DYN
Dyne Therapeutics, Inc.Dyne Therapeutics, Inc., a muscle disease company, operates as a biotechnology company that focuses on advancing therapeutics for genetically driven muscle diseases in the United States. It develops various programs for myotonic dystrophy type 1, duchenne muscular dystrophy, and facioscapulohumeral dystrophy, as well as rare skeletal muscle, and cardiac and metabolic muscle diseases using its FORCE platform that delivers disease-modifying therapeutics. The company was incorporated in 2017 and is
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 972.2 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 972.2 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 972.2 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 972.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 972.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 972.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 972.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 972.2 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 0.0 | -125.3 | -125.3 | -120.9 | -144.9 | -145.1 | -0.2 | 972.2 | 19.3 | 165.0 | -69.3% | -29.8x | -- |
| Act | 2025-Q4 | 0.0 | -101.2 | -116.1 | -112.0 | -111.8 | -112.3 | -0.5 | 1,111 | 20.3 | 128.4 | -55.0% | -31.7x | -- |
| Act | 2025-Q3 | 0.0 | -104.6 | -113.9 | -108.0 | -90.8 | -110.0 | -19.2 | 791.9 | 120.5 | 141.8 | -67.7% | -36.0x | -- |
| Act | 2025-Q2 | 0.0 | -110.3 | -115.8 | -110.9 | -94.7 | -94.8 | -0.1 | 683.9 | 121.1 | 113.9 | -82.8% | -1173.0x | -- |
| Act | 2025-Q1 | 0.0 | -121.9 | -122.4 | -115.4 | -105.9 | -106.9 | -1.0 | 677.5 | 23.3 | 109.9 | -86.2% | -- | -- |
| Act | 2024-Q4 | 0.0 | -96.7 | -97.1 | -89.5 | -84.3 | -85.4 | -1.1 | 642.3 | 24.0 | 102.0 | -72.3% | -- | -- |
| Act | 2024-Q3 | 0.0 | -105.2 | -105.7 | -97.1 | -74.6 | -74.9 | -0.3 | 723.7 | 24.9 | 100.9 | -67.9% | -- | -- |
| Act | 2024-Q2 | 0.0 | -64.7 | -72.0 | -65.1 | -54.9 | -55.7 | -0.9 | 778.8 | 25.7 | 92.5 | -40.9% | -- | -- |
| Act | 2024-Q1 | 0.0 | -68.8 | -69.2 | -65.7 | -78.5 | -78.7 | -0.2 | 453.6 | 26.6 | 81.0 | -66.9% | -- | -- |
| Act | 2023-Q4 | 0.0 | -67.3 | -67.7 | -66.6 | -35.0 | -35.1 | -0.1 | 123.1 | 27.4 | 61.4 | -987.6% | -- | -- |
| Act | 2023-Q3 | 0.0 | -61.8 | -62.3 | -60.2 | -50.6 | -50.8 | -0.2 | 157.8 | 28.2 | 61.1 | -882.5% | -- | -- |
| Act | 2023-Q2 | 0.0 | -66.3 | -66.7 | -64.9 | -55.6 | -55.9 | -0.3 | 207.7 | 29.0 | 59.8 | -919.4% | -- | -- |
| Act | 2023-Q1 | 0.0 | -45.1 | -45.5 | -44.2 | -46.9 | -47.1 | -0.2 | 238.2 | 29.8 | 56.3 | -439.9% | -- | -- |
| Act | 2022-Q4 | 0.0 | -39.7 | -40.2 | -38.8 | -29.2 | -29.7 | -0.5 | 256.0 | 30.5 | 52.5 | -303.9% | -- | -- |
| Act | 2022-Q3 | 0.0 | -41.9 | -42.3 | -41.4 | -42.8 | -43.7 | -0.9 | 248.1 | 31.2 | 51.8 | -330.1% | -- | -- |
| Act | 2022-Q2 | 0.0 | -52.3 | -52.8 | -52.3 | -30.9 | -31.2 | -0.3 | 291.8 | 32.8 | 51.7 | -231.7% | -- | -- |
| Act | 2022-Q1 | 0.0 | -35.4 | -35.8 | -35.6 | -50.7 | -52.1 | -1.4 | 323.2 | 32.8 | 51.6 | -100.7% | -- | -- |
AI Analysis
LLM Evaluations
Dyne Therapeutics is a high-risk clinical-stage biotech burning $100M+/quarter with zero revenue, massive ongoing dilution (~26% annual share count growth), and now a destabilizing mass executive departure. While the FORCE platform targeting DM1 and DMD addresses real unmet medical needs, clinical data is mixed (safety issues forced dose reductions for DYNE-251, potentially limiting efficacy vs. Avidity/Novartis), the BLA timeline extends to late 2027 at earliest, and the competitive landscape has intensified significantly with Novartis acquiring Avidity. The $1.1B cash position provides roughly 2.5-3 years of runway, but another dilutive raise is virtually certain given the proposed doubling of authorized shares. At $3.1B market cap, the stock prices in significant probability of clinical success that current governance chaos and safety signals undermine. The 16% short interest and insider selling patterns reflect legitimate concerns. This is a speculative clinical-stage name where risk/reward has deteriorated materially.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $12.50 | $3.10/$7.90 | 3 | --/$4.90 | 0 |
| $14.00 | $2.05/$6.90 | 0 | --/$4.90 | 8 |
| $15.00 | $1.20/$6.00 | 6 | --/$4.90 | 11 |
| $16.00 | $0.80/$5.50 | 2 | $0.10/$4.90 | 4 |
| $17.50 | $0.20/$4.90 | 2 | $0.20/$4.90 | 17 |
| $19.00 | $0.60/$4.60 | 11 | $0.90/$5.50 | 5 |
| $20.00 | $0.80/$4.30 | 38 | $1.55/$6.40 | 0 |
| $21.00 | --/$4.90 | 4 | $2.25/$7.00 | 0 |
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 24.2% of float, sold 11.6%. 5 filers moved >1% of shares (4 buying, 1 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| T. Rowe Price Investment Management, Inc. | $558M | $18.17 | +$240M | +$537M | -1.3% | $145.22B |
| JANUS HENDERSON GROUP PLC | $247M | $20.95 | −$4.4M | +$59.7M | +1.5% | $209.29B |
| BlackRock, Inc.Passive | $212M | $29.43 | +$9.2M | +$66.2M | -0.2% | $5.69T |
| Atlas Venture Life Science Advisors, LLC | $166M | $10.98 | +$0 | +$0 | +1.7% | $790M |
| FMR LLC | $162M | $26.85 | +$42.4M | +$67.3M | +0.3% | $1.89T |
| Orbis Allan Gray Ltd | $123M | $19.15 | +$35.5M | +$123M | -0.9% | $23.40B |
| STATE STREET CORPPassive | $121M | $18.97 | −$707K | +$55.2M | -0.2% | $2.89T |
| PERCEPTIVE ADVISORS LLC | $84.6M | $17.53 | +$21.6M | +$42.7M | -1.3% | $5.04B |
| FCPM III SERVICES B.V. | $84.2M | $16.60 | −$14.8M | −$14.8M | -9.5% | $722M |
| TCG Crossover Management, LLC | $83.7M | $14.90 | +$0 | +$35.6M | +4.8% | $3.50B |
| Vestal Point Capital, LP | $72.5M | $15.61 | +$70.3M | +$39.9M | -0.1% | $3.58B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $63.5M | $19.59 | +$4.4M | +$28.1M | +2.3% | $1.61T |
| ARMISTICE CAPITAL, LLC | $57.6M | $13.16 | −$1.4M | +$7.4M | -11.3% | $3.03B |
| Frazier Life Sciences Management, L.P. | $57.2M | $13.61 | +$0 | +$31.0M | +2.2% | $3.89B |
| JPMORGAN CHASE & CO | $55.6M | $11.17 | −$5.4M | +$12.3M | -0.2% | $1.47T |
| ORBIMED ADVISORS LLC | $52.9M | $18.34 | +$13.0M | +$34.5M | -8.1% | $4.38B |
| PRICE T ROWE ASSOCIATES INC /MD/ | $42.2M | $24.90 | +$83K | +$9.2M | -0.2% | $864.93B |
| Siren, L.L.C. | $40.4M | $16.60 | −$23.1M | −$8.9M | +6.4% | $3.61B |
| VR Adviser, LLC | $39.4M | $11.25 | +$0 | +$0 | -2.4% | $2.68B |
| FRANKLIN RESOURCES INC | $36.4M | $13.05 | +$44K | +$10.8M | -0.2% | $403.03B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
Top-5 holders · 42.1%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
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Analyst Coverage
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-20 | BUY | Posner Brian S | director | 2,500 | $17.12 | $43K | $308K |
| 2026-05-13 | SELL | Cox John | director, officer: CEO & President | 3,311 | $18.36 | $61K | $6.81M |
| 2026-05-13 | SELL | Friedl-Naderer Johanna | officer: Chief Commercial Officer | 228 | $18.36 | $4K | $2.83M |
| 2026-05-13 | SELL | Kerr Douglas | officer: Chief Medical Officer | 1,564 | $18.36 | $29K | $3.12M |
| 2026-05-13 | SELL | Lucera Erick | officer: Chief Financial Officer | 1,448 | $18.36 | $27K | $2.28M |
| 2026-05-06 | SELL | Rhodes Jason P | director | 83,219 | $18.18 | $1.51M | $145K |
| 2026-05-05 | SELL | Rhodes Jason P | director | 11,600 | $18.03 | $209K | $151K |
| 2026-05-04 | SELL | Rhodes Jason P | director | 11,904 | $18.00 | $214K | $152K |
| 2026-04-28 | SELL | Rhodes Jason P | director | 227,337 | $18.38 | $4.18M | $156K |
| 2026-04-27 | SELL | Rhodes Jason P | director | 173,493 | $18.15 | $3.15M | $176K |
| 2026-04-24 | SELL | Rhodes Jason P | director | 137,948 | $18.48 | $2.55M | $195K |
| 2026-04-23 | SELL | Rhodes Jason P | director | 73,108 | $19.19 | $1.40M | $217K |
| 2026-04-22 | SELL | Kersten Dirk | director | 2,652 | $20.00 | $53K | $83.95M |
| 2026-04-22 | SELL | Rhodes Jason P | director | 287,956 | $19.68 | $5.67M | $230K |
| 2026-04-21 | SELL | Kersten Dirk | director | 8,300 | $20.01 | $166K | $84.05M |
| 2026-04-21 | SELL | Rhodes Jason P | director | 274,297 | $19.52 | $5.35M | $257K |
| 2026-04-20 | SELL | Kersten Dirk | director | 125,274 | $20.07 | $2.51M | $84.43M |
| 2026-04-20 | SELL | Rhodes Jason P | director | 272,049 | $20.06 | $5.46M | $292K |
| 2026-04-17 | SELL | Kersten Dirk | director | 211,974 | $20.29 | $4.30M | $87.92M |
| 2026-04-16 | SELL | Kersten Dirk | director | 17,773 | $20.71 | $368K | $94.13M |
Order Flow (FINRA, ~3w lag)
Filing Risk Analysis
Filing Risk Scores
Dyne Therapeutics: Massive Operational Burn Meets High-Cost Debt Covenants
Counter-Thesis
Counter-Thesis & Recent News
Dyne is currently reeling from a major leadership vacuum following the sudden departure of three senior executives—the Chief Medical Officer, Chief Operating Officer, and Chief Business Officer—as of April 6, 2026. This mass exodus triggered an immediate sell-off and raised significant questions about internal stability and strategic misalignment. Additionally, the company has proposed doubling its authorized common shares from 200 million to 400 million, a move interpreted by the market as a precursor to massive shareholder dilution to fund its widening net loss, which reached $446.2 million in 2025 (TipRanks, Stock Titan).
The bear case rests on significant execution risk and a narrow therapeutic window. While Dyne touts its FORCE platform, clinical data for DYNE-251 shows that safety concerns forced the company to abandon the 40 mg/kg dose after serious treatment-emergent adverse events (TEAEs). By settling for the 20 mg/kg dose, Dyne faces the risk that its efficacy will lag behind competitors like Avidity Biosciences. Furthermore, the timeline for DM1 (DYNE-101) remains long, with a BLA submission not expected until Q3 2027, leaving a multi-year window for competitors to capture the market or for further regulatory delays to occur (Seeking Alpha, MarketBeat).
1. Governance Instability: The simultaneous loss of the CMO, COO, and CBO in April 2026 is a classic red flag for underlying operational or clinical distress. 2. Dilution Risk: Seeking approval to increase authorized shares to 400 million signals an aggressive need for capital despite reported cash runways. 3. Safety Signals: Reports of liver enzyme elevations and serious adverse events at higher doses suggest a restricted dose-response profile that could limit clinical utility. 4. Increasing Short Interest: Short interest rose by 7.13% in early April 2026, reaching over 14% of the float, indicating growing professional conviction against the stock (MarketBeat, TipRanks).
Dyne is in a high-stakes arms race with Avidity Biosciences, which gained a massive strategic advantage following its acquisition by Novartis. Analysts have noted that DYNE-251's efficacy numerically lags behind Avidity's comparable programs. In the DM1 space, Dyne’s regulatory timeline was already pushed back once in 2025, allowing peers to solidify their lead in clinical enrollment and physician mindshare (Seeking Alpha, Clinical Trials Arena).
Patient and investigator sentiment is clouded by the clinical trial delays experienced in 2025 and the safety profile of the higher-dose cohorts. While the patient community remains hopeful for treatments, the history of protocol revisions and serious adverse events (including malaise and fever in extension trials) creates a cautious 'wait-and-see' attitude among clinicians who are wary of the platform’s long-term safety compared to standard-of-care or emerging rivals (Parent Project MD, Muscular Dystrophy News).