The company's liquidity profile is tightening, with cash reserves falling to $71.6 million in 2026Q1 against a backdrop of $59.8 million in deferred revenue liabilities.
| Total Current Assets | 368.06M | 410.96M | 356.82M | 112.68M | 31.89M |
| Cash & Short-Term Investments | 347.4M | 391.09M | 350.92M | 88.48M | 30.61M |
| Cash Only | 71.61M | 120.72M | 238.2M | 88.48M | 30.61M |
| Short-Term Investments | 275.8M | 270.37M | 112.73M | 0 | 0 |
| Accounts Receivable | 10.84M | 10.36M | 1.12M | 22.78M | 0 |
| Days Sales Outstanding | 40.93 | 82.26 | 381.64 | 55.05K | - |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 9.81M | 9.52M | 200K | 92K | 204K |
| Total Non-Current Assets | 201.63M | 185.22M | 99.73M | 18.19M | 4.23M |
| Property, Plant & Equipment | 25.26M | 25.93M | 28.69M | 17.19M | 3.1M |
| Fixed Asset Turnover | 2.76x | 1.77x | 0.04x | 0.01x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 298.32M | 0 | 69.87M | 0 | 0 |
| Other Non-Current Assets | 176.37M | 159.29M | 1.17M | 1M | 1.12M |
| Total Assets | 569.69M | 596.19M | 456.55M | 130.87M | 36.12M |
| Asset Turnover | 0.13x | 0.08x | 0.00x | 0.00x | - |
| Asset Growth % | 445.01% | 30.58% | 248.87% | 262.32% | - |
| Total Current Liabilities | 78.17M | 86.93M | 12.85M | 6.91M | 5.54M |
| Accounts Payable | 7.46M | 10.28M | 3.2M | 2.64M | 3.07M |
| Days Payables Outstanding | 6.07K | - | - | - | - |
| Short-Term Debt | 2.31M | 2.21M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 122.03M | 62.27M | 0 | 0 | 0 |
| Other Current Liabilities | 8.63M | 12.17M | 4.21M | 3.04M | 1.76M |
| Current Ratio | 4.71x | 4.73x | 27.77x | 16.30x | 5.75x |
| Quick Ratio | 4.71x | 4.73x | 27.77x | 16.30x | 5.75x |
| Cash Conversion Cycle | -6.03K | - | - | - | - |
| Total Non-Current Liabilities | 113.06M | 127.33M | 23.66M | 162.33M | 74.78M |
| Long-Term Debt | 20.78M | 21.41M | 0 | 0 | 0 |
| Capital Lease Obligations | 65.95M | 0 | 23.63M | 12.57M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 92.28M | 105.92M | 33K | 149.76M | 74.78M |
| Total Liabilities | 191.23M | 214.26M | 36.51M | 169.24M | 80.32M |
| Total Debt | 23.09M | 23.63M | 25.48M | 12.57M | 710K |
| Net Debt | -48.52M | -97.1M | -212.72M | -75.92M | -29.9M |
| Debt / Equity | 0.06x | 0.06x | 0.06x | - | - |
| Debt / EBITDA | -0.43x | - | - | 4.30x | - |
| Net Debt / EBITDA | 0.90x | - | - | -25.97x | - |
| Interest Coverage | - | - | - | - | - |
| Total Equity | 378.46M | 381.93M | 420.05M | -38.37M | -44.2M |
| Equity Growth % | 1187.38% | -9.08% | 1194.61% | 13.18% | - |
| Book Value per Share | 8.46 | 8.63 | 11.29 | -1.97 | -2.27 |
| Total Shareholders' Equity | 378.46M | 381.93M | 420.05M | -38.37M | -44.2M |
| Common Stock | 45K | 45K | 44K | 3K | 3K |
| Retained Earnings | -175.89M | -167.25M | -118.37M | -46.58M | -50.76M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -569K | 617K | 56K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Clinical trial milestone dependency
As reported in recent financial filings, Septerna’s total assets have declined from a peak of $606.7 million in 2025Q3 to $569.7 million by 2026Q1, reflecting a tightening liquidity profile as the company continues to fund its intensive R&D pipeline through its existing cash reserves.
The contraction in total assets suggests that the company is consuming its capital base faster than it can replenish it through milestone-driven revenue. Investors should monitor this downward trend, as it indicates that the firm's financial flexibility is diminishing as it approaches critical clinical trial milestones.
Based on the company's reported figures, cash reserves have plummeted from $320.0 million in 2025Q3 to $71.6 million in 2026Q1, representing a significant reduction in the firm's ability to sustain its current operating burn rate without seeking additional external financing in the near term.
The current ratio of 4.71, while appearing healthy on the surface, masks the reality of a rapidly shrinking cash runway. This rapid depletion of liquid assets suggests that the company may be forced to pursue dilutive equity offerings if clinical progress does not trigger further milestone payments.
According to the balance sheet data, retained earnings have deepened to a deficit of $175.9 million as of 2026Q1, illustrating the persistent impact of high operating losses on the company's total equity position over the past several quarters of clinical development.
The accumulation of these losses highlights the structural challenge of maintaining a positive equity base in a pre-revenue biotech model. This trend warrants further investigation into the company's long-term capital allocation strategy and the potential for future share dilution to offset the ongoing erosion of shareholder value.
As evidenced by the 2026Q1 balance sheet, the presence of $59.8 million in deferred revenue suggests that a portion of the company's current liabilities is tied to future performance obligations rather than traditional debt, which complicates the interpretation of the firm's true liquidity and operational health.
This deferred revenue acts as a non-cash liability that may be recognized as income upon the achievement of specific R&D milestones, potentially providing a temporary, albeit artificial, boost to the balance sheet. Investors should be cautious, as this accounting treatment obscures the underlying cash burn and the true sustainability of the company's financial position.
Quick answers to the most common questions about buying SEPN stock.
As of 2025, Septerna, Inc. (SEPN) had total assets of $596.2M including $411.0M in current assets.
Septerna, Inc. (SEPN) carries total debt of $23.6M, offset by $391.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Septerna, Inc. (SEPN) has total shareholders' equity (book value) of $381.9M ($8.63 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Septerna, Inc. (SEPN) reported a current ratio of 4.73x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.