Biotechnology firm Septerna has announced an increase in its planned initial public offering (IPO) size. The company now intends to issue 15.3 million shares at $18 each, aiming to raise $275 million. This marks an increase from its previous plan to issue 10.9 million shares priced between $15 and $17, targeting $175 million. Septerna will list on Nasdaq under the ticker "SEPN".

Founded in 2019, Septerna specializes in developing novel oral small molecule drugs targeting the G protein-coupled receptor (GPCR) class. Its principal clinical-stage project is SEP-786, aimed at treating hypoparathyroidism by targeting the parathyroid hormone 1 receptor (PTH1R). The company is conducting a Phase 1 trial for this treatment in patients with the rare endocrine disorder and expects top-line data by mid-2025.

Additionally, Septerna is working on SEP-631, a negative allosteric modulator (NAM) of MRGPRX2, intended for the treatment of chronic spontaneous urticaria (CSU) and other mast cell diseases. SEP-631 is currently in the investigational new drug (IND) preparation stage. For the 12 months ending June 30, 2024, Septerna reported revenue of $1 million.