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Septerna cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$22.2M in Q2 2026 · $105M over twelve months

Operating cash flow−$22.2M
Free cash flow−$22.2M

Analysis

In Q2 2026, Septerna generated −$22.2M of operating cash flow. That is $1.8M less than in Q2 2025 (−$20.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was $106M; the largest uses were other investing ($228M), capital spending ($910K); besides operations, cash came from other financing ($15.5M), shares issued ($3.0M); the cash balance fell by $105M.

Operating cash flow was −$22.2M against net income of −$13.0M. The largest differences: deferred revenue −$11.6M, stock-based pay +$5.1M, accrued liabilities +$4.0M.

Free cash flow

Septerna: free cash flow by quarterSepterna: free cash flow by quarter−$17.4MQ3 2024−$21.6MQ4 2024−$23.7MQ1 2025−$20.3MQ2 2025$169MQ3 2025−$15.1MQ4 2025−$26.5MQ1 2026−$22.2MQ2 2026
Operating cash flow less capital spending.
Septerna: operating cash flow against capital spendingSepterna: operating cash flow against capital spendingOperating cash flowCapital spending−$16.8M$578KQ3 2024−$21.0M$612KQ4 2024−$23.3M$382KQ1 2025−$20.3M$58KQ2 2025$169M$13KQ3 2025−$15.0M$65KQ4 2025−$25.6M$832KQ1 2026−$22.2M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$22.2M, Capital spending $0.

Capital allocation, year by year

Septerna: where the cash came from (up) and went (down), by fiscal yearSepterna: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingFY2023: Operating cash flow −$38.7MFY2023: Shares issued $74.5MFY2023: Capital spending −$2.9M$74.5MFY2023FY2024: Operating cash flow −$67.5MFY2024: Shares issued $378MFY2024: Capital spending −$2.1M$378MFY2024FY2025: Operating cash flow $110MFY2025: Shares issued $973KFY2025: Capital spending −$518K$111MFY2025
Over these 3 years operating cash flow totalled $4.0M; the largest uses were operating cash flow ($106M) and capital spending ($5.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$372M
Debtnone
Net cash$372M
Cash runway4.2 years

Septerna is burning cash: its operations consume cash, a free cash flow of −$88.7M a year at the current rate against $372M of cash and investments: a runway of about 4.2 years before any new financing.

Where the cash came from and went

Septerna: sources (+) and uses (−) of cash, Q2 2026Septerna: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$22.2MOther investing$18.4MOther financing$14.7MCash drawn (+) / kept (−)−$13.1MShares issued$2.1M
Septerna: sources (+) and uses (−) of cash, TTM to Q2 2026Septerna: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$228MOperating cash flow$106MCash drawn (+) / kept (−)$105MOther financing$15.5MShares issued$3.0MCapital spending−$910K

From profit to cash

Septerna: net income to operating cash flow, Q2 2026Septerna: net income to operating cash flow, Q2 2026Net income−$13.0MDepreciation & amortization$427KStock-based pay$5.1MOther non-cash−$7KReceivables−$1.3MPayables−$3.5MAccrued liabilities$4.0MDeferred revenue−$11.6MPrepaid and other assets−$1.8MOperating cash flow−$22.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$22.2M—$2.1M−$13.1M−$22.2M
Q1 2026−$25.6M−$832K$333K$49.1M−$26.5M
Q4 2025−$15.0M−$65K$304K$199M−$15.1M
Q3 2025$169M−$13K$264K−$131M$169M
Q2 2025−$20.3M−$58K$339K$20.7M−$20.3M
Q1 2025−$23.3M−$382K$66K$28.2M−$23.7M
Q4 2024−$21.0M−$612K$36K−$150M−$21.6M
Q3 2024−$16.8M−$578K−$53K$42.9M−$17.4M

Septerna: income statement and cash flow

Septerna, Q2 2026: revenue $26.7M (225× year over year), operating margin -62.9%. The chart follows the revenue to costs, profit and cash.

Septerna: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.