Free cash flow remains structurally negative, with the firm burning $26.5 million in 2026Q1, highlighting a persistent disconnect between accounting profits and actual cash generation.
| Cash from Operations | 107.9M | 110.19M | -67.47M | -38.72M | -23.3M |
| Operating CF Margin % | - | 239.8% | -6276.28% | -25644.37% | - |
| Operating CF Growth % | 1066.43% | 263.32% | -74.24% | -66.17% | - |
| Net Income | -36.04M | -48.88M | -71.8M | 4.18M | -27.68M |
| Depreciation & Amortization | 1.62M | 1.6M | 1.4M | 848K | 577K |
| Stock-Based Compensation | 2.66M | 8.48M | 3.15M | 1.62M | 1.52M |
| Deferred Taxes | 0 | 0 | -491K | 491K | 0 |
| Other Non-Cash Items | -3.16M | -13.79M | 18K | -46.79M | 530K |
| Working Capital Changes | 142.82M | 162.78M | 248K | 926K | 1.75M |
| Change in Receivables | -10.59M | -10.19M | -20K | -151K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.12M | 6.6M | 723K | -653K | 1.73M |
| Cash from Investing | -248.29M | -229.35M | -160.6M | 22.12M | -1.29M |
| Capital Expenditures | -968K | -518K | -2.1M | -2.88M | -1.29M |
| CapEx % of Revenue | 1.34% | 1.13% | 195.63% | 1905.96% | - |
| Acquisitions | 12.5M | 12.5M | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 22.63M | 25M | 0 |
| Cash from Financing | 1.96M | 1.69M | 377.78M | 74.52M | 30.05M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1.96M | 1.69M | 377.73M | 74.52M | 29.97M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1K | -1K | -1K | -1K | 0 |
| Other Financing | 0 | 0 | 52K | 0 | 82K |
| Net Change in Cash | -138.44M | -117.47M | 149.71M | 57.92M | 5.46M |
| Free Cash Flow | 106.93M | 109.67M | -69.57M | -41.6M | -24.59M |
| FCF Margin % | 147.99% | 238.67% | -6471.91% | -27550.33% | - |
| FCF Growth % | 241.03% | 257.63% | -67.24% | -69.16% | - |
| FCF per Share | 2.39 | 2.48 | -1.87 | -2.13 | -1.26 |
| FCF Conversion (FCF/Net Income) | -2.97x | -2.25x | 0.94x | -9.26x | 0.84x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 232K | 75K | 0 |
Clinical trial milestone dependency
According to reported financial data, Septerna exhibits a highly erratic relationship between net income and operating cash flow, with the OCF/NI ratio reaching an extreme 20.65 in 2025Q3, illustrating that accounting profits are frequently disconnected from the actual cash-generative capacity of the underlying clinical-stage business model.
The wide variance in the OCF/NI ratio suggests that net income is heavily influenced by non-cash accounting adjustments and the timing of milestone recognition rather than operational efficiency. Investors should interpret these fluctuations as a signal that the company's reported earnings provide little insight into its actual liquidity position or its ability to fund ongoing R&D requirements.
As indicated by historical cash flow statements, Septerna's free cash flow trajectory is consistently negative, with the exception of a single anomalous quarter in 2025Q3, confirming that the firm remains in a deep cash-burning phase as it prioritizes pipeline development over self-sustaining operational profitability.
The persistent negative free cash flow margins, which frequently exceed -90%, highlight the company's reliance on external financing to bridge the gap between R&D expenditures and milestone-driven revenue. This trajectory suggests that the firm's financial viability is tethered to its ability to secure capital markets access rather than internal cash generation.
Based on the company's reported figures, working capital changes have become a primary driver of cash flow volatility, most notably in 2025Q3 when a $170.3 million swing significantly altered the cash position, suggesting that timing differences in milestone payments create artificial spikes in liquidity.
The significant swings in working capital indicate that the company's cash position is highly sensitive to the timing of contract-related cash receipts. Analysts should monitor these movements closely, as they often obscure the underlying, steady-state cash burn rate required to maintain the company's clinical trial programs.
As reported in financial statements, Septerna maintains a low capital intensity profile, with CapEx/Revenue ratios fluctuating wildly due to the lumpy nature of revenue, yet the absolute level of capital expenditure remains negligible compared to the massive R&D-driven operating cash outflows observed in recent periods.
The low level of investment in physical assets suggests that the company's capital requirements are almost entirely focused on intangible R&D and clinical trial execution. This structure implies that the firm's primary financial risk is not asset maintenance, but rather the high, fixed-cost nature of its scientific development pipeline.
Quick answers to the most common questions about buying SEPN stock.
Septerna, Inc. (SEPN) generated $110.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Septerna, Inc. (SEPN) generated $109.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Septerna, Inc. (SEPN) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Septerna, Inc. (SEPN) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.