Free cash flow remains deeply negative, with quarterly outflows of $47.1 million in 2025Q4 highlighting a reliance on external financing to sustain operations.
| Cash from Operations | -130.29M | -129.06M | -78.18M | -36.86M | -29.07M | -59.53M | -64.02M | -57.1M | -41.89M | -22.26M | -6.53M |
| Operating CF Margin % | - | -6338.9% | -1253.89% | -1304.35% | -453.02% | -4033.27% | - | - | - | - | - |
| Operating CF Growth % | -183.76% | -65.08% | -112.09% | -26.8% | 51.17% | 7.02% | -12.12% | -36.33% | -88.14% | -240.99% | - |
| Net Income | -11.32M | -162.34M | -84.97M | -43.55M | -28.48M | -71.14M | -74.94M | -76.77M | -57.52M | -35.49M | -9.43M |
| Depreciation & Amortization | 371K | 428K | 412K | 355K | 147K | 2.02M | 1.98M | 1.84M | 875K | 376K | 6K |
| Stock-Based Compensation | 28.08M | 22.79M | 12.89M | 2.9M | 1.52M | 0 | 0 | 0 | 0 | 2.26M | 662K |
| Deferred Taxes | 0 | 0 | 0 | -661K | 0 | 0 | -12.95M | -13.54M | 0 | 0 | 0 |
| Other Non-Cash Items | -5.68M | -6.67M | -6.17M | -762K | -606K | 11.11M | 23.07M | 22.53M | 10.02M | 13.41M | 306K |
| Working Capital Changes | 20.61M | 16.73M | -351K | 4.86M | -1.65M | -1.53M | -1.19M | 8.83M | 3.98M | 1.32M | 1.6M |
| Change in Receivables | -230K | 755K | 0 | 5.16M | -4.16M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 19.78M | 11.28M | 8.19M | 661K | 2.28M | -720K | 948K | 145K | 2.5M | -1.13M | 1.01M |
| Cash from Investing | -271.6M | -122.83M | -286.81M | 20.25M | -59.82M | 43.43M | -10.63M | 1.53M | -91.7M | -2.2M | -139K |
| Capital Expenditures | -199K | -213K | -105K | -110K | -139K | -1.26M | -400K | -3.06M | -7.67M | -2.2M | -139K |
| CapEx % of Revenue | 14.9% | 10.46% | 1.68% | 3.89% | 2.17% | 85.64% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12K | -135K | 0 |
| Cash from Financing | 1.02B | 280.13M | 255.62M | 133.57M | 96.68M | 89.6M | 67.74M | 62.3M | 142.15M | 71.49M | 10.71M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.5M |
| Equity Issued (Net) | 739.25M | 280.13M | 269.2M | 72M | 100M | 89.6M | 67.74M | 62.3M | 142.15M | 71.49M | 4.21M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 317K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -88K | -213K | -107K |
| Other Financing | 280.13M | 0 | -13.57M | 61.57M | -3.32M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 617.49M | 28.23M | -109.37M | 116.97M | 7.79M | 73.5M | -6.92M | 6.73M | 6.78M | 47.02M | 4.04M |
| Free Cash Flow | -130.49M | -129.27M | -78.28M | -36.97M | -29.21M | -60.8M | -64.42M | -60.16M | -49.56M | -24.46M | -6.67M |
| FCF Margin % | -9766.84% | -6349.36% | -1255.57% | -1308.24% | -455.18% | -4118.9% | - | - | - | - | - |
| FCF Growth % | -43.44% | -65.13% | -111.75% | -26.57% | 51.95% | 5.63% | -7.08% | -21.4% | -102.59% | -266.86% | - |
| FCF per Share | -2.72 | -3.42 | -2.35 | -7.17 | -7.79 | -17.70 | -23.47 | -26.01 | -23.80 | -11.07 | -3.02 |
| FCF Conversion (FCF/Net Income) | 11.52x | 0.80x | 0.92x | 0.85x | 1.02x | 4.54x | 0.85x | 0.74x | 0.73x | 0.63x | 0.69x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High clinical cash burn
According to recent SEC filings, the company's operating cash flow consistently trails net income, with stock-based compensation reaching $10.6 million in 2026Q1, which suggests that reported losses significantly understate the actual cash-based operational burn required to sustain the ongoing development of the DNTH103 clinical pipeline.
The persistent gap between net income and operating cash flow indicates that non-cash expenses, primarily stock-based compensation, are a major component of the company's accounting profile. Investors should monitor this divergence, as it suggests that the true cash-based cost of operations is higher than the headline net loss figures imply.
As reported in financial statements, Dianthus Therapeutics maintains a deeply negative free cash flow trajectory, with quarterly outflows reaching $47.1 million in 2025Q4, underscoring the company's reliance on external capital to fund its research-heavy business model in the absence of meaningful, recurring product-based revenue streams.
The consistent negative free cash flow margin, which hit -165.9% in 2025Q4, reflects the high capital intensity of clinical-stage biotechnology development. This trend suggests that the company remains in a pure cash-consumption phase, with no near-term expectation of self-funding its research and development activities.
Based on the company's reported figures, working capital fluctuations have been erratic, including a significant $12.5 million inflow in 2025Q4, which appears to be a temporary accounting variance rather than a sustainable improvement in the efficiency of the company's underlying operational cash management processes.
The volatility in working capital changes suggests that the company's cash position is sensitive to the timing of payables and accruals related to clinical trial milestones. Analysts should be cautious in interpreting these swings as operational efficiency, as they likely reflect the lumpy nature of biotech research expenditures.
As indicated by the reported financial data, capital deployment is almost exclusively directed toward sustaining clinical operations, with minimal evidence of non-essential spending, reflecting a management strategy that prioritizes the preservation of the remaining $51 million cash balance to reach critical clinical trial data readouts.
The absence of dividends or significant share repurchases is consistent with a pre-commercial entity that must conserve every dollar for R&D. The small share buyback observed in 2025Q4 appears anomalous and warrants further investigation to determine if it represents a strategic move or a minor administrative adjustment.
Quick answers to the most common questions about buying DNTH stock.
Dianthus Therapeutics, Inc. (DNTH) generated $-129.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Dianthus Therapeutics, Inc. (DNTH) reported negative free cash flow of $129.3M in 2025, indicating capital requirements exceeded cash from operations.
Dianthus Therapeutics, Inc. (DNTH) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.