Septerna 2025 Q2 Earnings Narrower Losses Amid Sharp Revenue Drop

Septerna (SEPN) reported its fiscal 2025 Q2 earnings on August 11th, 2025. The company posted narrower per-share losses but saw a significant drop in total revenue. Despite the earnings improvement, the stock has experienced modest declines in recent trading sessions.

Septerna’s total revenue for 2025 Q2 plummeted by 67.8% to $119,000, compared to $370,000 in the same period in 2024. The sharp decline reflects ongoing challenges in revenue generation.

Septerna narrowed its per-share loss to $0.56 in Q2 2025 from $7.03 in Q2 2024, a 92.0% improvement. However, the company’s net loss widened to $-24.84 million in Q2 2025, marking a 51.1% increase from the $-16.44 million loss in the prior-year period. This highlights the contrast between per-share improvements and the broader financial strain.

The stock price of Septerna has edged down 1.71% during the latest trading day, 2.96% during the most recent full trading week, and 1.63% month-to-date, signaling continued investor caution.

A strategy of buying Septerna shares on the earnings release date and holding for 30 days yielded a 13.06% return over the past three years, slightly underperforming the benchmark by 0.06 percentage points. The Sharpe ratio of 0.33 indicates a reasonable risk-adjusted return, while the absence of a significant maximum drawdown suggests a relatively smooth performance.

Jeffrey Finer, M.D., Ph.D., CEO and co-founder of Septerna, highlighted strong execution across the company’s portfolio, emphasizing that each program is nearing key milestones. He noted progress in the next-generation PTH1R agonist program, with a development candidate expected to be selected in Q3 2025 and a Phase 1 trial planned for H1 2026. The CEO also expressed excitement about initiating first-in-human studies for SEP-631, an oral MRGPRX2 NAM in development for mast cell diseases. With a robust financial position and R&D capabilities, Finer conveyed an optimistic outlook, confident in Septerna’s ability to advance multiple programs toward delivering innovative therapies.

Septerna expects its cash runway to extend at least through 2029 following the $195 million upfront payment from its Novo Nordisk collaboration in July 2025. The company plans to select a next-generation PTH1R agonist development candidate in Q3 2025 and initiate its Phase 1 trial in H1 2026. The Phase 1 trial for SEP-631 is expected to start in Q3 2025. Septerna also continues progress on its TSHR NAM program and discovery-stage initiatives using its Native Complex Platform.

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