Septerna, Inc.
SEPN · Pharmaceutical Preparations · 45.1M shares · +354%/yr ↑ dilution · EDGAR filings ↗
Reference price $35.10 · est. market cap ~$1.6B — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C54Clinical-stage GPCR biotech — positive free cash flow this year from a collaboration, but pre-commercial.
Strengths
- Positive free cash flow (collaboration-driven) — FCF $110M (88th), OCF margin 240%
Risks
- Pre-commercial, dependent on clinical success — operating margin -149%
- FCF is collaboration-driven, not recurring — per metrics
- Capital-need/competition risk — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, CITADEL ADVISORS LLC
- Net lossNet loss (net margin -106.4%)
- Chronic dilutionShare count +354%/yr over 1y (dilution, book value/share -80%)
- Strong balance sheetStrong balance sheet — $549M cash & investments
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Notable holderHeld by 4 notable fund(s): GOLDMAN SACHS GROUP INC, STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 14 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-148.6%
Net margin
-106.4%
Return on equity
-12.8%
Return on assets
-8.2%
Revenue growth (QoQ)
10.0%
Current ratio
4.7×
Free cash flow
$110M
EBITDA
-$67M
Tangible book value
$382M
Cash & investments
$549M
Stock comp / revenue
18.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Long Daniel D. | Option exercise | 11K | $2.76 |
| 2026-06-22 | Long Daniel D. | Option exercise | 4.5K | $11.70 |
| 2026-06-22 | Long Daniel D. | Sell | 8.0K | $35.10 |
| 2026-06-22 | Long Daniel D. | Sell | 7.0K | $35.97 |
| 2026-06-12 | Shaikhly Samira | Option exercise | 6.2K | $11.70 |
| 2026-06-12 | Shaikhly Samira | Sell | 6.2K | $35.08 |
| 2026-06-01 | Shaikhly Samira | Option exercise | 4.4K | $1.55 |
| 2026-06-01 | Shaikhly Samira | Option exercise | 943 | $2.76 |
| 2026-06-01 | Shaikhly Samira | Option exercise | 637 | $2.76 |
| 2026-06-01 | Shaikhly Samira | Sell | 1.7K | $27.78 |
| 2026-06-01 | Shaikhly Samira | Sell | 1.3K | $28.79 |
| 2026-06-01 | Shaikhly Samira | Sell | 2.9K | $29.66 |
| 2026-05-26 | Shaikhly Samira | Option exercise | 12K | $6.81 |
| 2026-05-26 | Shaikhly Samira | Sell | 12K | $30.06 |
| 2026-04-15 | Bhatt Elizabeth | Option exercise | 4.0K | $6.81 |
| 2026-04-15 | Bhatt Elizabeth | Sell | 2.6K | $23.76 |
| 2026-04-15 | Bhatt Elizabeth | Sell | 1.1K | $25.24 |
| 2026-04-15 | Bhatt Elizabeth | Sell | 326 | $25.86 |
| 2026-03-02 | Shaikhly Samira | Option exercise | 54K | $1.55 |
| 2026-03-02 | Shaikhly Samira | Option exercise | 12K | $2.76 |
| 2026-03-02 | Shaikhly Samira | Option exercise | 5.1K | $2.76 |
| 2026-03-02 | Shaikhly Samira | Sell | 4.1K | $27.51 |
| 2026-03-02 | Shaikhly Samira | Sell | 66K | $28.14 |
| 2026-02-18 | Bhatt Elizabeth | Option exercise | 4.0K | $6.81 |
| 2026-02-18 | Bhatt Elizabeth | Sell | 2.2K | $28.46 |
| 2026-02-18 | Bhatt Elizabeth | Sell | 1.8K | $29.58 |
| 2025-11-10 | Long Daniel D. | Sell | 3.5K | $18.06 |
| 2025-08-18 | Klein Uwe | Option exercise | 10K | $2.76 |
| 2025-08-18 | Klein Uwe | Option exercise | 4.9K | $2.76 |
| 2025-08-18 | Klein Uwe | Option exercise | 7.6K | $6.81 |
| 2025-04-03 | Finer Jeffrey | Option exercise | 5.0K | $2.76 |
| 2025-04-02 | Finer Jeffrey | Option exercise | 50K | $2.76 |
| 2025-03-07 | Ezekowitz Alan | Buy | 13K | $6.93 |
| 2025-03-06 | Ezekowitz Alan | Buy | 41K | $6.00 |
| 2025-03-05 | Ezekowitz Alan | Buy | 38K | $5.82 |
| 2025-03-04 | Ezekowitz Alan | Buy | 7.5K | $6.35 |
| 2025-02-27 | Labrucherie Gil M | Buy | 3.7K | $5.85 |
| 2025-02-27 | Finer Jeffrey | Buy | 3.0K | $5.80 |
| 2025-02-26 | Finer Jeffrey | Buy | 4.0K | $5.70 |
| 2025-02-25 | Finer Jeffrey | Buy | 10K | $5.68 |
| 2025-02-25 | Labrucherie Gil M | Buy | 6.3K | $5.59 |
| 2025-02-24 | Third Rock Ventures VI, L.P. | Buy | 19K | $6.00 |
| 2025-02-21 | Third Rock Ventures VI, L.P. | Buy | 428K | $5.94 |
| 2025-02-21 | Labrucherie Gil M | Buy | 5.0K | $5.85 |
| 2025-02-20 | Third Rock Ventures VI, L.P. | Buy | 613K | $5.92 |
| 2025-02-20 | Labrucherie Gil M | Buy | 14K | $5.88 |
| 2025-02-19 | Labrucherie Gil M | Buy | 10K | $5.51 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07433179 ↗ | A Study to Evaluate Single and Multiple Doses of SEP-479 in Healthy Adult Participants Healthy Volunteers | PHASE1 | Recruiting | 2027-02-01 |
| NCT07069036 ↗ | A Study to Evaluate Single and Multiple Doses of SEP-631 in Healthy Adult Volunteers Healthy Volunteers | PHASE1 | Completed | 2025-12-18 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-11 | 2026-03-31 | 0001193125-26-216759 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001193125-26-216723 ↗ |
| 8-K | 2026-04-13 | 2026-04-13 | 0001193125-26-152045 ↗ |
| 10-K | 2026-03-09 | 2025-12-31 | 0001193125-26-098507 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001193125-26-098489 ↗ |
| 8-K | 2026-03-02 | 2026-03-01 | 0001193125-26-084142 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-009864 ↗ |
| 8-K | 2026-01-08 | 2026-01-08 | 0001193125-26-007772 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001193125-25-273373 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001193125-25-273375 ↗ |
| 8-K | 2025-09-29 | 2025-09-25 | 0001193125-25-223292 ↗ |
| 8-K | 2025-09-03 | 2025-09-03 | 0001193125-25-194472 ↗ |