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Septerna Inc. (SEPN-0.53%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $176,000 from research activities performed for Vertex Pharmaceuticals Incorporated (VRTX+1.21%). This marks an increase from $33,000 in the same quarter of the previous year.
Research and development expenses increased to $17,832,000 from $9,281,000, primarily due to higher direct costs and external research and development costs.
General and administrative expenses rose to $4,894,000 from $2,792,000, attributed to increased consulting and employee-related costs.
The company reported a net loss of $20,523,000 for the quarter, compared to a net loss of $10,945,000 in the previous year.
Interest income for the quarter was $1,900,000, up from $1,096,000 in the previous year, due to higher interest rates and balances of invested cash.
Septerna completed its initial public offering in October 2024, resulting in net proceeds of approximately $302.6 million.
The company had cash, cash equivalents, and marketable securities totaling $137.5 million as of September 30, 2024.
Septerna's lead product candidate, SEP-786, is in early clinical development for the treatment of hypoparathyroidism.
The company acknowledges its dependence on additional funding to support its operations and growth strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Septerna Inc. quarterly 10-Q report dated November 20, 2024. To report an error, please email earnings@qz.com.