The company maintains a debt-free capital structure with a current ratio of 29.25, though retained earnings have deteriorated to -$377.6 million as of 2026Q1.
| Total Current Assets | 1.12B | 409.44M | 280.9M | 177.45M | 82.03M | 180.69M | 151.53M | 149.84M | 145.32M | 52.5M | 10.83M |
| Cash & Short-Term Investments | 1.11B | 404.3M | 275.24M | 173.72M | 75.49M | 176.93M | 148.84M | 145.73M | 142.57M | 51.57M | 4.54M |
| Cash Only | 627.67M | 51.09M | 22.79M | 132.32M | 15.37M | 131.65M | 58.15M | 65.07M | 58.34M | 51.57M | 4.54M |
| Short-Term Investments | 483.59M | 353.21M | 252.45M | 41.39M | 60.13M | 45.28M | 90.68M | 80.66M | 84.22M | 0 | 0 |
| Accounts Receivable | 1.31M | 102K | 807K | 478K | 5.64M | 0 | 0 | 0 | 0 | 0 | 6.25M |
| Days Sales Outstanding | 440.81 | 18.29 | 47.24 | 61.74 | 320.69 | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 5.04M | 355K | 504K | 53K | 3.77M | 2.69M | 4.11M | 2.75M | 936K | 41K |
| Total Non-Current Assets | 126.97M | 121.48M | 93.1M | 1.95M | 1.08M | 9.24M | 10.09M | 11.67M | 11.99M | 1.96M | 508K |
| Property, Plant & Equipment | 1.57M | 1.63M | 1.75M | 800K | 956K | 7.46M | 8.31M | 9.89M | 3.07M | 1.74M | 508K |
| Fixed Asset Turnover | 0.85x | 1.25x | 3.57x | 3.53x | 6.71x | 0.20x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 428.58M | 110.14M | 81.73M | 0 | 0 | 1.78M | 1.78M | 1.78M | 8.92M | 218K | 0 |
| Other Non-Current Assets | 11.54M | 9.72M | 9.63M | 1.15M | 121K | 0 | 0 | 0 | 0 | 4K | 0 |
| Total Assets | 1.25B | 530.92M | 374.01M | 179.41M | 83.11M | 189.93M | 161.62M | 161.51M | 157.31M | 54.46M | 11.34M |
| Asset Turnover | 0.00x | 0.00x | 0.02x | 0.02x | 0.08x | 0.01x | - | - | - | - | - |
| Asset Growth % | 351.04% | 41.95% | 108.47% | 115.86% | -56.24% | 17.52% | 0.07% | 2.67% | 188.84% | 380.19% | - |
| Total Current Liabilities | 38.28M | 30.73M | 18.45M | 9.63M | 8.22M | 10.86M | 11.43M | 14.12M | 10.42M | 4.14M | 2.3M |
| Accounts Payable | 5.27M | 9.72M | 4.58M | 2.61M | 1.17M | 3.04M | 3.76M | 2.81M | 3.49M | 167K | 1.67M |
| Days Payables Outstanding | 32.55K | - | - | - | - | - | 693.83 | 556.91 | 1.46K | 162.11 | 101.41K |
| Short-Term Debt | 399K | 367K | 320K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 4.11M | 1.19M | 479K | 100K | 100K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 31.13M | 19.45M | 13.07M | 5.36M | 2.08M | 4.48M | 4.56M | 8.06M | 4.4M | 2.65M | 127K |
| Current Ratio | 29.25x | 13.32x | 15.22x | 18.42x | 9.97x | 16.63x | 13.26x | 10.62x | 13.95x | 12.68x | 4.71x |
| Quick Ratio | 29.25x | 13.32x | 15.22x | 18.42x | 9.97x | 16.63x | 13.26x | 10.62x | 13.95x | 12.68x | 4.71x |
| Cash Conversion Cycle | -32.11K | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 7.29M | 6.79M | 3.08M | 904K | 1.23M | 6.4M | 6.28M | 6.21M | 1.25M | 0 | 0 |
| Long-Term Debt | 965K | 1.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.12M | 0 | 1.17M | 168K | 438K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 6.4M | 6.28M | 6.21M | 1.25M | 0 | 0 |
| Total Liabilities | 45.57M | 37.52M | 21.53M | 10.54M | 9.45M | 17.26M | 17.71M | 20.32M | 11.66M | 4.14M | 2.3M |
| Total Debt | 1.36M | 1.39M | 1.49M | 585K | 788K | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -626.3M | -49.7M | -21.3M | -131.74M | -14.58M | -131.65M | -58.15M | -65.07M | -58.34M | -51.57M | -4.54M |
| Debt / Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.01x | - | - | - | - | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 3.28x | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | -19.90x | - | - | - | -56.86x |
| Total Equity | 1.2B | 493.4M | 352.48M | 168.87M | 73.66M | 172.67M | 143.91M | 141.19M | 145.65M | 50.32M | 9.04M |
| Equity Growth % | 351.89% | 39.98% | 108.73% | 129.27% | -57.34% | 19.99% | 1.92% | -3.06% | 189.44% | 456.53% | - |
| Book Value per Share | 25.01 | 13.05 | 10.58 | 32.77 | 19.66 | 50.28 | 52.42 | 61.03 | 69.95 | 22.76 | 4.09 |
| Total Shareholders' Equity | 1.2B | 493.4M | 352.48M | 168.87M | 73.66M | 172.67M | 143.91M | 141.19M | 145.65M | 50.32M | 9.04M |
| Common Stock | 54K | 43K | 31K | 15K | 0 | 59K | 49K | 39K | 33K | 6K | 3K |
| Retained Earnings | -377.56M | -336.73M | -174.39M | -89.42M | -45.87M | -325.57M | -254.43M | -179.5M | -102.73M | -45.21M | -9.72M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -575K | 489K | 106K | 47K | -161K | -30K | -23K | 8K | -8K | -382K | -6K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High clinical cash burn
As reported in financial statements, Dianthus Therapeutics' cash position plummeted from $329.7 million in 2024Q1 to $51.1 million by 2025Q4, indicating a significant contraction in the company's liquidity buffer as it funds intensive clinical development programs without the support of recurring, product-based revenue streams.
The rapid depletion of cash reserves suggests that the company's current runway is increasingly constrained, necessitating a potential capital raise to maintain operations. Investors should monitor the current ratio, which, while appearing high at 13.32, is heavily influenced by the remaining cash balance rather than operational efficiency.
Based on the company's reported figures, retained earnings have deteriorated to -$336.7 million as of 2025Q4, reflecting the persistent and substantial losses incurred while advancing the DNTH103 pipeline through early-stage clinical trials without achieving commercial-scale revenue to offset the heavy research and development expenditures.
The consistent decline in equity value underscores the high-risk nature of the business model, where shareholder capital is being systematically consumed to fund R&D. This trend suggests that future equity value will remain highly sensitive to clinical trial outcomes and the potential for further dilutive financing.
According to recent SEC filings, the company's asset base is almost entirely composed of cash and cash equivalents, with net property, plant, and equipment remaining negligible at $1.6 million, confirming an asset-light, research-focused business model that lacks significant tangible infrastructure or long-term productive assets.
The absence of meaningful PPE indicates that the company relies heavily on external clinical research organizations and contract manufacturing, which may limit control over operational timelines. This asset structure highlights that the company's primary value is tied exclusively to its intellectual property and clinical trial progress.
As indicated by the reported financial data, the company's reliance on a reverse merger to secure public listing and capital suggests that the current balance sheet may be distorted by legacy liabilities and non-recurring costs that do not reflect the ongoing operational requirements of the DNTH103 program.
Investors should be cautious of the headline cash figures, as they may not fully account for the burn rate associated with three concurrent Phase 1/2 trials. The potential for future impairment or restructuring costs remains a risk factor that could further pressure the company's already strained financial position.
Quick answers to the most common questions about buying DNTH stock.
As of 2025, Dianthus Therapeutics, Inc. (DNTH) had total assets of $530.9M including $409.4M in current assets.
Dianthus Therapeutics, Inc. (DNTH) carries total debt of $1.4M, offset by $404.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Dianthus Therapeutics, Inc. (DNTH) has total shareholders' equity (book value) of $493.4M ($13.05 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Dianthus Therapeutics, Inc. (DNTH) reported a current ratio of 13.32x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.