR drug discovery
CRISPR Therapeutics for GPCRs

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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.

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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:

Patients with endocrinology-related diseases.
Patients with immunology and inflammation-related diseases.
Patients with metabolic diseases.

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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.

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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.

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.
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.
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.

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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.

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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.

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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.

Interactive Breakdown

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Better Bets vs. Septerna (SEPN)

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Peer Outperformance in Biotechnology

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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.

92%

of 450 industry peers · 152.4% return

—

insufficient peer history

—

insufficient peer history

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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 med	3Y med	5Y med	Top 3 by 5Y
Health Care Distributors	6	23.7%	107.0%	103.1%	CAH 516% · MCK 396% · COR 193%
Health Care Services	20	31.7%	27.6%	12.4%	HIMS 170% · RDNT 147% · DGX 92%
Managed Health Care	8	65.8%	-1.7%	0.8%	OSCR 157% · HQY 49% · ELV 7%
Health Care Facilities	26	24.0%	20.4%	-5.7%	THC 269% · NHC 227% · EHC 193%
Health Care Equipment	50	4.3%	19.7%	-11.9%	GKOS 382% · UFPT 363% · TMDX 241%
Pharmaceuticals	60	-13.9%	19.0%	-38.7%	LQDA 968% · XERS 694% · KNSA 623%
Health Care Supplies	11	24.5%	17.4%	-38.7%	LNTH 239% · HAE 104% · MMSI 30%
Life Sciences Tools & Services	109	-9.4%	-4.9%	-75.0%	AXGN 361% · MEDP 201% · NTRA 183%
Biotechnology ←	364	-25.0%	-29.2%	-80.8%	ELVN 1284% · TRVI 1156% · DNTH 1102%
Health Care Technology	22	-19.9%	-45.0%	-82.6%	VEEV -3% · DOCS -57%

Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	With Septerna Stock Surging, Have You Considered The Downside?	10/17/2025

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XERS	Xeris Biopharma	2.9	57.9%	110.4%
FLY	Firefly Aerospace	4.3	55.1%	19.0%
APP	AppLovin	135.9	48.9%	-39.9%
DCTH	Delcath Systems	0.8	46.9%	115.5%
AOSL	Alpha & Omega Semiconductor	0.9	45.8%	55.8%
ONT	Onterris	0.8	45.5%	-5.5%
FRVO	Fervo Energy	2.0	45.4%	-64.6%
BKSY	BlackSky Technology	0.9	43.7%	28.5%
WRBY	Warby Parker	3.7	41.6%	38.4%
ARDT	Ardent Health	2.6	40.0%	106.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
VCYT	Veracyte	2.0	-52.2%	-40.4%
MNTN	MNTN	0.4	-52.0%	-58.3%
STLN	Starling Oncology	0.4	-39.5%	-18.8%
PAYS	PaySign	0.5	-38.0%	84.1%
PRAA	PRA	0.5	-36.2%	-27.2%
NRDS	Nerdwallet	0.5	-34.8%	-43.2%
NAVI	Navient	0.6	-34.7%	-51.8%
IRTC	iRhythm	2.9	-33.8%	-50.0%
EMAT	Evolution Metals & Technologies	0.8	-33.8%	-94.2%
AGNT	AGNT	0.5	-33.4%	-67.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
LQDA	Liquidia	4.9	105.9%	60.1%
SGRY	Surgery Partners	3.4	83.2%	72.6%
REPL	Replimune	2.3	79.9%	124.1%
GDYN	Grid Dynamics	1.1	77.8%	53.2%
ONT	Onterris	0.8	76.7%	-5.5%
ULH	Universal Logistics	0.8	74.8%	104.0%
VRDN	Viridian Therapeutics	3.4	71.5%	0.4%
XNCR	Xencor	3.0	69.9%	161.1%
UPBD	Upbound	1.5	64.0%	54.0%
AXGN	Axogen	3.2	62.1%	79.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
AESI	Atlas Energy Solutions	0.7	-52.9%	-40.8%
FRMI	Fermi	1.2	-51.3%	-77.4%
MNTN	MNTN	0.4	-49.1%	-58.3%
IOVA	Iovance Biotherapeutics	3.6	-44.2%	196.3%
MPT	Medical Properties Trust	1.1	-43.1%	-62.2%
AAOI	Applied Optoelectronics	4.6	-42.9%	60.2%
PCT	PureCycle Technologies	0.4	-41.9%	-76.7%
VCYT	Veracyte	2.0	-41.8%	-40.4%
SGML	Sigma Lithium	0.6	-40.7%	-60.9%
BXBL	BOXABL	5.9	-39.5%	-80.0%

Peer Comparisons

Peers to compare with:

Financials

	SEPN	LLY	VKTX	REGN	AMGN	ABBV	Median
Name	Septerna	Eli Lilly	Viking T.	Regenero.	Amgen	AbbVie
Mkt Price	48.50	1,447.85	28.36	964.10	469.13	295.06	382.10
Mkt Cap	2.3	1,291.3	3.3	98.0	253.8	522.0	175.9
Rev LTM	96	86,462	0	16,896	38,903	66,014	27,900
Op Inc LTM	-73	44,315	-649	5,134	12,610	23,749	8,872
FCF LTM	-78	11,689	-463	3,628	9,581	18,872	6,605
FCF 3Y Avg	-11	5,283	-254	3,609	9,134	18,060	4,446
CFO LTM	-77	30,645	-463	4,846	12,035	20,089	8,440
CFO 3Y Avg	-9	17,580	-254	4,721	10,806	19,153	7,764

Growth & Margins

	SEPN	LLY	VKTX	REGN	AMGN	ABBV	Median
Name	Septerna	Eli Lilly	Viking T.	Regenero.	Amgen	AbbVie
Rev Chg LTM	336.7%	45.5%	-	18.6%	8.2%	10.7%	18.6%
Rev Chg 3Y Avg	-	39.4%	-	9.1%	13.3%	6.3%	11.2%
Rev Chg Q	-12.2%	38.6%	-	36.3%	8.5%	10.3%	10.3%
QoQ Delta Rev Chg LTM	-2.6%	8.5%	-	8.8%	2.1%	2.5%	2.5%
Op Inc Chg LTM	18.0%	67.9%	-136.0%	34.8%	45.4%	65.3%	40.1%
Op Inc Chg 3Y Avg	-	68.3%	-95.7%	6.9%	18.4%	17.8%	17.8%
Op Mgn LTM	-76.2%	51.3%	-	30.4%	32.4%	36.0%	32.4%
Op Mgn 3Y Avg	-2,519.3%	43.7%	-	28.9%	25.2%	29.2%	28.9%
QoQ Delta Op Mgn LTM	-19.6%	1.5%	-	3.5%	2.4%	2.0%	2.0%
CFO/Rev LTM	-79.5%	35.4%	-	28.7%	30.9%	30.4%	30.4%
CFO/Rev 3Y Avg	-1,748.3%	25.7%	-	31.6%	29.9%	31.7%	29.9%
FCF/Rev LTM	-80.6%	13.5%	-	21.5%	24.6%	28.6%	21.5%
FCF/Rev 3Y Avg	-1,843.0%	6.3%	-	24.2%	25.3%	29.9%	24.2%

Valuation

	SEPN	LLY	VKTX	REGN	AMGN	ABBV	Median
Name	Septerna	Eli Lilly	Viking T.	Regenero.	Amgen	AbbVie
Mkt Cap	2.3	1,291.3	3.3	98.0	253.8	522.0	175.9
P/S	23.6	14.9	-	5.8	6.5	7.9	7.9
P/Op Inc	-31.0	29.1	-5.2	19.1	20.1	22.0	19.6
P/EBIT	-31.0	29.1	-5.0	17.1	18.5	33.1	17.8
P/E	-38.6	46.8	-5.3	20.4	27.0	50.5	23.7
P/CFO	-29.7	42.1	-7.2	20.2	21.1	26.0	20.7
Total Yield	-2.6%	2.6%	-18.7%	5.3%	5.8%	4.3%	3.5%
Dividend Yield	0.0%	0.5%	0.0%	0.4%	2.1%	2.3%	0.4%
FCF Yield 3Y Avg	-	0.6%	-6.9%	4.8%	5.1%	4.5%	4.5%
D/E	0.0	0.0	0.1	0.0	0.2	0.2	0.1
Net D/E	-0.2	0.0	-0.2	-0.1	0.2	0.1	-0.0

Returns

	SEPN	LLY	VKTX	REGN	AMGN	ABBV	Median
Name	Septerna	Eli Lilly	Viking T.	Regenero.	Amgen	AbbVie
1M Rtn	29.1%	22.4%	0.1%	26.4%	12.3%	5.6%	17.4%
3M Rtn	0.6%	18.8%	-16.6%	21.0%	13.4%	19.3%	16.1%
6M Rtn	96.0%	43.0%	-10.5%	34.3%	41.3%	43.4%	42.1%
12M Rtn	152.1%	47.4%	-30.1%	43.7%	42.5%	35.0%	43.1%
3Y Rtn	126.6%	147.3%	190.0%	21.8%	92.0%	135.2%	130.9%
1M Excs Rtn	36.8%	27.8%	10.1%	31.7%	17.3%	11.9%	22.5%
3M Excs Rtn	11.0%	23.5%	-10.3%	23.3%	16.5%	21.9%	19.2%
6M Excs Rtn	94.9%	42.0%	-11.5%	33.2%	40.3%	42.4%	41.1%
12M Excs Rtn	157.9%	40.6%	-35.0%	37.9%	38.9%	28.9%	38.4%
3Y Excs Rtn	54.5%	75.5%	100.4%	-55.7%	15.7%	58.6%	56.5%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Clinical Pipeline

null

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022
Period End	9/30/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022
Filing Date	11/9/2026	3/9/2026	3/27/2025	10/25/2024	10/25/2024
Key Financials
Total Revenue	96	46	1	0	0
Gross Profit	-	-	-	-	-
EBITDA	-72	-79	-79	-45	-27
Operating Income	-73	-81	-81	-46	-28
Net Income	-59	-49	-72	4	-28
EPS	-1.29	-1.10	-7.26	0.03	-1.42
Growth Rates
Total Revenue Growth	336.7%	4174.5%	611.9%	∞%	-
EBITDA Growth	18.4%	0.3%	-77.7%	-63.2%	-
Operating Income Growth	18.0%	0.0%	-77.4%	-62.9%	-
Net Income Growth	-0.3%	31.9%	-1817.7%	115.1%	-
Margins
Gross Margin	-	-	-	-	-
EBITDA Margin	-74.5%	-172.3%	-7388.1%	-29604.0%	-
Operating Income Margin	-76.2%	-175.8%	-7518.4%	-30165.6%	-
Net Income Margin	-61.3%	-106.4%	-6678.9%	2768.2%	-
Cash & Debt
Total Cash	479	391	351	88	31
Total Debt	22	24	25	13	1
Net Debt / (Cash)	-457	-367	-325	-76	-30
Cash Flows & CapEx
Net Cash from Operations	-77	110	-67	-39	-23
Total CapEx	-1	-1	-2	-3	-1
Free Cash from Operations	-78	110	-70	-42	-25
Returns to Shareholders
Dividends	0	-0	-0	-0	-0
Share Repurchases	-0	0	0	0	-0
Share Count
Basic Shares (Wtd Avg, Mil)		44.3	9.9	19.5	19.5
Diluted Shares (Wtd Avg, Mil)		44.3	9.9	19.5	19.5

$ Mil \| FY: 12/31	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4
Period End	9/30/2026	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023
Filing Date	11/9/2026	8/10/2026	5/11/2026	3/9/2026	11/10/2025	8/11/2025	5/15/2025	3/27/2025	11/20/2024	10/25/2024	5/15/2025	10/25/2024
Key Financials Quarterly
Total Revenue	19	27	27	24	21	0	0	0	0	0	0	0
Ebitda	-27	-16	-13	-16	-9	-29	-26	-24	-22	-18	-15	-13
Operating Income	-27	-17	-13	-16	-10	-29	-26	-25	-23	-18	-15	-13
Net Income	-27	-13	-9	-11	8	-25	-21	-21	-21	-16	-14	35
EPS	-0.57	-0.29	-0.19	-0.24	0.18	-0.56	-0.49	-0.64	-0.49	-0.39	-0.34	1.60
Key Financials TTM
Total Revenue TTM	96	99	72	46	22	1	1	1	1	1	-	-
Ebitda TTM	-72	-54	-67	-79	-88	-101	-90	-79	-68	-58	-	-
Operating Income TTM	-73	-56	-68	-81	-89	-102	-91	-81	-69	-59	-	-
Net Income TTM	-59	-24	-36	-49	-59	-88	-79	-72	-16	-7	-	-
Growth Rates Quarterly
Total Revenue Growth	-12.2%	22375.6%	12011.0%	11276.4%	12113.1%	-67.8%	-30.9%	79.7%	433.3%	-	-	-
EBITDA Growth	-182.9%	42.6%	49.5%	35.8%	57.2%	-61.1%	-68.1%	-86.2%	-87.9%	-	-	-
Operating Income Growth	-175.4%	41.9%	48.7%	35.2%	56.2%	-60.4%	-67.3%	-85.7%	-87.3%	-	-	-
Net Income Growth	-425.3%	47.5%	59.8%	48.0%	139.8%	-51.1%	-51.6%	-159.2%	-87.5%	-	-	-
Margins Quarterly
EBITDA Margin	-142.1%	-61.4%	-48.6%	-64.8%	-44.1%	-24010.9%	-11649.8%	-11476.4%	-12605.7%	-4792.4%	-4786.8%	-11072.0%
Operating Income Margin	-144.2%	-62.9%	-50.1%	-66.4%	-46.0%	-24351.3%	-11831.1%	-11659.4%	-12812.5%	-4882.4%	-4886.4%	-11278.0%
Net Income Margin	-140.8%	-48.7%	-32.6%	-44.5%	38.0%	-20872.3%	-9806.4%	-9749.1%	-11660.8%	-4443.5%	-4468.8%	29571.2%
Cash & Debt
Total Cash	479	372	347	391	474	327	336	351	131	149	-	88
Total Debt	22	23	23	24	24	25	25	25	25	12	0	13
Net Debt / (Cash)	-457	-350	-324	-367	-450	-302	-311	-325	-105	-137	-	-76
Cash Flows Quarterly
Net Cash from Operations	-14	-22	-26	-15	169	-20	-23	-21	-17	-13	-17	-9
Total CapEx	-0	0	-1	-0	-0	-0	-0	-1	-1	-0	-1	-1
Free Cash from Operations	-14	-22	-26	-15	169	-20	-24	-22	-17	-13	-17	-10
Cash Flows TTM
Net Cash from Operations TTM	-77	106	108	110	104	-81	-74	-67	-55	-48	-	-
Total CapEx TTM	-1	-1	-1	-1	-1	-2	-2	-2	-3	-3	-2	-2
Free Cash from Operations TTM	-78	105	107	110	103	-83	-76	-70	-58	-51	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-58.3%	-29.8%	-23.1%	-35.3%	-41.6%	-48.2%	-45.2%	-46.1%	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-39.3%	-24.8%	-29.6%	-44.5%	-93.9%	-42.4%	-39.6%	-37.7%	-	-	-	-
Share Count
Basic Shares (Wtd Avg, Mil)	46.9	45.0	44.8	44.6	44.3	44.2	43.9	44.4	42.0	42.0	42.0	19.5
Diluted Shares (Wtd Avg, Mil)	46.9	45.0	44.8	44.6	45.6	44.2	43.9	44.4	42.0	42.0	42.0	19.5

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022
Single Segment	46	1	0	0
Total	46	1	0	0

Operating Income by Segment

$ Mil	2025	2024	2023
Single Segment	-68	-81	0
Total	-68	-81	0

Net Income by Segment

$ Mil	2025	2024	2023
Single Segment	-49	-72	0
Total	-49	-72	0

Assets by Segment

$ Mil	2023	2022
Single Segment	131	36
Total	131	36

Price Behavior

Price Behavior

Market Price	$48.56
Market Cap ($ Bil)	2.3
First Trading Date	10/25/2024
Distance from 52W High	-7.2%
	50 Days	200 Days
DMA Price	$40.26	$32.94
DMA Trend	up	up
Distance from DMA	20.6%	47.4%
	3M	1YR
Volatility	50.5%	68.0%
Downside Capture	95.01	62.32
Upside Capture	198.04	180.30
Correlation (S&P 500)	31.6%	22.0%

SEPN Betas & Captures as of 10/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.53	0.89	1.22	0.98	1.01	-0.08
Up Beta	-0.24	-1.03	2.74	2.57	1.62	0.09
Down Beta	0.79	0.99	1.92	0.60	0.03	-0.10
Up Capture	329%	175%	129%	150%	193%	100%
Bmk +ve Days	12	18	28	62	130	427
Stock +ve Days	13	20	30	60	120	243
Down Capture	96%	40%	-14%	-22%	82%	99%
Bmk -ve Days	10	25	36	64	121	325
Stock -ve Days	9	22	33	65	129	254

[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
SEPN	169.3%	68.0%	1.71	-
Sector ETF (XLV)	30.1%	17.0%	1.37	21.6%
Equity (SPY)	12.5%	13.7%	0.60	19.8%
Gold (GLD)	-3.5%	28.8%	-0.13	8.7%
Commodities (DBC)	33.0%	21.3%	1.24	-18.5%
Real Estate (VNQ)	11.7%	14.2%	0.53	15.7%
Bitcoin (BTCUSD)	-30.9%	43.5%	-0.73	0.7%

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Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SEPN
SEPN	19.0%	88.8%	0.89	-
Sector ETF (XLV)	8.6%	15.4%	0.36	14.6%
Equity (SPY)	11.8%	17.3%	0.51	23.0%
Gold (GLD)	17.1%	19.2%	0.72	-1.1%
Commodities (DBC)	7.9%	19.6%	0.29	-11.4%
Real Estate (VNQ)	1.3%	18.9%	-0.04	12.1%
Bitcoin (BTCUSD)	3.1%	51.5%	0.24	9.5%

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Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SEPN
SEPN	9.1%	88.8%	0.89	-
Sector ETF (XLV)	12.8%	16.8%	0.63	14.6%
Equity (SPY)	15.5%	18.0%	0.73	23.0%
Gold (GLD)	11.5%	16.6%	0.57	-1.1%
Commodities (DBC)	7.4%	18.2%	0.33	-11.4%
Real Estate (VNQ)	6.1%	20.7%	0.25	12.1%
Bitcoin (BTCUSD)	58.6%	66.3%	0.99	9.5%

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

Short Interest

Short Interest: As Of Date	10302026
Short Interest: Shares Quantity	3.4 Mil
Short Interest: % Change Since 10152026	-4.8%
Average Daily Volume	0.3 Mil
Days-to-Cover Short Interest	12.0 days
Basic Shares Quantity	46.9 Mil
Short % of Basic Shares	7.1%

Returns Analyses

	Title
0	With Septerna Stock Surging, Have You Considered The Downside?

Earnings Returns History

Updated 11/12/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/9/2026	3.2%
8/10/2026	22.9%	13.8%	-2.3%
5/11/2026	5.4%	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%
3/27/2025	2.4%	-10.5%	5.2%
...
SUMMARY STATS
# Positive	4	5	6
# Negative	5	3	2
Median Positive	4.3%	11.6%	18.0%
Median Negative	-2.8%	-10.5%	-9.0%
Max Positive	22.9%	25.7%	38.5%
Max Negative	-3.6%	-13.5%	-15.7%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/9/2026	3.2%
8/10/2026	22.9%	13.8%	-2.3%
5/11/2026	5.4%	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%
3/27/2025	2.4%	-10.5%	5.2%
11/20/2024	-3.2%	10.1%	7.9%
SUMMARY STATS
# Positive	4	5	6
# Negative	5	3	2
Median Positive	4.3%	11.6%	18.0%
Median Negative	-2.8%	-10.5%	-9.0%
Max Positive	22.9%	25.7%	38.5%
Max Negative	-3.6%	-13.5%	-15.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
09/30/2026	11/09/2026	10-Q
06/30/2026	08/10/2026	10-Q
03/31/2026	05/11/2026	10-Q
12/31/2025	03/09/2026	10-K
09/30/2025	11/10/2025	10-Q
06/30/2025	08/11/2025	10-Q
03/31/2025	05/15/2025	10-Q
12/31/2024	03/27/2025	10-K
09/30/2024	11/20/2024	10-Q
06/30/2024	10/25/2024	424B4

Collapse to Preview

Report Date	Filing Date	Filing
09/30/2026	11/09/2026	10-Q
06/30/2026	08/10/2026	10-Q
03/31/2026	05/11/2026	10-Q
12/31/2025	03/09/2026	10-K
09/30/2025	11/10/2025	10-Q
06/30/2025	08/11/2025	10-Q
03/31/2025	05/15/2025	10-Q
12/31/2024	03/27/2025	10-K
09/30/2024	11/20/2024	10-Q
06/30/2024	10/25/2024	424B4

Recent Forward Guidance

Updated 11/10/2026

Latest: Q3 2026 Earnings Reported 11/9/2026

null

Prior: Q2 2026 Earnings Reported 8/10/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2029 Cash Runway	Reported						Affirmed	Guidance: 2029 for 2029

Insider Activity

Updated 10/19/2026

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Bhatt, Elizabeth	President and COO	Direct	Sell	10192026	37.41	4,000	149,644	6,517,345	Form
2	Long, Daniel D	SVP, Drug Discovery	Direct	Sell	9032026	37.83	3,333	126,078	3,646,986	Form
3	Bhatt, Elizabeth	President and COO	Direct	Sell	8132026	44.00	25,000	1,100,000	7,665,196	Form
4	Long, Daniel D	SVP, Drug Discovery	Direct	Sell	8052026	34.47	3,334	114,920	3,323,232	Form
5	Bhatt, Elizabeth	President and COO	Direct	Sell	7172026	33.99	4,000	135,974	5,921,974	Form

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Bhatt, Elizabeth	President and COO	Direct	Sell	10192026	37.41	4,000	149,644	6,517,345	Form
2	Long, Daniel D	SVP, Drug Discovery	Direct	Sell	9032026	37.83	3,333	126,078	3,646,986	Form
3	Bhatt, Elizabeth	President and COO	Direct	Sell	8132026	44.00	25,000	1,100,000	7,665,196	Form
4	Long, Daniel D	SVP, Drug Discovery	Direct	Sell	8052026	34.47	3,334	114,920	3,323,232	Form
5	Bhatt, Elizabeth	President and COO	Direct	Sell	7172026	33.99	4,000	135,974	5,921,974	Form
6	Long, Daniel D	SVP, Drug Discovery	Direct	Sell	7022026	34.36	3,333	114,528	3,312,900	Form
7	Shaikhly, Samira	Chief People Officer	Direct	Sell	6302026	35.18	2,178	76,622	27,898	Form
8	Long, Daniel D	SVP, Drug Discovery	Direct	Sell	6242026	35.51	15,000	532,582	3,423,151	Form
9	Shaikhly, Samira	Chief People Officer	Direct	Sell	6162026	35.08	6,250	219,224	27,815	Form
10	Shaikhly, Samira	Chief People Officer	Direct	Sell	6032026	28.93	5,935	171,682	22,939	Form
11	Shaikhly, Samira	Chief People Officer	Direct	Sell	5282026	30.06	11,798	354,656	23,838	Form
12	Bhatt, Elizabeth	President and COO	Direct	Sell	4172026	24.34	4,000	97,343	4,239,522	Form
13	Shaikhly, Samira	Chief People Officer	Direct	Sell	3042026	28.10	70,453	1,979,838	22,285	Form
14	Bhatt, Elizabeth	President and COO	Direct	Sell	2202026	28.97	4,000	115,860	5,045,975	Form
15	Long, Daniel D	SVP, Drug Discovery	Direct	Sell	11132025	18.06	3,501	63,223	1,677,843	Form

Investor Activity (13F)

Updated Nov 12, 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 Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
TRV GP V, LLC	$149.4 Mil	37.2%	3	Hold	13F
Samsara Biocapital, LLC	$75.7 Mil	7.4%	22	Hold	13F
First Light Asset Management, LLC	$17.6 Mil	1.6%	35	ADD +18.0%	13F
Catalio Capital Management, LP	$7.1 Mil	1.5%	41	Hold	13F
BVF Inc/Il	$32.5 Mil	1.0%	41	TRIM -21.4%	13F
Casdin Capital, LLC	$13.3 Mil	1.0%	40	Hold	13F
Venrock Adviser, LLC	$12.2 Mil	0.5%	33	TRIM -17.1%	13F
Avoro Capital Advisors LLC	$32.1 Mil	0.3%	30	Hold	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
First Light Asset Management, LLC	$17.6 Mil	1.6%	35	ADD +18.0%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
BVF Inc/Il	$32.5 Mil	1.0%	41	TRIM -21.4%	13F
Venrock Adviser, LLC	$12.2 Mil	0.5%	33	TRIM -17.1%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
TRV GP V, LLC	$149.4 Mil	37.2%	3	Hold	13F
Samsara Biocapital, LLC	$75.7 Mil	7.4%	22	Hold	13F
BVF Inc/Il	$32.5 Mil	1.0%	41	TRIM -21.4%	13F
Avoro Capital Advisors LLC	$32.1 Mil	0.3%	30	Hold	13F
First Light Asset Management, LLC	$17.6 Mil	1.6%	35	ADD +18.0%	13F
Casdin Capital, LLC	$13.3 Mil	1.0%	40	Hold	13F
Venrock Adviser, LLC	$12.2 Mil	0.5%	33	TRIM -17.1%	13F
Catalio Capital Management, LP	$7.1 Mil	1.5%	41	Hold	13F

SEPN Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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INVESTMENT THESIS

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Supporting Evidence:

PRIMARY RISK

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Supporting Evidence:

Key KPI Watchlist

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Next 6 months: Risks and Catalysts

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① Structure

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③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

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Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

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BioWorld

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Core Cache Last Updated: 11/11/2026

Septerna (SEPN)

Market Price (11/12/2026): $48.5 | Market Cap: $2.3 BilSector: Health Care | Industry: Biotechnology

Septerna (SEPN)

Market Price (11/12/2026): $48.5Market Cap: $2.3 BilSector: Health CareIndustry: Biotechnology

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

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CONVICTION RATIONALE

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PREVAILING SENTIMENT

Market Price (11/12/2026): $48.5
Market Cap: $2.3 Bil
Sector: Health Care
Industry: Biotechnology