Detailed financial statements for Septerna Inc (SEPN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Septerna, Inc., a clinical-stage biotechnology company, discovers and develops G protein-coupled receptor (GPCR) oral small molecule products for the treatment of endocrinology, immunology and inflammation, and metabolic diseases.
Analysis Summary
Trailing-twelve-month margins: gross margin 99.6%, operating margin -44.0%, net margin -24.5%.
At the current price of $38.44, SEPN has negative trailing earnings (P/E not meaningful) and an ROE of -6.31%. Market capitalisation stands at $1.7B.
Balance sheet quality for SEPN: current ratio of 4.7, net cash position of $367.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Revenue | $151000 | $1.1M | $46.0M |
| Cost of Revenue | 0 | 0 | 0 |
| Gross Profit | $151000 | $1.1M | $46.0M |
| Research & Development | $36.0M | $65.3M | $97.6M |
| Selling, General & Admin | $9.7M | $16.6M | $29.2M |
| Operating Expenses | -$1.9M | $81.9M | $126.7M |
| Operating Income | $2.1M | -$80.8M | -$80.8M |
| EBITDA | -$44.7M | -$70.9M | -$47.3M |
| Interest Expense | 0 | 0 | 0 |
| Pre-tax Income | $4.9M | -$72.3M | -$48.9M |
| Income Tax | $691000 | -$498000 | $12000 |
| Net Income | $4.2M | -$71.8M | -$48.9M |
| EPS | $0.03 | $-1.93 | $-1.10 |
| EPS (Diluted) | $0.03 | $-1.93 | $-1.10 |
| Shares Outstanding (Diluted) | $19.5M | $37.2M | $44.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $21.5M | $24.1M | $26.5M | $26.7M |
| Gross Profit | $21.5M | $24.1M | $26.1M | $26.7M |
| Operating Income | $2.6M | -$16.0M | -$13.3M | -$16.8M |
| EBITDA | -$9.5M | -$10.3M | -$7.9M | -$12.1M |
| Net Income | $8.2M | -$10.7M | -$8.6M | -$13.0M |
| EPS | $0.18 | $-0.24 | $-0.19 | $-0.29 |
| EPS (Diluted) | $0.18 | $-0.24 | $-0.19 | $-0.29 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $30.6M | $88.5M | $238.2M | $120.7M |
| Short-term Investments | 0 | 0 | $112.7M | $270.4M |
| Receivables | 0 | $22.8M | $1.1M | $13.7M |
| Inventory | 0 | 0 | 0 | 0 |
| Total Current Assets | $31.9M | $112.7M | $356.8M | $411.0M |
| Property, Plant & Equipment | $3.1M | $17.2M | $28.7M | $25.9M |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Total Assets | $36.1M | $130.9M | $456.6M | $596.2M |
| Accounts Payable | $3.1M | $2.6M | $3.2M | $10.3M |
| Short-term Debt | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $5.5M | $6.9M | $12.8M | $86.9M |
| Long-term Debt | 0 | 0 | 0 | $21.4M |
| Total Liabilities | $80.3M | $169.2M | $36.5M | $214.3M |
| Retained Earnings | -$50.8M | -$46.6M | -$118.4M | -$167.3M |
| Total Equity | -$44.2M | -$38.4M | $420.0M | $381.9M |
| Total Debt | $710000 | $12.6M | $25.5M | $23.6M |
| Net Debt | -$29.9M | -$75.9M | -$325.4M | -$367.5M |
| Working Capital | $26.3M | $105.8M | $344.0M | $324.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $320.0M | $120.7M | $71.6M | $84.7M |
| Total Assets | $606.7M | $596.2M | $569.7M | $566.7M |
| Total Liabilities | $217.9M | $214.3M | $191.2M | $180.0M |
| Total Equity | $388.7M | $381.9M | $378.5M | $386.7M |
| Total Debt | $24.1M | $23.6M | $23.1M | $22.5M |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$27.7M | $4.2M | -$71.8M | -$48.9M |
| Depreciation & Amortization | $577000 | $848000 | $1.4M | $1.6M |
| Stock-based Compensation | $1.5M | $1.6M | $3.2M | $8.5M |
| Change in Working Capital | $1.7M | $926000 | $248000 | $162.8M |
| Operating Cash Flow | -$23.3M | -$38.7M | -$67.5M | $110.2M |
| Capital Expenditure | -$1.3M | -$2.9M | -$2.1M | -$518000 |
| Acquisitions | 0 | 0 | 0 | $12.5M |
| Stock Repurchased | 0 | -$1000 | -$1000 | -$1000 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$24.6M | -$41.6M | -$69.6M | $109.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $168.8M | -$15.0M | -$25.6M | -$22.2M |
| Capital Expenditure | -$13000 | -$65000 | -$832000 | 0 |
| Free Cash Flow | $168.8M | -$15.1M | -$26.5M | -$22.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.5M | $2.7M | $6.0M | $5.1M |
Growth & Margins (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +611.9% | +4174.5% |
| Net Income Growth (YoY) | | -1817.7% | +31.9% |
| EPS Growth (YoY) | | -6732.3% | +43.0% |
| Shares Change (YoY) | | +90.8% | +19.0% |
| FCF Growth (YoY) | | -69.2% | -67.2% | +257.6% |
| Gross Margin | 100.0% | 100.0% | 100.0% |
| Operating Margin | 1374.2% | -7518.4% | -175.8% |
| EBITDA Margin | -29604.0% | -6594.9% | -102.9% |
| Net Margin | 2768.2% | -6678.9% | -106.4% |
| FCF Margin | -27550.3% | -6471.9% | 238.7% |
| Effective Tax Rate | 14.2% | 0.7% | -0.0% |
Per-Share Data (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-2.13 | $-1.87 | $2.48 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $19.5M | $37.2M | $44.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -6.31% |
| Return on Invested Capital | -8.89% |
| Return on Assets | -4.28% |
| Gross Margin | 99.57% |
| Operating Margin | -44.04% |
| Net Margin | -24.51% |
Financial Health
| Debt / Equity | 0.06 |
| Current Ratio | 4.99 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.00 | 735.40 | -11.87 | -25.35 |
| P/B | 0.00 | -10.87 | 2.03 | 3.23 |
| P/S | 0.00 | 2762.98 | 792.30 | 26.85 |
| Gross Margin | 0.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 0.0% | 1374.2% | -7518.4% | -175.8% |
| Net Margin | 0.0% | 2768.2% | -6678.9% | -106.4% |