Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Septerna, Inc. (SEPN)
A forensic read on Septerna, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
10.7
Distress distance
Clean
Earnings quality
5
Forensic signals
-71.6
P / E (ttm)
-12.8%
ROE
$1.8B
Market cap
0.00%
Dividend yield
4174.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Septerna, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 10.7, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+35.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +35.8% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +5956% against revenue +4175%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 72% of net operating assets, against an accruals ratio of 35.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
82d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 58 to 82 days FY2024→FY2025 (receivables +5956% vs revenue +4175%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. There's no FY2023 figure on file for receivables, so FY2024 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
-13.9%
FY2025
Return on invested capital.Return on invested capital is -13.9% in the latest fiscal year, against -31.1% in FY2024. After-tax operating profit was ($64M) in FY2024 and ($54M) in FY2025, with operating income at -7518.4% of revenue in FY2024 and -148.6% in FY2025. The capital base behind it grew +89% across FY2024–FY2025, from $206M to $389M, and the return did not fall doing it, so the dollars added over that window earned at least the -31.1% the older base was already earning.
Key fundamentals
Latest Revenue$46.0M
Revenue Growth YoY+4174.5%
Net Margin-106.4%
Free Cash Flow$109.7M
Return on Equity-12.8%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Septerna, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Septerna, Inc. (SEPN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
n/m (stock split)
FY2024–FY2025
Share count (stock split).Diluted share count changed +347% over the last 1 year to FY2025, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +347.5%/yr figure isn't a real buyback/dilution read here.
18% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 18% of revenue and 8% of free cash flow in FY2025 — about $0.19 per diluted share. It is a real cost, but it is not a cash cost — no cash left the business, which is why operating cash flow adds it back. Where a compensation charge lands instead is the share count, and this filer's count is not on file in enough years to say how the count moved.