Septerna (SEPN) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Septerna published the results on November 9, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Septerna's Q3 2025 result included a $12.5 million gain on sale of a non-financial asset: a milestone payment from Vertex on an asset Septerna had sold, recorded within operating expenses. Without it, Q3 2025 would have shown an operating loss.
• All of Septerna's revenue comes from its collaboration with Novo Nordisk, which became effective on July 1, 2025, so quarters before Q3 2025 carry almost no revenue.

Source: Septerna Q3 2026 results, November 9, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted net (loss) income per share, each as first reported. Q4 2025 figures are from the Q4 2025 release.

We do not hold a confirmed date for Septerna's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 9, 2026

Septerna has no product sales; its revenue is collaboration revenue from Novo Nordisk. Revenue was $18.9 million in Q3 2026, against $21.5 million a year earlier. It was made up of $11.0 million for research and manufacturing services, $2.7 million of amortization of the $195.0 million upfront payment, and $5.2 million from research milestones. (Septerna Q3 2026 release, Nov 9, 2026; Septerna Form 10-Q, Q3 2026, Nov 9, 2026)

Under the Novo collaboration, effective July 1, 2025, the two companies run four research and development programs aimed at oral small molecule drugs across five GPCRs, including the GLP-1, GIP and glucagon receptors. Novo paid the $195.0 million upfront in July 2025. For each program Septerna can receive up to about $498.0 million in research, development, regulatory and commercial milestones, plus tiered royalties in the mid-to-high single digits on product sales. (Septerna Form 10-Q, Q3 2026, Nov 9, 2026)

Septerna recognizes this revenue over time as it incurs costs on the work, so the amount moves with the pace of research and with the milestones reached. Over the first nine months of 2026 revenue was $72.2 million, including $33.0 million of the upfront payment, against $2.7 million of it in Q3 alone. No royalty revenue or commercial milestones had been recognized as of September 30, 2026. (Septerna Form 10-Q, Q3 2026, Nov 9, 2026)

Septerna says it has achieved $13 million in research milestones under the collaboration to date, and that Novo recently took over a development candidate delivered by Septerna's research team and began IND-enabling toxicology studies on it. (Septerna Q3 2026 release, Nov 9, 2026)

Septerna swung to a net loss of $26.6 million, or $0.57 per share, from net income of $8.2 million, or $0.18 per diluted share, in Q3 2025. The year-ago quarter included a $12.5 million gain from a milestone payment by Vertex, and research and development expenses rose to $36.6 million from $24.3 million, mostly from $7.6 million of higher direct costs on clinical, discovery and preclinical programs. (Septerna Q3 2026 release, Nov 9, 2026; Septerna Form 10-Q, Q3 2026, Nov 9, 2026)

Septerna recorded a $4.6 million provision for income taxes in Q3 2026 despite its pre-tax loss of $22.0 million, which it attributes mainly to taxable income from the collaboration agreement. It recorded no tax provision a year earlier. (Septerna Form 10-Q, Q3 2026, Nov 9, 2026)

Weighted-average shares were 46,914,946, against 45,602,099 diluted shares a year earlier. In Q3 2026 Septerna issued 1,551,618 shares under its at-the-market offering for $61.0 million net of costs, and stock-based compensation expense was $5.9 million. Septerna reports GAAP results only. (Septerna Q3 2026 release, Nov 9, 2026; Septerna Form 10-Q, Q3 2026, Nov 9, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Septerna gives no revenue or earnings guidance in its release. Its financial outlook is a cash runway: with $565.2 million of cash, cash equivalents and marketable securities at September 30, 2026, it expects to fund operations at least into mid-2029. (Septerna Q3 2026 release, Nov 9, 2026)

The release sets two clinical dates: single and multiple ascending dose data for SEP-479, its oral PTH1R agonist for hypoparathyroidism, in the first quarter of 2027, and the start of a Phase 1 trial of SEP-204, an oral TSHR negative allosteric modulator for Graves' disease and thyroid eye disease, in the same quarter. (Septerna Q3 2026 release, Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover Septerna, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Septerna's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SEPN is on is SEPN a buy or a sell?, what analysts expect next is on the SEPN forecast, and what the company does is on the Septerna (SEPN) stock page.

Every number on this page can be traced to a document Septerna published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.