Revenue remains highly erratic with a 120.1% year-over-year growth in 2026Q1, yet the firm continues to struggle with profitability, evidenced by a -50.1% operating margin.
| Sales/Revenue | 72.25M | 45.95M | 1.07M | 151K | 0 |
| Revenue Growth % | 7295.6% | 4174.51% | 611.92% | - | - |
| Cost of Goods Sold | 421K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | 71.83M | 45.95M | 1.07M | 151K | 0 |
| Gross Margin % | 99.42% | 100% | 100% | 100% | - |
| Gross Profit Growth % | - | 4174.51% | 611.92% | - | - |
| Operating Expenses | 127.52M | 126.75M | 81.9M | -1.92M | 27.97M |
| OpEx % of Revenue | - | 275.83% | 7618.42% | -1274.17% | - |
| Selling, General & Admin | 32.59M | 29.16M | 16.56M | 9.72M | 5.92M |
| SG&A % of Revenue | - | 63.47% | 1540.56% | 6438.41% | - |
| Research & Development | 107.43M | 97.58M | 65.34M | 35.98M | 22.04M |
| R&D % of Revenue | - | 212.37% | 6077.86% | 23827.15% | - |
| Other Operating Expenses | -1000K | 0 | 0 | -47.63M | 0 |
| Operating Income | -55.69M | -80.8M | -80.82M | 2.08M | -27.97M |
| Operating Margin % | -77.07% | -175.83% | -7518.42% | 1374.17% | - |
| Operating Income Growth % | - | 0.03% | -3995.08% | 107.42% | - |
| EBITDA | -54.06M | -79.19M | -79.42M | 2.92M | -27.39M |
| EBITDA Margin % | -74.82% | -172.34% | -7388.09% | 1935.76% | - |
| EBITDA Growth % | 39.77% | 0.29% | -2817.14% | 110.67% | - |
| D&A (Non-Cash Add-back) | 1.63M | 1.6M | 1.4M | 848K | 577K |
| EBIT | -68.19M | -80.8M | -80.82M | -45.55M | -27.97M |
| Net Interest Income | 20.1M | 19.53M | 8.62M | 2.79M | 291K |
| Interest Income | 20.1M | 19.53M | 8.62M | 2.79M | 291K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 20M | 31.93M | 8.53M | 2.8M | 291K |
| Pretax Income | -35.69M | -48.87M | -72.3M | 4.87M | -27.68M |
| Pretax Margin % | -49.4% | -106.35% | -6725.21% | 3225.83% | - |
| Income Tax | 349K | 12K | -498K | 691K | 0 |
| Effective Tax Rate % | -0.98% | -0.02% | 0.69% | 14.19% | 0% |
| Net Income | -36.04M | -48.88M | -71.8M | 4.18M | -27.68M |
| Net Margin % | -49.88% | -106.37% | -6678.88% | 2768.21% | - |
| Net Income Growth % | 54.44% | 31.92% | -1817.66% | 115.1% | - |
| Net Income (Continuing) | -36.04M | -48.88M | -71.8M | 4.18M | -27.68M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.81 | -1.10 | -1.93 | 0.03 | -1.42 |
| EPS Growth % | 59.7% | 43.01% | -6732.3% | 102.05% | - |
| EPS (Basic) | - | -1.10 | -1.93 | 0.03 | -1.42 |
| Diluted Shares Outstanding | 44.76M | 44.26M | 37.19M | 19.5M | 19.5M |
| Basic Shares Outstanding | 44.76M | 44.26M | 37.19M | 19.5M | 19.5M |
| Dividend Payout Ratio | - | - | - | - | - |
Clinical trial milestone dependency
As reported in recent financial statements, Septerna's revenue trajectory remains highly erratic, characterized by a 120.1% year-over-year growth in 2026Q1 that follows periods of negligible income, underscoring a business model entirely dependent on the timing of non-recurring milestone payments rather than sustainable, repeatable commercial product sales.
The extreme fluctuations in top-line figures suggest that revenue recognition is tied to specific R&D achievements rather than organic market adoption. Investors should interpret these spikes as temporary liquidity events rather than indicators of long-term growth durability or competitive market penetration.
Based on the company's reported figures, operating expenses continue to outpace revenue generation, with 2026Q1 operating margins of -50.1% indicating that the firm has yet to achieve the necessary scale to leverage its fixed R&D and administrative cost base against its current milestone-driven revenue stream.
The lack of consistent operating leverage reflects the heavy burden of clinical-stage development costs which do not scale linearly with partnership income. Until the company transitions to a commercial model, operating losses will likely remain a structural feature of the income statement.
According to the income statement data, research and development remains the primary cost driver, consistently consuming the vast majority of capital as the firm advances its pipeline, with quarterly R&D expenditures reaching $29.1 million in 2026Q1, significantly exceeding the revenue recognized in the same period.
This high-intensity cost structure is typical for a pre-commercial biotech but highlights the firm's extreme sensitivity to clinical trial timelines. Management's expense discipline appears secondary to the necessity of funding the Native Complex platform, which may necessitate further dilutive financing to sustain operations.
As evidenced by the historical data, the brief periods of positive net income, such as the 2025Q3 performance, appear to be anomalies driven by accounting recognition of milestones rather than operational profitability, suggesting that the firm's current financial health is fragile and highly susceptible to clinical setbacks.
Short-term profitability metrics are misleading in this context, as they do not reflect a self-sustaining business model. Investors should monitor the underlying cash burn rate rather than net income, as the latter is prone to significant distortion from non-operating items and lumpy partnership revenue.
Quick answers to the most common questions about buying SEPN stock.
For fiscal year 2025, Septerna, Inc. (SEPN) reported total revenue of $46.0M.
Septerna, Inc. (SEPN) reported a net loss of $48.9M for the fiscal year ending 2025.
Septerna, Inc. (SEPN) reported an operating income of $-80.8M, resulting in an operating profit margin of -175.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Septerna, Inc. (SEPN) generated $46.0M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.