DNTHNasdaqPharmaceutical PreparationsUS GAAP · USD

Dianthus Therapeutics, Inc. /DE/

Dianthus Therapeutics is a clinical-stage biotechnology company developing antibody-based medicines for autoimmune and inflammatory diseases. Its lead program, claseprubart, and pipeline candidate DNTH212 are being advanced through preclinical and clinical development, with the company relying on collaborations and third-party manufacturers rather than owning commercial infrastructure.

Kysy yhtiöstä
Liikevaihto2,0milj. USD
−67,3 %v/v
Liikevoitto (EBIT)−178milj. USD
−74,7 %v/v
EBIT-marginaali−8 739,3%
−7 105,6 %-yks.v/v
Nettotulos−162milj. USD
−91,1 %v/v
Vapaa kassavirta−129milj. USD
−65,1 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−200−150−100−50050milj. USD2020: EBIT −79 milj. USD20202021: 1,5 milj. USD2021: EBIT −75 milj. USD20212022: 6,4 milj. USD2022: EBIT −30 milj. USD20222023: EBIT −48 milj. USD20232024: 6,2 milj. USD2024: EBIT −102 milj. USD20242025: 2,0 milj. USD2025: EBIT −178 milj. USD20252,0−178
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Lead antibody program55 %

Claseprubart is the company's lead biologic candidate being developed for autoimmune and inflammatory indications.

Pipeline candidate20 %

DNTH212 is a follow-on product candidate intended to broaden the company's therapeutic pipeline.

Collaboration and license revenue25 %

Milestone, upfront, and reimbursable-cost revenue from licensing and development collaborations.

Asiakkaat

Dianthus does not sell approved commercial products today; its current counterparties are collaboration partners, licensors, and clinical development vendors. If its programs are approved, the end customers would be physicians, hospitals, and payors treating patients with autoimmune diseases such as gMG, MMN, and CIDP. For now, value creation depends on partners funding development milestones and on eventual adoption by the medical community and reimbursement systems.

Development and licensing partners

Tenacia, Leads, and similar partners buy rights, development access, or collaboration exposure to Dianthus assets.

Clinical trial ecosystem

CROs, CDMOs, investigators, and sites provide trial execution, manufacturing, and data generation.

Future treating physicians and payors

Neurologists, hospitals, and insurers would adopt and reimburse approved therapies if clinical value is compelling.

Strategia

Dianthus is focused on advancing claseprubart and DNTH212 through development while preserving capital through a lean, outsourced operating model. The company also uses collaborations and licensing to generate non-dilutive revenue and extend runway while it works toward clinical proof-of-concept and eventual regulatory approval.

Advance clinical development of lead and pipeline assetsLyhyt aikaväli

Clinical success is the main value driver for a company with no approved products.

Maintain collaboration revenue and strategic partnershipsLyhyt aikaväli

Partner payments and milestones help fund operations and validate the platform.

Preserve capital and extend runwayKeskipitkä aikaväli

The company is loss-making and will likely need additional capital before commercialization.

Maantiede

The company is headquartered in the United States and its business is primarily organized around U.S.-based research, development, and capital markets activity. The filings do not disclose meaningful country-by-country revenue concentration, and current revenue is driven by collaboration accounting rather than geographic end-market sales. Operationally, the company depends on third-party trial and manufacturing networks that can span multiple jurisdictions.

Riskit

The company is highly exposed to clinical, regulatory, and financing risk because it has no approved products and depends on successful trial execution. Competitive pressure in autoimmune indications, patient enrollment challenges, third-party vendor performance, and the need for additional capital could all delay or derail development and reduce future commercial value.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Clinical development failure1Financing risk2Competition in autoimmune indications3Third-party execution risk4Patient enrollment risk5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Clinical development failureVaikutus: KriittinenTodennäköisyys: Korkea

    The company has not completed late-stage trials, so asset value is still unproven.

    Kohdistuu: Claseprubart and DNTH212

  2. Financing riskVaikutus: KorkeaTodennäköisyys: Korkea

    Operations are loss-making and the company expects to raise additional capital if needed.

    Kohdistuu: Cash runway and dilution risk

  3. Competition in autoimmune indicationsVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Approved therapies and competing pipelines may offer better safety, efficacy, or dosing.

    KohdistuuGMGMMNCIDPRelated markets
  4. Third-party execution riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Trials and manufacturing are outsourced, reducing direct control over timing and quality.

    KohdistuuCROsCDMOsInvestigatorsCollaborators
  5. Patient enrollment riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Competing trials and approved products can slow recruitment and extend timelines.

    Kohdistuu: Autoimmune and inflammatory clinical studies

Kirjanpito

Harkinnanvaraiset erät
Collaboration and license revenue recognition

Upfront, milestone, and reimbursable amounts are recognized based on contract terms and performance obligations.

Vaikutus: Can cause uneven quarterly revenue and make trend analysis difficult

Research and development expense timing

External trial and manufacturing costs are expensed as incurred or based on progress estimates.

Vaikutus: Directly drives operating loss and period-to-period volatility

Fair value of investments

Interest and investment income and any valuation changes affect non-operating results.

Vaikutus: Can move earnings and liquidity presentation

Foreign currency exchange

The company reports small currency exchange gains/losses from international activity.

Vaikutus: Usually modest, but can add noise to quarterly results

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Päivitetty: 24.9.2026