1. Sarepta Therapeutics, but with a proprietary platform for targeted delivery of therapies directly to muscle.

2. Alnylam Pharmaceuticals, but focused on using its targeted delivery platform specifically for rare muscle diseases.

• DYNE-101: A clinical-stage therapeutic candidate for Myotonic Dystrophy Type 1 (DM1), designed to reduce toxic *DMPK* mRNA in muscle cells.
• DYNE-251: A clinical-stage therapeutic candidate for Duchenne Muscular Dystrophy (DMD) patients amenable to exon 51 skipping, aiming to restore dystrophin protein expression.
• DYNE-301: A preclinical-stage therapeutic candidate for Facioscapulohumeral Muscular Dystrophy (FSHD), targeting the *DUX4* gene to prevent muscle damage.

Dyne Therapeutics (DYN) is a clinical-stage biotechnology company focused on developing investigational oligonucleotide therapeutics for rare muscle diseases. As of its latest financial disclosures, Dyne Therapeutics has no approved products on the market and, therefore, does not generate revenue from product sales to commercial customers.

Consequently, Dyne Therapeutics does not have major customers in the traditional sense, whether they be other companies or individual consumers, from whom it derives significant product-related revenue. Its operations are primarily funded through equity financing, strategic collaborations, and other capital-raising activities to support its research and development programs and clinical trials.

Should Dyne Therapeutics successfully develop and commercialize a product in the future, its "customers" would typically be healthcare providers, hospitals, specialty pharmacies, and ultimately, patients suffering from the specific rare muscle diseases its therapies address. However, at its current stage, there are no such commercial customers to report.

Lonza Group AG (LONN)

John Cox, President and Chief Executive Officer

Mr. Cox was appointed President and Chief Executive Officer of Dyne Therapeutics in March 2024. He previously served as CEO of Bioverativ Inc., a rare disease spin-off from Biogen Inc. from 2017 to 2018, which was later acquired by Sanofi S.A. Mr. Cox also served as CEO of Repertoire Immune Medicines and its predecessor, Torque Therapeutics, from 2019 to 2022. Prior to these roles, he held various senior positions at Biogen over a 14-year period, including executive vice president, global commercial & technical operations.

Erick J. Lucera, Chief Financial Officer

Mr. Lucera was appointed Chief Financial Officer of Dyne Therapeutics, effective March 31, 2025. With over three decades of experience in the life science sector, Mr. Lucera was most recently the CFO at Editas Medicine, where he managed financial strategy and prepared the company for commercialization. He previously served as CFO of AVEO Pharmaceuticals, leading its transition to commercialization and playing a key role in its acquisition by LG Chem. His experience also includes CFO roles at Valeritas and Viventia Bio, where he prepared the latter for an initial public offering. Earlier in his career, he spent 15 years in investment management as a healthcare analyst.

Doug Kerr, M.D., Ph.D., MBA, Chief Medical Officer

Dr. Kerr joined Dyne Therapeutics as Chief Medical Officer in September 2024. He brings over 25 years of expertise in early and late-stage clinical development, particularly in neurology. Prior to Dyne, Dr. Kerr was a venture partner at Atlas Venture and served as Chief Medical Officer at Generation Bio from 2017 to 2023, where he initially joined as head of research and development.

Johanna Friedl-Naderer, Chief Commercial Officer

Ms. Friedl-Naderer joined Dyne Therapeutics as Chief Commercial Officer in September 2024. She has extensive experience in launching rare disease therapies globally, as well as in building and leading teams with proven expertise in these areas.

Oxana Beskrovnaya, Ph.D., Chief Scientific Officer

Dr. Beskrovnaya serves as the Chief Scientific Officer at Dyne Therapeutics. Her background includes extensive experience in drug discovery and development, particularly in areas related to rare diseases and novel therapeutic modalities.

The key risks to Dyne Therapeutics (DYN) include:

1. Clinical Trial Failures and Regulatory Delays: As a clinical-stage biotechnology company, Dyne Therapeutics' future hinges on the successful outcome of its ongoing clinical trials for lead candidates like DYNE-251 for Duchenne muscular dystrophy (DMD) and DYNE-101 for myotonic dystrophy type 1 (DM1). Negative or inconclusive results from these trials would significantly impact the company's prospects. Furthermore, the regulatory approval process by bodies like the FDA is unpredictable, and any delays in obtaining necessary approvals or even in the filing process could deplete Dyne's cash reserves faster.
2. Financial Risks and Capital Dilution: Dyne Therapeutics is currently operating with persistent losses and generates no product revenue, relying on external funding to advance its clinical and preclinical programs. While the company has reported a healthy cash reserve expected to last into the third quarter of 2027, unexpected expenses, delays in clinical trials, or the need for additional funding could necessitate future capital raises through equity offerings or debt, potentially diluting the stake of current shareholders.
3. Intense Competition: Dyne Therapeutics operates in a highly competitive landscape for neuromuscular disease treatments. Established pharmaceutical companies such as Sarepta Therapeutics and Roche already have approved drugs for conditions like DMD or are developing alternative therapies. Dyne's ability to capture market share and achieve commercial success will depend on effectively differentiating its product candidates from existing and emerging competitors.

• Competition from gene therapies for Duchenne Muscular Dystrophy (DMD), notably Sarepta Therapeutics' recently approved ELEVIDYS, which offers a potentially one-time treatment and could significantly alter the treatment landscape, potentially reducing the market for Dyne's chronic exon-skipping therapies.
• Direct competition from Avidity Biosciences' similar antibody oligonucleotide conjugate (AOC) platform, with Avidity developing candidates for Myotonic Dystrophy Type 1 (DM1) and Facioscapulohumeral Muscular Dystrophy (FSHD). Avidity's AOC 1001 for DM1 is in a similar clinical stage to Dyne's DYNE-101, and superior clinical data or faster development from Avidity could undermine Dyne's competitive position.
• Advanced clinical development by Fulcrum Therapeutics in Facioscapulohumeral Muscular Dystrophy (FSHD). Fulcrum's losmapimod is in Phase 3 clinical trials, and if successful, could become the first approved therapy for FSHD, potentially establishing market dominance before Dyne's preclinical FSHD program (DYNE-301) can reach later-stage clinical development.

Dyne Therapeutics focuses on developing treatments for genetically driven neuromuscular diseases, with lead programs addressing Myotonic Dystrophy Type 1 (DM1), Duchenne Muscular Dystrophy (DMD), and Facioscapulohumeral Muscular Dystrophy (FSHD).

Myotonic Dystrophy Type 1 (DM1)

The addressable market for Myotonic Dystrophy Type 1 (DM1) in the United States and Europe is significant, with an estimated 40,000 people affected in the U.S. and over 74,000 in Europe. The U.S. DM1 market is projected to reach $2.789 billion by 2033. Analysts suggest that Dyne's DYNE-101 product candidate could achieve peak annual revenues of $4.3 billion by 2035.

Duchenne Muscular Dystrophy (DMD)

The global Duchenne Muscular Dystrophy (DMD) treatment market was valued at approximately $1.5 billion in 2021. This market is anticipated to expand considerably, reaching $3.42 billion in 2025 and projected to grow to $8.19 billion by 2030, with a compound annual growth rate (CAGR) of 19.08%. North America is a leading region in this market, contributing 41.29% of revenue in 2024, with the regional market size surpassing $1.4 billion.

Facioscapulohumeral Muscular Dystrophy (FSHD)

Facioscapulohumeral Muscular Dystrophy (FSHD) affects an estimated 16,000 to 38,000 people in the U.S. and approximately 35,000 in Europe. The total global FSHD market size was $25.55 million in 2021 and is expected to increase through 2032. In the United States, the FSHD market size was $19.83 million in 2021. Dyne's DYNE-302, if approved, could generate annual revenues ranging from $500 million to $1.5 billion at peak adoption, assuming a conservative annual treatment cost of $200,000.

Dyne Therapeutics (NASDAQ: DYN) anticipates future revenue growth over the next 2-3 years to be driven primarily by the advancement and potential commercialization of its lead therapeutic candidates, supported by its proprietary FORCE platform and strategic market positioning. The key drivers include:

1. Commercial Launch of DYNE-251 for Duchenne Muscular Dystrophy (DMD): Dyne Therapeutics is actively pursuing a U.S. Accelerated Approval for DYNE-251, a treatment for DMD patients amenable to exon 51 skipping, with a potential Biologics License Application (BLA) submission anticipated in early to Q2 2026. The company projects a potential U.S. commercial launch for DYNE-251 in early 2027, assuming FDA grants Priority Review. This program has received FDA Breakthrough Therapy Designation, which is expected to expedite its development and review process.
2. Commercial Launch of DYNE-101 for Myotonic Dystrophy Type 1 (DM1): Dyne is advancing DYNE-101 for the treatment of DM1, with a potential U.S. Accelerated Approval BLA submission expected in the first half of 2026. The company aims for a possible commercial launch of DYNE-101 in 2027 or 2028, contingent on regulatory approvals. DYNE-101 has also been granted Breakthrough Therapy, Orphan Drug, and Fast Track designations by the U.S. FDA, and Orphan Drug designation by the European Medicines Agency, which could facilitate its path to market.
3. Expansion into Global Markets: Beyond U.S. approvals, Dyne Therapeutics is actively pursuing expedited approval pathways globally for both DYNE-251 and DYNE-101, aiming to establish itself as a leader in the neuromuscular disease therapeutics market. The European Commission has already granted Orphan Drug Designation to DYNE-251 for DMD. This global strategy represents a significant opportunity for broader revenue generation.
4. Advancement of the FORCE™ Platform and Pipeline Expansion: Dyne's proprietary FORCE™ platform is central to its strategy, designed to enhance targeted drug delivery to muscle tissue and the central nervous system. The success of DYNE-101 and DYNE-251 would further validate this platform, potentially enabling the development and commercialization of additional therapies for genetically driven neuromuscular diseases beyond the current lead programs, such as preclinical programs for facioscapulohumeral muscular dystrophy (FSHD) and Pompe disease (DYNE-302 and DYNE-401, respectively).

Share Repurchases

No information available regarding specific share repurchases made or authorized by Dyne Therapeutics over the last 3-5 years.

Share Issuance

• In September 2020, Dyne Therapeutics completed its IPO, raising approximately $268 million through the issuance of around 14 million shares at $19 per share.
• The company completed a public offering in January 2024, generating approximately $345.1 million in gross proceeds by selling 19,722,500 shares of common stock at $17.50 per share.
• In July 2025, Dyne Therapeutics closed an underwritten public offering, including the full exercise of underwriters' options, resulting in gross proceeds of approximately $230.0 million from the sale of 27,878,788 shares at $8.25 per share.

Inbound Investments

• Beyond public equity offerings, Dyne Therapeutics secured a $275 million non-dilutive loan facility in Q2 2025.

Outbound Investments

No information available regarding strategic outbound investments made by Dyne Therapeutics in other companies over the last 3-5 years.

Capital Expenditures

• Dyne Therapeutics' capital expenditures for the last 12 months as of November 2025 were -$21.30 million, with a primary focus on research and development.
• Research and development (R&D) expenses were $210.8 million in 2023, increasing from $142.8 million in 2022.
• R&D expenses were projected to be in the range of $220 million to $240 million for the full year 2024, mainly driven by advancing clinical trials for its lead programs in neuromuscular diseases.