What Septerna does

Septerna is a clinical-stage biotechnology company developing oral small molecule drug candidates that target G protein-coupled receptors (GPCRs), the largest family of cell membrane receptors and the target class for roughly one-third of all FDA-approved drugs. The company pursues a wholly-owned pipeline spanning endocrinology (SEP-479, an oral PTH1R agonist for hypoparathyroidism, and an oral TSHR negative allosteric modulator for Graves' disease and thyroid eye disease), immunology and inflammation (SEP-631, an oral MRGPRX2 NAM for chronic spontaneous urticaria and other mast cell-driven diseases), and a partnered metabolic disease franchise under a global collaboration with Novo Nordisk covering five GPCR targets including GLP-1, GIP and glucagon receptors for obesity and cardiometabolic indications.

At the core of the company is the proprietary Native Complex Platform®, an industrial-scale drug discovery system that isolates, purifies and reconstitutes GPCRs outside of cells into complexes with ligands, transducer proteins and lipid bilayers, replicating native receptor structure and dynamics in a purified biochemical format. The platform integrates high-resolution cryo-EM structure determination with ultra-large-scale computational screening of billions of candidate molecules, biochemical screening via DNA-encoded libraries, and iterative structure-based drug design, and is supported by the scientific leadership of co-founder Robert Lefkowitz (Nobel laureate in GPCR research) alongside co-founders Arthur Christopoulos, Patrick Sexton and CEO Jeffrey Finer.

Septerna is pre-commercial and generates revenue primarily from collaboration agreements and asset sales rather than product sales. The dominant revenue stream is the May 2025 Novo Nordisk global collaboration and license agreement (~$2.2B total potential value: $195M upfront, up to ~$500M per program in milestones, plus tiered royalties on global net sales), with prior non-dilutive capital from the September 2023 sale of an undisclosed discovery-stage GPCR program to Vertex Pharmaceuticals for $47.5M upfront. Future product sales will rely on a hybrid GTM model combining independent commercialization of wholly-owned assets (SEP-479, SEP-631, TSHR program) with partner-led commercialization for the metabolic franchise, where Novo Nordisk funds all R&D expenses and brings established global commercial infrastructure. The company is publicly traded on NASDAQ under ticker SEPN following a 2024 IPO that raised $331M, and operates from South San Francisco with 51–100 employees.

Name

Septerna

Legal name

Septerna, Inc.

Website

https://septerna.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Clinical-stage biotechnology — GPCR-targeted therapeutics

NAICS

Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Antisense Oligonucleotides (ASO) Therapeutics (splice modulation/knockdown) (HLAAADAC)

Keywords

• GPCR drug discovery
• Oral small molecules
• Clinical-stage biotechnology
• Structure-based drug design
• Cryo-EM drug discovery

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations

Revenue model

1. Collaboration Revenue: Revenue generated from strategic partnerships with pharmaceutical companies including upfront payments, research and development funding, milestone payments, and tiered royalties on net sales of commercialized products. The company receives collaboration revenue from its Novo Nordisk partnership ($195M upfront plus potential milestones up to ~$500M per program plus royalties).
2. Outbound Licensing and Asset Sales: Revenue from licensing or selling GPCR programs to pharmaceutical partners, including upfront payments and potential milestone payments. Example: Vertex Pharmaceuticals acquired an undisclosed discovery-stage GPCR program for $47.5M upfront plus potential preclinical milestones.
3. Future Product Sales: Pre-commercial stage. The company is developing a pipeline of oral small molecule GPCR-targeted drug candidates that will be commercialized independently or through partnerships once approved. Peak sales projections for lead programs include SEP-631 ($3.2B for CSU) and SEP-479 ($2.5B for hypoparathyroidism).

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Septerna is a clinical-stage biotechnology company that discovers and develops oral small molecule drug candidates targeting G protein-coupled receptors (GPCRs) using its proprietary Native Complex Platform®. The company is advancing a pipeline of wholly-owned programs across endocrinology (SEP-479 for hypoparathyroidism, TSHR Program for Graves' disease/thyroid eye disease), immunology and inflammation (SEP-631 for chronic spontaneous urticaria and mast cell-driven diseases), and metabolic diseases via a global partnership with Novo Nordisk covering five GPCR targets including GLP-1, GIP, and glucagon receptors for obesity and cardiometabolic indications.

Product overview

Septerna is a clinical-stage biotechnology company pioneering a new era of GPCR drug discovery powered by its proprietary Native Complex Platform®. The company's wholly-owned pipeline focuses on three therapeutic areas: endocrinology (SEP-479 for hypoparathyroidism, TSHR Program for Graves' disease and thyroid eye disease), immunology and inflammation (SEP-631 for chronic spontaneous urticaria and other mast cell-driven diseases), and metabolic diseases (via partnership with Novo Nordisk targeting GLP-1, GIP, and glucagon receptors for obesity and cardiometabolic diseases). Septerna develops oral small molecule drug candidates designed to have disease-modifying potential with distinct mechanisms of action including agonists and negative allosteric modulators targeting G protein-coupled receptors.

Differentiator

Problem solved

Functional benefit

Products and services

• Native Complex Platform® A proprietary industrial-scale drug discovery platform that enables the isolation, purification, and reconstitution of GPCRs outside of cells into complexes with ligands, transducer proteins, and lipid bilayers. The platform utilizes cryogenic electron microscopy for high-resolution 3D GPCR structure determination and supports screening of billions of candidate molecules through ultra-large-scale computational screens and DNA-encoded library biochemical screens, enabling structure-based drug design for previously difficult-to-drug GPCR targets.
• SEP-479 (PTH1R agonist) An oral small molecule agonist targeting the parathyroid hormone 1 receptor (PTH1R) for the treatment of hypoparathyroidism. Designed to offer a convenient, functional replacement for PTH by activating PTH1R in bones and kidneys to restore normal calcium control, providing an oral alternative to injectable peptide-based therapies for the approximately 70,000 U.S. and 140,000 European patients affected by the disease.
• SEP-631 (MRGPRX2 NAM) An oral small molecule negative allosteric modulator (NAM) that inhibits the Mas-related G protein-coupled receptor X2 (MRGPRX2) for the treatment of chronic spontaneous urticaria (CSU) and other mast cell-driven diseases including atopic dermatitis, interstitial cystitis, migraine, and asthma. Targeted at approximately 1.5 million U.S. patients with CSU.
• TSHR Program An oral small molecule negative allosteric modulator (NAM) targeting the thyroid-stimulating hormone receptor (TSHR) being developed for both Graves' disease and thyroid eye disease, offering a novel disease-modifying treatment approach for the over 2 million U.S. patients with Graves' disease, of whom approximately 50% develop thyroid eye disease.
• Metabolic Programs (Novo Nordisk Collaboration) Global collaboration with Novo Nordisk to discover, develop and commercialize oral small molecule medicines for obesity and other cardiometabolic diseases, spanning five GPCR targets including GLP-1, GIP, and glucagon receptors. Septerna received $195 million upfront and is eligible for up to approximately $500 million in research, development and commercial milestone payments per program, plus tiered royalties on global net sales. Novo Nordisk is responsible for all R&D expenses.

Quantifiable outcome

• SEP-631 demonstrated complete inhibition of icatibant-induced skin wheal formation at doses as low as 10 mg once-daily in Phase 1 trial
• +3 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered flagship and core.

• Novo NordiskflagshipStrategic or Co-development Partner · 1 May 2025Global collaboration and license agreement announced May 2025 to discover, develop and commercialize oral small molecule medicines for obesity and other cardiometabolic diseases. Programs span five GPCR targets including GLP-1, GIP, and glucagon receptors. Septerna received $195M upfront payment and is eligible for up to approximately $500M in research, development and commercial milestone payments for each program, plus tiered royalties on global net sales. Novo Nordisk responsible for all R&D expenses.
• Vertex PharmaceuticalscoreStrategic or Co-development Partner · 1 September 2023Asset purchase agreement signed September 2023 under which Vertex acquired an undisclosed discovery-stage GPCR program. Septerna received $47.5M upfront payment and is eligible for additional payments related to use of the company's GPCR Native Complex Platform® and a preclinical milestone. Vertex responsible for continuing R&D of the novel GPCR program.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Structure Therapeutics: Clinical-stage biotech developing oral small molecule therapeutics targeting GPCRs, with a leading GLP-1 program for obesity and diabetes. Directly comparable to Septerna given the shared focus on oral small molecules against validated GPCR targets and similar cardiometabolic positioning.
• Crinetics Pharmaceuticals: Clinical-stage biotech developing oral small molecule drugs targeting GPCRs in endocrinology and rare diseases, including acromegaly and hyperinsulinism programs. Highly comparable to Septerna's SEP-479 hypoparathyroidism positioning and oral small molecule GPCR strategy.
• Sosei Heptares: Japan-headquartered GPCR-focused drug discovery company with a proprietary StaR® structural platform for stabilizing GPCRs. Comparable to Septerna's Native Complex® approach in addressing historically difficult-to-drug GPCR targets, with multiple partnered programs.
• Keros Therapeutics: Clinical-stage biotech developing therapeutics targeting modulators of the TGF-ß superfamily for hematological and musculoskeletal disorders. Comparable to Septerna in clinical-stage profile, rare-disease focus, and similar investor base, though differentiated on target class.
• Trevena: Clinical-stage biopharma developing GPCR-targeted therapeutics, with a historical focus on CNS and pain indications. Directly comparable to Septerna in GPCR specialization, small molecule approach, and clinical-stage profile.

Broad incumbents

• Acadia Pharmaceuticals: Established commercial-stage biopharma with a pipeline focused on neurological and rare disease therapies, including GPCR-targeted programs (pimavanserin). Relevant as a larger incumbent operating in adjacent GPCR therapeutic areas with both approved products and ongoing pipeline development.

Emerging players

• Schrödinger: Computational drug discovery company combining physics-based simulation with machine learning to accelerate small molecule design across multiple therapeutic areas. Comparable to Septerna in platform-enabled small molecule discovery and partnership-heavy business model.
• Madrigal Pharmaceuticals: Late clinical-stage biopharma focused on liver and metabolic diseases, with commercial-stage MASH therapy Rezdiffra. Comparable to Septerna in clinical-stage evolution, metabolic disease focus, and small molecule oral therapeutic modality.
• Relay Therapeutics: Clinical-stage precision medicines company combining computational techniques with structural biology to drug previously intractable targets, including GPCRs and allosteric sites. Comparable to Septerna's structure-based drug design methodology and platform-driven pipeline approach.
• Terns Pharmaceuticals: Clinical-stage biopharma developing oral small molecule therapies for oncology and metabolic disease, including a GPCR-targeted obesity program. Comparable to Septerna in clinical-stage profile, oral small molecule modality, and metabolic disease focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/Septerna_Inc
• LinkedInlinkedin.com/company/septernainc

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds2 records

Investors15 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Septerna