10-Q · May 5, 2026
Dianthus Therapeutics reported a net loss of $40.8 million for Q1 2026, a significant increase from the $29.5 million loss in Q1 2025, driven by a 28% rise in R&D expenses to $34.5 million due to heightened clinical…
Earnings analysis · 10-Q
DNTH earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Dianthus remains a pre-revenue, clinical-stage company: Q2 2026 license revenue rose to $0.8 million, but the net loss widened to $50.2 million as R&D increased to $48.7 million to support claseprubart and new pipeline…
Read full summary
Dianthus remains a pre-revenue, clinical-stage company: Q2 2026 license revenue rose to $0.8 million, but the net loss widened to $50.2 million as R&D increased to $48.7 million to support claseprubart and new pipeline programs. Operating margin improved mechanically versus the tiny Q2 2025 revenue base, to approximately -7,685.3%, but deteriorated versus Q1 as operating loss rose to $61.5 million. The central positives are a 75% CIDP interim response rate and approximately $1.2 billion of liquidity projected to fund operations into 2030; the tradeoff is accelerating clinical cash burn and likely future dilution.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.9
What stood out
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License revenue increased year over year
Q2 license revenue was $0.8 million, up $0.6 million from $0.2 million in Q2 2025 and up $0.3 million from $0.5 million in Q1 2026, driven by reimbursable costs associated with ongoing claseprubart trials.
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CIDP interim response exceeded target
CAPTIVATE's first 40 Part A completers produced a 75% CIDP response rate, above the stated target of 50% or greater. The company achieved 20 confirmed responders before all 40 participants had completed Part A.
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CAPTIVATE design reduced planned enrollment
The CIDP program reduced planned Part A enrollment to up to 256 patients from up to 480 and planned Part B randomization to 128 patients from 192 following the interim responder analysis.
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Liquidity runway extends into 2030
Cash, cash equivalents and investments were approximately $1.2 billion at June 30, 2026; management believes this balance funds the operating plan into 2030.
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Financing materially strengthened liquidity
Net financing cash inflow was $749.8 million in the first six months of 2026, principally including $676.1 million of public-offering proceeds and $58.7 million from the ATM program.
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Multiple clinical catalysts are scheduled
MoMeNtum enrollment exceeded its 36-patient target, with top-line data from 46 patients expected in December 2026; EMERGE Phase 3 enrolled approximately 195 planned gMG participants and is targeted for 2H 2028 top-line results.
What to watch
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Losses and operating spend accelerated
Q2 net loss widened to $50.2 million from $31.6 million in Q2 2025, while loss from operations expanded to $61.5 million from $34.9 million. Diluted EPS of -$0.90 worsened from -$0.85 in Q1 2026 and -$0.88 a year earlier.
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Late-stage trial spending is increasing
R&D expense increased $22.4 million year over year to $48.7 million in Q2, including a $13.0 million increase in claseprubart-related expense. Management expects R&D expense to increase substantially as programs move into larger and later-stage trials.
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Operating cash burn increased 51%
Operating cash use was $77.8 million in the first six months of 2026, versus $51.5 million in the prior-year period; capital expenditures were only $0.2 million, so cash burn is principally clinical and operating rather than fixed-asset driven.
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Future financing could dilute shareholders
The company used its entire $200.0 million ATM capacity, selling 3,632,534 shares, and states it will need additional capital to complete development and potential commercialization. It had an accumulated deficit of $427.8 million at June 30, 2026.
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No explicit risk-factor update; sizable commitments
The filing does not identify newly added or revised Item 1A risk factors versus the March 2026 10-K; it incorporates prior risks by reference. Nevertheless, DNTH212 commitments include up to $962.0 million in development, regulatory and sales milestones, in addition to $30.0 million already paid as of June 30, 2026.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q. Management maintained its view that approximately $1.2 billion of cash, cash equivalents and investments at June 30, 2026 should fund operations into 2030. Milestones expected are MoMeNtum top-line data in December 2026, CAPTIVATE Part B top-line timing guidance by year-end 2026, DNTH212 Phase 1 healthy-volunteer data by year-end 2026, and EMERGE top-line results in 2H 2028.
Earlier filings 4
10-K · March 9, 2026
Dianthus (DNTH) is a clinical‑stage biotech focused on next‑generation complement and bifunctional immunology candidates (lead: claseprubart; second: DNTH212). The 10‑K highlights positive Phase 2 MaGic data (65…
10-Q · November 5, 2025
Dianthus reported Q3 revenue of $396,000 (three months ended September 30, 2025) versus $2,172,000 in Q3 2024, a sharp decline. The company’s loss widened to $36,765,000 for the quarter (net loss per share $0.97) versus…
10-Q · August 7, 2025
Dianthus reported a steep revenue decline to $193,000 in Q2 2025 and a widening loss as R&D and G&A spending ramped. Net loss for the quarter was $31.6 million (EPS -$0.88), cash and cash equivalents declined to $13.2…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.