Dyne Therapeutics Reports $778.8M Cash on Hand

By Bobby Samwell • Tuesday, August 13 07:58 • Permanent Link

Dyne Therapeutics, Inc. (NASDAQ: DYN) has reported its financial results for the second quarter of 2024, along with recent business highlights. The company's cash, cash equivalents, and marketable securities stood at $778.8 million as of June 30, 2024, providing funding for operations at least into the second half of 2026.

In terms of specific metrics, the company's research and development (R&D) expenses were $62.3 million for the quarter ended June 30, 2024, compared to $59.1 million for the same period in 2023. General and administrative (G&A) expenses totaled $9.7 million for the second quarter of 2024, up from $7.6 million in the second quarter of 2023.

The net loss for the quarter ended June 30, 2024, was $65.1 million, or $0.70 per basic and diluted share. This represents a slight increase from the net loss of $64.9 million, or $1.08 per basic and diluted share, for the second quarter of 2023.

Dyne Therapeutics also completed an underwritten public offering of 12,075,000 shares of its common stock at a public offering price of $31.00 per share in May 2024, resulting in gross proceeds of approximately $374.3 million.

The company highlighted recent clinical data from its Achieve trial of Dyne-101 in myotonic dystrophy type 1 (DM1) and Deliver trial of Dyne-251 in Duchenne muscular dystrophy (DMD), which demonstrated compelling impact on key disease biomarkers and improvement in multiple functional endpoints.

Additionally, the company's Force™ platform showed promise with robust preclinical data supporting its FSHD program, as well as the delivery of enzyme replacement therapy to muscle and the central nervous system in a Pompe disease model.

Dyne Therapeutics plans to engage with global regulators this year on its Achieve and Deliver trials and anticipates providing an update on the path to registration for both Dyne-101 and Dyne-251 by the end of 2024. Both trials are designed to be registrational, and the company is pursuing expedited approval pathways for both programs.

As a result of these announcements, the company's shares have moved -1.2% on the market, and are now trading at a price of $43.07. If you want to know more, read the company's complete 8-K report here.

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