By Kailyn Rhone
Shares of Septerna fell after the company reported a wider loss in the third quarter following its initial public offering on October.
The stock fell 7% to $22.43 on Wednesday. For the week, shares are down 3.4%.
The San Francisco biotechnology company reported a loss of $20.5 million, or $8.40 a share, compared with a loss of $10.9 million, or $5.45 a share, in last year's third quarter.
Revenue grew to $176 million from $33 million a year earlier. Research and development expenses rose to $17.8 million from $9.28 million, while general and administrative expenses also grew to $4.89 million from $2.79 million a year earlier.
In October, the company completed its IPO with net proceeds of around $302.6 million. Septerna also appointed Jae Kim as chief medical officer in September to lead an expanded team and help the company's transition to a clinical-stage organization.
Septerna's cash, cash equivalents and marketable securities were $137.5 million as of Sept. 30. The company expects its current cash position to support its operations into the second half of 2027, helped by its IPO net proceeds.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
November 20, 2024 14:14 ET (19:14 GMT)
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