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Septerna (SEPN) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · Septerna (SEPN) Q2 2026 earnings results →

Q2 2026 Revenue up 22376% year over year to $26.7M · 49¢ of every $1 of revenue lost · operating margin -62.9%

Septerna made $26.7M in Q2 2026 (225× Y/Y). Operating margin -62.9%, net loss $13.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.

Revenue$26.7M
Year over year225×
Operating margin-62.9%
Net earnings−$13.0M
Operating cash flow−$22.2M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $26.7M in Q2 2026, up 22376% year over year and up 1% from the previous quarter.

Operating costs exceeded revenue by $16.8M, an operating margin of -62.9%. Total costs grew 50% against revenue growth of 22376%. The fastest-growing cost line was Research & development (+58%). The quarter ended with a net loss of $13.0M, wider than the previous quarter's $8.6M loss. Non-operating items added $4.8M, -40% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was −$22.2M. Non-cash charges added back $427K of depreciation and amortization and $5.1M of share-based compensation. Working capital and other items used $14.6M.

Quarterly history

Septerna revenue by quarterSepterna revenue by quarter$212KQ4 2024$219KQ1 2025$119KQ2 2025$21.5MQ3 2025$24.1MQ4 2025$26.5MQ1 2026$26.7MQ2 2026
Septerna net earnings by quarterSepterna net earnings by quarter−$20.7MQ4 2024−$21.5MQ1 2025−$24.8MQ2 2025$8.2MQ3 2025−$10.7MQ4 2025−$8.6MQ1 2026−$13.0MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 10, 2026$26.7M225×-62.9%−$13.0M−$22.2M
Q1 202610-QMay 11, 2026$26.5M121×-50.1%−$8.6M−$25.6M
Q4 202510-KMar 9, 2026$24.1M114×-66.4%−$10.7M−$15.0M
Q3 202510-QNov 10, 2025$21.5M122×12.2%$8.2M$169M
Q2 202510-QAug 11, 2025$119K-68%n/m−$24.8M−$20.3M
Q1 202510-QMay 15, 2025$219K-31%n/m−$21.5M−$23.3M
Q4 202410-KMar 27, 2025$212K+80%n/m−$20.7M−$21.0M

Charts

Septerna: revenue growth, year over year and quarter over quarterSepterna: revenue growth, year over year and quarter over quarterY/YQ/Q+80%Q4 2024-31%+3%Q1 2025-68%-46%Q2 2025+400%+400%Q3 2025+400%+12%Q4 2025+400%+10%Q1 2026+400%+1%Q2 2026
Latest (Q2 2026): Y/Y +400%, Q/Q +1%.
Septerna: where the cash came from (+) and went (−), TTM to Q2 2026Septerna: where the cash came from (+) and went (−), TTM to Q2 2026Other investing−$228MOperating cash flow$106MCash drawn (+) / kept (−)$105MOther financing$15.5MShares issued$3.0MCapital spending−$910K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Septerna: profit against cash, quarter by quarterSepterna: profit against cash, quarter by quarterNet incomeOperating cash flow−$20.5M−$16.8MQ3 2024−$20.7M−$21.0MQ4 2024−$21.5M−$23.3MQ1 2025−$24.8M−$20.3MQ2 2025$8.2M$169MQ3 2025−$10.7M−$15.0MQ4 2025−$8.6M−$25.6MQ1 2026−$13.0M−$22.2MQ2 2026
Latest (Q2 2026): Net income −$13.0M, Operating cash flow −$22.2M.
Septerna: diluted shares by fiscal year (split-adjusted)Septerna: diluted shares by fiscal year (split-adjusted)35MFY202340MFY202444MFY2025
+27.1% since FY2023: more shares outstanding (issuance, stock pay); earlier years scaled for the 4-for-1 split before FY2025, 4-for-1 split before FY2024.
Septerna in its industry: growth against margin (225 companies, SIC 2834)Septerna in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMSEPN (+300%, -63%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Septerna

Septerna, Inc. is a clinical-stage biotechnology company with a world-class team of GPCR experts and drug developers advancing cutting-edge science to unlock the full potential of GPCR therapies for patients with significant unmet needs. The company’s proprietary Native Complex Platform ® is designed to enable new approaches to GPCR drug discovery and has led to the development of a diverse pipeline of novel oral small molecule drug candidates. Septerna is advancing programs in endocrinology, immunology and inflammation, metabolic diseases and additional therapeutic areas, both independently and with partners. For more information, please visit www.septerna.com.

In its own words, from its 8-K, filed Aug 10, 2026.

Septerna against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: 225× against the peers' median +10%. Operating margin: -62.9% against the peers' median 20.4%.

CompanyQuarterRevenueY/YOp. margin
SEPN SepternaQ2 2026$26.7M225×-62.9%
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%

Source: Septerna 10-Q on SEC EDGAR · CIK 1984086 · Pharmaceutical Preparations

13F: who owns SEPN and who is buying

Largest holders of SEPN (13F)Largest holders of SEPN (13F)RA Capital Management, L.P.$234MTRV GP V, LLC$208MDriehaus Capital Management LLC$148MTRV GP VI, LLC$141MSamsara BioCapital, LLC$105MGoldman Sachs Group$103MBlackRock$64.7MSiren, L.L.C.$63.6MAvoro Capital Advisors LLC$44.8MJupiter Topco LLC$43.7M
Funds' net buying of SEPN by quarter (13F)Funds' net buying of SEPN by quarter (13F)$575M2024-12$7.0M2025-03−$8.5M2025-06$2.5M2025-09$20.1M2025-12$6.4M2026-03$34.3M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on SEPN

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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中文版：Septerna（SEPN）财报

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