Septerna: Novo's Investment In Incretin Program Intrigues - One For The Watchlist

  • Septerna's partnership with Novo Nordisk is a strong endorsement, but the $195m upfront is modest (by Big Pharma standards) and milestone payments are not guaranteed. The company's innovative GPCR platform and deep pipeline are promising, yet early clinical setbacks and fierce competition raise execution risks. Septerna's cash position is solid for now, but future clinical expenses may require additional funding, potentially diluting current shareholders.