Septerna, Inc.
For the period ended Dec 31, 2025. Filed Mar 9, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 9, 2026
SEPN$50.74+3.9%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Statements of Cash Flows
(In thousands)
| Years Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(48,879) | $(71,798) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 1,604 | 1,401 |
| Gain on sale of non-financial asset | (12,500) | — |
| Non-cash operating lease expense | 2,103 | 1,383 |
| Stock-based compensation | 8,476 | 3,152 |
| Accretion of discounts, net | (3,448) | (1,410) |
| Deferred income tax | — | (491) |
| Other | 56 | 45 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (3,781) | (4,297) |
| Accounts receivable | (10,185) | (20) |
| Other non-current assets | (554) | (170) |
| Accounts payable | 6,603 | 723 |
| Accrued expenses and other current liabilities | 4,359 | 3,564 |
| Deferred revenue | 168,186 | — |
| Operating leases, net | (1,851) | 448 |
| Net cash provided by (used in) operating activities | 110,189 | (67,470) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (518) | (2,103) |
| Proceeds from sale of non-financial asset | 12,500 | 22,625 |
| Purchases of available-for-sale marketable securities | (450,950) | (213,390) |
| Maturities of available-for-sale marketable securities | 209,616 | 32,270 |
| Net cash used in investing activities | (229,352) | (160,598) |
| Cash flows from financing activities: | ||
| Proceeds from Initial Public Offering, net of offering costs | — | 302,788 |
| Proceeds from issuance of Series B Convertible Preferred Stock, net of issuance costs | — | 74,942 |
| Repurchases of unvested restricted common stock | (1) | (1) |
| Proceeds from exercise of stock options | 973 | 52 |
| Proceeds from employee stock purchase plan | 717 | — |
| Net cash provided by financing activities | 1,689 | 377,781 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (117,474) | 149,713 |
| Cash, cash equivalents and restricted cash, beginning of year | 239,101 | 89,388 |
| Cash, cash equivalents and restricted cash, end of year | $121,627 | $239,101 |
| Supplemental cash flow information: | ||
| Cash paid for income taxes | $— | $232 |
| Supplemental disclosure for noncash investing and financing activities: | ||
| Property and equipment included in accounts payable and accrued expenses and other current liabilities | $517 | $37 |
| Right-of-use asset recognized in exchange for operating lease liability | $— | $12,462 |
| Conversion of convertible preferred stock to common stock upon initial public offering | $— | $224,157 |
| Unpaid offering costs included in accounts payable | $— | $21 |
Cash, Cash Equivalents and Restricted Cash:
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash and cash equivalents | $120,722 | $238,196 |
| Restricted cash | 905 | 905 |
| Total cash, cash equivalents and restricted cash at end of year | $121,627 | $239,101 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.