SEPN
Septerna, Inc.Healthcare·Biotechnology
$30.20
$1.4B market cap
Revenue
$50.6M
Free Cash Flow
$-41.5M
Rev Growth
+0.0%
FCF Margin
-82.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Septerna, Inc., a clinical-stage biotechnology company, discovers and develops G protein-coupled receptor (GPCR) oral small molecule products candidates for the treatment of endocrinology, immunology and inflammation, and metabolic diseases. The company develops SEP-786, an oral small molecule PTH1R agonist for hypoparathyroidism; SEP-631, an oral small molecule MRGPRX2 NAM for chronic spontaneous urticaria and other mast cell diseases; TSHR Program, an oral small molecule TSHR NAM for Graves' d
2-Year Price History
$28.36+32.5%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 26.5 | -12.9 | -13.3 | -8.6 | -25.6 | -26.5 | -0.8 | 347.4 | 23.1 | 44.8 | -37.5% | -- | -- |
| Act | 2025-Q4 | 24.1 | -15.6 | -16.0 | -10.7 | -15.0 | -15.1 | -0.1 | 391.1 | 23.6 | 44.3 | -43.4% | -- | -- |
Valuation & Metrics
Market Stats
Price$30.20
Market Cap$1.4B
Enterprise Value$1.0B
P/S Ratio26.9x
P/FCF--
EV/FCF--
FCF Margin (TTM)-82.0%
FCF Yield-3.0%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$50.6M
Net Income$-19.4M
Free Cash Flow$-41.5M
Revenue Growth (YoY)+0.0%
EBITDA Margin-56.3%
Net Margin-38.3%
FCF Margin-82.0%
CapEx % of Revenue1.8%
SBC % of Revenue5.2%
ROIC-40.4%
WC Change % Rev-6.5%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares2.1M
Days to Cover5.4
Change (vs Prior)-15.9%
Need at least 2 settlement dates for chart
Employees
Headcount75
Revenue / Employee$675,213
Gross Profit / Employee$669,600
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
77.8%(+58.5% YoY)
113 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
9.2%(+7.7% YoY)
10 filers
Vanguard, iShares, SPDR
Market makers
0.0%(-0.0% YoY)
1 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | $168M | $22.90 | +$0 | +$0 | -4.4% | $9.44B |
| TRV GP V, LLC | $149M | $22.90 | +$0 | +$0 | +9.0% | $401M |
| DRIEHAUS CAPITAL MANAGEMENT LLC | $106M | $16.94 | −$9.9M | +$30.6M | +0.3% | $13.60B |
| TRV GP VI, LLC | $101M | $18.60 | +$0 | +$0 | +11.4% | $136M |
| Samsara BioCapital, LLC | $75.7M | $20.83 | +$0 | +$0 | -3.8% | $1.03B |
| GOLDMAN SACHS GROUP INC | $69.8M | $24.90 | +$4.6M | +$35.0M | -0.2% | $760.93B |
| Siren, L.L.C. | $48.1M | $22.90 | +$0 | −$4.9M | +6.2% | $3.61B |
| BlackRock, Inc.Passive | $43.8M | $22.81 | +$501K | +$13.5M | -0.2% | $5.69T |
| BVF INC/IL | $32.5M | $15.33 | −$8.8M | −$73.1M | -0.4% | $3.14B |
| Avoro Capital Advisors LLC | $32.1M | $19.91 | +$0 | +$0 | +1.3% | $10.15B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $28.8M | $24.03 | +$28.8M | +$28.8M | — | $4.04T |
| ADAR1 Capital Management, LLC | $26.2M | $9.95 | −$1.6M | +$8.9M | +8.4% | $1.64B |
| PRIMECAP MANAGEMENT CO/CA/ | $25.2M | $26.03 | +$12.1M | +$25.2M | +0.4% | $127.01B |
| JANUS HENDERSON GROUP PLC | $21.3M | $22.90 | −$4.9M | +$21.3M | +1.2% | $209.29B |
| First Light Asset Management, LLC | $17.6M | $27.29 | +$2.7M | +$17.6M | -10.2% | $1.12B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $15.5M | $20.60 | +$1.7M | +$5.7M | +2.3% | $1.61T |
| STATE STREET CORPPassive | $15.2M | $21.26 | +$2.2M | +$6.9M | -0.2% | $2.89T |
| Casdin Capital, LLC | $13.3M | $22.90 | +$0 | +$0 | -3.2% | $1.32B |
| VR Adviser, LLC | $12.2M | $11.52 | −$2.5M | +$12.2M | -1.9% | $2.68B |
| Catalio Capital Management, LP | $7.1M | $22.90 | +$0 | −$17.5M | +3.9% | $479M |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
+0.08%
avg per quarter
Holders (ex-self)
+1.87%
excl. this stock
Buyers (this Q)
+0.05%
41 buyers · $0.06B in
Sellers (this Q)
+0.62%
37 sellers · $0.09B out
alpha coverage: 97% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-6.8%
how holders react when this stock falls
On quiet Qs
-34.5%
−10% to +10% baseline
On rallies (+10%+)
-18.8%
how they react when this stock rises
Holders' portfolio flow this Q
+0.9%
inflows — adds are organic
Sellers' portfolio flow this Q
-1.9%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-1.3%
Holder mid (any stock)
-2.0%
Holder rally (any stock)
-2.1%
Biggest decreases this quarter
PERCEPTIVE ADVISORS LLCexited−$12.1MWoodline Partners LPexited−$10.7MDRIEHAUS CAPITAL MANAGEMENT LLC−$9.9Mα+0.3BVF INC/IL−$8.8Mα-0.4JANUS HENDERSON GROUP PLC−$4.9Mα+1.2Soleus Capital Management, L.P.−$2.6Mα-0.8VR Adviser, LLC−$2.5Mα-1.9HighVista Strategies LLCexited−$2.2MCITADEL ADVISORS LLCexited−$2.1MADAR1 Capital Management, LLC−$1.6Mα+8.4
New buyers this quarter
Top-5 holders · 54.6%
RA CAPITAL MANAGEMENT, L.P.--
TRV GP V, LLC--
DRIEHAUS CAPITAL MANAGEMENT LLC--
TRV GP VI, LLC--
Samsara BioCapital, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
RA CAPITAL MANAGEMENT, L.P.7.0MTRV GP V, LLC6.2MDRIEHAUS CAPITAL MANAGEMENT LLC4.4MTRV GP VI, LLC4.2MSamsara BioCapital, LLC3.1MGOLDMAN SACHS GROUP INC2.9MBVF INC/IL1.4MSiren, L.L.C.2.0MDeep Track Capital, LP—Avoro Capital Advisors LLC1.3M
Related Stocks
Investors who own this also own
Stocks held by the same active managers as this one, ranked by score — how much more often these appear together than random chance (1× = baseline). Excludes index ETFs and market makers; minimum 3 shared holders.
| Ticker | Name | Co-holders | Score |
|---|---|---|---|
| RYTM | Rhythm Pharmaceuticals, Inc. | 3 | 238.95× |
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$60.009870.0%
Last Year (5 analysts)$39.002910.0%
Current Price$30.20
Analyst Ratings
6
Buy: 6Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$2.26M
4 txns · 3 insiders · 81,954 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-15 | SELL | Bhatt Elizabeth | officer: President and COO | 4,000 | $24.34 | $97K | $4.24M |
| 2026-03-02 | SELL | Shaikhly Samira | officer: Chief People Officer | 70,453 | $28.10 | $1.98M | $22K |
| 2026-02-18 | SELL | Bhatt Elizabeth | officer: President and COO | 4,000 | $28.97 | $116K | $5.05M |
| 2025-11-10 | SELL | Long Daniel D. | officer: SVP, Drug Discovery | 3,501 | $18.06 | $63K | $1.68M |
Order Flow (FINRA, ~3w lag)
31.0%retail+4.1pp
22.7%dark-7.1pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Septerna, Inc.: Novo Cash Infusion Masks Operational Burn and Evergreen Dilution
Overall Risk
5/10
Fraud
2/10
Dilution
7/10
Insolvency
3/10
Earnings Overstated
4/10
Hidden Liabilities
2/10
Legal
3/10
Audit Warnings
1/10
Hidden Upside
7/10
Contextually Acceptable
8/10