Dianthus Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
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Third-party market data · may be delayed
Under review: every model's value for Dianthus Therapeutics, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: data-quality checks not passed. We'll show the comparison once resolved.
Dianthus Therapeutics, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Dianthus Therapeutics has little or no product revenue yet; it used $156m of cash in the twelve months to June 2026. The diluted share count is up 28.9% on a year earlier, which dilutes existing holders. It passes 2 of our 2 financial-health checks.
Our model value for Dianthus Therapeutics is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Dianthus Therapeutics, Inc.'s trailing-twelve-month revenue fell 67.3% year on year, with a free-cash-flow margin of -6349.4%.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -67.3% (-24.7pp vs the prior quarter), the 2nd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
| At fiscal year end | 2018 | 2019 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Share price | $91.20 | $242.56 | $10.40 | $21.80 | $41.21 |
| Market value | $3.4bn | $9.0bn | $54m | $726m | $1.6bn |
| + Net debt (− = net cash) | −$58m | −$65m | −$132m | −$23m | −$51m |
| Enterprise value | $3.3bn | $8.9bn | −$79m | $703m | $1.5bn |
| Multiples | |||||
| Price / sales | — | — | 19.0x | 116.5x | n/m |
| Price / earnings | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 5, 2026, after the close. Analysts expect revenue of $388660 and EPS of −$0.95 (range −$1.13 to −$0.39) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$3.81 | +9% | $2m | −6% |
| Next | −$4.61 | −21% | $2m | −5% |
The consensus EPS forecast for the current fiscal year is −2.9% on 90 days ago. In the last 30 days, 2 analysts raised Dianthus Therapeutics, Inc.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$3.93 | −$4.65 |
| 60 days ago | −$3.93 | −$4.65 |
| 30 days ago | −$3.92 | −$4.74 |
| 7 days ago | −$3.81 | −$4.61 |
| Now | −$3.81 | −$4.61 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.91 | −$0.90 | +1.0% |
| Mar 2026 | −$1.10 | −$0.85 | +22.9% |
| Dec 2025 | −$1.03 | −$1.43 | −38.6% |
| Sept 2025 | −$0.90 | −$0.97 | −8.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +135.1%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $5m | $2m | −58.1% |
| P/S multiple | n/m | n/m | +622.8% |
| Share count | 36m | 47m | −22.4% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| DNTH | −44% | −91% | +63% | +110% | +89% | +100% |
| Industry peers (median) | −35% | −56% | −18% | −29% | −5% | −27% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| DNTH | 42% | 25% | 42% | 58% | 58% | 64% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| DNTH | −69% | −93% | −51% | −37% | −45% | −38% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since June 21, 2018: 98% from March 25, 2019 to December 21, 2022. Getting back needed a 5372% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 4, 2026 | +6.1% | +1.6% | +2.3% | +0.2% |
| May 5, 2026 | +1.2% | +2.2% | −3.6% | −5.8% |
| March 9, 2026 | +33.3% | +0.7% | +19.6% | +34.2% |
| January 12, 2026 | +17.5% | 0.0% | +22.0% | +30.7% |
| November 5, 2025 | +9.7% | −0.7% | +16.6% | +33.3% |
| October 16, 2025 | −1.5% | −0.1% | −8.1% | +12.8% |
| August 7, 2025 | −8.0% | +0.7% | −0.7% | +56.0% |
| May 12, 2025 | −3.8% | +4.0% | −1.6% | −7.5% |
| March 11, 2025 | −10.0% | −0.3% | −14.8% | −32.9% |
| November 7, 2024 | −1.2% | +1.2% | −13.3% | −17.5% |
| August 8, 2024 | +6.6% | +2.8% | +15.5% | +7.9% |
| May 9, 2024 | +2.0% | +0.7% | +10.2% | −9.8% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY19 Q3 | $0 |
| FY19 Q4 | $0 |
| FY20 Q1 | $0 |
| FY20 Q2 | $0 |
| FY20 Q3 | $0 |
| FY24 Q2 | $4.1M |
| FY24 Q3 | $5.4M |
| FY24 Q4 | $6.2M |
| FY25 Q1 | $6.5M |
| FY25 Q2 | $4.9M |
| FY25 Q3 | $3.1M |
| FY25 Q4 | $2M |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY24 Q2 | -1669.8% |
| FY24 Q3 | -1545.0% |
| FY24 Q4 | -1633.7% |
| FY25 Q1 | -1796.4% |
| FY25 Q2 | -2676.6% |
| FY25 Q3 | -4558.4% |
| FY25 Q4 | -8739.3% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q2 | -1244.0% |
| FY24 Q3 | -1168.0% |
| FY24 Q4 | -1255.6% |
| FY25 Q1 | -1394.3% |
| FY25 Q2 | -2067.6% |
| FY25 Q3 | -3561.6% |
| FY25 Q4 | -6349.4% |
| Fiscal year | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 0 | 0 | 0 | 0 | 3 | 6 | 2 |
| EBITDA | −9 | −35 | −59 | −81 | −48 | −102 | −178 |
| Operating income | −9 | −36 | −60 | −83 | −48 | −102 | −178 |
| Net income | −9 | −35 | −58 | −77 | −44 | −85 | −162 |
| Diluted EPS | −$3.26 | −$0.96 | −$1.56 | −$2.07 | −$8.45 | −$2.55 | −$4.20 |
| Growth (year on year) | |||||||
| Revenue | — | — | — | — | — | +120.6% | −67.3% |
| Margins | |||||||
| EBITDA margin | — | — | — | — | <−999% | <−999% | <−999% |
| Operating margin | — | — | — | — | <−999% | <−999% | <−999% |
| Net margin | — | — | — | — | <−999% | <−999% | <−999% |
| Free-cash-flow margin | — | — | — | — | <−999% | <−999% | <−999% |
| Cash flow | |||||||
| Cash from operations | −7 | −22 | −42 | −57 | −37 | −78 | −129 |
| Capital spending | 0 | 2 | 8 | 3 | 0 | 0 | 0 |
| Free cash flow | −7 | −24 | −50 | −60 | −37 | −78 | −129 |
| Stock-based pay | 1 | 2 | 11 | 10 | 3 | 13 | 23 |
| Free cash flow after stock pay | −7 | −27 | −60 | −70 | −40 | −91 | −152 |
| Balance sheet | |||||||
| Cash | 5 | 51 | 58 | 65 | 132 | 23 | 51 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −5 | −51 | −58 | −65 | −132 | −23 | −51 |
| Diluted shares | 3m | 37m | 37m | 37m | 5m | 33m | 39m |
| Quarter | 2024 Q1 Mar 2024 | 2024 Q2 Jun 2024 | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 1 | 2 | 2 | 1 | 1 | 0 | 0 | 0 |
| EBITDA | −18 | −22 | −30 | −32 | −33 | −35 | −40 | −70 |
| Operating income | −18 | −22 | −30 | −32 | −33 | −35 | −40 | −70 |
| Net income | −14 | −18 | −25 | −28 | −30 | −32 | −37 | −64 |
| Diluted EPS | −$0.54 | −$0.51 | −$0.74 | −$0.82 | −$0.82 | −$0.88 | −$0.97 | −$1.52 |
| Growth (year on year) | ||||||||
| Revenue | — | — | +135.1% | +190.2% | +33.1% | −89.6% | −81.8% | −78.6% |
| Margins | ||||||||
| EBITDA margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | <−999% | −945.1% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | <−999% | −780.7% | −980.3% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Cash flow | ||||||||
| Cash from operations | −15 | −15 | −21 | −27 | −28 | −24 | −31 | −47 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −15 | −15 | −21 | −27 | −28 | −24 | −31 | −47 |
| Stock-based pay | 2 | 3 | 4 | 4 | 5 | 6 | 6 | 6 |
| Free cash flow after stock pay | −17 | −18 | −25 | −31 | −33 | −30 | −36 | −53 |
| Last 12 months unless stated | DNTH | KRSA | MCRB | CLGN | KRRO | VTGN | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $2m | $2m | $2m | $2m | $2m | $3m | $55m |
| Revenue growth, last 12 months | −67.3% | −12.6% | 100.0% | 360.4% | −62.1% | 287.3% | 12.2% |
| Revenue growth, 3-year average | — | — | −75.6% | — | −53.7% | — | 13.7% |
| Revenue growth, latest quarter | −78.6% | −100.0% | 100.0% | — | −100.0% | 504.9% | 10.2% |
| Operating margin | <−999% | −359.2% | <−999% | −484.3% | <−999% | <−999% | −191.1% |
| Operating margin, 3-year average | — | <−999% | <−999% | — | <−999% | <−999% | −363.5% |
| Net margin | <−999% | −353.0% | <−999% | −484.6% | <−999% | <−999% | −172.8% |
| Cash from operations / revenue | <−999% | −234.3% | <−999% | −397.3% | <−999% | <−999% | −168.8% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | −398.4% | <−999% | <−999% | −168.1% |
| Free-cash-flow margin, 3-year average | — | — | −900.2% | — | <−999% | <−999% | −310.0% |
| Stock pay / revenue | >999% | 16.9% | 487.8% | 42.1% | 391.7% | 162.7% | 20.7% |
| Change in share count | 28.9% | 45.4% | 11.0% | 6.5% | 28.2% | 30.8% | 8.3% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| FMR LLC | $799M | 8.2M | 12.4% | ▲ 5.6% |
| Blackrock, Inc. | $402M | 4.1M | 6.3% | ▲ 29.9% |
| T. Rowe Price Investment Management, Inc. | $379M | 3.9M | 5.9% | ▲ 200.9% |
| Wellington Management Group LLP | $315M | 3.2M | 4.9% | ▲ 24.4% |
| Fairmount Funds Management LLC | $247M | 2.5M | 3.8% | 0.0% |
| Price T Rowe Associates Inc | $245M | 2.5M | 3.8% | ▲ 119.3% |
| State Street Corp | $230M | 2.4M | 3.6% | ▲ 68.5% |
| Vanguard Capital Management LLC | $211M | 2.2M | 3.3% | ▲ 6.3% |
| Avidity Partners Management LP | $205M | 2.1M | 3.2% | ▼ 50.0% |
| Octagon Capital Advisors LP | $180M | 1.8M | 2.8% | ▼ 5.4% |
| Tcg Crossover Management, LLC | $163M | 1.7M | 2.5% | 0.0% |
| Fred Alger Management, LLC | $127M | 1.3M | 2.0% | ▲ 12.1% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Dianthus Therapeutics, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Carr Edward CHIEF ACCOUNTING OFFICER | September 17, 2026 | Sell pre-set plan | 1,100 | $103.20 | $113,520 |
| Carr Edward CHIEF ACCOUNTING OFFICER | September 17, 2026 | Sell pre-set plan | 700 | $104.39 | $73,073 |
| Carr Edward CHIEF ACCOUNTING OFFICER | September 17, 2026 | Sell pre-set plan | 3,501 | $102.39 | $358,467 |
| Carr Edward CHIEF ACCOUNTING OFFICER | September 17, 2026 | Sell pre-set plan | 6,771 | $101.37 | $686,376 |
| Carr Edward CHIEF ACCOUNTING OFFICER | September 17, 2026 | Sell pre-set plan | 7,928 | $100.43 | $796,209 |
| Randhawa Simrat EVP, Head of R&D | September 1, 2026 | Sell pre-set plan | 13,309 | $106.74 | $1.4M |
| Randhawa Simrat EVP, Head of R&D | September 1, 2026 | Sell pre-set plan | 7,215 | $106.25 | $766,594 |
| Randhawa Simrat EVP, Head of R&D | September 1, 2026 | Sell pre-set plan | 2,600 | $105.19 | $273,494 |
| Read Simon Director | August 19, 2026 | Sell pre-set plan | 2,778 | $117.55 | $326,554 |
| Veness Adam M SVP, General Counsel and Sec. | August 10, 2026 | Sell pre-set plan | 16,167 | $110.38 | $1.8M |
| Read Simon Director | August 10, 2026 | Sell pre-set plan | 470 | $111.05 | $52,194 |
| Read Simon Director | August 10, 2026 | Sell pre-set plan | 397 | $111.77 | $44,373 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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