Septerna Inc
SEPNHealthcare|Biotechnology|USA
$35.93
-1.91 (-5.05%)
Tangible Book
$8.43
Financials
Financial Snapshot
Market Cap
$1.62B
Enterprise Value
$324.3M
Revenue (TTM)
$72.3M
Net Income (TTM)
$-36.0M
Cash & Equivalents
—
Net Cash/Share
$3.48
Free Cash Flow (TTM)
$106.9M
Operating CF (TTM)
$107.9M
Debt/Equity
0.06
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Cash & Investments | $30.6M | $88.5M | $350.9M | $391.1M | $347.4M | |
| Operating Cash Flow | $-23.3M | $-38.7M | $-67.5M | $110.2M | $107.9M | |
| Free Cash Flow | $-24.6M | $-41.6M | $-69.6M | $109.7M | $106.9M | |
| Capital Expenditure | $-1.3M | $-2.9M | $-2.1M | $-518.0K | $-968.0K | |
| Financing Cash Flow | $30.1M | $74.5M | $377.8M | $1.7M | $2.0M |
R&D Spending
R&D (TTM)
$107.8M
R&D Intensity
149.3%
R&D Growth YoY
+10.5%
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0.00 | $151.0K | $1.1M | $46.0M | $72.3M | |
| R&D Expense | $22.0M | $36.0M | $65.3M | $97.6M | $107.8M | |
| R&D % of Revenue | — | 23827.2% | 6077.9% | 212.4% | 149.3% | |
| SG&A | $5.9M | $9.7M | $16.6M | $29.2M | $32.6M |
Income Statement
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0.00 | $151.0K | $1.1M | $46.0M | $72.3M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $151.0K | $1.1M | $46.0M | $72.3M | |
| R&D | $22.0M | $36.0M | $65.3M | $97.6M | $107.8M | |
| SG&A | $5.9M | $9.7M | $16.6M | $29.2M | $32.6M | |
| Operating Income | $-28.0M | $-45.5M | $-80.8M | $-80.8M | $-68.2M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-27.7M | $4.9M | $-72.3M | $-48.9M | $-35.7M | |
| Net Income | $-27.7M | $4.2M | $-71.8M | $-48.9M | $-36.0M | |
| EPS (Diluted) | -1.42 | 0.03 | -7.26 | -1.10 | -0.81 | |
| EBITDA | $-27.4M | $-44.7M | $-79.4M | $-79.2M | $-66.6M | |
| Shares Out. (M) | 19.50 | 19.50 | 9.89 | 44.26 | 44.76 |
Balance Sheet
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $30.6M | $88.5M | $238.2M | $120.7M | $71.6M | |
| Marketable Securities | $0.00 | $0.00 | $112.7M | $270.4M | $275.8M | |
| Total Current Assets | $31.9M | $112.7M | $356.8M | $411.0M | $368.1M | |
| Total Assets | $36.1M | $130.9M | $456.6M | $596.2M | $569.7M | |
| Total Current Liabilities | $5.5M | $6.9M | $12.8M | $86.9M | $78.2M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $80.3M | $169.2M | $36.5M | $214.3M | $191.2M | |
| Stockholders' Equity | $-44.2M | $-38.4M | $420.0M | $381.9M | $378.5M | |
| Retained Earnings | $-50.8M | $-46.6M | $-118.4M | $-167.3M | $-175.9M |
Cash Flow Statement
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $-23.3M | $-38.7M | $-67.5M | $110.2M | $107.9M | |
| Capital Expenditure | $-1.3M | $-2.9M | $-2.1M | $-518.0K | $-968.0K | |
| Free Cash Flow | $-24.6M | $-41.6M | $-69.6M | $109.7M | $106.9M | |
| Investing Cash Flow | $-1.3M | $22.1M | $-160.6M | $-229.4M | $-248.3M | |
| Financing Cash Flow | $30.1M | $74.5M | $377.8M | $1.7M | $2.0M | |
| Issuance of Stock | $0.00 | $0.00 | $302.8M | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $-1.0K | $-1.0K | $-1.0K | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.5M | $1.6M | $3.2M | $8.5M | $13.0M | |
| Net Change in Cash | $5.5M | $57.9M | $149.7M | $-117.5M | $-138.4M |
Dilution Tracker
Shares outstanding grew 129.6% over 5 years — significant dilution
Shares Outstanding
45M
5-Year Share Growth
+129.6%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Shares Out. (M) | 19.50 | 19.50 | 9.89 | 44.26 | 44.76 | |
| YoY Change % | — | 0.0% | -49.3% | 347.5% | 1.1% | |
| Stock Issuance | $0.00 | $0.00 | $302.8M | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $-1.0K | $-1.0K | $-1.0K | $0.00 | |
| Stock Based Comp. | $1.5M | $1.6M | $3.2M | $8.5M | $13.0M |
Margins & Profitability
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | -30165.6% | -7518.4% | -175.8% | -94.4% | |
| Net Margin % | 0.0% | 2768.2% | -6678.9% | -106.4% | -49.9% | |
| EBITDA Margin % | 0.0% | -29604.0% | -7388.1% | -172.3% | -92.1% | |
| FCF Margin % | 0.0% | -27550.3% | -6471.9% | 238.7% | 148.0% | |
| ROE % | 0.0% | Negative Equity | -37.6% | -12.2% | -9.3% | |
| ROA % | -76.6% | 5.0% | -24.4% | -9.3% | -6.9% | |
| R&D / Revenue | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 60.33 / 66.78
Industry Med.27.51
P/S22.34
Historical14.36 / 240.29 / 1026.47
Industry Med.9.49
P/B4.26
Historical0.61 / 2.37 / 4.43
Industry Med.2.93
EV/EBITDA-19.46
Historical-20.24 / -7.52 / 0.85
Industry Med.13.02
EV/Revenue17.93
Historical-71.86 / 26.26 / 1002.03
Industry Med.8.59
P/FCF15.55
Historical8.36 / 11.31 / 16.16
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$8.43
Net Current Assets
$3.940
Net-Net Working Capital
$3.66
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | |
| PS Ratio | - | 0.00 | 210.09 | 26.86 | 22.34 | |
| PB Ratio | 0.00 | 0.00 | 2.42 | 3.27 | 4.26 | |
| EV/EBITDA | 0.00 | 0.00 | -8.71 | -11.13 | -19.46 | |
| EV/Revenue | 0.00 | 0.00 | 643.57 | 19.19 | 17.93 |
Analyst Estimates & Quality
Altman Z-Score
5.18
Safe
Piotroski F-Score
N/A
Weak
Beneish M-Score
60.72
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $71.73M | $66.90M | $68.00M |
| Net Income | $-83.43M | $-130.87M | $-170.68M |
| EPS | -1.76 | -2.50 | -2.87 |
| Book Value per Share | 8.06 | 11.74 | 8.82 |
| Operating Cash Flow per Share | -1.68 | -2.31 | -2.63 |
| Operating CF | $-75.20M | $-103.39M | $-117.72M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Single Segment | $46.0M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $46.0M |