South San Francisco-based biotech Septerna has successfully closed its upsized initial public offering (IPO), raising approximately $331.2 million. The offering included 18.4 million shares priced at $18.00 each, which reflects the full exercise of underwriters' options to purchase additional shares. Shares began trading on the Nasdaq Global Market under the ticker symbol “SEPN” on October 25, 2024. The IPO marks a significant milestone for Septerna as it seeks to advance its pioneering work in G protein-coupled receptor (GPCR) oral small molecule drug discovery.
With the IPO proceeds, Septerna plans to further develop its promising pipeline, which focuses on areas such as endocrinology, immunology, inflammation, and metabolic diseases. The company’s lead candidate, SEP-786, an oral small-molecule therapy for hypoparathyroidism, is a key focus, aiming to provide an alternative to existing injectable treatments. Although Septerna has acknowledged a lack of “meaningful clinical data” to date, it expects to release preliminary results from a phase 1 trial of SEP-786 by mid-2025. The successful IPO positions Septerna among a select group of biotech firms making their market debut, bolstered by its proprietary Native Complex Platform, which aims to unlock the full potential of GPCR therapies.
