Septerna Narrows Operating Loss as Research Spending Climbs
Second-quarter revenue reached $26.7 million as research-services and milestone revenue increased.
Septerna (SEPN), a clinical-stage biotechnology company, narrowed its second-quarter operating loss as collaboration revenue offset a sharp increase in research spending.
The results came as Septerna extended dosing in a key clinical trial and reconsidered the design of another program, shifting near-term development timelines while seeking more capital-efficient studies.
Revenue rose to $26.7 million from $26.5 million in the first quarter and $100,000 a year earlier, continuing an increase from $24.1 million in the fourth quarter of 2024. The net loss widened sequentially to $13.0 million from $8.6 million but narrowed from $24.8 million a year earlier. The loss was 29 cents a share, compared with 56 cents a share a year earlier.
The mix of revenue from Septerna’s Novo Nordisk collaboration shifted during the quarter. Upfront-payment amortization declined to $14.6 million from $15.7 million sequentially, while research-services revenue increased to $11.2 million from $10.3 million and recognized research-milestone revenue rose to $900,000 from $500,000.
Research-and-development expense climbed 58% from a year earlier to $35.1 million and increased $5.6 million from the first quarter. General-and-administrative expense declined sequentially to $8.5 million, though it remained 22% above the year-earlier period. Operating loss narrowed to $16.8 million from $29.0 million despite total operating expenses rising to $43.6 million.
Septerna now expects Phase 1 single- and multiple-ascending-dose data for SEP-479 in the first quarter of 2027, narrowing its previous late-2026-or-early-2027 window. The company extended dosing in the multiple-ascending-dose cohorts to 14 days after observing a three-to-four-day half-life.
The company also dropped its earlier plan to begin a Phase 2b chronic spontaneous urticaria trial of SEP-631 in the second half of 2026 and is evaluating more capital-efficient, signal-finding studies in mast cell-driven diseases. Cash, cash equivalents and marketable securities declined to $516.5 million at June 30 from $522.1 million at March 31, and its resources are expected to fund operations at least into 2029.