your badges 52W Range $18–$51 60% of range Analyst Rating BUY 16 analysts Price Target $54 +44% upside P/E -71.2 ROE -6.3% Net Profit Margin -24.5%

SEPN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $37.71
Market Cap (MRQ) $1.72B
P/E (TTM) -71.2
EPS (TTM) $-0.53
Revenue (TTM) $99M
ROE (TTM) -6.3%
52W Range $18–$51

SEPN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

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10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$46M
2023-12-31 → 2025-12-31
EPS$-1.10
2023-12-31 → 2025-12-31
Free Cash Flow$110M
2024-12-31 → 2025-12-31
Net margin-24.5%
2024-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend SEPN 5Y avg Peer Median Verdict
P/E (TTM) -71.2 · · ·
P/S (TTM) 17.4 · 11.6 Overvalued
P/B (MRQ) 4.5 · 4.1 Fair value
Price / FCF (TTM) 16.4 · · ·
Price / Cash Flow (TTM) 16.2 · 10.5 Overvalued
Price / Tangible Book 4.4 · · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise -31.1%
Next Report Nov 09, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 17, 2026 $-0.29 $-0.43 33.3%
March 31, 2026 May 14, 2026 $-0.19 $-0.42 55.3%
Dec. 31, 2025 $-0.24 $-0.26 7.3%
Sept. 30, 2025 $-0.09 $0.81 -111.1%
June 30, 2025 $-0.56 $0.88 -163.8%
March 31, 2025 $-0.49 $-0.46 -7.3%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 15
Metric Trend 202520242023
Revenue $46M$1M$151.0K
R&D Expense $98M$65M$36M
SG&A Expense $29M$17M$10M
Operating Expenses $114M$82M$-2M
Operating Income $-68M$-81M$2M
Interest Income $20M$9M$3M
Other Non-op $-100.0K$-90.0K$10.0K
Pretax Income $-49M$-72M$-49M
Income Tax $12.0K$-498.0K$691.0K
Net Income $-49M$-72M$4M
EPS (Basic) $-1.10$-7.26$0.29
EPS (Diluted) $-1.10$-7.26$0.29
Shares (Basic) 44,258,3389,891,1261,928,586
Shares (Diluted) 44,258,3389,891,1262,177,124
EBITDA $-67M$-79M·
Balance Sheet 23
Metric Trend 202520242023
Cash & Equivalents $121M$238M$88M
Short-term Investments $270M$113M$0
Receivables $10M$171.0K$151.0K
Prepaid Expense $10M$6M$1M
Other Current Assets $1M$239.0K$92.0K
Current Assets $411M$357M$113M
PP&E (Net) $4M$5M$5M
PP&E (Gross) $9M$8M$6M
Accum. Depreciation $4M$3M$2M
Other Non-current Assets $816.0K$267.0K$97.0K
Total Assets $596M$457M$131M
Accounts Payable $10M$3M$3M
Accrued Liabilities $12M$8M$4M
Current Liabilities $87M$13M$7M
Capital Leases $21M$24M$13M
Other Non-current Liabilities $0$33.0K$546.0K
Total Liabilities $214M$37M$20M
Common Stock $45.0K$44.0K$3.0K
Retained Earnings $-167M$-118M$-47M
AOCI $617.0K$56.0K$0
Stockholders' Equity $382M$420M$-38M
Liabilities + Equity $596M$457M$131M
Shares Outstanding 44,806,27244,422,5053,168,134
Cash Flow 11
Metric Trend 202520242023
D&A $2M$1M$800.0K
Stock-based Comp $8M$3M$2M
Deferred Tax $0$-491.0K$491.0K
Other Non-cash $149M$267.0K·
Operating Cash Flow $110M$-67M$-39M
CapEx $518.0K$2M$3M
Investing Cash Flow $-229M$-161M$22M
Financing Cash Flow $2M$378M$75M
Net Change in Cash $-117M$150M$58M
Taxes Paid $0$232.0K$75.0K
Free Cash Flow $110M$-70M·
Profitability 7
Metric Trend 202520242023
Operating Margin -148.6%-7518.4%·
Net Margin -106.4%-6678.9%·
Pretax Margin -106.3%-6725.2%·
EBITDA Margin -145.2%-7388.2%·
ROA -9.3%-24.4%·
ROE -12.9%-43.2%·
ROIC -17.9%-19.1%·
Liquidity & Solvency 2
Metric Trend 202520242023
Current Ratio 4.727.8·
Quick Ratio 4.627.3·
Efficiency 2
Metric Trend 202520242023
Asset Turnover 0.10.0·
Receivables Turnover 8.76.7·
Per Share 5
Metric Trend 202520242023
Book Value / Share $8.52$9.46·
Revenue / Share $1.04$0.11·
Cash Flow / Share $2.49$-6.82·
Cash / Share $2.69$5.36·
EPS (TTM) $-1.10$-7.26·
Growth Rates 1
Metric Trend 202520242023
Revenue YoY 4174.5%611.9%·
Valuation (TTM) 10
Metric Trend 202520242023
Revenue TTM $46M$1M·
Net Income TTM $-49M$-72M·
Market Cap $1.25B$1.02B·
P/E -25.3-3.2·
P/S 27.2946.3·
P/B 3.32.4·
P / Tangible Book 3.32.4·
P / Cash Flow 11.3-15.1·
P / FCF 11.4-14.6·
Earnings Yield -4.0%-31.7%·

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-31
Revenue $46M $1M $151.0K
Operating Margin % -148.6% -7518.4% ·
Net Income $-49M $-72M $4M
Diluted EPS $-1.10 $-7.26 $0.29

Institutional owners (13F) 168 filers · $1.6B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 168
Value held $1.6B
New positions 55
Exited positions 15
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
55 (+25 vs prior Q) 15 (-7 vs prior Q) 50 (+6 vs prior Q) 32 (+4 vs prior Q) +1.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
RA CAPITAL MANAGEMENT, L.P. $234,291,284 6,995,858 14.22% Shares
TRV GP V, LLC $208,160,143 6,215,591 12.64% Shares
Driehaus Capital Management LLC $148,463,112 4,433,058 9.01% Shares
TRV GP VI, LLC $141,048,460 4,211,659 8.56% Shares
SAMSARA BIOCAPITAL, LLC $105,464,297 3,149,128 6.40% Shares
GOLDMAN SACHS GROUP INC $102,572,033 3,062,766 6.23% Shares
BlackRock, Inc. $64,705,629 1,932,088 3.93% Shares
Siren, L.L.C. $63,631,000 1,900,000 3.86% Shares
Avoro Capital Advisors LLC $44,792,875 1,337,500 2.72% Shares
VANGUARD GROUP INC $42,048,476 1,508,195 2.55% Shares
VANGUARD CAPITAL MANAGEMENT LLC $40,913,829 1,221,673 2.48% Shares
PRIMECAP MANAGEMENT CO/CA/ $39,095,624 1,167,382 2.37% Shares
First Light Asset Management, LLC $32,259,577 963,260 1.96% Shares
ADAR1 Capital Management, LLC $31,505,617 940,747 1.91% Shares
GEODE CAPITAL MANAGEMENT, LLC $22,750,071 679,163 1.38% Shares
STATE STREET CORP $21,856,579 652,630 1.33% Shares
JANUS HENDERSON GROUP PLC $21,333,558 890,754 1.30% Shares
LOOMIS SAYLES & CO L P $20,922,944 624,752 1.27% Shares
Casdin Capital, LLC $18,528,945 553,268 1.12% Shares
Catalio Capital Management, LP $17,955,730 536,152 1.09% Shares
Caption Management, LLC $14,735,600 440,000 0.89% Call option
ALGERT GLOBAL LLC $13,311,840 397,487 0.81% Shares
Balyasny Asset Management L.P. $11,736,303 350,442 0.71% Shares
Longaeva Partners L.P. $9,985,747 298,171 0.61% Shares
Soleus Capital Management, L.P. $9,209,750 275,000 0.56% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $8,774,380 262,000 0.53% Call option
VANGUARD PORTFOLIO MANAGEMENT LLC $7,708,862 230,184 0.47% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $7,458,290 222,702 0.45% Shares
TWO SIGMA INVESTMENTS, LP $7,397,439 220,885 0.45% Shares
NORTHERN TRUST CORP $6,735,877 201,131 0.41% Shares
TUDOR INVESTMENT CORP ET AL $6,698,000 200,000 0.41% Call option
Caption Management, LLC $6,698,000 200,000 0.41% Put option
Kalehua Capital Management LLC $6,515,279 194,544 0.40% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $6,264,003 187,041 0.38% Shares
Woodline Partners LP $6,213,567 185,535 0.38% Shares
VANGUARD FIDUCIARY TRUST CO $5,547,819 165,656 0.34% Shares
MORGAN STANLEY $4,500,286 134,377 0.27% Shares
TUDOR INVESTMENT CORP ET AL $3,349,000 100,000 0.20% Put option
UBS Group AG $3,009,880 89,874 0.18% Shares
JPMORGAN CHASE & CO $2,964,211 85,301 0.18% Shares
FEDERATED HERMES, INC. $2,905,358 86,753 0.18% Shares
CITADEL ADVISORS LLC $2,739,482 81,800 0.17% Call option
LAZARD ASSET MANAGEMENT LLC $2,525,983 75,425 0.15% Shares
DIMENSIONAL FUND ADVISORS LP $2,522,961 75,309 0.15% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $2,499,995 74,649 0.15% Shares
JACOBS LEVY EQUITY MANAGEMENT, INC $2,283,348 68,180 0.14% Shares
HUSSMAN STRATEGIC ADVISORS, INC. $2,109,870 63,000 0.13% Shares
AMERICAN CENTURY COMPANIES INC $2,041,986 60,973 0.12% Shares
DIADEMA PARTNERS LP $1,999,353 59,700 0.12% Put option
JANE STREET GROUP, LLC $1,915,628 57,200 0.12% Call option

Show all 168 institutional owners →

Activists & 5%+ owners 1 position

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, RA Capital Healthcare Fund, L.P. ×2 filings Aug. 14, 2026 11.80% Amendment · SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 16 insiders · 8 officers · 8 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Jeffrey Finer Chief Executive Officer Feb. 6, 2026 A 826,907 0 0 $0
Gil M Labrucherie Chief Financial Officer Feb. 6, 2026 A 40,000 0 0 $0
Rajiv Patni Chief Medical Officer Sept. 8, 2026 A · 0 0 $0
Daniel D. Long SVP, Drug Discovery Sept. 1, 2026 M 96,412 0 8 $-951,359
Samira Shaikhly Chief People Officer June 29, 2026 M 793 0 8 $-2,802,156
Uwe Klein SVP, Biological Sciences Feb. 6, 2026 A 23,008 0 0 $0
Jae B. Kim Chief Medical Officer Feb. 6, 2026 A · 0 0 $0
Mark Andrew Wilson Chief Legal Officer Feb. 6, 2026 A · 0 0 $0
Abraham Bassan Director June 26, 2026 A · 0 0 $0
Jake Simson Director June 26, 2026 A · 0 0 $0
Bernard Coulie Director June 26, 2026 A · 0 0 $0
Alan Ezekowitz Director June 26, 2026 A 117,420 0 0 $0
Keith Michael Gottesdiener Director June 26, 2026 A · 0 0 $0
Jeffrey K Tong Director June 26, 2026 A · 0 0 $0
Shalini Sharp Director June 26, 2026 A · 0 0 $0
Elizabeth Bhatt · Aug. 11, 2026 M 174,209 0 7 $-1,449,169

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 31 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
PILL · Direxion Shares ETF Trust 0.76% 4,553 NS July 31, 2026 N-PORT
BBC · ETFis Series Trust I 0.64% 8,646 NS July 31, 2026 N-PORT
IHE · iShares Trust 0.20% 85,090 SH Sept. 11, 2026 Daily
IBBQ · Invesco Exchange-Traded Fund Trust … 0.12% 3,308 SH Oct. 2, 2026 Daily
JPSE · J.P. Morgan Exchange-Traded Fund Tr… 0.11% 18,656 NS July 31, 2026 N-PORT
VFMO · VANGUARD WELLINGTON FUND 0.08% 48,858 SH Aug. 19, 2026 Daily
IBB · iShares Trust 0.08% 208,564 SH Sept. 11, 2026 Daily
IWO · iShares Trust 0.04% 138,834 SH Sept. 11, 2026 Daily
VTWG · VANGUARD SCOTTSDALE FUNDS 0.03% 15,806 SH Aug. 19, 2026 Daily
IWM · iShares Trust 0.03% 567,918 SH Sept. 11, 2026 Daily
ISCG · iShares Trust 0.02% 6,314 SH Sept. 11, 2026 Daily
RSSL · Global X Funds 0.02% 10,569 NS July 31, 2026 N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS 0.02% 127,487 SH Aug. 19, 2026 Daily
VTWV · VANGUARD SCOTTSDALE FUNDS 0.02% 6,423 SH Aug. 19, 2026 Daily
OMFS · Invesco Exchange-Traded Self-Indexe… 0.02% 1,222 SH Oct. 2, 2026 Daily
PRFZ · Invesco Exchange-Traded Fund Trust 0.02% 11,765 SH Oct. 2, 2026 Daily
VXF · VANGUARD INDEX FUNDS 0.01% 263,629 SH Aug. 19, 2026 Daily
WSML · iShares Trust 0.01% 1,256 SH Sept. 10, 2026 Daily
DFAS · Dimensional ETF Trust 0.01% 24,347 NS July 31, 2026 N-PORT
FHLC · FIDELITY COVINGTON TRUST 0.00% 4,401 NS July 31, 2026 N-PORT
IWV · iShares Trust 0.00% 6,953 SH Sept. 9, 2026 Daily
ITOT · iShares Trust 0.00% 29,771 SH Sept. 11, 2026 Daily
DFAC · Dimensional ETF Trust 0.00% 14,084 NS July 31, 2026 N-PORT
DFAU · Dimensional ETF Trust 0.00% 2,955 NS July 31, 2026 N-PORT
DCOR · Dimensional ETF Trust 0.00% 418 NS July 31, 2026 N-PORT
VTI · VANGUARD INDEX FUNDS 0.00% 927,665 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 1,866 SH Aug. 19, 2026 Daily
DFUS · Dimensional ETF Trust 0.00% 72 NS July 31, 2026 N-PORT
VHT · VANGUARD WORLD FUND 0.00% 29,744 SH Aug. 19, 2026 Daily
IWN · iShares Trust · 69,194 SH Sept. 11, 2026 Daily
ISCB · iShares Trust · 906 SH Sept. 11, 2026 Daily

SEPN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 16 analysts BUY
Median target $51.00 +35.2%
5 31.2% Strong Buy
10 62.5% Buy
1 6.2% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

9 analysts · 2026-09-28

Mean target $54.22 +43.8%

← Below all targets Current price $37.71
Low$48.00 Mean$54.22 High$62.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
SEPN $1.25B -25.3 4174.5% -106.4% -12.9% ·
GPCR $14.78B -86.9 · · -12.3% ·
TRLV · · -0.45% -10.3% -10.4% 60.2%
TRVI $1.61B -39.1 · · -22.4% ·
NUVB $3.03B -14.9 699.0% -325.3% -60.3% ·
ANIP $1.78B 23.8 43.8% 8.9% 16.6% ·
ETON $457M · 104.9% -5.8% -18.4% 53.5%
RAPP $1.45B -10.6 · · -29.8% ·
OCUL $2.62B -8.5 -18.5% -511.9% -55.4% ·
PAHC · 12.9 17.1% 6.6% 29.7% 33.8%
NKTR $862M -4.3 -43.9% -297.1% -500.1% ·

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26

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Source: SEC 10-Q filed Aug 10, 2026