Septerna Inc. (NASDAQ:SEPN) reported a smaller-than-expected loss for the fourth quarter on Monday, posting a deficit of -$0.24 per share compared with analyst forecasts of -$0.72 per share. The clinical-stage biotech company generated $24.1 million in quarterly revenue, largely supported by its partnership with Novo Nordisk.
Despite the stronger results, Septerna shares slipped 0.89% in after-hours trading following the announcement.
Fourth-quarter revenue included $14.0 million in amortized income related to the $195.0 million upfront payment Septerna received from Novo Nordisk in July 2025. An additional $10.1 million came from research services performed under the collaboration agreement.
This marked a sharp increase from the $0.2 million in revenue reported in the same quarter of 2024. For the full year 2025, Septerna posted revenue of $46.0 million, compared with $1.1 million in 2024.
The company also highlighted encouraging Phase 1 data for SEP-631, its oral small-molecule MRGPRX2 negative allosteric modulator. According to Septerna, the treatment displayed a safety profile similar to placebo while delivering strong suppression of wheal formation across tested dose levels. The company intends to launch a Phase 2b study of SEP-631 for chronic spontaneous urticaria in the second half of 2026.
“These results demonstrate clinical proof-of-mechanism and validate the ability of our Native Complex Platform to uncover novel mechanisms of action and rapidly generate differentiated oral small molecules for historically challenging GPCRs,” said Jeffrey Finer, chief executive officer and co-founder of Septerna.
Operating expenses rose during the quarter as the company expanded its research programs. Research and development spending increased to $31.9 million from $19.3 million a year earlier, while general and administrative costs rose to $8.3 million from $5.6 million.
Net loss for the quarter narrowed to $10.7 million, compared with $20.7 million in the fourth quarter of 2024.
As of December 31, 2025, Septerna reported $548.7 million in cash, cash equivalents and marketable securities, which the company believes will support operations through at least 2029. The company is also advancing SEP-479, its oral PTH1R agonist, with plans to begin a Phase 1 trial in the first half of 2026.