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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Septerna reported revenue of $46M in the fiscal year ended Dec 2025, up 4174.5% from the year before. Operating income was −$68M, an operating margin of −148.6%, and net income was −$49M. Operating cash flow of $110M less capital expenditure of $518,000 left free cash flow of $110M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 0.2 | 1.1 | 46.0 |
| Research & development | 36.0 | 65.3 | 97.6 |
| Operating income | 2.1 | −80.8 | −68.3 |
| Pre-tax income | −48.9 | −72.3 | −48.9 |
| Income tax | 0.7 | −0.5 | 0.0 |
| Net income | 4.2 | −71.8 | −48.9 |
| Diluted EPS | 0.29 | −7.26 | −1.10 |
| Diluted shares | 2.2 | 9.9 | 44.3 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 88.5 | 238 | 121 |
| Receivables | 0.2 | 0.2 | 10.4 |
| Current assets | 113 | 357 | 411 |
| Net PP&E | 4.7 | 5.1 | 4.4 |
| Total assets | 131 | 457 | 596 |
| Payables | 2.6 | 3.2 | 10.3 |
| Deferred revenue | – | 0.0 | 62.3 |
| Current liabilities | 6.9 | 12.8 | 86.9 |
| Total liabilities | 20.0 | 36.5 | 214 |
| Shareholders' equity | −38.4 | 420 | 382 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | −38.7 | −67.5 | 110 |
| Capital expenditure | 2.9 | 2.1 | 0.5 |
| Free cash flow | −41.6 | −69.6 | 110 |
| Depreciation & amortisation | 0.8 | 1.4 | 1.6 |
| Stock-based compensation | 1.6 | 3.2 | 8.5 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 611.9% | 4174.5% |
| Operating income growth (YoY) | – | −3995.1% | – |
| EPS growth (YoY) | – | −2603.4% | – |
| Operating margin | 1374.2% | −7518.4% | −148.6% |
| Net margin | 2768.2% | −6678.9% | −106.4% |
| Return on equityBlank when equity is negative | – | −17.1% | −12.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.7% | −18.2% | −13.4% |
| Free cash flow margin | −27550.3% | −6471.9% | 238.7% |
| Cash conversion (CFO ÷ net income) | −9.26x | 0.94x | −2.25x |
| Receivable days | 365 | 58 | 82 |
| Current ratio | 16.3x | 27.8x | 4.73x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.