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Marketable Securities and Fair Value Measurements - Schedule of Fair Value Measurements on Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, current	$ 275,796	$ 270,367
Marketable securities, non-current	174,691	157,569
Total measured at fair value	517,142	544,025
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total measured at fair value	48,411	63,736
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total measured at fair value	468,731	480,289
U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, current	151,153	141,984
Marketable securities, non-current	126,328	117,632
U.S. Treasury Securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, current	151,153	141,984
Marketable securities, non-current	126,328	117,632
U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, current	18,472	28,026
Marketable securities, non-current	15,681	4,224
U.S. Government Agency Securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, current	18,472	28,026
Marketable securities, non-current	15,681	4,224
Corporate Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	2,266	2,190
Marketable securities, current	62,820	32,573
Marketable securities, non-current	32,682	35,713
Corporate Securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	2,266	2,190
Marketable securities, current	62,820	32,573
Marketable securities, non-current	32,682	35,713
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	48,411	63,736
Money Market Funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	48,411	63,736
Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	15,978	50,163
Marketable securities, current	43,351	67,784
Commercial Paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	15,978	50,163
Marketable securities, current	$ 43,351	$ 67,784

Marketable Securities and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Available-for-Sale Marketable Securities and Fair Value Measurements [Abstract]

Schedule of Fair Value Measurements on Cash Equivalents and Marketable Securities

The fair value measurements of the Company’s cash equivalents and marketable securities are identified at the following levels within the fair value hierarchy (in thousands):


	March 31, 2026
			Fair Value Measurement
	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	48,411	$	48,411	$	—	$	—
Commercial paper		15,978		—		15,978		—
Corporate securities		2,266		—		2,266		—
Marketable securities, current:
U.S. treasury securities		151,153		—		151,153		—
Corporate securities		62,820		—		62,820		—
Commercial paper		43,351		—		43,351		—
U.S. government agency securities		18,472		—		18,472		—
Marketable securities, non-current:
U.S. treasury securities		126,328		—		126,328		—
Corporate securities		32,682		—		32,682		—
U.S. government agency securities		15,681		—		15,681		—
Total measured at fair value	$	517,142	$	48,411	$	468,731	$	—


	As of December 31, 2025
			Fair Value Measurement
	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	63,736	$	63,736	$	—	$	—
Commercial paper		50,163		—		50,163		—
Corporate securities		2,190		—		2,190		—
Marketable securities, current:		—
U.S. treasury securities		141,984		—		141,984		—
Commercial paper		67,784		—		67,784		—
Corporate securities		32,573		—		32,573		—
U.S. government agency securities		28,026		—		28,026		—
Marketable securities, non-current:		—
U.S. treasury securities		117,632		—		117,632		—
Corporate securities		35,713		—		35,713		—
U.S. government agency securities		4,224		—		4,224		—
Total measured at fair value	$	544,025	$	63,736	$	480,289	$	—

Summary of Marketable Securities by Major Type of Security

As of March 31, 2026, the following table summarizes the amortized cost and the unrealized gains (losses) of the marketable securities presented within marketable securities and cash equivalents (in thousands):


	Remaining								Aggregate
	Contractual								Estimated Fair
	Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses			Value
U.S. treasury securities	Less than 1	$	151,062	$	124	$	(33	)	$	151,153
Corporate securities	Less than 1		65,210		—		(124	)		65,086
Commercial paper	Less than 1		59,348		—		(19	)		59,329
U.S. government agency securities	Less than 1		18,465		8		(1	)		18,472
Total maturity less than 1 year			294,085		132		(177	)		294,040
U.S. treasury securities	1 to 2		126,680		17		(369	)		126,328
Corporate securities	1 to 2		32,802		4		(124	)		32,682
U.S. government agency securities	1 to 2		15,733		—		(52	)		15,681
Total		$	469,300	$	153	$	(722	)	$	468,731

As of December 31, 2025, the following table summarizes the amortized cost and the unrealized gains (losses) of the marketable securities presented within marketable securities and cash equivalents (in thousands):


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Estimated Fair Value
Commercial paper	Less than 1	$	117,939	$	17	$	(9	)	$	117,947
U.S. treasury securities	Less than 1		141,688		296		—			141,984
Corporate securities	Less than 1		34,755		14		(6	)		34,763
U.S. government agency securities	Less than 1		27,992		34		—			28,026
Total maturity less than 1 year			322,374		361		(15	)		322,720
U.S. treasury securities	1 to 2		117,376		257		(1	)		117,632
Corporate securities	1 to 2		35,699		24		(10	)		35,713
U.S. government agency securities	1 to 2		4,223		2		(1	)		4,224
Total		$	479,672	$	644	$	(27	)	$	480,289

Schedule of Unrealized Loss Positions of Marketable Securities

As of March 31, 2026, the following table summarizes marketable securities in an unrealized loss position (in thousands):


	Remaining Contractual Maturity (in years)	Fair Value		Gross Unrealized Loss
Corporate securities	Less than 1	$	64,093	$	(124	)
Commercial paper	Less than 1		57,636		(19	)
U.S. treasury securities	Less than 1		49,876		(33	)
U.S. government agency securities	Less than 1		6,060		(1	)
Total maturity less than 1 year			177,665		(177	)
U.S. treasury securities	1 to 2		115,720		(369	)
Corporate securities	1 to 2		29,168		(124	)
U.S. government agency securities	1 to 2		15,681		(52	)
Total		$	338,234	$	(722	)

Common Stock (Tables)

3 Months Ended

Mar. 31, 2026

Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]

Summary of Common Stock Shares Reserved for Future Issuance on Convertible Basis

The Company reserved the following shares of common stock, on an as-converted basis, for future issuance:


	As of March 31,		As of December 31,
	2026		2025
Options issued and outstanding		6,295,470		4,378,484
Shares reserved for future grants under 2024 Stock Option and Incentive Plan and 2026 Inducement Plan		4,970,667		4,257,640
Shares reserved for issuance under 2024 Employee Stock Purchase Plan		620,613		251,211
		11,886,750		8,887,335

Commitments and Contingencies	3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 5. Commitments and Contingencies Legal Proceedings In the ordinary course of business, the Company may be subject to legal proceedings, claims and litigation, as the Company operates in an industry susceptible to patent or other legal claims. The Company is not currently a party to any legal proceeding that, if determined adversely to the Company, in management’s opinion, is expected to individually or in the aggregate have a material adverse effect on its business, financial condition or liquidity and results of operations. Indemnifications In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. As permitted under Delaware law and in accordance with its bylaws, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its officers and directors. The maximum potential amount of future payments that the Company could be required to make under these provisions is not determinable; however, the Company currently holds director and officer liability insurance. This insurance limits the Company’s exposure and may enable it to recover a portion of any future amounts paid. The Company believes that the fair value of these indemnification obligations is minimal. In addition, the Company is not currently aware of any indemnification claims that could have a material effect on its condensed financial statements. Accordingly, the Company did not record any liabilities associated with these indemnification rights and agreements as of March 31, 2026 and December 31, 2025.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 5. Commitments and Contingencies

Legal Proceedings

In the ordinary course of business, the Company may be subject to legal proceedings, claims and litigation, as the Company operates in an industry susceptible to patent or other legal claims. The Company is not currently a party to any legal proceeding that, if determined adversely to the Company, in management’s opinion, is expected to individually or in the aggregate have a material adverse effect on its business, financial condition or liquidity and results of operations.

Indemnifications

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. As permitted under Delaware law and in accordance with its bylaws, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its officers and directors.

The maximum potential amount of future payments that the Company could be required to make under these provisions is not determinable; however, the Company currently holds director and officer liability insurance. This insurance limits the Company’s exposure and may enable it to recover a portion of any future amounts paid. The Company believes that the fair value of these indemnification obligations is minimal. In addition, the Company is not currently aware of any indemnification claims that could have a material effect on its condensed financial statements. Accordingly, the Company did not record any liabilities associated with these indemnification rights and agreements as of March 31, 2026 and December 31, 2025.

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 71,605	$ 120,722
Marketable securities	275,796	270,367
Accounts receivable	10,842	10,356
Prepaid expenses and other current assets	9,815	9,519
Total current assets	368,058	410,964
Marketable securities, non-current	174,691	157,569
Property and equipment, net	4,328	4,434
Operating lease right-of-use assets	20,933	21,499
Restricted cash	905	905
Other non-current assets	773	816
Total assets	569,688	596,187
Current liabilities:
Accounts payable	7,464	10,283
Accrued expenses and other current liabilities	8,629	12,167
Deferred revenue, current	59,763	62,269
Operating lease liabilities, current	2,309	2,212
Total current liabilities	78,165	86,931
Deferred revenue, non-current	92,184	105,917
Operating lease liabilities, non-current	20,781	21,413
Other non-current liabilities	100	0
Total liabilities	191,230	214,261
Commitments and contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025; no shares issued and outstanding as of March 31, 2026 and December 31, 2025
Common stock, $0.001 par value per share, 500,000,000 shares authorized at March 31, 2026 and December 31, 2025; 44,916,572 and 44,806,272 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively; 75,247 and 131,224 shares subject to repurchase as of March 31, 2026 and December 31, 2025, respectively	45	45
Additional paid-in capital	554,872	548,517
Accumulated other comprehensive (loss) income	(569)	617
Accumulated deficit	(175,890)	(167,253)
Total stockholders' equity	378,458	381,926
Total liabilities and stockholders' equity	$ 569,688	$ 596,187

Common Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2026	Dec. 31, 2025
Common Stock [Line Items]
Common stock, shares authorized	500,000,000	500,000,000	500,000,000
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
At-the-Market Equity Program
Common Stock [Line Items]
Number of common shares issued and sold		0
At-the-Market Equity Program \| Maximum [Member]
Common Stock [Line Items]
Common stock aggregate offering price	$ 150.0
Common Stock [Member]
Common Stock [Line Items]
Common stock, shares authorized	500,000,000	500,000,000	500,000,000
Common stock, par value	$ 0.001	$ 0.001	$ 0.001

Marketable Securities and Fair Value Measurements - Summary of Marketable Securities by Major Type of Security (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized cost of marketable debt securities, contractual maturity, less than one year	$ 294,085	$ 322,374
Unrealized gains of marketable debt securites, contractual maturity, less than one year	132	361
Unrealized losses of marketble debt securities, contractual maturity, less than one year	(177)	(15)
Aggregate estimated fair value of marketable debt securities, contractual maturities, less than one year	294,040	322,720
Amortized Cost	469,300	479,672
Unrealized Gains	153	644
Unrealized Losses	(722)	(27)
Aggregate Estimated Fair Value	468,731	480,289
U.S. Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized cost of marketable debt securities, contractual maturity, less than one year	151,062	141,688
Unrealized gains of marketable debt securites, contractual maturity, less than one year	124	296
Unrealized losses of marketble debt securities, contractual maturity, less than one year	(33)
Aggregate estimated fair value of marketable debt securities, contractual maturities, less than one year	151,153	141,984
Amortized cost of marketable debt securities, contractual maturity, one year to five years	126,680	117,376
Unrealized gains of marketable debt securities, contractual maturity, one year to five years	17	257
Unrealized losses of marketable debt securities, contractual maturity, one year to five years	(369)	(1)
Aggregate estimated fair value of marketable debt securities, contractual maturities, one year to five year	126,328	117,632
U.S. Government Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized cost of marketable debt securities, contractual maturity, less than one year	18,465	27,992
Unrealized gains of marketable debt securites, contractual maturity, less than one year	8	34
Unrealized losses of marketble debt securities, contractual maturity, less than one year	(1)
Aggregate estimated fair value of marketable debt securities, contractual maturities, less than one year	18,472	28,026
Amortized cost of marketable debt securities, contractual maturity, one year to five years	15,733	4,223
Unrealized gains of marketable debt securities, contractual maturity, one year to five years		2
Unrealized losses of marketable debt securities, contractual maturity, one year to five years	(52)	(1)
Aggregate estimated fair value of marketable debt securities, contractual maturities, one year to five year	15,681	4,224
Corporate Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized cost of marketable debt securities, contractual maturity, less than one year	65,210	34,755
Unrealized gains of marketable debt securites, contractual maturity, less than one year		14
Unrealized losses of marketble debt securities, contractual maturity, less than one year	(124)	(6)
Aggregate estimated fair value of marketable debt securities, contractual maturities, less than one year	65,086	34,763
Amortized cost of marketable debt securities, contractual maturity, one year to five years	32,802	35,699
Unrealized gains of marketable debt securities, contractual maturity, one year to five years	4	24
Unrealized losses of marketable debt securities, contractual maturity, one year to five years	(124)	(10)
Aggregate estimated fair value of marketable debt securities, contractual maturities, one year to five year	32,682	35,713
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Amortized cost of marketable debt securities, contractual maturity, less than one year	59,348	117,939
Unrealized gains of marketable debt securites, contractual maturity, less than one year		17
Unrealized losses of marketble debt securities, contractual maturity, less than one year	(19)	(9)
Aggregate estimated fair value of marketable debt securities, contractual maturities, less than one year	$ 59,329	$ 117,947

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 9,101	$ 8,786
Less: Accumulated depreciation and amortization	(4,773)	(4,352)
Property and equipment, net	4,328	4,434
Lab equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	6,761	6,339
Furniture, fixtures, and office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	1,222	1,222
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	717	717
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	401	401
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 0	$ 107

Net Loss Per Share - Additional Information (Details)	3 Months Ended
Net Loss Per Share - Additional Information (Details)	Mar. 31, 2026 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,483,046
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,295,470
Unvested Restricted Stock Subject to Repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	75,247
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	112,329

Commitments and Contingencies - Additional Information (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
liabilities associated with indemnification rights and agreements	$ 0	$ 0

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

Note 10. Segment Information

The Company operates in one segment, which is GPCR oral small molecule drug discovery. The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer. The measure of segment profit or loss is net loss, which is also reported on the condensed statements of operations and comprehensive loss as net loss.

The measure of segment assets is reported on the condensed balance sheet as total assets. The CODM uses segment net loss to monitor spending, assess performance for the Company and management, evaluate the progress of completing corporate goals, decide how to allocate resources among the Company’s clinical and pre-clinical portfolios, and make strategic decisions about business development opportunities.

The CODM is regularly provided with the following significant segment expenses:


	Three Months Ended March 31,
	2026			2025
Revenue	$	26,523		$	219
Employee-related expenses, excluding stock-based compensation		10,589			6,845
Stock-based compensation		6,015			1,482
External research and development expenses		14,557			10,239
External general and administrative expenses		2,506			2,652
Other segment expenses*		6,156			4,911
Total operating expenses		39,823			26,129
Loss from operations		(13,300	)		(25,910	)
Other income, net		5,000			4,434
Loss before provision for income taxes		(8,300	)		(21,476	)
Provision for income taxes		(337	)		—
Net loss	$	(8,637	)	$	(21,476	)

(*) Other segment expenses include facility related and office costs, information technology costs, general laboratory costs, depreciation and amortization of property and equipment, net, and other operating expenses.

As of March 31, 2026 and December 31, 2025, all of the Company’s property and equipment was maintained in the U.S. For the three months ended March 31, 2026 and 2025, the Company’s revenue was generated from providing research services and was earned in the U.S.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Topic 280
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+ Details

Organization and Basis of Presentation - Additional Information (Details) $ in Millions	Mar. 31, 2026 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash, cash equivalents, marketable securities current and non-current	$ 522.1
ASU 2025-05
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

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+ Details

Marketable Securities and Fair Value Measurements - Schedule of Fair Values and Continuous Unrealized Loss Positions of Marketable Securities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Marketable securities, continuous unrealized loss position, Less than 12 Months, Fair Value	$ 177,665
Marketable securities, continuous unrealized loss position, Less than 12 Months, Gross Unrealized Losses	(177)
Marketable securities, continuous unrealized loss position, Fair value	338,234
Marketable securities, continuous unrealized loss position, Gross Unrealized Loss	(722)
Corporate Securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Marketable securities, continuous unrealized loss position, Less than 12 Months, Fair Value	64,093
Marketable securities, continuous unrealized loss position, Less than 12 Months, Gross Unrealized Losses	(124)
Marketable securities, continuous unrealized loss position, Less than one year to two years, Fair Value	29,168
Marketable securities, continuous unrealized loss position, Less than one year to two years, Gross Unrealized Loss	(124)
U.S. Treasury Securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Marketable securities, continuous unrealized loss position, Less than 12 Months, Fair Value	49,876
Marketable securities, continuous unrealized loss position, Less than 12 Months, Gross Unrealized Losses	(33)
Marketable securities, continuous unrealized loss position, Less than one year to two years, Fair Value	115,720
Marketable securities, continuous unrealized loss position, Less than one year to two years, Gross Unrealized Loss	(369)
U.S. Government Agency Securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Marketable securities, continuous unrealized loss position, Less than 12 Months, Fair Value	6,060
Marketable securities, continuous unrealized loss position, Less than 12 Months, Gross Unrealized Losses	(1)
Marketable securities, continuous unrealized loss position, Less than one year to two years, Fair Value	15,681
Marketable securities, continuous unrealized loss position, Less than one year to two years, Gross Unrealized Loss	(52)
Commercial Paper
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Marketable securities, continuous unrealized loss position, Less than 12 Months, Fair Value	57,636
Marketable securities, continuous unrealized loss position, Less than 12 Months, Gross Unrealized Losses	$ (19)

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Note 3. Revenue

Novo Collaboration Agreement

On May 13, 2025, the Company and Novo entered into a global Collaboration and License Agreement (the “Novo Collaboration Agreement”). Under the Novo Collaboration Agreement, the Company is exclusively collaborating with Novo to leverage the Company’s proprietary Native Complex Platform® to discover, develop and commercialize multiple potential oral small molecule therapies for metabolic-related diseases based on certain specified molecular targets. The collaboration objective is to discover and develop several novel mono-, dual-, or triple-acting oral small molecule drug candidates directed across five GPCRs, including the GLP-1, GIP, and glucagon receptors (the “Collaboration Targets”). The collaboration included the Company's most advanced preclinical metabolic program focused on developing an oral small molecule agonist to the GIP receptor.

After the Novo Collaboration Agreement became effective on July 1, 2025, the Company and Novo commenced four simultaneous research and development programs (each an “R&D Program”) with each pursuing one or more Collaboration Targets from discovery through development candidate selection. Beginning with investigational new drug-enabling activities, Novo will then be responsible for all further global development and commercialization for each product candidate at its sole cost and expense. Subject to certain limitations, Novo has the right to modify the research plans and explore additional combinations of the existing Collaboration Targets for one or more of such R&D Programs provided that no more than four R&D Programs will be pursued simultaneously. Novo reimburses the Company for 100% of the fully burdened costs arising from all research and development activities undertaken by the Company under the Novo Collaboration Agreement. Novo is also responsible for all commercialization costs subject to the Company's profit and loss share option described below for up to one program under the collaboration.

Under the terms of the Novo Collaboration Agreement, the Company will provide Novo with exclusive licenses to enable Novo to develop and commercialize products directed at the Collaboration Targets. The Company retains all other rights to its Native Complex Platform® and all of its other research and development programs.

In July 2025, Novo paid the Company a one-time, non-refundable upfront payment of $195.0 million. For each R&D Program, the Company is also eligible to receive up to approximately $498.0 million in research, development, regulatory, and commercial milestone payments. In addition, the Company is entitled to escalating, tiered royalties ranging from mid-to-high single-digits based on global product sales on a country-by-country and product-by-product basis with respect to a R&D Program until the later of ten years after the date of first commercial sale of the first product in such R&D Program in such country, expiration of specified patent rights covering such product in such country or the expiration of specified regulatory exclusivity for the first product in such R&D Program in such country. The royalty payments are subject to certain step-down provisions including reductions due to valid patent claim expiration, generic product market share on a country-by-country basis, payments made under certain licenses for third party intellectual property and application of Inflation Reduction Act maximum fair price provisions (with such cumulative reductions in most cases subject to a royalty reduction floor). Subject to certain terms, conditions and limitations, the Company holds an option to elect a profit and loss sharing arrangement (in lieu of milestones and royalties) for one product candidate under the Novo Collaboration Agreement, which must be exercised by the Company within a specified time period following completion of either IND-enabling studies or the first Phase 1 clinical trial for such product (the "Profit Share Option").

The Company periodically assesses the probability of receiving payments from achieving the research and development, collaboration target, and regulatory milestones, and includes the milestone amounts in the transaction price when they are considered probable. As of March 31, 2026, the Company determined that two discovery research milestones became probable of achievement. As a result, $2.0 million of milestone consideration was included in the transaction price and allocated to the performance obligations to which they relate. Revenue associated with these milestones is recognized over time using an input method, as discussed further below. Although the Company's contractual right to payment associated with these two collaboration milestones has not yet arisen under the Novo Agreement, recognition of milestones consideration within the allocated transaction price, and recognition of revenue during the three months ended March 31, 2026 March 31, 2026 is appropriate in accordance with ASC 606.

No royalty revenue has been recognized and the Profit Share Option was deemed improbable with no amount recognized for repayment of certain reimbursements to Novo as of March 31, 2026.

Royalties and commercial sale milestones are recognized when the subsequent sales occur based on the sales or usage-based royalty exception. The Company also periodically reassesses the probability of exercising the Profit Share Option.

The Company recognizes revenue related to the combined license and research services performance obligations and the manufacturing performance obligation over time using the input method. Under the input method, the extent of progress towards completion is measured based on the ratio of actual cost incurred to date to the total estimated cost at completion of the performance obligations, which the Company believes best measures its progress towards satisfying the performance obligations.

The following table presents revenue recognized, transaction price including the portion associated with the milestones that are probable, and estimated revenue expected to be recognized in the future as of March 31, 2026 (in thousands):


	Transaction Price
Combined license, research and manufacturing services	$	247,846
Material right		41,190
Discovery research milestones(1)		2,000
Total transaction price(2)	$	291,036
Revenue recognized(3)		(71,900	)
Unrecognized transaction price as of March 31, 2026	$	219,136

_____________________

(1)

As of March 31, 2026, the Company determined that two discovery research milestones became probable of achievement. Accordingly, the Company recognized these milestones within the transaction price. The milestones recognized within the transaction price are allocated to the applicable R&D Program performance obligations to which they relate and are recognized as revenue using the input method.

(2)

Comprised of the allocation of the $195.0 million one-time, non-refundable upfront payment, of which $153.8 million was allocated to the four R&D programs and manufacturing services and $41.2 million was allocated to the material right. In addition, $94.0 million of variable consideration related to estimated research and manufacturing services for the four R&D Programs, and $2.0 million of variable consideration related to the two milestones deemed probable of achievement was allocated to the transaction price as of March 31, 2026.

(3)

For the three months ended March 31, 2026, the Company recognized revenue of $26.5 million, which was comprised of $10.3 million variable consideration related to research services for the four R&D Programs and manufacturing services, $15.7 million recognition of deferred revenue for the one-time, non-refundable upfront payment, and $0.5 million milestone revenue recognized on the two milestones discussed above. The Company recognized $26.8 million of the one-time, non-refundable upfront payment and $18.6 million variable considerations related to research services for the four R&D Programs and manufacturing services during the year ended December 31, 2025.

Amounts due to the Company for satisfying the revenue recognition criteria or that are contractually due based upon the terms of the Novo Collaboration Agreement are recorded as accounts receivable in the Company’s condensed balance sheets. Contract liabilities consist of amounts received prior to satisfying the revenue recognition criteria, which are recorded as deferred revenue in the Company’s condensed balance sheets.

The following table summarizes the changes in deferred revenue (in thousands):


Balance at January 1, 2026	$	168,186
Recognized in revenue during the three months ended March 31, 2026		(15,708	)
Netting against contract asset(1)		(531	)
Balance at March 31, 2026(2)	$	151,947

_____________________

(1)

During the three months ended March 31, 2026, the Company recognized $0.5 million of milestone revenue as described above and recorded a related contract asset as the contractual right to payment associated with the discovery research milestones under the Novo Collaboration Agreement had not arisen. In accordance with ASC 606, contract assets and liabilities associated within an agreement are considered interdependent and are recorded net in the condensed balance sheets. Accordingly, the contract asset was netted against the deferred revenue balance as of March 31, 2026.

(2)

Comprised of $59.8 million of deferred revenue, current and $92.2 million of deferred revenue, non-current, which is expected to be recognized over approximately 3.3 years. As of March 31, 2026, all of the Company's performance obligations associated with its deferred revenue balances are outstanding.

As of March 31, 2026 and December 31, 2025, the Company’s accounts receivable was entirely attributed to Novo, and no allowance for credit loss was recorded related to accounts receivable.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

Note 1. Organization and Basis of Presentation

Description of the Business

Septerna, Inc. (“Septerna” or the “Company”) is a clinical-stage biotechnology company with a world-class team of G protein-coupled receptor (“GPCR”) experts and drug developers advancing cutting-edge science to unlock the full potential of GPCR therapies for patients with significant unmet needs. The Company’s proprietary Native Complex Platform® is designed to enable new approaches to GPCR drug discovery and has led to the development of a diverse pipeline of novel oral small molecule drug candidates. The Company is advancing programs in endocrinology, immunology and inflammation, metabolic diseases and additional therapeutic areas, both independently and with partners.

The Company’s proprietary Native Complex Platform® replicates the natural structure, function, and dynamics of GPCRs outside of cells at an industrial scale. The Company’s foundational technologies enable it to isolate, purify, and reconstitute full-length, properly folded GPCR proteins within ternary complexes with ligands and transducer proteins in a lipid bilayer that mimics the cell membrane. The Company then applies state-of-the-art discovery tools and technologies to these defined and tunable protein complexes to structurally design, screen for, and optimize potential product candidates. Leveraging its platform, the Company has transformed GPCR oral small molecule drug discovery to an industrialized and iterative structure-based drug design approach to expand the landscape of druggable GPCR targets with novel oral small molecule medicines for patients. The Company’s Native Complex Platform® is designed to enable it to target certain GPCRs for the first time, uncover novel binding pockets for validated receptors, and pursue a wide spectrum of pharmacologies, including agonists, antagonists, and allosteric modulators, to affect GPCR signaling in different ways to achieve desired therapeutic effects.

The Company was incorporated in Delaware in December 2019, under the name GPCR NewCo, Inc. In June 2021, the Company changed its name to Septerna, Inc. The Company is headquartered in South San Francisco, California.

Basis of Presentation

The accompanying unaudited interim condensed financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) stated in U.S. dollars and include all adjustments necessary for the fair presentation of the Company’s interim financial information.

The condensed balance sheet data at December 31, 2025 was derived from the audited financial statements included in Septerna’s Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the Securities and Exchange Commission (“SEC”) on March 9, 2026. These interim unaudited condensed financial statements should be read in conjunction with the audited financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Liquidity and Capital Resources

The accompanying unaudited condensed financial statements have been prepared assuming the Company will continue as a going concern, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business.

As of March 31, 2026, the Company had cash, cash equivalents and marketable securities of $522.1 million, which the Company believes will be sufficient to fund its planned operations for a period of, at least, twelve months following the date of filing of this report.

Significant Accounting Policies

During the three months ended March 31, 2026, there were no changes to the Company’s significant accounting policies as described in Note 2 of the audited financial statements for the year ended December 31, 2025.

Recently Adopted Accounting Pronouncements

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset in developing reasonable and supportable forecasts during the application of the current expected credit loss model for current accounts receivable and current contract assets arising from transactions under ASC 606. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company determined there is no impact of adopting ASU 2025-05 as it does not develop forecasts as part of estimating expected credit losses.

Accounting Pronouncements Not Yet Adopted

From time to time, new accounting pronouncements are issued by the FASB, under its Accounting Standards Codification (“ASC”) or other standard setting bodies, and adopted by the Company as of the specified date.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, an accounting standard update that requires the Company to disclose more detailed information about the types of expenses (including employee compensation, depreciation, and amortization) included in each relevant income statement expense caption. The ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that this update will have on its disclosures.

Segment Information - Summary of Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Revenue	$ 26,523	$ 219
Employee-related expenses, excluding stock-based compensation	10,589	6,845
Stock-based compensation	6,015	1,482
External research and development expenses	14,557	10,239
External general and administrative expenses	2,506	2,652
Other segment expenses	6,156	4,911
Total operating expenses	39,823	26,129
Loss from operations	(13,300)	(25,910)
Other income, net	5,000	4,434
Loss before provision for income taxes	(8,300)	(21,476)
Provision for income taxes	(337)
Net loss	$ (8,637)	$ (21,476)

Related Parties - Additional Information (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Third Rock Ventures \| Related Party
Related Party Transaction [Line Items]
Accrued expenses and other current liabilities	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (d)
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+ Details

Stock-Based Compensation - Schedule of Stock Options Activity (Details) - Stock Plans and Inducement Plan [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total Stock Options outstanding, Beginning balance	4,378,484
Total Stock Options outstanding, Granted	2,074,850
Total Stock Options outstanding, Exercised	(110,300)
Total Stock Options Outstanding, Cancelled	(47,564)
Total Stock Options outstanding, Ending Balance	6,295,470	4,378,484
Exercisable as of March 31, 2026	1,431,786
Weighted average exercise price, Beginning balance	$ 7.97
Weighted average exercise price, Granted	25.44
Weighted average exercise price, Exercised	3.04
Weighted average exercise price, Cancelled	18.31
Weighted average exercise price, Ending balance	13.73	$ 7.97
Exercisable as of March 31, 2026	$ 6.69
Weighted Average Remaining Contractual Life, Outstanding	8 years 11 months 1 day	8 years 9 months 14 days
Exercisable as of March 31, 2026	7 years 11 months 15 days
Aggregate Intrinsic Value, Outstanding	$ 67,796	$ 87,194
Exercisable as of March 31, 2026	$ 24,935

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 7. Stock-Based Compensation

Stock Plans

In October 2024, the Company’s board of directors adopted, and its stockholders approved, the 2024 Stock Option and Incentive Plan (the “2024 Plan”), which became effective immediately prior to the effective date of the Company's initial public offering (“IPO”) and superseded the Company’s 2021 Stock Option and Grant Plan, as amended (the “2021 Plan”) (together, the “Stock Plans”).

On January 1, 2026, the number of shares of common stock available under the 2024 Plan increased by 2.2 million shares pursuant to an evergreen provision of the 2024 Plan. As of March 31, 2026, there were 4.6 million shares available for issuance under the 2024 Plan.

Inducement Plan

In February 2026, the Company’s board of directors adopted the 2026 Inducement Plan (the “Inducement Plan”). The Inducement Plan initially reserved 0.5 million shares of common stock to be issued exclusively for grants of equity-based awards to individuals who were not previously employees or directors of the Company, as an inducement material to such individual’s entry into employment with the Company within the meaning of Rule 5635(c)(4) of the Marketplace Rules of the Nasdaq Stock Market. The Inducement Plan was adopted by the Board without stockholder approval pursuant to Rule 5635(c)(4).

As of March 31, 2026, there were 0.3 million shares available for issuance under the Inducement Plan.

2024 ESPP

In October 2024, the Company’s board of directors adopted the 2024 Employee Stock Purchase Plan (the “2024 ESPP”), which became effective immediately prior to the effective date of the Company's IPO.

On January 1, 2026, the number of shares of common stock available under the 2024 ESPP increased by 0.4 million shares pursuant to an evergreen provision of the 2024 ESPP. As of March 31, 2026, there were 0.6 million shares available for issuance under the 2024 ESPP. There were no issuances of common stock under the 2024 ESPP during the three months ended March 31, 2026. As of March 31, 2026, total unrecognized stock-based compensation expense related to ESPP was $1.4 million, which is expected to be recognized over a weighted average period of 1.0 years.

Restricted Stock Awards

The following summarizes restricted stock award activity:


	Number of Shares Outstanding			Weighted-Average Grant Date Fair Value Per Share
Balance at December 31, 2025, subject to repurchase		131,224		$	1.81
Restricted stock awards vested		(55,977	)		1.87
Balance at March 31, 2026, subject to repurchase		75,247			1.75

The aggregate grant date fair value of shares vested during the three months ended March 31, 2026 was $0.1 million.

Stock Options

The following summarizes stock option activity under the Stock Plans and the Inducement Plan:


	Stock Options Outstanding
	Total Stock Options Outstanding			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding as of December 31, 2025		4,378,484		$	7.97		8.79	$	87,194
Granted		2,074,850			25.44
Exercised		(110,300	)		3.04
Cancelled		(47,564	)		18.31
Outstanding as of March 31, 2026		6,295,470			13.73		8.92		67,796
Exercisable as of March 31, 2026		1,431,786		$	6.69		7.96	$	24,935

The aggregate fair value of stock options that vested during the three months ended March 31, 2026 was $4.8 million. The stock options granted in the three months ended March 31, 2026 had a weighted-average grant-date fair value per share of $20.10 and a total grant-date fair value of $41.7 million. The total intrinsic value of stock options exercised during the three months ended March 31, 2026 was $2.8 million.

Stock Option Valuation

The weighted-average assumptions used to value employee and non-employee stock option awards granted under the Stock Plans and the Inducement Plan using the Black Scholes option pricing model, were as follows:


	Three Months Ended March 31,
	2026			2025
Fair value of common stock	$	20.10		$	9.32
Risk-free interest rate		3.88	%		4.35	%
Expected volatility		96.3	%		88.6	%
Expected term (years)		6.05			5.99
Expected dividend yield	—%			—%

Stock-based Compensation Expense

Stock-based compensation expense for restricted stock awards and stock options recognized in the Company’s condensed statements of operations and comprehensive loss is presented as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development expense	$	2,440	$	662
General and administrative expense		3,575		820
Total stock-based compensation expense	$	6,015	$	1,482

As of March 31, 2026, total unrecognized stock-based compensation expense related to unvested restricted stock awards and unvested stock options was $60.5 million, which is expected to be recognized over a weighted-average period of 3.0 years.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (8,637)	$ (21,476)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Revenue - Summary of Changes in Deferred Revenue (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Deferred revenue, current	$ 59,763	$ 62,269
Deferred revenue, non-current	92,184	$ 105,917
Novo Collaboration Agreement
Disaggregation of Revenue [Line Items]
Milestone revenue related to contract asset	500
Deferred revenue, current	59,800
Deferred revenue, non-current	$ 92,200
Novo Collaboration Agreement \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligation	3 years 3 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 2. Balance Sheet Components

Restricted Cash

Restricted cash is comprised of cash that is restricted as to withdrawal or use under the terms of certain contractual agreements. In connection with the Company’s lease agreement, the Company is required to maintain a collateral account to secure a letter of credit issued to its landlord. The collateral account is classified as restricted cash on the Company’s condensed balance sheets.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Prepaid expenses	$	5,917	$	4,622
Interest receivable		3,448		3,384
Prepaid bonus		340		361
Other current assets		110		1,152
Prepaid expenses and other current assets	$	9,815	$	9,519

Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):


	As of March 31,			As of December 31,
	2026			2025
Lab equipment	$	6,761		$	6,339
Furniture, fixtures, and office equipment		1,222			1,222
Leasehold improvements		717			717
Computer equipment		401			401
Construction in progress		—			107
Total property and equipment		9,101			8,786
Less: Accumulated depreciation and amortization		(4,773	)		(4,352	)
Property and equipment, net	$	4,328		$	4,434

Depreciation and amortization expense was $0.4 million for each of the three month periods ended March 31, 2026 and 2025.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Accrued research and development expense	$	4,932	$	5,179
Accrued employee compensation expense		1,621		5,606
Accrued general and administrative expense		912		915
Employee stock purchase plan liability		801		319
Other current liabilities		363		148
Accrued expenses and other current liabilities	$	8,629	$	12,167

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2026	Mar. 31, 2026	Jan. 01, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total grant date fair value		$ 41.7
Total fair value of shares vested		0.1
Aggregate fair value of stock options vested		4.8
Unrecognized stock-based compensation expense		$ 60.5
Weighted-average grant-date fair value per share		$ 20.1
Total Intrinsic value of stock options exercised		$ 2.8
2024 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized		4,600,000	2,200,000
2024 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized		600,000	400,000
Shares available for issuance		0
Weighted-average period for recognition of expenses related to non-vested share-based compensation arrangements		3 years
Unrecognized stock-based compensation expense		$ 1.4
Inducement Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option awards granted	500,000
Shares available for issuance		300,000

Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Accrued research and development expense	$ 4,932	$ 5,179
Accrued employee compensation expense	1,621	5,606
Accrued general and administrative expense	912	915
Employee stock purchase plan liability	801	319
Other current liabilities	363	148
Accrued expenses and other current liabilities	$ 8,629	$ 12,167

Balance Sheet Components - Summary of Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 5,917	$ 4,622
Interest receivable	3,448	3,384
Prepaid bonus	340	361
Other current assets	110	1,152
Prepaid expenses and other current assets	$ 9,815	$ 9,519

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (8,637)	$ (21,476)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	421	397
Non-cash operating lease expense	566	516
Stock-based compensation	6,015	1,482
Accretion of discounts, net	(755)	(965)
Other	3	(11)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(294)	(488)
Accounts receivable	(486)	(79)
Other non-current assets	43	(9)
Accounts payable	(2,302)	1,186
Accrued expenses and other current liabilities	(3,533)	(3,446)
Deferred revenue	(16,239)
Operating lease, net	(535)	(450)
Other non-current liabilities	100
Net cash used in operating activities	(25,633)	(23,343)
Cash flows from investing activities:
Purchases of property and equipment	(832)	(382)
Purchases of marketable securities	(105,230)	(49,715)
Maturities of marketable securities	82,245	45,223
Net cash used in investing activities	(23,817)	(4,874)
Cash flows from financing activities:
Proceeds from exercise of stock options	333	66
Net cash provided by financing activities	333	66
Net decrease in cash, cash equivalents and restricted cash	(49,117)	(28,151)
Cash, cash equivalents and restricted cash, beginning of period	121,627	239,101
Cash, cash equivalents and restricted cash, end of period	72,510	210,950
Cash, Cash Equivalents and Restricted Cash:
Cash and cash equivalents	71,605	210,045
Restricted Cash	905	905
Total cash, cash equivalents and restricted cash at end of period	$ 72,510	$ 210,950

Stock-Based Compensation - Summary Of Stock Based Compensation Expense For Restricted Stock Awards And Stock Options (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 6,015	$ 1,482
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,440	662
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,575	$ 820

Organization and Basis of Presentation (Policies)	3 Months Ended
Organization and Basis of Presentation (Policies)	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity and Capital Resources	Liquidity and Capital Resources The accompanying unaudited condensed financial statements have been prepared assuming the Company will continue as a going concern, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business. As of March 31, 2026, the Company had cash, cash equivalents and marketable securities of $522.1 million, which the Company believes will be sufficient to fund its planned operations for a period of, at least, twelve months following the date of filing of this report.
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) stated in U.S. dollars and include all adjustments necessary for the fair presentation of the Company’s interim financial information. The condensed balance sheet data at December 31, 2025 was derived from the audited financial statements included in Septerna’s Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the Securities and Exchange Commission (“SEC”) on March 9, 2026. These interim unaudited condensed financial statements should be read in conjunction with the audited financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Significant Accounting Policies	Significant Accounting Policies During the three months ended March 31, 2026, there were no changes to the Company’s significant accounting policies as described in Note 2 of the audited financial statements for the year ended December 31, 2025.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset in developing reasonable and supportable forecasts during the application of the current expected credit loss model for current accounts receivable and current contract assets arising from transactions under ASC 606. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company determined there is no impact of adopting ASU 2025-05 as it does not develop forecasts as part of estimating expected credit losses.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB, under its Accounting Standards Codification (“ASC”) or other standard setting bodies, and adopted by the Company as of the specified date. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, an accounting standard update that requires the Company to disclose more detailed information about the types of expenses (including employee compensation, depreciation, and amortization) included in each relevant income statement expense caption. The ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that this update will have on its disclosures.

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Prepaid expenses	$	5,917	$	4,622
Interest receivable		3,448		3,384
Prepaid bonus		340		361
Other current assets		110		1,152
Prepaid expenses and other current assets	$	9,815	$	9,519

Summary of Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):


	As of March 31,			As of December 31,
	2026			2025
Lab equipment	$	6,761		$	6,339
Furniture, fixtures, and office equipment		1,222			1,222
Leasehold improvements		717			717
Computer equipment		401			401
Construction in progress		—			107
Total property and equipment		9,101			8,786
Less: Accumulated depreciation and amortization		(4,773	)		(4,352	)
Property and equipment, net	$	4,328		$	4,434

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Accrued research and development expense	$	4,932	$	5,179
Accrued employee compensation expense		1,621		5,606
Accrued general and administrative expense		912		915
Employee stock purchase plan liability		801		319
Other current liabilities		363		148
Accrued expenses and other current liabilities	$	8,629	$	12,167

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Summary of Revenue Recognized, Transaction Price as a Result of Recognition of Milestones, and Estimated Revenue Expected to Be Recognized


	Transaction Price
Combined license, research and manufacturing services	$	247,846
Material right		41,190
Discovery research milestones(1)		2,000
Total transaction price(2)	$	291,036
Revenue recognized(3)		(71,900	)
Unrecognized transaction price as of March 31, 2026	$	219,136

_____________________

(1)

(2)

Summary of Changes in Deferred Revenue

The following table summarizes the changes in deferred revenue (in thousands):


Balance at January 1, 2026	$	168,186
Recognized in revenue during the three months ended March 31, 2026		(15,708	)
Netting against contract asset(1)		(531	)
Balance at March 31, 2026(2)	$	151,947

_____________________

(1)

(2)

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	44,916,572	44,806,272
Common stock, shares outstanding	44,916,572	44,806,272
Restricted stock options subject to repurchase	75,247	131,224

Revenue - Summary of Revenue Recognized, Transaction Price as a Result of Recognition of Milestones, and Estimated Revenue Expected to Be Recognized (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Disaggregation of Revenue [Line Items]

Revenue recognized

$ (26,523)

$ (219)

Novo Collaboration Agreement

Disaggregation of Revenue [Line Items]

Total transaction price

^[1]

291,036

Revenue recognized

^[2]

(71,900)

Unrecognized transaction price as of March 31, 2026

219,136

Novo Collaboration Agreement | Combined License and Research Services

Disaggregation of Revenue [Line Items]

Total transaction price

247,846

Novo Collaboration Agreement | Material Right

Disaggregation of Revenue [Line Items]

Total transaction price

41,190

Novo Collaboration Agreement | Discovery Research Milestones

Disaggregation of Revenue [Line Items]

Total transaction price

^[3]

$ 2,000

[1]	Comprised of the allocation of the $195.0 million one-time, non-refundable upfront payment, of which $153.8 million was allocated to the four R&D programs and manufacturing services and $41.2 million was allocated to the material right. In addition, $94.0 million of variable consideration related to estimated research and manufacturing services for the four R&D Programs, and $2.0 million of variable consideration related to the two milestones deemed probable of achievement was allocated to the transaction price as of March 31, 2026.
[2]	For the three months ended March 31, 2026, the Company recognized revenue of $26.5 million, which was comprised of $10.3 million variable consideration related to research services for the four R&D Programs and manufacturing services, $15.7 million recognition of deferred revenue for the one-time, non-refundable upfront payment, and $0.5 million milestone revenue recognized on the two milestones discussed above. The Company recognized $26.8 million of the one-time, non-refundable upfront payment and $18.6 million variable considerations related to research services for the four R&D Programs and manufacturing services during the year ended December 31, 2025.
[3]	As of March 31, 2026, the Company determined that two discovery research milestones became probable of achievement. Accordingly, the Company recognized these milestones within the transaction price. The milestones recognized within the transaction price are allocated to the applicable R&D Program performance obligations to which they relate and are recognized as revenue using the input method.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares Outstanding, Beginning Balance \| shares	131,224
Restricted stock awards vested \| shares	(55,977)
Number of Shares Outstanding, Ending Balance \| shares	75,247
Weighted-Average Grant Date Fair Value Per Share, Beginning Balance \| $ / shares	$ 1.81
Restricted stock awards vested, Weighted Average Fair Value \| $ / shares	1.87
Weighted-Average Grant Date Fair Value Per Share, Ending Balance \| $ / shares	$ 1.75

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Restricted Stock Award Activity

The following summarizes restricted stock award activity:


	Number of Shares Outstanding			Weighted-Average Grant Date Fair Value Per Share
Balance at December 31, 2025, subject to repurchase		131,224		$	1.81
Restricted stock awards vested		(55,977	)		1.87
Balance at March 31, 2026, subject to repurchase		75,247			1.75

Schedule of Stock Options Activity

The following summarizes stock option activity under the Stock Plans and the Inducement Plan:


	Stock Options Outstanding
	Total Stock Options Outstanding			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding as of December 31, 2025		4,378,484		$	7.97		8.79	$	87,194
Granted		2,074,850			25.44
Exercised		(110,300	)		3.04
Cancelled		(47,564	)		18.31
Outstanding as of March 31, 2026		6,295,470			13.73		8.92		67,796
Exercisable as of March 31, 2026		1,431,786		$	6.69		7.96	$	24,935

Summary of Weighted Average Assumptions used for Grants Awards


	Three Months Ended March 31,
	2026			2025
Fair value of common stock	$	20.10		$	9.32
Risk-free interest rate		3.88	%		4.35	%
Expected volatility		96.3	%		88.6	%
Expected term (years)		6.05			5.99
Expected dividend yield	—%			—%

Summary Of Stock Based Compensation Expense For Restricted Stock Awards And Stock Options


	Three Months Ended March 31,
	2026		2025
Research and development expense	$	2,440	$	662
General and administrative expense		3,575		820
Total stock-based compensation expense	$	6,015	$	1,482

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Common Stock - Summary of Common Stock Shares Reserved for Future Issuance on Convertible Basis (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Total common stock reserved for future issuance	11,886,750	8,887,335
Employee Stock Option
Class of Stock [Line Items]
Total common stock reserved for future issuance	6,295,470	4,378,484
2024 Stock Option and Incentive Plan and 2026 Inducement Plan [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Total common stock reserved for future issuance	4,970,667	4,257,640
Employee Stock Purchase 2024 Plan [Member] \| Common Stock [Member] \| Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Total common stock reserved for future issuance	620,613	251,211

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Marketable Securities and Fair Value Measurements - Additional Information (Details)	Mar. 31, 2026 USD ($) Position	Dec. 31, 2025 USD ($) Position
Debt Securities, Available-for-Sale [Line Items]
Allowances for credit losses	$ 0	$ 0
Interest receivable	$ 3,448,000	$ 3,384,000
Number of marketable securities in unrealized loss positions less than 12 months \| Position	167	44
Prepaid Expenses and Other Current Assets
Debt Securities, Available-for-Sale [Line Items]
Interest receivable	$ 3,400,000	$ 3,400,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Marketable Securities and Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Available-for-Sale Marketable Securities and Fair Value Measurements [Abstract]

Marketable Securities and Fair Value Measurements

Note 4. Marketable Securities and Fair Value Measurements

The Company records marketable securities and cash equivalents at their estimated fair values, which are based on market prices from a variety of industry standard data providers and generally represent quoted prices for similar assets in active markets or have been derived from observable market data.

Fair value is determined based on a three-tier hierarchy under the authoritative guidance for fair value measurements and disclosures that prioritizes the inputs used in measuring fair value as follows:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurements and unobservable (i.e., supported by little or no market activity).

Money market funds are highly liquid investments and are classified as Level 1. The pricing information for these assets is readily available and can be independently validated as of the measurement date. Marketable securities, including U.S. Treasury securities, U.S. government agency securities, commercial paper, and corporate debt securities, are classified as Level 2. These securities are valued using fair value from third-party pricing services, which may use observable inputs based on real-time trade data for similar assets, broker/dealer quotes, bids and/or offers and other observable inputs.

The carrying amounts of the Company’s prepaid and other current assets, accounts payable, and accrued and other current liabilities approximate fair value due to their short maturities.

The fair value measurements of the Company’s cash equivalents and marketable securities are identified at the following levels within the fair value hierarchy (in thousands):


	March 31, 2026
			Fair Value Measurement
	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	48,411	$	48,411	$	—	$	—
Commercial paper		15,978		—		15,978		—
Corporate securities		2,266		—		2,266		—
Marketable securities, current:
U.S. treasury securities		151,153		—		151,153		—
Corporate securities		62,820		—		62,820		—
Commercial paper		43,351		—		43,351		—
U.S. government agency securities		18,472		—		18,472		—
Marketable securities, non-current:
U.S. treasury securities		126,328		—		126,328		—
Corporate securities		32,682		—		32,682		—
U.S. government agency securities		15,681		—		15,681		—
Total measured at fair value	$	517,142	$	48,411	$	468,731	$	—


	As of December 31, 2025
			Fair Value Measurement
	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	63,736	$	63,736	$	—	$	—
Commercial paper		50,163		—		50,163		—
Corporate securities		2,190		—		2,190		—
Marketable securities, current:		—
U.S. treasury securities		141,984		—		141,984		—
Commercial paper		67,784		—		67,784		—
Corporate securities		32,573		—		32,573		—
U.S. government agency securities		28,026		—		28,026		—
Marketable securities, non-current:		—
U.S. treasury securities		117,632		—		117,632		—
Corporate securities		35,713		—		35,713		—
U.S. government agency securities		4,224		—		4,224		—
Total measured at fair value	$	544,025	$	63,736	$	480,289	$	—

Marketable Securities

As of March 31, 2026 and December 31, 2025, the Company’s marketable securities consist of debt securities, including U.S. Treasury and agency securities, corporate debt securities and commercial paper. These marketable securities are carried at fair value and are included in the tables above. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. At each reporting date, the Company evaluates securities with unrealized losses to determine whether such losses, if any, are due to credit-related factors. The Company evaluates, among others, whether the Company has the intention to sell any of these marketable securities and whether it is not more likely than not that the Company will be required to sell any of them before recovery of the amortized cost basis. Neither of these criteria were met at March 31, 2026 or December 31, 2025. The credit ratings of the securities held remain of the highest quality. Moreover, the Company continues to receive payments of interest and principal as they become due, and the Company's expectation is that those payments will continue to be received timely. Based on this evaluation, as of March 31, 2026 and December 31, 2025, the Company determined that unrealized losses of its marketable securities were primarily attributable to changes in interest rates and non-credit related factors. As such, no allowances for credit losses were recorded at March 31, 2026 or December 31, 2025.

Interest receivable as of March 31, 2026 and December 31, 2025 was $3.4 million and is recorded as a component of prepaid expenses and other current assets on the Company’s condensed balance sheets.

As of March 31, 2026 and December 31, 2025, all marketable securities in an unrealized loss position had been in an unrealized loss position for less than 12 months. As of March 31, 2026, the Company held 167 marketable securities in an unrealized loss position. As of December 31, 2025, the Company held 44 marketable securities in an unrealized loss position.


	Remaining								Aggregate
	Contractual								Estimated Fair
	Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses			Value
U.S. treasury securities	Less than 1	$	151,062	$	124	$	(33	)	$	151,153
Corporate securities	Less than 1		65,210		—		(124	)		65,086
Commercial paper	Less than 1		59,348		—		(19	)		59,329
U.S. government agency securities	Less than 1		18,465		8		(1	)		18,472
Total maturity less than 1 year			294,085		132		(177	)		294,040
U.S. treasury securities	1 to 2		126,680		17		(369	)		126,328
Corporate securities	1 to 2		32,802		4		(124	)		32,682
U.S. government agency securities	1 to 2		15,733		—		(52	)		15,681
Total		$	469,300	$	153	$	(722	)	$	468,731


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Estimated Fair Value
Commercial paper	Less than 1	$	117,939	$	17	$	(9	)	$	117,947
U.S. treasury securities	Less than 1		141,688		296		—			141,984
Corporate securities	Less than 1		34,755		14		(6	)		34,763
U.S. government agency securities	Less than 1		27,992		34		—			28,026
Total maturity less than 1 year			322,374		361		(15	)		322,720
U.S. treasury securities	1 to 2		117,376		257		(1	)		117,632
Corporate securities	1 to 2		35,699		24		(10	)		35,713
U.S. government agency securities	1 to 2		4,223		2		(1	)		4,224
Total		$	479,672	$	644	$	(27	)	$	480,289

As of March 31, 2026, the following table summarizes marketable securities in an unrealized loss position (in thousands):


	Remaining Contractual Maturity (in years)	Fair Value		Gross Unrealized Loss
Corporate securities	Less than 1	$	64,093	$	(124	)
Commercial paper	Less than 1		57,636		(19	)
U.S. treasury securities	Less than 1		49,876		(33	)
U.S. government agency securities	Less than 1		6,060		(1	)
Total maturity less than 1 year			177,665		(177	)
U.S. treasury securities	1 to 2		115,720		(369	)
Corporate securities	1 to 2		29,168		(124	)
U.S. government agency securities	1 to 2		15,681		(52	)
Total		$	338,234	$	(722	)

Condensed Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning Balance at Dec. 31, 2024	$ 420,047	$ 44	$ 538,321	$ 56	$ (118,374)
Beginning Balance (in shares) at Dec. 31, 2024		44,422,505
Issuance of common stock upon exercise of stock options	66		66
Issuance of common stock upon exercise of stock options (in shares)		25,930
Vesting of restricted common stock	5		5
Stock-based compensation expense	1,482		1,482
Net unrealized gain (loss) on marketable securities	142			142
Net loss	(21,476)				(21,476)
Ending Balance at Mar. 31, 2025	(400,266)	$ 44	539,874	198	(139,850)
Ending Balance (in shares) at Mar. 31, 2025		44,448,435
Beginning Balance at Dec. 31, 2025	381,926	$ 45	548,517	617	(167,253)
Beginning Balance (in shares) at Dec. 31, 2025		44,806,272
Issuance of common stock upon exercise of stock options	335		335
Issuance of common stock upon exercise of stock options (in shares)		110,300
Vesting of restricted common stock	5		5
Stock-based compensation expense	6,015		6,015
Net unrealized gain (loss) on marketable securities	(1,186)			(1,186)
Net loss	(8,637)				(8,637)
Ending Balance at Mar. 31, 2026	$ 378,458	$ 45	$ 554,872	$ (569)	$ (175,890)
Ending Balance (in shares) at Mar. 31, 2026		44,916,572

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 07, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity File Number	001-42382
Entity Registrant Name	Septerna, Inc.
Entity Central Index Key	0001984086
Entity Tax Identification Number	84-3891440
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	SEPN
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	250 East Grand Avenue
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	338-3533
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		45,075,533

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization expense	$ 0.4	$ 0.4

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Related Parties

3 Months Ended

Mar. 31, 2026

Related Parties

Note 8. Related Parties

Third Rock Ventures

In August 2021, the Company entered into a service agreement (the “TRV service agreement”) with Third Rock Ventures, LLC (“TRV”), a holder of more than 5% of the Company’s outstanding capital stock, under which TRV provides consulting services to the Company. For the three months ended March 31, 2026 and 2025, the Company incurred no fees under the TRV service agreement. There were no expenses related to TRV in accrued expenses and other current liabilities on the Company’s condensed balance sheets at March 31, 2026, or December 31, 2025.

A member of the Company’s board of directors is affiliated with TRV (the “TRV Board Member”). In December 2024, the Company entered into a separate consulting agreement with the TRV Board Member, which includes cash compensation to be paid directly to the TRV Board member.

For the three months ended March 31, 2026 and 2025, the fees attributed to consulting services provided by the TRV Board Member were nominal.

During the three months ended March 31, 2026, no fees related to the TRV Board Member’s consulting services were recorded in accrued expenses and other current liabilities. As of December 31, 2025, there was a nominal expense recorded in accrued expenses and other current liabilities and a nominal outstanding accounts payable to the TRV Board Member.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Stock-Based Compensation - Summary of Weighted-Average Assumptions used for Grants Awards (Details) - Employee and Non-employee Stock Option Awards [Member] - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of common stock	$ 20.1	$ 9.32
Risk-free interest rate	3.88%	4.35%
Expected volatility	96.30%	88.60%
Expected term (years)	6 years 18 days	5 years 11 months 26 days
Expected dividend yield	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Common Stock

3 Months Ended

Mar. 31, 2026

Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]

Common Stock

Note 6. Common Stock

As of March 31, 2026 and December 31, 2025, the Company was authorized to issue 500.0 million shares of common stock, par value $0.001 per share.

The Company reserved the following shares of common stock, on an as-converted basis, for future issuance:


	As of March 31,		As of December 31,
	2026		2025
Options issued and outstanding		6,295,470		4,378,484
Shares reserved for future grants under 2024 Stock Option and Incentive Plan and 2026 Inducement Plan		4,970,667		4,257,640
Shares reserved for issuance under 2024 Employee Stock Purchase Plan		620,613		251,211
		11,886,750		8,887,335

At-the-Market Equity Program

In March 2026, the Company entered into an ATM Equity OfferingSM Sales Agreement (the “Sales Agreement”) with BofA Securities, Inc., acting as the Company’s sales agent and/or principal (the “Sales Agent”), with respect to an “at-the-market offering” program pursuant to which the Company may, from time to time, at its sole discretion, issue and sell shares of its common stock having an aggregate offering price of up to $150.0 million through the Sales Agent (the “ATM Program”). Pursuant to the Sales Agreement, any shares will be sold pursuant to the automatic shelf registration statement on Form S-3ASR (File No. 333-294185) filed with the SEC on March 10, 2026, which became automatically effective upon filing, including the base prospectus and the sales agreement prospectus contained therein. As of March 31, 2026, the Company had not sold any shares of its common stock under the ATM Program.

Revenue - Summary of Changes in Deferred Revenue (Details) - Novo Collaboration Agreement $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Disaggregation of Revenue [Line Items]
Balance at January 1, 2026	$ 168,186
Recognized in revenue during the three months ended March 31, 2026	(15,708)
Netting against contract asset	(531)
Balance at March 31, 2026	$ 151,947

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Trading Plans On March 20, 2026, Daniel Long, D.Phil., our Senior Vice President, Drug Discovery, adopted a pre-arranged trading plan for the sale, at the times and prices specified in the plan, of up to an aggregate of 45,000 shares of our common stock (comprised of shares issuable upon the exercise of option awards previously granted to Dr. Long), which plan expires at the earlier of March 31, 2027 and the date upon which all authorized transactions thereunder are completed. Dr. Long's trading plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. During the three months ended March 31, 2026, no other directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” as each term is defined in Item 408 of Regulation S-K.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5 1Arr Modified Flag	false
Non Rule 10b5 1 Arr Modified Flag	false
Daniel Long
Trading Arrangements, by Individual
Name	Daniel Long
Title	Senior Vice President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 20, 2026
Aggregate Available	45,000

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

Note 9. Net Loss Per Share

The Company had 6,483,046 shares of potentially dilutive securities, comprised of 6,295,470 outstanding stock options, 75,247 unvested restricted stock awards subject to repurchase, and 112,329 shares issuable under the 2024 ESPP, not included in the calculation of diluted net loss per share for the three months ended March 31, 2026 because to do so would be anti-dilutive.

Revenue - Summary of Revenue Recognized, Transaction Price as a Result of Recognition of Milestones, and Estimated Revenue Expected to Be Recognized (Parenthetical) (Details)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2026

USD ($)

Milestones

Mar. 31, 2025

USD ($)

Dec. 31, 2025

USD ($)

Disaggregation of Revenue [Line Items]

Revenue

$ 26,523

$ 219

Novo Collaboration Agreement Member

Disaggregation of Revenue [Line Items]

One-time non-refundable upfront payment received

$ 195,000

Number of milestones probable to achievement | Milestones

Variable consideration

$ 94,000

Revenue

^[1]

71,900

Novo Collaboration Agreement Member | R&D Programs and Manufacturing Services

Disaggregation of Revenue [Line Items]

One-time non-refundable upfront payment received

153,800

Variable consideration

10,300

$ 18,600

Novo Collaboration Agreement Member | Material Right

Disaggregation of Revenue [Line Items]

One-time non-refundable upfront payment received

41,200

Novo Collaboration Agreement Member | R&D Programs

Disaggregation of Revenue [Line Items]

One-time non-refundable upfront payment received

15,700

$ 26,800

Novo Collaboration Agreement Member | Collaboration milestones

Disaggregation of Revenue [Line Items]

One-time non-refundable upfront payment received

500

Novo Collaboration Agreement Member | Discovery Research Milestones

Disaggregation of Revenue [Line Items]

Variable consideration

$ 2,000

[1]

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 26,523	$ 219
Operating expenses:
Research and development	29,535	19,271
General and administrative	10,288	6,858
Total operating expenses	39,823	26,129
Loss from operations	(13,300)	(25,910)
Other income, net:
Interest income	5,031	4,462
Other expense, net	(31)	(28)
Total other income, net	5,000	4,434
Loss before provision for income taxes	(8,300)	(21,476)
Provision for income taxes	(337)
Net loss	$ (8,637)	$ (21,476)
Net loss per share attributable to common stockholders - basic	$ (0.19)	$ (0.49)
Net loss per share attributable to common stockholders - diluted	$ (0.19)	$ (0.49)
Weighted-average shares outstanding - basic	44,758,800	43,937,410
Weighted-average shares outstanding - diluted	44,758,800	43,937,410
Comprehensive loss:
Net Income (Loss)	$ (8,637)	$ (21,476)
Net unrealized gain (loss) on marketable securities	(1,186)	142
Total other comprehensive (loss) income	(1,186)	142
Comprehensive loss	$ (9,823)	$ (21,334)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Summary of Reportable Segment

The CODM is regularly provided with the following significant segment expenses:


	Three Months Ended March 31,
	2026			2025
Revenue	$	26,523		$	219
Employee-related expenses, excluding stock-based compensation		10,589			6,845
Stock-based compensation		6,015			1,482
External research and development expenses		14,557			10,239
External general and administrative expenses		2,506			2,652
Other segment expenses*		6,156			4,911
Total operating expenses		39,823			26,129
Loss from operations		(13,300	)		(25,910	)
Other income, net		5,000			4,434
Loss before provision for income taxes		(8,300	)		(21,476	)
Provision for income taxes		(337	)		—
Net loss	$	(8,637	)	$	(21,476	)

Revenue - Additional Information (Details)

3 Months Ended

Jul. 01, 2025

USD ($)

Mar. 31, 2026

USD ($)

Milestones

Mar. 31, 2025

USD ($)

Dec. 31, 2025

USD ($)

May 13, 2025

Disaggregation of Revenue [Line Items]

Service revenue

$ 26,523,000

$ 219,000

Novo Collaboration Agreement

Disaggregation of Revenue [Line Items]

Percentage of reimbursement

100.00%

Number of milestones probable to achievement | Milestones

Number of discovery research milestones probable to achievement | Milestones

Probable milestone payments

$ 2,000,000

Service revenue

^[1]

71,900,000

One-time non-refundable upfront payment paid

$ 195,000,000

Allowance for credit loss

$ 0

Novo Collaboration Agreement | Maximum

Disaggregation of Revenue [Line Items]

Milestone payments receivable from collaboration agreement

$ 498,000,000

[1]

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer. The measure of segment profit or loss is net loss, which is also reported on the condensed statements of operations and comprehensive loss as net loss.
Segment Reporting, Expense Information Used by CODM, Description	The measure of segment assets is reported on the condensed balance sheet as total assets. The CODM uses segment net loss to monitor spending, assess performance for the Company and management, evaluate the progress of completing corporate goals, decide how to allocate resources among the Company’s clinical and pre-clinical portfolios, and make strategic decisions about business development opportunities.

Net Loss Per Share - Summary of Potentially Dilutive Securities not Included in Calculation of Diluted Loss Per Share (Details)	3 Months Ended
	Mar. 31, 2026 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	6,483,046
Outstanding Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	6,295,470
Unvested Restricted Stock Subject to Repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	75,247