Filing Flows › Septerna (SEPN) › Q1 2026
Septerna (SEPN) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Septerna (SEPN) reported revenue of $26.5M for the first quarter 2026 (Q1 2026), up 121-fold from a year earlier and +10% from the quarter before. Operating margin was -50.1%, net loss $8.6M (32.6% of revenue).
Septerna, Q1 2026: revenue $26.5M (121× year over year), operating margin -50.1%, net loss $8.6M, operating cash flow −$25.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $26.5M | +10% | 121× |
| Operating profit | −$13.3M | — | — |
| Net earnings | −$8.6M | — | — |
| Operating cash flow | −$25.6M | — | — |
What changed
Revenue was $26.5M in Q1 2026, up 12011% year over year and up 10% from the previous quarter.
Operating costs exceeded revenue by $13.3M, an operating margin of -50.1%. Total costs grew 52% against revenue growth of 12011%. The fastest-growing cost line was Research & development (+53%). The quarter ended with a net loss of $8.6M, narrower than the previous quarter's $10.7M loss. Non-operating items added $5.0M, -60% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$25.6M. Non-cash charges added back $421K of depreciation and amortization and $6.0M of share-based compensation. Working capital and other items used $23.4M. Capital expenditures of $832K exceeded it, leaving free cash flow of −$26.5M.
Questions
What was Septerna's revenue in the first quarter 2026?
Septerna (SEPN) reported revenue of $26.5M for the first quarter 2026 (Q1 2026), up 121-fold from a year earlier and +10% from the quarter before.
Was Septerna profitable in the first quarter 2026?
Operating loss was $13.3M (-50.1% of revenue) and net loss $8.6M.
Source: Septerna 10-Q on SEC EDGAR.