Septerna Inc. has announced its financial results for the first quarter ended March 31, 2025. The biotechnology company reported a net loss of $21.5 million for the quarter, compared to a net loss of $14.2 million for the same period in 2024. Septerna's research and development (R&D) expenses increased to $19.3 million from $13.2 million in the previous year. General and administrative expenses also rose to $6.9 million from $2.7 million in the prior year. The company ended the first quarter with $398.2 million in cash, cash equivalents, and marketable securities. This financial position is expected to be significantly bolstered by an upfront payment from its collaboration with Novo Nordisk, which will extend the company's cash runway guidance to early 2028. A key business highlight for Septerna is the announced global collaboration with Novo Nordisk to develop oral small molecules for metabolic diseases, which could result in over $2.2 billion in potential milestone payments. Additionally, Septerna is on track to select a next-generation oral small molecule PTH1R agonist and plans to initiate a Phase 1 trial for SEP-631, its MRGPRX2 NAM program for mast cell diseases, in the third quarter of 2025.