Dyne Therapeutics Inc
DYNHealthcare|Biotechnology|USA
$23.43
-0.84 (-3.48%)
Tangible Book
$5.24
Earnings Power
$4.45
Financials
Financial Snapshot
Market Cap
$3.87B
Enterprise Value
$803.5M
Revenue (TTM)
$0.00
Net Income (TTM)
$-451.7M
Cash & Equivalents
—
Net Cash/Share
$4.58
Free Cash Flow (TTM)
$-462.2M
Operating CF (TTM)
$-442.2M
Debt/Equity
0.2
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$110.6M
Monthly Burn
$36.9M
Est. Runway
—
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $8.1M | $14.6M | $345.3M | $376.6M | $256.0M | $123.1M | $642.3M | $1.11B | $972.2M | |
| Operating Cash Flow | $-4.2M | $-11.8M | $-46.5M | $-119.6M | $-153.6M | $-188.2M | $-292.4M | $-403.2M | $-442.2M | |
| Free Cash Flow | $-4.3M | $-13.5M | $-47.7M | $-123.2M | $-156.7M | $-188.9M | $-294.7M | $-423.9M | $-462.2M | |
| Capital Expenditure | $-134.0K | $-1.6M | $-1.2M | $-3.6M | $-3.1M | $-729.0K | $-2.4M | $-20.7M | $-19.9M | |
| Financing Cash Flow | $12.4M | $20.0M | $380.7M | $157.8M | $37.4M | $54.3M | $809.9M | $890.3M | $756.1M |
R&D Spending
R&D (TTM)
$392.8M
R&D Intensity
—
R&D Growth YoY
-1.4%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $4.3M | $11.0M | $45.2M | $121.3M | $142.8M | $210.8M | $281.4M | $398.3M | $392.8M | |
| R&D % of Revenue | — | — | — | — | — | — | — | — | — | |
| SG&A | $517.0K | $2.8M | $13.4M | $28.7M | $28.2M | $31.4M | $62.5M | $69.9M | $78.3M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $4.3M | $11.0M | $45.2M | $121.3M | $142.8M | $210.8M | $281.4M | $398.3M | $392.8M | |
| SG&A | $517.0K | $2.8M | $13.4M | $28.7M | $28.2M | $31.4M | $62.5M | $69.9M | $78.3M | |
| Operating Income | $-4.8M | $-13.8M | $-58.6M | $-150.0M | $-171.0M | $-242.2M | $-343.9M | $-468.2M | $-471.1M | |
| Interest Expense | $0.00 | $0.00 | $-396.0K | $0.00 | $0.00 | $0.00 | $0.00 | $-6.2M | $-10.4M | |
| Pretax Income | $-4.8M | $-14.9M | $-59.4M | $-149.3M | $-168.1M | $-235.9M | $-317.4M | $-446.2M | $-451.7M | |
| Net Income | $-4.8M | $-14.9M | $-59.4M | $-149.3M | $-168.1M | $-235.9M | $-317.4M | $-446.2M | $-451.7M | |
| EPS (Diluted) | -0.47 | -1.16 | -4.13 | -2.93 | -3.23 | -3.95 | -3.37 | -3.47 | -3.22 | |
| EBITDA | $-4.8M | $-14.6M | $-58.3M | $-148.9M | $-169.3M | $-234.3M | $-315.7M | $-438.0M | $-439.2M | |
| Shares Out. (M) | 10.32 | 12.82 | 14.40 | 50.90 | 51.98 | 59.68 | 94.14 | 128.44 | 165.04 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.1M | $14.6M | $300.9M | $200.8M | $172.1M | $121.6M | $435.4M | $893.4M | $753.1M | |
| Marketable Securities | $0.00 | $0.00 | $44.5M | $175.7M | $83.9M | $1.5M | $206.8M | $217.2M | $219.1M | |
| Total Current Assets | $8.2M | $14.8M | $349.1M | $382.4M | $265.6M | $129.4M | $659.3M | $1.13B | $1.02B | |
| Total Assets | $8.3M | $16.4M | $353.3M | $425.7M | $306.3M | $165.1M | $691.2M | $1.19B | $1.08B | |
| Total Current Liabilities | $711.0K | $2.4M | $11.0M | $28.7M | $28.1M | $51.1M | $42.3M | $50.6M | $51.2M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $148.9M | $149.4M | |
| Total Liabilities | $13.1M | $2.4M | $11.0M | $57.5M | $54.0M | $73.8M | $61.4M | $214.8M | $214.9M | |
| Stockholders' Equity | $-4.9M | $14.0M | $342.4M | $368.2M | $252.4M | $91.3M | $629.8M | $972.1M | $865.1M | |
| Retained Earnings | $-4.9M | $-19.7M | $-79.2M | $-228.5M | $-396.6M | $-632.5M | $-949.9M | $-1.40B | $-1.52B |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-4.2M | $-11.8M | $-46.5M | $-119.6M | $-153.6M | $-188.2M | $-292.4M | $-403.2M | $-442.2M | |
| Capital Expenditure | $-134.0K | $-1.6M | $-1.2M | $-3.6M | $-3.1M | $-729.0K | $-2.4M | $-20.7M | $-19.9M | |
| Free Cash Flow | $-4.3M | $-13.5M | $-47.7M | $-123.2M | $-156.7M | $-188.9M | $-294.7M | $-423.9M | $-462.2M | |
| Investing Cash Flow | $-134.0K | $-1.6M | $-45.7M | $-137.9M | $87.2M | $83.3M | $-204.1M | $-28.8M | $-32.6M | |
| Financing Cash Flow | $12.4M | $20.0M | $380.7M | $157.8M | $37.4M | $54.3M | $809.9M | $890.3M | $756.1M | |
| Issuance of Stock | $7.0K | $0.00 | $246.4M | $157.2M | $36.9M | $52.4M | $773.1M | $734.6M | $594.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $9.9M | $0.00 | $0.00 | $0.00 | $0.00 | $148.3M | $155.0M | |
| Payments of Debt | $0.00 | $0.00 | $-10.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-579.0K | |
| Stock Based Comp. | $1.0K | $26.0K | $6.6M | $17.5M | $15.2M | $20.0M | $45.9M | $45.9M | $45.9M | |
| Net Change in Cash | $8.1M | $6.5M | $288.5M | $-99.6M | $-29.1M | $-50.5M | $313.4M | $458.3M | $281.3M |
Dilution Tracker
Shares outstanding grew 224.3% over 5 years — significant dilution
Shares Outstanding
165M
5-Year Share Growth
+224.3%
Stock Issuance (TTM)
$594.0M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 10.32 | 12.82 | 14.40 | 50.90 | 51.98 | 59.68 | 94.14 | 128.44 | 165.04 | |
| YoY Change % | — | 24.1% | 12.3% | 253.5% | 2.1% | 14.8% | 57.7% | 36.4% | 28.5% | |
| Stock Issuance | $7.0K | $0.00 | $246.4M | $157.2M | $36.9M | $52.4M | $773.1M | $734.6M | $594.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.0K | $26.0K | $6.6M | $17.5M | $15.2M | $20.0M | $45.9M | $45.9M | $45.9M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | 0.0% | -324.5% | -33.4% | -42.0% | -54.2% | -137.3% | -88.0% | -55.7% | -59.9% | |
| ROA % | -58.2% | -120.3% | -32.1% | -38.3% | -45.9% | -100.1% | -74.1% | -47.5% | -49.3% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S—
Historical— / — / —
Industry Med.9.51
P/B4.48
Historical— / — / 4.48
Industry Med.2.93
EV/EBITDA-6.99
Historical-6.99 / — / —
Industry Med.13.14
EV/Revenue—
Historical— / — / —
Industry Med.8.71
P/FCF—
Historical— / — / —
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$5.24
Net Current Assets
$4.880
Net-Net Working Capital
$4.58
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | - | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 0.00 | 2.76 | 1.67 | 2.56 | 8.96 | 3.83 | 3.32 | 4.48 | |
| EV/EBITDA | 0.00 | 0.00 | -10.31 | -1.81 | -2.48 | -3.08 | -5.68 | -5.22 | -6.99 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
2
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $0.00M | $63.18M | $275.59M |
| Net Income | $-515.77M | $-513.07M | $-457.33M |
| EPS | -3.08 | -2.91 | -2.37 |
| Book Value per Share | 3.82 | 2.05 | 1.35 |
| Operating Cash Flow per Share | -2.51 | -2.02 | -1.41 |
| Operating CF | $-414.24M | $-333.38M | $-232.70M |