Dianthus Therapeutics (DNTH)
Market Price (8/21/2026): $109.56 | Market Cap: $6.1 BilSector: Health Care | Industry: Biotechnology
Dianthus Therapeutics (DNTH)
Market Price (8/21/2026): $109.56Market Cap: $6.1 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -218 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11441% Expensive valuation multiplesP/SPrice/Sales ratio is 3,223x Stock price has recently run up significantly6M Rtn6 month market price return is 120%, 12M Rtn12 month market price return is 368% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -61%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 1800% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -8160%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8178% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.6% Key risksDNTH key risks include [1] uncertain clinical trial outcomes for its lead drug candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -218 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11441% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 3,223x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 120%, 12M Rtn12 month market price return is 368% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -61%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 1800% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -8160%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8178% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.6% |
| Key risksDNTH key risks include [1] uncertain clinical trial outcomes for its lead drug candidate, Show more. |
Qualitative Assessment
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Dianthus Therapeutics (DNTH) stock has gained about 25% since 4/30/2026 because of the following key factors:
1. Positive Clinical Trial and Regulatory Updates for Claseprubart.
Dianthus Therapeutics initiated its Phase 3 EMERGE registrational trial for claseprubart in generalized Myasthenia Gravis (gMG) in June 2026, targeting top-line results in fiscal 2H 2028. The company also reported strong interim data from Part A of the Phase 3 CAPTIVATE trial for Chronic Inflammatory Demyelinating Polyneuropathy (CIDP), showing a 75% responder rate in the first 40 participants, exceeding the 50% target based on previous aC1s inhibition. Furthermore, the Phase 2 MoMeNtum trial for Multifocal Motor Neuropathy (MMN) exceeded its enrollment target with 46 patients, with top-line results anticipated in December fiscal 2026. Regulatory progress included the FDA granting Orphan Drug Designation for claseprubart in myasthenia gravis in May 2026 and agreeing to remove ANA-based screening and reclassify the hypothetical risk of SLE to drug-induced lupus for all claseprubart trials.
2. Expansion of Pipeline with Next-Generation Therapies.
Dianthus Therapeutics announced the development of DNTH312, a first-in-class, internally developed bifunctional fusion protein combining claseprubart and TACI, which aims to be Phase 1 ready by year-end fiscal 2027. Additionally, the company is advancing DNTH212, a bifunctional BDCA2 and BAFF/APRIL inhibitor, with Phase 1 healthy volunteer data expected by year-end fiscal 2026, further building its rheumatology franchise. These pipeline advancements signal potential for future growth and diversification beyond their lead candidate.
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Dianthus Therapeutics (DNTH) stock has gained about 25% since 4/30/2026 because of the following key factors:
1. Positive Clinical Trial and Regulatory Updates for Claseprubart.
Dianthus Therapeutics initiated its Phase 3 EMERGE registrational trial for claseprubart in generalized Myasthenia Gravis (gMG) in June 2026, targeting top-line results in fiscal 2H 2028. The company also reported strong interim data from Part A of the Phase 3 CAPTIVATE trial for Chronic Inflammatory Demyelinating Polyneuropathy (CIDP), showing a 75% responder rate in the first 40 participants, exceeding the 50% target based on previous aC1s inhibition. Furthermore, the Phase 2 MoMeNtum trial for Multifocal Motor Neuropathy (MMN) exceeded its enrollment target with 46 patients, with top-line results anticipated in December fiscal 2026. Regulatory progress included the FDA granting Orphan Drug Designation for claseprubart in myasthenia gravis in May 2026 and agreeing to remove ANA-based screening and reclassify the hypothetical risk of SLE to drug-induced lupus for all claseprubart trials.
2. Expansion of Pipeline with Next-Generation Therapies.
Dianthus Therapeutics announced the development of DNTH312, a first-in-class, internally developed bifunctional fusion protein combining claseprubart and TACI, which aims to be Phase 1 ready by year-end fiscal 2027. Additionally, the company is advancing DNTH212, a bifunctional BDCA2 and BAFF/APRIL inhibitor, with Phase 1 healthy volunteer data expected by year-end fiscal 2026, further building its rheumatology franchise. These pipeline advancements signal potential for future growth and diversification beyond their lead candidate.
3. Robust Financial Position Providing Extended Operational Runway.
As of June 30, 2026, at the close of fiscal Q2 2026, Dianthus Therapeutics reported a strong cash position of approximately $1.2 billion in cash, cash equivalents, and investments. The company stated that this capital is expected to fund operations into fiscal 2030, providing a substantial runway to advance its multiple late-stage and early-stage autoimmune development programs without immediate financing concerns.
4. Sustained Positive Analyst Sentiment and Increased Price Targets.
The company received reiterated "Strong Buy" and "Outperform" ratings from multiple analysts, alongside increased price targets. For instance, Wedbush raised its price target to $122 from $105 in August 2026, and Raymond James increased its price target to $131 from $125 around the same time. The consensus average price target among analysts ranges from approximately $116.64 to $135.29, reflecting strong confidence in the company's prospects and pipeline.
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Stock Movement Drivers
Fundamental Drivers
The 24.7% change in DNTH stock from 4/30/2026 to 8/20/2026 was primarily driven by a 65.9% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 87.80 | 109.51 | 24.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 2 | -6.5% |
| P/S Multiple | 1,942.3 | 3,222.6 | 65.9% |
| Shares Outstanding (Mil) | 45 | 56 | -19.6% |
| Cumulative Contribution | 24.7% |
Market Drivers
4/30/2026 to 8/20/2026| Return | Correlation | |
|---|---|---|
| DNTH | 24.7% | |
| Market (SPY) | 6.1% | 12.5% |
| Sector (XLV) | 18.1% | 6.2% |
Fundamental Drivers
The 105.1% change in DNTH stock from 1/31/2026 to 8/20/2026 was primarily driven by a 391.6% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 53.39 | 109.51 | 105.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 2 | -38.1% |
| P/S Multiple | 655.6 | 3,222.6 | 391.6% |
| Shares Outstanding (Mil) | 38 | 56 | -32.5% |
| Cumulative Contribution | 105.1% |
Market Drivers
1/31/2026 to 8/20/2026| Return | Correlation | |
|---|---|---|
| DNTH | 105.1% | |
| Market (SPY) | 10.5% | 24.3% |
| Sector (XLV) | 11.9% | 17.3% |
Fundamental Drivers
The 429.8% change in DNTH stock from 7/31/2025 to 8/20/2026 was primarily driven by a 2741.9% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.67 | 109.51 | 429.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7 | 2 | -70.8% |
| P/S Multiple | 113.4 | 3,222.6 | 2741.9% |
| Shares Outstanding (Mil) | 36 | 56 | -36.1% |
| Cumulative Contribution | 429.8% |
Market Drivers
7/31/2025 to 8/20/2026| Return | Correlation | |
|---|---|---|
| DNTH | 429.8% | |
| Market (SPY) | 21.7% | 17.4% |
| Sector (XLV) | 33.9% | 15.2% |
Fundamental Drivers
The 13554.6% change in DNTH stock from 7/31/2023 to 8/20/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.80 | 109.51 | 13554.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 2 | 0.0% |
| P/S Multiple | � | 3,222.6 | 0.0% |
| Shares Outstanding (Mil) | 15 | 56 | -73.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2023 to 8/20/2026| Return | Correlation | |
|---|---|---|
| DNTH | 13554.6% | |
| Market (SPY) | 72.5% | -0.3% |
| Sector (XLV) | 34.5% | 1.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DNTH Return | -43% | -91% | 2533% | 110% | 89% | 176% | 1350% |
| Peers Return | -2% | 19% | 20% | -12% | 45% | 16% | 107% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| DNTH Win Rate | 42% | 25% | 42% | 58% | 58% | 100% | |
| Peers Win Rate | 47% | 58% | 57% | 43% | 67% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DNTH Max Drawdown | -69% | -93% | -51% | -37% | -45% | -20% | |
| Peers Max Drawdown | -28% | -19% | -17% | -28% | -25% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JNJ, AMGN, VRTX, REGN, IONS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/20/2026 (YTD)
How Low Can It Go
| Event | DNTH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.3% | -18.8% |
| % Gain to Breakeven | 57.1% | 23.1% |
| Time to Breakeven | 134 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.1% | -9.5% |
| % Gain to Breakeven | 12.5% | 10.5% |
| Time to Breakeven | 7 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.8% | -6.7% |
| % Gain to Breakeven | 36.7% | 7.1% |
| Time to Breakeven | 117 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -81.5% | -24.5% |
| % Gain to Breakeven | 440.8% | 32.4% |
| Time to Breakeven | 488 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -53.8% | -33.7% |
| % Gain to Breakeven | 116.3% | 50.9% |
| Time to Breakeven | 348 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -49.8% | -19.2% |
| % Gain to Breakeven | 99.1% | 23.8% |
| Time to Breakeven | 61 days | 105 days |
In The Past
Dianthus Therapeutics's stock fell -36.3% during the 2025 US Tariff Shock. Such a loss loss requires a 57.1% gain to breakeven.
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| Event | DNTH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.3% | -18.8% |
| % Gain to Breakeven | 57.1% | 23.1% |
| Time to Breakeven | 134 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.8% | -6.7% |
| % Gain to Breakeven | 36.7% | 7.1% |
| Time to Breakeven | 117 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -81.5% | -24.5% |
| % Gain to Breakeven | 440.8% | 32.4% |
| Time to Breakeven | 488 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -53.8% | -33.7% |
| % Gain to Breakeven | 116.3% | 50.9% |
| Time to Breakeven | 348 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -49.8% | -19.2% |
| % Gain to Breakeven | 99.1% | 23.8% |
| Time to Breakeven | 61 days | 105 days |
In The Past
Dianthus Therapeutics's stock fell -36.3% during the 2025 US Tariff Shock. Such a loss loss requires a 57.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Dianthus Therapeutics (DNTH)
Dianthus Therapeutics (DNTH) is a clinical-stage biotechnology company dedicated to leveraging the curative potential of stem cell transplants for patients suffering from severe diseases. The company focuses on developing innovative medicines designed to bring this transformative power to individuals battling blood cancers, various genetic diseases, and autoimmune disorders.
The company's pipeline includes several key assets aimed at preparing patients for stem cell transplants or directly impacting disease. MGTA-117, an anti-CD117 antibody, is currently in Phase I/II clinical trials, targeting hematopoietic stem cells and genetically mutated stem cells implicated in acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS). Another program involves a CD45-antibody drug conjugate, in IND-enabling studies, which targets both hematopoietic stem cells and immune cells for potential use in autoimmune diseases and hematology-oncology transplants. Additionally, MGTA-145 is in Phase II clinical trials for both autologous and allogeneic transplant settings.
Beyond its primary drug candidates, Dianthus Therapeutics also maintains a cell therapy program, E478, which utilizes a small molecule aryl hydrocarbon receptor antagonist to advance stem cell-based gene therapy and genome editing. The company further extends its research and development through strategic collaborations, including agreements with AVROBIO, Inc. for lysosomal storage disorders and Beam Therapeutics, Inc. to evaluate MGTA-117's utility in conditioning patients with sickle cell disease and beta-thalassemia.
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- MGTA-117: An anti-CD117 antibody therapy designed to target hematopoietic stem cells and genetically mutated stem cells for conditioning in blood cancers and genetic diseases.
- CD45-antibody drug conjugate: An investigational therapy targeting hematopoietic stem cells and immune cells for potential use in autoimmune diseases and hematology-oncology transplants.
- MGTA-145: A CXCR2 agonist mobilizing stem cells currently in Phase II clinical trial for use in autologous and allogeneic transplants.
- E478: A small molecule aryl hydrocarbon receptor antagonist being developed for stem cell-based gene therapy and genome editing.
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Marino Garcia, President & Chief Executive Officer, Board Member
Marino Garcia has served as President and Chief Executive Officer of Dianthus Therapeutics since November 2021. Prior to joining Dianthus, Mr. Garcia was Senior Vice President, Corporate and Business Development at Zealand Pharma A/S from October 2018 to October 2021. He previously served as Executive Vice President, Chief Strategy Officer at Synergy Pharmaceuticals from 2014 to 2018. Before Synergy, Mr. Garcia was Head of Business Development for Aptalis Pharma, which was acquired by Forest Laboratories (now Allergan, an AbbVie Company) in 2014. He also served as Vice President, US Commercial Operations and Global New Product Development at Aspreva Pharmaceuticals, which was acquired by Vifor Pharma in 2007. Mr. Garcia started his career in various commercial and strategic roles at large, multinational biopharmaceutical companies, including Merck & Co., Pfizer Inc., and Eli Lilly and Co.. He is known as a "dealmaker" CEO, with a background in corporate development evident in the company's capital raises and strategic reverse merger.
Ryan Savitz, Chief Financial Officer & Chief Business Officer, Treasurer
Ryan Savitz is the Chief Financial Officer and Chief Business Officer at Dianthus Therapeutics, Inc. He was appointed CFO in June 2022 at Former Dianthus, becoming CFO of the combined company at the September 11, 2023 reverse merger, and was promoted to Chief Business Officer on February 7, 2024. Prior to Dianthus, he spent 12 years in Citigroup's Healthcare Investment Banking, where he advised on biopharma capital raising and mergers & acquisitions.
Simrat Randhawa, M.D., Executive Vice President, Head of R&D
Dr. Simrat Randhawa brings over 20 years of clinical practice and pharmaceutical industry experience to Dianthus Therapeutics. He most recently served as Senior Vice President of Clinical and Medical Affairs at Aurinia Pharmaceuticals, an autoimmune-focused company. Dr. Randhawa has held several senior commercial and medical leadership roles in the autoimmune and rare disease areas at large pharmaceutical and biotech companies such as Novartis and Biomarin. He has also supported business development opportunities and integration needs in the healthcare sector while at McKinsey.
Ronny Hashmonay, M.D., Chief Development and Medical Affairs Officer
Dr. Ronny Hashmonay has over 20 years of international experience in the healthcare and pharmaceutical industries. He most recently served as Global Head of Business Transformation for Novartis. In his prior role as Chief Digital Officer at Novartis United States, he spearheaded digital transformation and strategic corporate health tech partnerships. As a member of the Novartis U.S. Executive Committee, Dr. Hashmonay led multiple teams as Head of Business Innovation, Head of Business Development and Licensing, and Head of Launch Excellence.
Edward Carr, Chief Accounting Officer
Edward Carr serves as the Chief Accounting Officer at Dianthus Therapeutics, Inc..
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Key Risks to Dianthus Therapeutics (DNTH)
- Clinical Trial and Regulatory Risk: Dianthus Therapeutics is a clinical-stage biotechnology company, and the success of its business hinges on the successful completion of its clinical trials and subsequent regulatory approvals for its drug candidates. There is no assurance that ongoing or future clinical trials, such as Part B of the Phase 3 CAPTIVATE study for claseprubart in Chronic Inflammatory Demyelinating Polyneuropathy (CIDP), will achieve positive outcomes or meet endpoints in a statistically significant manner, which could prevent the company from filing for or receiving regulatory approval (e.g., Biologics License Application with the FDA). Any safety signals related to its complement system-targeting drugs could also lead to regulatory delays or warnings.
- Commercialization and Market Competition Risk: Dianthus Therapeutics currently lacks a commercial infrastructure. Building this infrastructure or securing a suitable partner to market and distribute its products, if approved, is a high-stakes endeavor. The company also operates in a highly competitive industry, with established players and other companies developing similar therapies. The entry of more drugs into the markets for conditions like CIDP and generalized Myasthenia Gravis (gMG) could lead to competitive pricing pressures and impact long-term margins. Competitors with greater financial resources and established market presence could hinder Dianthus's market penetration.
- Financial Vulnerability: As a clinical-stage company, Dianthus Therapeutics has not yet commercialized any products and continues to incur significant losses. While the company has a substantial cash runway, its long-term financial health is dependent on its ability to secure additional capital, manage expenses effectively, and ultimately achieve commercial success with its product candidates. Without a stable revenue stream from commercialized products, the company remains financially vulnerable, and its future success relies on the commercial viability of its pipeline.
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Dianthus Therapeutics (DNTH), a clinical-stage biotechnology company, anticipates its future revenue growth over the next 2-3 years to be primarily driven by the successful advancement and potential commercialization of its pipeline of novel antibody complement therapeutics for severe autoimmune and inflammatory diseases. As a company with a trailing 12-month revenue of approximately $2.04 million as of December 31, 2025, its revenue generation is currently limited, typical for a biotechnology company at its stage.
The key drivers for Dianthus Therapeutics' future revenue growth are:
- Commercialization of Claseprubart (DNTH103) for Generalized Myasthenia Gravis (gMG): Dianthus' lead candidate, claseprubart, a C1s antibody, is being developed for gMG. Positive Phase 2 data was reported in September 2025, and the company plans to initiate a Phase 3 trial in mid-2026, with top-line data expected in the second half of 2028. Successful completion of this pivotal trial and subsequent market approval and launch would represent a significant revenue opportunity in the multibillion-dollar gMG market.
- Commercialization of Claseprubart (DNTH103) for Chronic Inflammatory Demyelinating Polyneuropathy (CIDP): The company's Phase 3 CAPTIVATE trial for claseprubart in CIDP achieved its early responder target in March 2026, suggesting a strong path toward a single pivotal Biologics License Application (BLA) strategy. Guidance for Part B top-line data is anticipated by year-end 2026. The CIDP market is also identified as a large and growing multibillion-dollar opportunity.
- Expansion of Claseprubart (DNTH103) into Additional Indications, specifically Multifocal Motor Neuropathy (MMN): Dianthus operates on a "pipeline-in-a-product" model, aiming to leverage claseprubart across multiple indications. Beyond gMG and CIDP, the Phase 2 MoMeNtum trial for claseprubart in MMN is ongoing, with top-line results expected in the second half of 2026. Positive results and eventual commercialization in MMN would further broaden the market reach and revenue potential of claseprubart.
- Advancement and Potential Commercialization of DNTH212: Dianthus is also developing DNTH212, an investigational bifunctional fusion protein for other autoimmune diseases, including systemic lupus erythematosus. A Phase 1 study in China is underway, with top-line results in healthy volunteers expected in the second half of 2026. The successful clinical development and eventual market entry of DNTH212 would diversify the company's product portfolio and open new revenue streams.
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Share Issuance
- Dianthus Therapeutics closed an upsized underwritten public offering in March 2026, raising approximately $719 million in aggregate gross proceeds by selling 8,470,989 common shares and 402,468 pre-funded warrants.
- In September 2025, the company completed an upsized $288 million underwritten public offering.
- Dianthus Therapeutics announced a private investment in public equity (PIPE) financing in January 2024, expected to result in gross proceeds of approximately $230 million.
Inbound Investments
- In September 2023, Dianthus Therapeutics completed a reverse merger with Magenta Therapeutics, providing a cash infusion of $180 million and a Nasdaq listing.
- The company emerged from stealth in May 2022 with a $100 million Series A financing, backed by investors such as 5AM Ventures and Fidelity.
- In January 2024, Dianthus received approximately $230 million in gross proceeds from a PIPE financing with participation from new and existing investors, including Bain Capital Life Sciences and RA Capital Management.
Outbound Investments
- In October 2025, Dianthus Therapeutics acquired an exclusive global license for DNTH212 from Nanjing Leads Biolabs, involving an upfront payment of $30 million and potential milestone payments up to $1 billion.
Capital Expenditures
- Research and development (R&D) expenses for the year ended December 31, 2025, were $145.6 million, an increase from $83.1 million in 2024.
- The increase in R&D expenses in 2025 was primarily driven by higher clinical costs, upfront and clinical development milestones for DNTH212, and increased headcount to support Phase 2 and Phase 3 development.
- As of December 31, 2025, Dianthus reported $514.4 million in cash, cash equivalents, and investments, projected to fund operations into 2028, covering clinical and preclinical development activities, commercial readiness, working capital, and general corporate purposes.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 4.4% | 78.3% | 158.4% | CAH 396% · MCK 329% · COR 178% |
| Health Care Services | 20 | 19.5% | 43.7% | 9.3% | HIMS 348% · RDNT 152% · DGX 75% |
| Managed Health Care | 8 | 32.5% | -5.1% | -1.2% | OSCR 132% · HQY 65% · ELV 13% |
| Health Care Facilities | 24 | 8.3% | -2.6% | -16.6% | THC 275% · NHC 266% · ENSG 123% |
| Health Care Equipment | 50 | -1.5% | -8.1% | -22.2% | POCI 10975% · UFPT 368% · GKOS 278% |
| Health Care Supplies | 12 | 37.0% | -13.7% | -25.8% | LNTH 301% · HAE 82% · MMSI 30% |
| Pharmaceuticals | 63 | 6.0% | -1.5% | -32.0% | LQDA 2643% · INDV 1326% · ETON 1259% |
| Health Care Technology | 21 | -17.7% | -55.4% | -70.5% | SPOK 117% · HSTM -3% · VEEV -22% |
| Life Sciences Tools & Services | 108 | -0.5% | -33.8% | -71.0% | SNWV 1900% · ELMD 249% · MEDP 243% |
| Biotechnology ← | 365 | 10.3% | -24.9% | -77.8% | BRTX 110200% · CELZ 1729% · DNTH 1587% |
Latest Trefis Analyses
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 349.29 |
| Mkt Cap | 111.0 |
| Rev LTM | 14,061 |
| Op Inc LTM | 4,475 |
| FCF LTM | 3,686 |
| FCF 3Y Avg | 2,698 |
| CFO LTM | 4,487 |
| CFO 3Y Avg | 3,448 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.6% |
| Rev Chg 3Y Avg | 8.4% |
| Rev Chg Q | 11.0% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Inc Chg LTM | 13.8% |
| Op Inc Chg 3Y Avg | 2.5% |
| Op Mgn LTM | 26.8% |
| Op Mgn 3Y Avg | 24.2% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 29.2% |
| CFO/Rev 3Y Avg | 23.5% |
| FCF/Rev LTM | 22.9% |
| FCF/Rev 3Y Avg | 18.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Developing next-generation therapies to transform the treatment of severe autoimmune diseases | 2 | 6 | 3 | 6 | 1 |
| Total | 2 | 6 | 3 | 6 | 1 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Developing next-generation therapies to transform the treatment of severe autoimmune diseases | -162 | -85 | -44 |
| Total | -162 | -85 | -44 |
Price Behavior
| Market Price | $109.51 | |
| Market Cap ($ Bil) | 5.3 | |
| First Trading Date | 06/21/2018 | |
| Distance from 52W High | -5.6% | |
| 50 Days | 200 Days | |
| DMA Price | $97.89 | $71.58 |
| DMA Trend | up | up |
| Distance from DMA | 11.9% | 53.0% |
| 3M | 1YR | |
| Volatility | 62.7% | 65.8% |
| Downside Capture | -65.45 | -19.52 |
| Upside Capture | 35.52 | 162.35 |
| Correlation (SPY) | 11.2% | 17.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.19 | 0.49 | 0.49 | 1.13 | 0.89 | -0.15 |
| Up Beta | 4.85 | 2.49 | 2.13 | 2.16 | 1.70 | 1.23 |
| Down Beta | -4.89 | 1.18 | 0.43 | 0.46 | 0.64 | 1.66 |
| Up Capture | 60% | 13% | 51% | 198% | 236% | 344% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 27 | 39 | 72 | 136 | 388 |
| Down Capture | -88% | -85% | -45% | 28% | -43% | -184% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 16 | 24 | 54 | 114 | 351 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DNTH | |
|---|---|---|---|---|
| DNTH | 385.5% | 65.7% | 2.65 | - |
| Sector ETF (XLV) | 27.8% | 15.9% | 1.35 | 12.8% |
| Equity (SPY) | 20.3% | 12.9% | 1.16 | 17.7% |
| Gold (GLD) | 36.2% | 28.7% | 1.07 | 16.5% |
| Commodities (DBC) | 44.1% | 20.2% | 1.69 | 0.2% |
| Real Estate (VNQ) | 13.3% | 13.8% | 0.66 | 5.5% |
| Bitcoin (BTCUSD) | -38.8% | 43.2% | -1.01 | 15.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DNTH | |
|---|---|---|---|---|
| DNTH | 2.9% | 89.3% | 0.43 | - |
| Sector ETF (XLV) | 7.0% | 15.1% | 0.28 | 16.7% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 19.2% |
| Gold (GLD) | 20.4% | 18.6% | 0.89 | 3.2% |
| Commodities (DBC) | 10.2% | 19.6% | 0.40 | 4.0% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 12.8% |
| Bitcoin (BTCUSD) | 9.3% | 52.7% | 0.36 | 10.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DNTH | |
|---|---|---|---|---|
| DNTH | -6.3% | 86.1% | 0.30 | - |
| Sector ETF (XLV) | 10.6% | 16.7% | 0.52 | 23.8% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 25.3% |
| Gold (GLD) | 12.4% | 16.2% | 0.63 | 4.6% |
| Commodities (DBC) | 8.1% | 18.1% | 0.37 | 8.2% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 19.3% |
| Bitcoin (BTCUSD) | 61.0% | 66.1% | 1.01 | 9.7% |
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Returns Analyses
Earnings Returns History
Updated 8/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 1.9% | -1.7% | |
| 5/5/2026 | 0.2% | -4.5% | -6.8% |
| 3/9/2026 | 21.5% | 19.4% | 32.2% |
| 1/12/2026 | 2.4% | 15.5% | 33.1% |
| 11/5/2025 | 8.0% | 14.8% | 29.3% |
| 8/7/2025 | -2.0% | 5.7% | 66.1% |
| 5/12/2025 | -6.2% | -4.0% | -9.8% |
| 3/11/2025 | -6.3% | -11.3% | -30.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 15 | 15 |
| # Negative | 9 | 11 | 10 |
| Median Positive | 2.8% | 7.4% | 12.9% |
| Median Negative | -2.8% | -4.5% | -17.8% |
| Max Positive | 21.5% | 19.4% | 77.4% |
| Max Negative | -7.1% | -14.7% | -34.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 1.9% | -1.7% | |
| 5/5/2026 | 0.2% | -4.5% | -6.8% |
| 3/9/2026 | 21.5% | 19.4% | 32.2% |
| 1/12/2026 | 2.4% | 15.5% | 33.1% |
| 11/5/2025 | 8.0% | 14.8% | 29.3% |
| 8/7/2025 | -2.0% | 5.7% | 66.1% |
| 5/12/2025 | -6.2% | -4.0% | -9.8% |
| 3/11/2025 | -6.3% | -11.3% | -30.2% |
| 11/7/2024 | -2.8% | -14.7% | -18.9% |
| 8/8/2024 | 2.8% | 11.5% | 4.2% |
| 5/9/2024 | -2.6% | 5.3% | -13.9% |
| 3/21/2024 | 14.3% | 7.4% | -16.8% |
| 1/8/2024 | 3.1% | -7.3% | 77.4% |
| 11/9/2023 | 0.8% | 0.4% | -28.8% |
| 11/3/2022 | 4.9% | -11.4% | 8.1% |
| 8/4/2022 | 4.0% | 3.1% | 7.4% |
| 5/16/2022 | -3.5% | 7.0% | 14.0% |
| 3/8/2022 | 7.1% | 10.2% | 12.9% |
| 1/10/2022 | -0.9% | -4.1% | -31.3% |
| 11/4/2021 | 2.8% | -10.4% | -34.7% |
| 8/5/2021 | 1.7% | 3.8% | 4.9% |
| 5/6/2021 | -7.1% | 13.1% | 6.7% |
| 3/3/2021 | 11.6% | 8.8% | 0.3% |
| 1/11/2021 | 2.3% | -0.4% | 24.9% |
| 11/5/2020 | -0.9% | -0.9% | 11.7% |
| 8/6/2020 | 0.6% | 2.4% | -1.5% |
| SUMMARY STATS | |||
| # Positive | 17 | 15 | 15 |
| # Negative | 9 | 11 | 10 |
| Median Positive | 2.8% | 7.4% | 12.9% |
| Median Negative | -2.8% | -4.5% | -17.8% |
| Max Positive | 21.5% | 19.4% | 77.4% |
| Max Negative | -7.1% | -14.7% | -34.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/09/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/11/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 12/31/2022 | 05/15/2023 | S-4 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/09/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/11/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 12/31/2022 | 05/15/2023 | S-4 |
Insider Activity
Updated 8/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Read, Simon | Direct | Sell | 8192026 | 117.55 | 2,778 | Form | |||
| 2 | McGeorge, Anne | Direct | Sell | 8112026 | 109.01 | 7,750 | Form | |||
| 3 | Read, Simon | Direct | Sell | 8112026 | 109.55 | 2,777 | Form | |||
| 4 | Veness, Adam M | SVP, General Counsel and Sec. | Direct | Sell | 8112026 | 110.38 | 16,167 | Form | ||
| 5 | Veness, Adam M | SVP, General Counsel and Sec. | Direct | Sell | 8112026 | 110.70 | 3,833 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Read, Simon | Direct | Sell | 8192026 | 117.55 | 2,778 | Form | |||
| 2 | McGeorge, Anne | Direct | Sell | 8112026 | 109.01 | 7,750 | Form | |||
| 3 | Read, Simon | Direct | Sell | 8112026 | 109.55 | 2,777 | Form | |||
| 4 | Veness, Adam M | SVP, General Counsel and Sec. | Direct | Sell | 8112026 | 110.38 | 16,167 | Form | ||
| 5 | Veness, Adam M | SVP, General Counsel and Sec. | Direct | Sell | 8112026 | 110.70 | 3,833 | Form | ||
| 6 | Garcia, Marino | CEO AND PRESIDENT | Direct | Sell | 8072026 | 108.11 | 166,000 | 17,945,451 | 7,058,400 | Form |
| 7 | Savitz, Ryan | EVP, CFO & CBO | Direct | Sell | 7132026 | 101.03 | 31,249 | Form | ||
| 8 | Veness, Adam M | SVP, General Counsel and Sec. | Direct | Sell | 6182026 | 80.80 | 30,000 | Form | ||
| 9 | Randhawa, Simrat | EVP, Head of R&D | Direct | Sell | 6022026 | 90.62 | 26,530 | 2,404,077 | 362,469 | Form |
| 10 | Soteropoulos, Paula | Direct | Sell | 5112026 | 85.47 | 599 | Form | |||
| 11 | Savitz, Ryan | EVP, CFO & CBO | Direct | Sell | 4102026 | 89.84 | 8,224 | Form | ||
| 12 | Savitz, Ryan | EVP, CFO & CBO | Direct | Sell | 4012026 | 83.00 | 114,367 | Form | ||
| 13 | Soteropoulos, Paula | Direct | Sell | 4012026 | 80.11 | 599 | Form | |||
| 14 | Soteropoulos, Paula | Direct | Sell | 3262026 | 78.05 | 27,594 | Form | |||
| 15 | Garcia, Marino | CEO AND PRESIDENT | Direct | Sell | 3132026 | 81.49 | 122,918 | Form | ||
| 16 | Carr, Edward | CHIEF ACCOUNTING OFFICER | Direct | Sell | 3132026 | 81.49 | 43,682 | Form | ||
| 17 | Randhawa, Simrat | EVP, Head of R&D | Direct | Sell | 3132026 | 81.48 | 33,830 | Form | ||
| 18 | Savitz, Ryan | CFO & CBO | Direct | Sell | 12052025 | 45.18 | 20,000 | Form | ||
| 19 | Randhawa, Simrat | EVP, Head of R&D | Direct | Sell | 11142025 | 38.14 | 109,031 | 4,158,442 | 152,560 | Form |
| 20 | Randhawa, Simrat | EVP, Head of R&D | Direct | Sell | 11142025 | 36.81 | 87,507 | 3,221,445 | 147,254 | Form |
| 21 | Savitz, Ryan | CFO & CBO | Direct | Sell | 9112025 | 35.00 | 20,000 | Form |
Investor Activity (13F)
Updated Aug 21, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Avidity Partners Management LP | $176.6 Mil | 35.8% | 45 | Hold | 13F |
| Octagon Capital Advisors LP | $163.4 Mil | 18.1% | 29 | TRIM -19.4% | 13F |
| Fairmount Funds Management LLC | $212.9 Mil | 15.4% | 12 | ADD +18.7% | 13F |
| Catalio Capital Management, LP | $47.0 Mil | 9.8% | 41 | TRIM -14.3% | 13F |
| Spruce Street Capital LP | $31.3 Mil | 7.5% | 28 | ADD +25.5% | 13F |
| TCG Crossover Management, LLC | $140.7 Mil | 4.0% | 49 | Hold | 13F |
| Cormorant Asset Management, LP | $79.7 Mil | 4.0% | 46 | New | 13F |
| Venrock Adviser, LLC | $99.0 Mil | 3.7% | 33 | ADD +18.0% | 13F |
| Artia Global Partners LP | $13.7 Mil | 3.1% | 48 | TRIM -20.5% | 13F |
| MPM Bioimpact LLC | $35.6 Mil | 2.7% | 41 | New | 13F |
| Vivo Capital, LLC | $29.7 Mil | 2.5% | 46 | Hold | 13F |
| First Turn Management, LLC | $18.5 Mil | 2.1% | 33 | New | 13F |
| Tri Locum Partners LP | $12.2 Mil | 1.7% | 17 | TRIM -76.6% | 13F |
| Patient Square Capital LP | $7.9 Mil | 1.4% | 29 | TRIM -37.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Cormorant Asset Management, LP | $79.7 Mil | 4.0% | 46 | New | 13F |
| MPM Bioimpact LLC | $35.6 Mil | 2.7% | 41 | New | 13F |
| First Turn Management, LLC | $18.5 Mil | 2.1% | 33 | New | 13F |
| Spruce Street Capital LP | $31.3 Mil | 7.5% | 28 | ADD +25.5% | 13F |
| Fairmount Funds Management LLC | $212.9 Mil | 15.4% | 12 | ADD +18.7% | 13F |
| Venrock Adviser, LLC | $99.0 Mil | 3.7% | 33 | ADD +18.0% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Great Point Partners LLC | $14.4 Mil | 4.7% | 29 | Exited | Dec 31, 2025 | 13F |
| Iron Triangle Partners LP | $9.5 Mil | 1.1% | 27 | Exited | Dec 31, 2025 | 13F |
| Tri Locum Partners LP | $12.2 Mil | 1.7% | 17 | TRIM -76.6% | Mar 31, 2026 | 13F |
| Patient Square Capital LP | $7.9 Mil | 1.4% | 29 | TRIM -37.4% | Mar 31, 2026 | 13F |
| Artia Global Partners LP | $13.7 Mil | 3.1% | 48 | TRIM -20.5% | Mar 31, 2026 | 13F |
| Octagon Capital Advisors LP | $163.4 Mil | 18.1% | 29 | TRIM -19.4% | Mar 31, 2026 | 13F |
| Catalio Capital Management, LP | $47.0 Mil | 9.8% | 41 | TRIM -14.3% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Fairmount Funds Management LLC | $212.9 Mil | 15.4% | 12 | ADD +18.7% | 13F |
| Avidity Partners Management LP | $176.6 Mil | 35.8% | 45 | Hold | 13F |
| Octagon Capital Advisors LP | $163.4 Mil | 18.1% | 29 | TRIM -19.4% | 13F |
| TCG Crossover Management, LLC | $140.7 Mil | 4.0% | 49 | Hold | 13F |
| Venrock Adviser, LLC | $99.0 Mil | 3.7% | 33 | ADD +18.0% | 13F |
| Cormorant Asset Management, LP | $79.7 Mil | 4.0% | 46 | New | 13F |
| Catalio Capital Management, LP | $47.0 Mil | 9.8% | 41 | TRIM -14.3% | 13F |
| MPM Bioimpact LLC | $35.6 Mil | 2.7% | 41 | New | 13F |
| Spruce Street Capital LP | $31.3 Mil | 7.5% | 28 | ADD +25.5% | 13F |
| Vivo Capital, LLC | $29.7 Mil | 2.5% | 46 | Hold | 13F |
| First Turn Management, LLC | $18.5 Mil | 2.1% | 33 | New | 13F |
| Artia Global Partners LP | $13.7 Mil | 3.1% | 48 | TRIM -20.5% | 13F |
| Tri Locum Partners LP | $12.2 Mil | 1.7% | 17 | TRIM -76.6% | 13F |
| Patient Square Capital LP | $7.9 Mil | 1.4% | 29 | TRIM -37.4% | 13F |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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