Septerna, a Phase 1 biotech targeting GPCRs in multiple therapeutic areas, announced terms for its IPO on Monday.
The South San Francisco, CA-based company plans to raise $175 million by offering 10.9 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Septerna would command a fully diluted market value of $626 million.
Septerna is developing orally-available small molecule drugs targeting G protein-coupled receptors (GPCRs). The company's lead and sole clinical-stage program is SEP-786, a small molecule parathyroid hormone 1 receptor agonist currently enrolling in a Phase 1 trial in patients with the rare endocrine disease hypoparathyroidism, with topline data expected in mid-2025. The company is also developing SEP-631, a MRGPRX2 negative allosteric modulator for the treatment of chronic spontaneous urticaria that is currently conducting IND-enabling studies, as well as preclinical programs in thyroid and metabolic diseases.
Septerna was founded in 2019 and booked $1 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol SEPN. J.P. Morgan, TD Cowen, Cantor Fitzgerald, and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of October 21, 2024.
