SEPNSepterna, Inc.
Pharmaceutical Preparations
- Revenue
- $46M
- 4175% YoY
- Operating margin
- -148.6%
- 98% YoY
- EBITDA
- −$67M
- 16% YoY
- Market cap
- $2.0B
- Employees
- 130
- $353K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 2.8
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes18% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo85% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$353K · 48th pctBottom quartile of its SIC industry
- Quiet on AINo2.8 per 10K words · 68th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$76M netNet sales over $10M in 12 months
Financials
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $151K | $1M | $46M | 4175% |
| Operating income | $2M | −$81M | −$68M | 15% |
| Net income | $4M | −$72M | −$49M | 32% |
| Operating cash flow | −$39M | −$67M | $110M | 263% |
| Capex | $3M | $2M | $518K | 75% |
| Stock-based comp | $2M | $3M | $8M | 169% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 14, 2026 | RA CAPITAL MANAGEMENT, L.P. | SCHEDULE 13D/A | 11.8% | Passive |
| Nov 4, 2024 | RA CAPITAL MANAGEMENT, L.P. | SC 13D | 15.8% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $76M · 29
- Net
- −$76M
Pay vs performance
No pay-versus-performance disclosure yet.