Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 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.
D · Weak — demands caution
Forensic grade
Safe
Financial health
3.8
Altman Z-score
Watch
Earnings quality
4
Forensic signals
-9.4%
ROE
$1.7B
Market cap
Septerna, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 3.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+35.8%Accruals ratio.Net operating assets grew +35.8% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -72% of net operating assets.
82d DSOReceivables 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.
-14%Return on invested capital.Return on invested capital is -14% and slipping from 5% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+966.4%/yrShare-count dilution.Diluted share count changed +1933% over the last 2 years to FY2025 (+966.4%/yr). The count is GROWING — existing holders are being diluted. That's ~966.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~1933%.
Key fundamentals
Net Margin-106.4%
Free Cash Flow$109.7M
Latest Revenue$46.0M
Return on Equity-12.8%
Revenue Growth YoY+4174.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Septerna, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SEPN's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown