Septerna Q2 2026: Revenue surges 22,22375.6% to $26.7M on Novo collaboration; net loss narrows 48%

Filed August 10, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 11, 2025 · ~2 min read

Key Changes

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  Total revenue surged 22,22375.6% YoY to $26.7M in Q2 2026, driven entirely by the Novo collaboration launched July 2025. variable consideration for research services added $11.2M, and four collaboration target milestones achieved in Q2 contributed $0.9M.

  MD&A: Novo collaboration revenue; Notes: Revenue recognition verify on EDGAR →
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  Net loss narrowed 47.5% YoY to $13.0M ($0.29 per diluted share, improved 48.2%) in Q2 2026, as Novo collaboration revenue more than offset a $6.6M increase in R&D expenses. Operating loss narrowed 42% YoY to $16.8M. The company delivered its first development candidate to Novo in July 2026, validating the platform and sustaining the research-service revenue stream.

  Key Financials; MD&A: Operating results; Notes: Novo first candidate delivery view on EDGAR →
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  SEP-479 Phase 1 trial initiated in April 2026, dosing first participants in a SAD/MAD study for hypoparathyroidism. Pharmacokinetic data shows a terminal half-life of 3–4 days, supporting once-daily dosing. MAD cohorts extended to 14 days to characterize steady-state PK; Phase 1 data expected Q1 2027. This is the company's first clinical-stage program.

  MD&A: SEP-479 clinical trial verify on EDGAR →