Septerna presented at the Wells Fargo 21st Annual Healthcare Conference on September 8, 2026, highlighting advances in its Native Complex Platform, which was built from scratch in 2020 and expanded in 2024 to solve difficult GPCR targets. The platform has generated close to 200 high‑resolution 3D protein structures and identifies cryptic inducible pockets inside receptors.
The lead oral PTH receptor agonist, SEP‑479, is being tested in both capsule and tablet formulations in Phase I, with an estimated half‑life of three to four days. Full Phase I data, including single‑ and multiple‑ascending‑dose results, are expected in Q1 2025. Key Phase I biomarkers target a roughly 50% reduction in endogenous PTH and a serum calcium increase of 0.3 to 0.5 mg/dL.
Septerna disclosed that it received an upfront payment of $195 million from Novo Nordisk and $40 million in reimbursed R&D expenses during the first year of the collaboration. The partnership covers five targets, three of which are disclosed as the GLP‑1, GIP and glucagon receptors, with four programs running concurrently. Novo Nordisk retains control over external communications.
Other pipeline assets include SEP‑631, a negative allosteric modulator of MRGPRX2 with a 24‑hour half‑life and once‑daily dosing, for which Septerna prefers small Phase IIa signal‑finding studies. The TSH receptor program, aimed at Graves’ disease and thyroid eye disease, uses a negative allosteric modulator to block activation by patient autoantibodies; a rising TSH level would serve as a Phase I biomarker. The osteoporosis program, a fourth effort based on PTH biology, leverages the FDA’s recent allowance of bone mineral density as a surrogate endpoint to pursue a pulsatile bone‑building effect.
Looking ahead, Septerna cited 2027 as a major catalyst year, anticipating the TSH receptor program to become a value driver, preclinical data on the osteoporosis program, and updates on the MRGPRX2 indication strategy. The company noted that the thyroid space has not seen a new drug approval in 30 to 50 years.
Market data shown during the presentation indicated Septerna’s stock trading at $37.37, up $0.62 or 1.69%, with a current ratio of 4.99 according to InvestingPro. Wall Street analyst price targets for the stock were cited in the range of $48 to $62.
