DNTH

MKT CAP:$3B

Dianthus Therapeutics, Inc.

Market Cap

$3B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$89.82+$50.14 (+126.36%)

Apr 23, 2026

Company Details

Dianthus Therapeutics, Inc. operates as a clinical-stage biotechnology company that designs, develops, and delivers novel monoclonal antibodies for people living with severe autoimmune and inflammatory diseases. It develops DNTH103 that is ...

CEO

Marino Garcia

IPO Date

Jun 21, 2018

Website

dianthustx.com

Key Metrics TTM

Revenue

$3M

-42.6% YoY

Net Income

-$126M

EPS (Diluted)

-$3.48

Free Cash Flow

-$110M

Revenue / Share

$0.08

Gross Margin

100.0%

Operating Margin

-4558.4%

Net Margin

-4104.8%

FCF Margin

-3561.6%

P/S

1101.0x

P/E

—

Earnings Reports

Q4 2025

May 11, 2026

PENDING

FY 2025

Mar 9, 2026

$2M-67.3%EPS -$4.20

Q3 2025

Nov 5, 2025

$396.0K-81.8%EPS -$0.97

Q2 2025

Aug 7, 2025

$193.0K-89.6%EPS -$0.88

Q1 2025

May 12, 2025

$1M+33.1%EPS -$0.82

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$0	-$535.0K	-$20M
Q1 22	$0	-$1M	-$24M
Q2 22	$0	-$1M	-$18M
Q3 22	$1M	$1M	-$8M
Q4 22	$1M	$1M	-$11M
Q1 23	$476.0K	$476.0K	-$8M
Q2 23	$969.0K	$885.0K	-$12M
Q3 23	$924.0K	$905.0K	-$16M
Q4 23	$457.0K	$457.0K	-$13M
Q1 24	$874.0K	$874.0K	-$18M
Q2 24	$2M	$2M	-$22M
Q3 24	$2M	$2M	-$30M
Q4 24	$1M	$1M	-$32M
Q1 25	$1M	$1M	-$33M
Q2 25	$193.0K	$193.0K	-$35M
Q3 25	$396.0K	$396.0K	-$40M

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	71.3x	—
Q4 22	12.5x	—
Q1 23	16.3x	—
Q2 23	12.9x	—
Q3 23	17.0x	—
Q4 23	120.5x	—
Q1 24	315.5x	—
Q2 24	240.0x	—
Q3 24	178.8x	—
Q4 24	120.8x	—
Q1 25	99.5x	—
Q2 25	137.4x	—
Q3 25	460.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$16M	-$16M
Q1 22	-$20M	-$20M
Q2 22	-$17M	-$17M
Q3 22	$16M	$16M
Q4 22	-$9M	-$9M
Q1 23	-$10M	-$10M
Q2 23	-$5M	-$5M
Q3 23	$1M	$2M
Q4 23	-$12M	-$12M
Q1 24	-$15M	-$15M
Q2 24	-$15M	-$15M
Q3 24	-$21M	-$21M
Q4 24	-$27M	-$27M
Q1 25	-$28M	-$28M
Q2 25	-$24M	-$24M
Q3 25	-$31M	-$31M

Capital Expenditures

Quarter	CapEx
Q4 21	$15.0K
Q1 22	$27.0K
Q2 22	$129.0K
Q3 22	$46.0K
Q4 22	$29.0K
Q1 23	$14.0K
Q2 23	$21.0K
Q3 23	$145.0K
Q4 23	$10.0K
Q1 24	$32.0K
Q2 24	$17.0K
Q3 24	$25.0K
Q4 24	$31.0K
Q1 25	$24.0K
Q2 25	$46.0K
Q3 25	$5.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	+5.6%
Q1 22	—	+27.5%
Q2 22	—	+2.7%
Q3 22	—	-48.3%
Q4 22	—	-41.1%
Q1 23	—	-65.8%
Q2 23	—	-29.5%
Q3 23	-21.2%	+77.0%
Q4 23	-61.1%	+13.0%
Q1 24	+83.6%	+129.4%
Q2 24	+92.3%	+88.8%
Q3 24	+135.1%	+92.2%
Q4 24	+190.2%	+147.8%
Q1 25	+33.1%	+83.5%
Q2 25	-89.6%	+45.9%
Q3 25	-81.8%	+26.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	—
Q1 22	$0	—
Q2 22	$0	—
Q3 22	$0	0.0%
Q4 22	$513.0K	43.7%
Q1 23	$533.0K	112.0%
Q2 23	$462.0K	47.7%
Q3 23	$1M	127.6%
Q4 23	$726.0K	158.9%
Q1 24	$2M	232.8%
Q2 24	$3M	166.5%
Q3 24	$4M	176.8%
Q4 24	$4M	295.5%
Q1 25	$5M	457.0%
Q2 25	$6M	2956.5%
Q3 25	$6M	1463.1%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 21	$13M	—	$7M
Q1 22	$15M	—	$7M
Q2 22	$10M	$6M	—
Q3 22	$7M	$2M	—
Q4 22	$10M	—	$2M
Q1 23	$6M	$2M	—
Q2 23	$10M	—	$2M
Q3 23	$8M	—	$9M
Q4 23	$9M	$5M	—
Q1 24	$13M	$6M	—
Q2 24	$18M	$6M	—
Q3 24	$26M	$7M	—
Q4 24	$26M	$7M	—
Q1 25	$27M	$7M	—
Q2 25	$26M	$9M	—
Q3 25	$32M	$8M	—

Revenue Segments

Quarter	License
Q2 25	$193.0K
Q3 25	$396.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$72M	$85M	$157M
Q2 22	$55M	$85M	$139M
Q3 22	$59M	$69M	$128M
Q4 22	$15M	$60M	$75M
Q1 23	$50M	$30M	$80M
Q2 23	$63M	$15M	$78M
Q3 23	$157M	$33M	$190M
Q4 23	$132M	$41M	$174M
Q1 24	$330M	$47M	$377M
Q2 24	$314M	$47M	$361M
Q3 24	$34M	$247M	$281M
Q4 24	$23M	$252M	$275M
Q1 25	$10M	$253M	$263M
Q2 25	$13M	$244M	$257M
Q3 25	$56M	$347M	$403M
Q4 25	$51M	$353M	$404M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	4M	+0.3%	+21.1%
Q1 22	4M	+0.0%	+21.1%
Q2 22	4M	+0.0%	+9.5%
Q3 22	4M	+0.8%	+1.2%
Q4 22	4M	+2.3%	+3.2%
Q1 23	4M	+0.0%	+3.1%
Q2 23	4M	+0.0%	+3.1%
Q3 23	4M	+3.1%	+5.5%
Q4 23	5M	+16.0%	+19.5%
Q1 24	26M	+466.5%	+577.1%
Q2 24	34M	+33.4%	+802.9%
Q3 24	34M	+0.0%	+776.3%
Q4 24	35M	+2.3%	+673.3%
Q1 25	36M	+2.2%	+39.5%
Q2 25	36M	+0.1%	+4.7%
Q3 25	38M	+5.5%	+10.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$8.6K	53
Q1 24	$16.5K	53
Q2 24	$35.2K	53
Q3 24	$41.0K	53
Q4 24	$17.0K	78
Q1 25	$14.9K	78
Q2 25	$2.5K	78
Q3 25	$5.1K	78

Revenue / Employee