Septerna
SEPN on Nasdaq. The annual report text for SEPN was not included, so I cannot describe it. Market value $1.8bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.31 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$35.67 a share, 103% above its 1-year low
Over the past year the price has ranged from $17.55 to $51.10.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $1m | $46m |
| Operating margin | ||
| Operating margin | -7518.4% | -148.6% |
| Debt to equity | ||
| Debt to equity | 0.00 | 0.00 |
| Shares outstanding | ||
| Shares outstanding | 0.04bn | 0.05bn |
Health checks
- Free cash flow positive1 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.00× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $27 million last quarter, up 22376% on a year ago.
- A loss of $13 million, compared with a loss of $25 million a year ago.
- It loses 44 cents on each $1 of sales, compared with 14071 cents a year earlier.
- Spare cash over the past 12 months: $105 million. A year earlier it spent $83 million more than it brought in.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- It has $85 million more cash than debt, down from $189 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $176,000 |
| December 2024 | $212,000 |
| March 2025 | $219,000 |
| June 2025 | $119,000 |
| September 2025 | $21m |
| December 2025 | $24m |
| March 2026 | $27m |
| June 2026 | $27m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$21m |
| December 2024 | -$21m |
| March 2025 | -$21m |
| June 2025 | -$25m |
| September 2025 | $8m |
| December 2025 | -$11m |
| March 2026 | -$9m |
| June 2026 | -$13m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
1 long-term investor we follow owns it, up from 0 last quarter. 154 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $312,194 | <0.1% | New |
Largest holders overall
- RA Capital Management, L.P.$234m
- TRV GP V$208m
- Driehaus Capital Management$148m
- TRV GP VI$141m
- Samsara Biocapital$105m
- Goldman Sachs Group$103mAdded
- BlackRock$65mAdded
- Siren, L.L.C.$64mCut
- Avoro Capital Advisors$45m
- Jupiter Topco$44m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Third Rock Ventures V, L.P.Passive investorat least 14.0%0.0 pts(filed with 5 related holders)Since 31 March 2025
- at least 11.8%(filed with 3 related holders)Since 12 August 2026
- DRIEHAUS CAPITAL MANAGEMENT LLCPassive investor9.8%−0.6 ptsSince 30 June 2026
- BVF PARTNERS L P/ILPassive investorat least 3.8%−6.1 pts(filed with 9 related holders)Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
Third Rock Ventures V, L.P. Passive investor | at least 14.0%0.0 pts (filed with 5 related holders) | 31 March 2025 | |
at least 11.8% (filed with 3 related holders) | 12 August 2026 | ||
DRIEHAUS CAPITAL MANAGEMENT LLC Passive investor | 9.8%−0.6 pts | 30 June 2026 | |
BVF PARTNERS L P/IL Passive investor | at least 3.8%−6.1 pts (filed with 9 related holders) | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $69m, $5m of it under preset trading plans.
- Long Daniel D.SVP, Drug DiscoverySoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 3,333
- Price
- $37.83
- Value
- $126,078
- RA CAPITAL MANAGEMENT, L.P.DirectorSold
- Date
- 12 August 2026
- Shares
- 1,493,000
- Price
- $42.50
- Value
- $63m
- Bhatt ElizabethPresident and COOSoldunder a preset trading plan
- Date
- 11 August 2026
- Shares
- 25,000
- Price
- $44.00
- Value
- $1m
- Long Daniel D.SVP, Drug DiscoverySoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 3,334
- Price
- $34.47
- Value
- $114,920
- Bhatt ElizabethPresident and COOSoldunder a preset trading plan
- Date
- 15 July 2026
- Shares
- 4,000
- Price
- $33.99
- Value
- $135,974
- Long Daniel D.SVP, Drug DiscoverySoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 3,333
- Price
- $34.36
- Value
- $114,528
- Shaikhly SamiraChief People OfficerSoldunder a preset trading plan
- Date
- 29 June 2026
- Shares
- 2,178
- Price
- $35.18
- Value
- $76,622
- Long Daniel D.SVP, Drug DiscoverySoldunder a preset trading plan
- Date
- 22 June 2026
- Shares
- 15,000
- Price
- $35.51
- Value
- $532,590
- Shaikhly SamiraChief People OfficerSoldunder a preset trading plan
- Date
- 12 June 2026
- Shares
- 6,250
- Price
- $35.08
- Value
- $219,250
- Shaikhly SamiraChief People OfficerSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 5,935
- Price
- $28.92
- Value
- $171,665
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 September 2026 | Long Daniel D. SVP, Drug Discovery | Sold under a preset trading plan | 3,333 | $37.83 | $126,078 |
| 12 August 2026 | RA CAPITAL MANAGEMENT, L.P. Director | Sold | 1,493,000 | $42.50 | $63m |
| 11 August 2026 | Bhatt Elizabeth President and COO | Sold under a preset trading plan | 25,000 | $44.00 | $1m |
| 3 August 2026 | Long Daniel D. SVP, Drug Discovery | Sold under a preset trading plan | 3,334 | $34.47 | $114,920 |
| 15 July 2026 | Bhatt Elizabeth President and COO | Sold under a preset trading plan | 4,000 | $33.99 | $135,974 |
| 1 July 2026 | Long Daniel D. SVP, Drug Discovery | Sold under a preset trading plan | 3,333 | $34.36 | $114,528 |
| 29 June 2026 | Shaikhly Samira Chief People Officer | Sold under a preset trading plan | 2,178 | $35.18 | $76,622 |
| 22 June 2026 | Long Daniel D. SVP, Drug Discovery | Sold under a preset trading plan | 15,000 | $35.51 | $532,590 |
| 12 June 2026 | Shaikhly Samira Chief People Officer | Sold under a preset trading plan | 6,250 | $35.08 | $219,250 |
| 1 June 2026 | Shaikhly Samira Chief People Officer | Sold under a preset trading plan | 5,935 | $28.92 | $171,665 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.