Dyne Therapeutics, Inc.

Listed Company

DYNCIK 0001818794NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-446.21M

Total Assets

$1.19B

Equity

$972.13M

Shares Out

164.95M

Op. Cash Flow

$-403.21M

Business

Dyne Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing targeted therapeutics for genetically driven neuromuscular diseases using its proprietary FORCE platform. It designs and advances conjugates composed of a TfR1‑binding Fab, a linker and payloads (ASOs, siRNAs, PMOs, enzymes) to address disease genetics, with clinical candidates including DYNE-101 (DM1), DYNE-251 (DMD), DYNE-302 (FSHD) and DYNE-401 (Pompe). Its business is organized around clinical development programs, discovery/early research and platform optimization, supported by third‑party manufacturing relationships. Dyne conducts global clinical trials and holds worldwide commercial rights, distributing investigational products primarily through intravenous administration and CMO channels.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	398	281	211	143	121
General and administrative	70	62	31	28	29
Total operating expenses	468	344	242	171	150
Loss from operations	−468	−344	−242	−171	−150
Interest income	30	27	8	3	742,000
Interest expense	−6	0	0	—	—
Other expense, net	−2	−454,000	−1	−54,000	−8,000
Total other income, net	22	26	6	3	734,000
Net loss	−446	−317	−236	−168	−149
Net loss per share, diluted	−3.47	−3.37	−3.95	−3.23	−2.93
Net loss per share, basic	−3.47	−3.37	−3.95	−3.23	−2.93
Weighted average common shares outstanding, basic	128	94	60	52	51
Weighted average common shares outstanding, diluted	128	94	60	52	51
Unrealized gains on marketable securities, net	469,000	6,000	571,000	−302,000	−242,000
Comprehensive loss	−446	−317	−235	−168	−150

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	893	435	122	172	201
Marketable securities	217	207	1	84	176
Prepaid expenses and other current assets	16	17	6	10	6
Total current assets	1,127	659	129	266	382
Property and equipment, net	24	5	5	6	5
Right-of-use assets	21	25	29	32	36
Restricted cash and other assets	16	2	2	2	2
Total assets	1,187	691	165	306	426
Accounts payable	8	7	23	5	4
Accrued expenses and other current liabilities	38	31	23	18	21
Lease liabilities	5	5	5	5	4
Total current liabilities	51	42	51	28	29
Long-term debt, net	149	0	—	—	—
Lease liabilities, net of current portion	15	19	23	26	29
Total liabilities	215	61	74	54	57
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.0001 par value; 200,000,000 shares authorized at December 31, 2025 and 2024; 164,950,540 and 102,318,629 shares issued and outstanding at December 31, 2025 and 2024, respectively	16,000	10,000	6,000	6,000	6,000
Additional paid-in capital	2,368	1,580	724	650	597
Accumulated other comprehensive gain	475,000	6,000	0	−571,000	−269,000
Accumulated deficit	−1,396	−950	−633	−397	−228
Total stockholders equity	972	630	91	252	368
Total liabilities and stockholders equity	1,187	691	165	306	426

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−446	−317	−236	−168	−149
Stock-based compensation expense	46	46	20	15	18
Depreciation and amortization expense	2	2	2	2	1
Accretion of discount on marketable securities	−2	−4	−1	1	3
Loss (gain) on sale of marketable securities	−30,000	−35,000	23,000	34,000	—
Non-cash lease expense	163,000	570,000	788,000	2	−746,000
Non-cash interest expense	118,000	0	0	—	—
Loss on disposal of property and equipment	95,000	72,000	118,000	0	—
Prepaid expenses and other current assets	986,000	−11	3	−4	−2
Other non-current assets	−13	0	0	—	—
Accounts payable and other liabilities	8	−9	23	−1	14
Net cash used in operating activities	−403	−292	−188	−154	−120
Purchases of property and equipment	−2	−2	−729,000	−3	−4
Advance payment for long-lead equipment	−19	0	0	—	—
Purchases of marketable securities	−181	−317	−44	−121	−237
Maturities of marketable securities	155	105	126	208	98
Sales of marketable securities	18	11	2	3	4
Net cash (used in) provided by investing activities	−29	−204	83	87	−138
Proceeds from issuance of common stock in public offering, net of issuance costs	594	675	0	0	157
Proceeds from issuance of common stock in at-the-market offering, net of issuance costs	141	98	52	37	—
Proceeds from exercise of stock options	8	37	2	529,000	584,000
Proceeds from issuance of long-term debt, net of issuance costs paid	148	0	0	—	—
Payment of debt issuance costs	−558,000	0	0	—	—
Net cash provided by financing activities	890	810	54	37	158
Net increase (decrease) in cash, cash equivalents and restricted cash	458	313	−51	−29	−100
Purchase of property and equipment in accounts payable	65,000	0	12,000	85,000	202,000
Cash paid for interest	4	0	0	—	—
Debt issuance costs included in accounts payable or accrued expenses	30,000	0	0	—	—
Offering costs included in accounts payable or accrued expenses	424,000	0	0	—	—
Proceeds from employee stock option exercise in other receivables	0	199,000	0	0	—

Filings

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