Dianthus Therapeutics (DNTH) Q4 2025 earnings summary

Executive summary

• Achieved early GO decision for Phase 3 CAPTIVATE trial in CIDP after meeting responder criteria ahead of schedule.

• Phase 3 trial for claseprubart in generalized Myasthenia Gravis (gMG) to start mid-2026, with top-line results expected in 2H'28.

• Phase 2 MoMeNtum trial in Multifocal Motor Neuropathy (MMN) ongoing, with results anticipated in 2H'26.

• DNTH212 Phase 1 study initiated in December 2025; healthy volunteer data expected in 2H'26.

Financial highlights

• Cash, cash equivalents, and investments totaled $514.4 million as of December 31, 2025, providing runway into 2028.

• R&D expenses for 2025 were $145.6 million, up from $83.1 million in 2024, driven by higher clinical costs and increased headcount.

• G&A expenses for 2025 were $34.3 million, up from $25.0 million in 2024, mainly due to increased headcount.

• Net loss for 2025 was $162.3 million ($4.20 per share), compared to $85.0 million ($2.55 per share) in 2024.

Outlook and guidance

• CAPTIVATE Part B top-line guidance expected by year-end 2026.

• Phase 3 gMG trial to initiate mid-2026; top-line results expected in 2H'28.

• Phase 2 MMN trial top-line results on track for 2H'26.

• DNTH212 Phase 1 healthy volunteer data expected in 2H'26; indication prioritization update in 1H'26.