08:44 AM EST, 02/18/2025 (MT Newswires) -- Septerna ( SEPN ) shares were down sharply premarket Tuesday after the company said it has discontinued a phase 1 clinical trial of SEP-786 for the potential treatment of hypoparathyroidism in healthy volunteers.

The company said the decision follows two unanticipated severe events of elevated unconjugated bilirubin in a portion of the trial, though there were no occurrences of liver injury, cholestasis, or hemolysis among participants and no serious adverse events.

The company said its cash, cash equivalents, and marketable securities totaled $137.5 million as of Sept. 30. Together with $302.6 million in net proceeds from its October IPO, Septerna ( SEPN ) said it expects its current cash position to support operations into at least H2 2027.