Biotechnology company Septerna (SEPN, Financial) has announced the terms for its initial public offering (IPO), focusing on innovative oral small molecule drugs targeting the G protein-coupled receptor (GPCR) class. The South San Francisco-based firm plans to offer 10.9 million shares at a price range of $15 to $17 per share, aiming to raise $175 million.
Based on the midpoint of the proposed price range, Septerna's fully diluted market valuation will reach approximately $626 million. The company's primary and sole clinical-stage project is SEP-786, targeting the parathyroid hormone 1 receptor (PTH1R) for the treatment of hypoparathyroidism. Septerna is currently conducting a Phase 1 trial for this rare endocrine disorder, with top-line data expected by mid-2025.
In addition, Septerna is working on SEP-631, a negative allosteric modulator (NAM) of MRGPRX2, currently in the Investigational New Drug (IND) preparation phase. This is being developed for the treatment of chronic spontaneous urticaria (CSU) and other mast cell diseases.
Established in 2019, Septerna recorded $1 million in revenue for the twelve months ending June 30, 2024. The company plans to list on Nasdaq under the ticker SEPN. The IPO is set to be priced during the week of October 21, 2024, with J.P. Morgan, TD Cowen, Cantor Fitzgerald, and Wells Fargo Securities as joint bookrunners for the offering.
