Septerna posts $26.5M Novo revenue, narrows Q1 loss 60%, advances SEP-479 into Phase 1

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~2 min read

Key Changes

• high

  Novo collaboration generated $26.5M in Q1 2026 revenue ($15.7M from upfront payment, $10.3M research services, $0.5M milestones), transforming the company from minimal revenue ($0.2M Q1 2025) to a funded development partner with $152M deferred revenue remaining.

  Notes: Novo collaboration revenue view on EDGAR →
• high

  SEP-479 Phase 1 trial initiated in April 2026, enrolling up to 150 healthy volunteers to evaluate safety, tolerability, and pharmacodynamics of the oral PTH1R agonist for hypoparathyroidism, with data expected late 2026 or early 2027.

  MD&A: SEP-479 Phase 1 initiation verify on EDGAR →
• high

  Net loss narrowed 60% to $8.6M in Q1 2026 from $21.5M in Q1 2025, as Novo revenue more than offset 52% higher operating expenses ($39.8M vs $26.1M) driven by clinical-stage scaling and headcount growth.

  MD&A: Net loss reduction verify on EDGAR →