DYN Stock — Dyne Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a clinical-stage company focused on delivering functional improvement for people living with genetically driven neuromuscular diseases. Our proprietary FORCE platform is designed to leverage the transferrin receptor 1, or TfR1, to deliver targeted therapeutics to muscle tissue and the central nervous system, or CNS.

Source: 10-K FY2025 via SEC EDGAR

Share price

$18.07

Market cap

$3,374.5M

Cash

$1,134.4M

Enterprise value

$2,440.1M

Balance sheet

Cash	$1,134.4M
Debt	$200.0M
Net cash	$934.4M
Enterprise value	$2,440.1M
Basic shares	165.0M shares
Fully diluted shares	179.4M shares
Fully diluted market cap	$3,242.4M
Cash per share	$6.88
Quarterly burn	$130.3M
Cash runway	10.0 quarters

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

Share structure

Common

165.0M

Pre-funded warrants

0.0M

Options

9.9M

RSUs

2.4M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

2.1M

FDSO

179.4M

Cap table as of 2025-12-31.

Price history

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Next catalyst

z-rostudirsen · Jan 21, 2027 · guided in 11 wks

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDJan 21, 2027 in 11 wks	z-rostudirsen BLA review for exon 51 DMD	Not disclosed	exon 51 DMD	January 21, 2027 (PDUFA)
GUIDEDEst. Feb 14, 2027 in 8 wks quarter midpoint	z-basivarsen Phase 1/2 ACHIEVE registrational expansion cohort in DM1	Phase 1/2	DM1	Q1 2027 (ACHIEVE REC topline); Q3 2027 (potential BLA submission)

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

Zeleciment rostudirsen (z-rostudirsen)

Phase 3 · Active Modality: antibody-oligonucleotide conjugate (FORCE platform)

Aliases DYNE-251

Target DMD (exon 51)

Indications

Duchenne muscular dystrophy (DMD) amenable to exon 51 skipping (Phase 3)

Status note Proprietary Fab targeting TfR1 conjugated to a PMO promoting skipping of DMD exon 51. Phase 1/2 DELIVER trial; global confirmatory Phase 3 FORZETTO commenced Q2 2026 with FDA-aligned design. FDA accepted the BLA for review in July 2026 (no action date stated in the filing). Orphan Drug designation from FDA, EMA, and Japan MHLW.

Zeleciment basivarsen (z-basivarsen)

Phase 2 · Active Modality: antibody-oligonucleotide conjugate (FORCE platform)

Aliases DYNE-101

Target DMPK

Indications

Myotonic dystrophy type 1 (DM1) (Phase 2)

Catalysts

— first quarter of 2027

Status note Proprietary Fab targeting TfR1 conjugated to an ASO reducing toxic nuclear DMPK RNA. Evaluated in ACHIEVE, a global Phase 1/2 trial designed to be registrational. FDA Fast Track and Orphan Drug designations (FDA, EMA).

DYNE-302

Phase 1 · Active

Target DUX4

Indications

Facioscapulohumeral muscular dystrophy (FSHD) (Phase 1)

Status note Reduces DUX4 expression in muscle tissue. FDA cleared the IND application in July 2026 to initiate a Phase 1 clinical trial; placebo-controlled design with 96-week open-label extension. Filing describes traditional approval pathway pursuit in the U.S.

DYNE-253 / DYNE-245 / DYNE-244 / DYNE-255

Preclinical · Active Modality: antibody-oligonucleotide conjugate (FORCE platform)

Target DMD (exons 53/45/44/55)

Indications

Duchenne muscular dystrophy (DMD) amenable to exon 53/45/44/55 skipping (Preclinical)

Status note Four DMD exon-skipping candidates (exons 53, 45, 44, 55 respectively) advancing into IND-enabling studies.

DYNE-401

Preclinical · Active Modality: antibody-enzyme conjugate (FORCE platform)

Target GAA

Indications

Pompe disease (Preclinical)

Status note Enzyme replacement therapy engineered via the FORCE platform to deliver the lysosomal enzyme GAA addressing the deficiency that causes Pompe disease.

Per-asset detail extracted from the 10-Q filed 2026-07-29. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	zeleciment basivarsen (DYNE-101)
Lead indication	Myotonic Dystrophy Type 1 (DM1)
Lead phase	Phase 3
Active trials	0
Collaborator trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT03458832	Not disclosed	Active, not recruiting	Collaborator	University of Kansas Medical Center	—	Facioscapulohumeral Muscular Dystrophy	—
NCT04635891	Not disclosed	Recruiting	Collaborator	University of Kansas Medical Center	NVS	FSHD	—

Sponsor-matched active trials from ClinicalTrials.gov (0 as sponsor, 2 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 2 active trials for University of Kansas Medical Center 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
OrbiMed Advisors	3,235,684	+317,800	1.36%	2026-08-14
Frazier Life Sciences	3,153,082	no change	1.53%	2026-08-14
Perceptive Advisors	2,689,235	-1,979,604	0.93%	2026-08-14
Logos Global Management	2,550,000	+1,150,000	2.44%	2026-08-14
Vivo Capital	1,557,466	no change	3.16%	2026-08-14
Braidwell LP	921,598	-760,400	0.76%	2026-08-14
Baker Bros. Advisors	813,449	no change	0.09%	2026-08-14
Sphera Biotech	199,594	+39,000	0.63%	2026-08-14
ADAR1 Capital Management	42,821	-4,642	0.04%	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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DYN — Dyne 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

DYN — Dyne Therapeutics Inc.