Septerna, Inc. (SEPN) saw its stock price drop 5.05% during intraday trading on Wednesday, following the release of its fourth-quarter financial results that showed continued losses despite significant revenue growth.

The company reported Q4 FY2025 revenue of $24.1 million but recorded a net loss of $10.7 million, continuing a pattern of profitability challenges. Over the trailing twelve months, Septerna generated $46.0 million in revenue but sustained a net loss of $48.9 million, with only one profitable quarter (Q3) in the entire fiscal year 2025.

Analysts point to several concerning factors including a high price-to-sales ratio of 27.4x coupled with modest forecast growth of 3.7% annually, which compares unfavorably to the broader market's expected 10.4% growth. The persistent losses despite revenue expansion have reinforced bearish narratives around the company's profitability timeline and valuation risk.