Revenue growth has contracted by 60.2% in 2026Q1, while R&D intensity remains high with quarterly expenditures reaching $59.9 million in 2025Q4.
| Sales/Revenue | 1.34M | 2.04M | 6.24M | 2.83M | 6.42M | 1.48M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -79.52% | -67.35% | 120.63% | -55.96% | 334.76% | - | - | - | - | - | - |
| Cost of Goods Sold | 76K | 0 | 0 | 0 | 0 | 0 | 1.98M | 1.84M | 875K | 376K | 6K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 1.26M | 2.04M | 6.24M | 2.83M | 6.42M | 1.48M | -1.98M | -1.84M | -875K | -376K | -6K |
| Gross Margin % | 94.31% | 100% | 100% | 100% | 100% | 100% | - | - | - | - | - |
| Gross Profit Growth % | - | -67.35% | 120.63% | -55.96% | 334.76% | 174.62% | -7.32% | -110.63% | -132.71% | -6166.67% | - |
| Operating Expenses | 192.55M | 179.97M | 108.1M | 51M | 36.12M | 14.56M | 76.72M | 81.13M | 59.09M | 35.35M | 9.26M |
| OpEx % of Revenue | - | 8839.34% | 1733.75% | 1804.67% | 562.91% | 986.59% | - | - | - | - | - |
| Selling, General & Admin | 39.46M | 34.33M | 24.99M | 18.16M | 6.74M | 1.96M | 28.09M | 23.76M | 17.75M | 7.45M | 3.48M |
| SG&A % of Revenue | - | 1686.2% | 400.87% | 642.57% | 105.08% | 132.52% | - | - | - | - | - |
| Research & Development | 153.16M | 145.64M | 83.11M | 32.84M | 29.38M | 12.61M | 48.64M | 57.37M | 41.34M | 27.9M | 5.78M |
| R&D % of Revenue | - | 7153.14% | 1332.88% | 1162.1% | 457.83% | 854.06% | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -191.29M | -177.93M | -101.86M | -48.17M | -29.7M | -13.09M | -78.7M | -82.97M | -59.96M | -35.73M | -9.27M |
| Operating Margin % | -14318.04% | -8739.34% | -1633.75% | -1704.67% | -462.91% | -886.59% | - | - | - | - | - |
| Operating Income Growth % | - | -74.68% | -111.45% | -62.17% | -127% | 83.37% | 5.14% | -38.37% | -67.84% | -285.49% | - |
| EBITDA | -190.83M | -177.93M | -101.45M | -47.82M | -29.56M | -13.09M | -76.72M | -81.13M | -59.09M | -35.35M | -9.26M |
| EBITDA Margin % | -14283.53% | -8739.34% | -1627.14% | -1692.11% | -460.62% | -886.59% | - | - | - | - | - |
| EBITDA Growth % | -63.44% | -75.39% | -112.16% | -61.78% | -125.88% | 82.94% | 5.43% | -37.3% | -67.15% | -281.68% | - |
| D&A (Non-Cash Add-back) | 461K | 0 | 412K | 355K | 147K | 0 | 1.98M | 1.84M | 875K | 376K | 6K |
| EBIT | -187.77M | -177.93M | -101.86M | -48.17M | -29.7M | -13.09M | -74.94M | -76.77M | -57.52M | -35.49M | -9.27M |
| Net Interest Income | 18.59M | 16.12M | 17.36M | 4.76M | 1.15M | 100K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 18.59M | 16.12M | 17.36M | 4.76M | 1.15M | 100K | 3.77M | 0 | 2.45M | 236K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 3.77M | 0 | 0 | 0 | 163K |
| Other Income/Expense | 179.97M | 15.6M | 16.89M | 4.62M | 1.23M | -23K | 3.77M | 6.2M | 2.45M | 236K | -163K |
| Pretax Income | -11.32M | -162.34M | -84.97M | -43.55M | -28.48M | -13.11M | -74.94M | -76.77M | -57.52M | -35.49M | -9.43M |
| Pretax Margin % | -847.53% | -7973.33% | -1362.77% | -1541.22% | -443.76% | -888.14% | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 236K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.66% | 0% |
| Net Income | -11.32M | -162.34M | -84.97M | -43.55M | -28.48M | -13.11M | -74.94M | -76.77M | -57.52M | -35.49M | -9.43M |
| Net Margin % | -847.53% | -7973.33% | -1362.77% | -1541.22% | -443.76% | -888.14% | - | - | - | - | - |
| Net Income Growth % | 88.76% | -91.05% | -95.08% | -52.95% | -117.22% | 82.51% | 2.39% | -33.48% | -62.06% | -276.32% | - |
| Net Income (Continuing) | -11.32M | -162.34M | -84.97M | -43.55M | -28.48M | -13.11M | -74.94M | -76.77M | -57.52M | -35.49M | -9.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.24 | -4.20 | -2.55 | -8.45 | -7.60 | -3.82 | -27.30 | -33.18 | -27.62 | -16.05 | -4.27 |
| EPS Growth % | 96.18% | -64.71% | 69.82% | -11.18% | -98.95% | 86.01% | 17.72% | -20.13% | -72.09% | -275.88% | - |
| EPS (Basic) | - | -4.20 | -2.55 | -8.45 | -7.60 | -3.82 | -27.30 | -33.18 | -27.62 | -16.05 | -4.27 |
| Diluted Shares Outstanding | 48.03M | 37.79M | 33.31M | 5.15M | 3.75M | 3.43M | 2.75M | 2.31M | 2.08M | 2.21M | 2.21M |
| Basic Shares Outstanding | 48.03M | 37.79M | 33.31M | 5.15M | 3.75M | 3.43M | 2.75M | 2.31M | 2.08M | 2.21M | 2.21M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
High clinical cash burn
As reported in financial statements, Dianthus Therapeutics' revenue growth has decelerated to -67.35% on a trailing twelve-month basis, reflecting the exhaustion of legacy collaboration agreements as the company pivots its focus toward the internal development of its monoclonal antibody pipeline for autoimmune indications.
The current revenue profile is non-recurring and lacks the characteristics of a sustainable commercial business. Investors should interpret the recent contraction as a necessary transition phase rather than a failure of core operations, as the company has yet to reach the commercialization stage for its lead asset.
Based on the company's recent income statement data, R&D expenditures have consistently scaled to support clinical trial activity, with quarterly R&D costs reaching as high as $59.9 million in 2025Q4, significantly outpacing the minimal revenue generated from legacy milestones during the same period.
The cost structure is heavily skewed toward clinical development, which is typical for a pre-commercial biotechnology firm. This high fixed-cost burden suggests that the company's financial health is entirely dependent on its ability to manage trial enrollment timelines and secure additional capital before current reserves are depleted.
According to recent SEC filings, Dianthus Therapeutics has consistently utilized stock-based compensation, which reached $10.6 million in 2026Q1, effectively masking the true cash-based operational burn rate required to sustain the ongoing development of the DNTH103 program across multiple clinical indications.
The reliance on equity-based incentives suggests a strategy to preserve cash, yet it complicates the assessment of true operational efficiency. Analysts should adjust for these non-cash charges to better understand the underlying cash runway and the potential for future shareholder dilution.
As indicated by the reported figures, the company's operating margin of -8739.34% highlights a precarious financial position where the current cash balance of $51 million may be insufficient to support the aggressive clinical trial schedule without a near-term dilutive financing event or strategic partnership.
Short-term liquidity risks appear elevated given the high burn rate relative to the existing cash position. Investors should monitor the velocity of clinical trial enrollment, as any delays could exacerbate the funding gap and force management to seek capital under potentially unfavorable market conditions.
Quick answers to the most common questions about buying DNTH stock.
For fiscal year 2025, Dianthus Therapeutics, Inc. (DNTH) reported total revenue of $2.0M.
Dianthus Therapeutics, Inc. (DNTH) reported a net loss of $162.3M for the fiscal year ending 2025.
Dianthus Therapeutics, Inc. (DNTH) reported an operating income of $-177.9M, resulting in an operating profit margin of -8739.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Dianthus Therapeutics, Inc. (DNTH) generated $2.0M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.