DNTH Stock — Dianthus Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a clinical-stage biotechnology company dedicated to developing potentially best-in-class therapies for patients living with severe autoimmune diseases. Our lead clinical-stage candidate, claseprubart, is a monoclonal antibody that is purposefully engineered with extended half-life, improved potency, and high selectivity for only the active C1s complement protein (“C1s”) – enabling less frequent and more convenient self-administered subcutaneous (“S.C.”) injections suitable for a pre-filled pen.

Source: 10-K FY2025 via SEC EDGAR

Share price

$86.03

Market cap

$4,844.6M

Cash

$837.8M

Enterprise value

$4,006.8M

Balance sheet

Cash	$837.8M
Debt	$0.0M
Net cash	$837.8M
Enterprise value	$4,006.8M
Basic shares	56.3M shares
Fully diluted shares	63.5M shares
Fully diluted market cap	$5,464.6M
Cash per share	$14.88
Quarterly burn	$49.0M
Cash runway	24.3 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

55.9M

Pre-funded warrants

0.2M

Options

7.2M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.2M

FDSO

63.5M

Cap table as of 2026-06-30.

Price history

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Next catalyst

claseprubart · Dec 1-31 · guided in 24d

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDDec 1-31 in 24d	claseprubart Phase 2 MoMeNtum in MMN	Phase 2	MMN	December 2026
Jan 12 - Feb 23 in 9 wks	Claseprubart	Phase 2	Multifocal Motor Neuropathy	—
Jan 12 - Feb 23 in 27 mo	Claseprubart	Phase 3	Myasthenia Gravis, Generalized	—
Feb 11 - Mar 25 in 28 mo	Claseprubart	Phase 3	Chronic Inflammatory Demyelinating Polyneuropathy	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Claseprubart

Stage not disclosed · Active Modality: monoclonal antibody

Target C1s

Indications

Myasthenia Gravis, Generalized (Phase 3)
Chronic Inflammatory Demyelinating Polyneuropathy (Phase 3)
Multifocal Motor Neuropathy (Phase 3)

Status note Anti-C1s monoclonal antibody. Primary 10-Q excerpts name claseprubart as a product candidate; stage, indications, and partnerships not stated in the primary excerpts.

DNTH212

Stage not disclosed · Active Modality: fusion protein

Target BDCA2 + BAFF/APRIL

Status note Fusion protein targeting BDCA2 and BAFF/APRIL (target/modality per 10-K fallback). Named as a product candidate in the primary 10-Q; stage and indications not stated in the primary excerpts.

DNTH312

Discovery · Active

Target C1s + BAFF/APRIL

Status note Discovery-stage program named in the primary 10-Q; modality and target not stated.

Per-asset detail extracted from the 10-Q filed 2026-08-04. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Claseprubart
Lead indication	Myasthenia Gravis, Generalized
Lead phase	Phase 3
Active trials	4
Collaborator trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07647510	Phase 3	Recruiting	Sponsor	DNTH	—	Myasthenia Gravis, Generalized	—
NCT06858579	Phase 3	Recruiting	Sponsor	DNTH	—	Chronic Inflammatory Demyelinating Polyneuropathy	—
NCT06537999	Phase 2	Active, not recruiting	Sponsor	DNTH	—	Multifocal Motor Neuropathy	—
NCT06282159	Phase 2	Active, not recruiting	Sponsor	DNTH	—	Myasthenia Gravis, Generalized	—
NCT05800509	Not disclosed	Recruiting	Collaborator	National Taiwan University Hospital	—	Gestational Diabetes Mellitus; Postpartum Depression; Perinatal Depression	—

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 1 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for Dianthus Therapeutics on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Deerfield Management	1,125,313	+105,500	1.14%	2026-08-14
Baker Bros. Advisors	852,164	no change	0.42%	2026-08-14
Logos Global Management	800,000	+400,000	3.36%	2026-08-14
Cormorant Asset Management	750,000	-200,000	3.75%	2026-08-14
Braidwell LP	594,562	-304,802	2.14%	2026-08-14
Vivo Capital	353,998	no change	3.15%	2026-08-14
Tang Capital Partners	264,692	no change	1.17%	2026-08-14
RTW Investments	248,063	no change	0.21%	2026-08-14
OrbiMed Advisors	115,000	+115,000	0.21%	2026-08-14
ADAR1 Capital Management	0	-55,000	0.00%	2026-08-14
RA Capital Management	0	-2,611,733	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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DNTH — Dianthus Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

DNTH — Dianthus Therapeutics Inc.