The company remains in a pre-revenue stage with operating losses widening to $125.3 million in 2026Q1, driven by intensive R&D spending.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 506M | 1.37B | 842M | 1.47B | 3M | 3M | 1.58B | 2.32B | 2.47B | 3.55B | 3.1B |
| Revenue Growth % | - | - | - | - | - | - | - | - | -100% | -62.96% | 62.23% | -42.56% | 48766.67% | 0% | -99.81% | -31.77% | -5.88% | -30.46% | 14.37% | - |
| Cost of Goods Sold | 1.07M | 2.05M | 2.24M | 2.46M | 0 | 0 | 700K | 271K | 24K | 2.93B | 2.28B | 2.03B | 1.15B | 1.15B | 268M | 963M | 1.18B | 1.19B | 1.85B | 2.01B |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | 579.45% | 166.98% | 240.86% | 78.1% | 38166.67% | 8933.33% | 60.76% | 50.84% | 48.38% | 52.21% | 64.87% |
| Gross Profit | -1.07M | -2.05M | -2.24M | -2.46M | 0 | 0 | -700K | -271K | -24K | -2.43B | -915M | -1.19B | 321M | -1.14B | -265M | 622M | 1.14B | 1.27B | 1.7B | 1.09B |
| Gross Margin % | - | - | - | - | - | - | - | - | - | -479.45% | -66.98% | -140.86% | 21.9% | -38066.67% | -8833.33% | 39.24% | 49.16% | 51.62% | 47.79% | 35.13% |
| Gross Profit Growth % | - | 8.65% | 8.86% | - | - | 100% | -158.3% | -1029.17% | 100% | -165.14% | 22.85% | -469.47% | 128.11% | -330.94% | -142.6% | -45.53% | -10.36% | -24.88% | 55.6% | - |
| Operating Expenses | 470.57M | 466.13M | 341.64M | 239.7M | 170.96M | 150.03M | 57.95M | 13.83M | 4.79M | 189M | 161M | 128M | -308M | 97M | -81M | 135M | 163M | -519M | -494M | -203M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | 37.35% | 11.79% | 15.2% | -21.01% | 3233.33% | -2700% | 8.52% | 7.02% | -21.03% | -13.92% | -6.54% |
| Selling, General & Admin | 78.31M | 69.85M | 62.48M | 31.4M | 28.2M | 28.72M | 12.75M | 2.79M | 517K | 189M | 161M | 128M | -97M | 97M | -22M | 135M | 163M | -159M | -157M | -203M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | 37.35% | 11.79% | 15.2% | -6.62% | 3233.33% | -733.33% | 8.52% | 7.02% | -6.44% | -4.42% | -6.54% |
| Research & Development | 392.77M | 398.33M | 281.41M | 210.76M | 142.76M | 121.31M | 45.2M | 11.04M | 4.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -521K | 0 | -2.24M | -2.46M | 0 | 0 | 0 | 0 | -21K | 0 | 0 | 0 | -211M | 0 | -59M | 0 | 0 | -360M | -337M | 0 |
| Operating Income | -471.09M | -468.18M | -343.89M | -242.16M | -170.96M | -150.03M | -58.65M | -13.83M | -4.79M | -412M | -640M | 64M | -318M | -318M | 714M | -236M | -11M | -834M | 709M | 605M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | -81.42% | -46.85% | 7.6% | -21.69% | -10600% | 23800% | -14.89% | -0.47% | -33.79% | 19.98% | 19.5% |
| Operating Income Growth % | - | -36.15% | -42.01% | -41.65% | -13.96% | -155.81% | -324.18% | -188.34% | 98.84% | 35.63% | -1100% | 120.13% | 0% | -144.54% | 402.54% | -2045.45% | 98.68% | -217.63% | 17.19% | - |
| EBITDA | -468.99M | -466.13M | -341.64M | -239.7M | -169.28M | -148.94M | -57.95M | -13.55M | -4.77M | 455M | 126M | 678M | -26M | 149M | 740M | 110M | 397M | -475M | 1.08B | 938M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | 89.92% | 9.22% | 80.52% | -1.77% | 4966.67% | 24666.67% | 6.94% | 17.09% | -19.25% | 30.57% | 30.23% |
| EBITDA Growth % | -18.64% | -36.44% | -42.53% | -41.6% | -13.66% | -157.02% | -327.5% | -184.11% | -101.05% | 261.11% | -81.42% | 2707.69% | -117.45% | -79.86% | 572.73% | -72.29% | 183.58% | -143.78% | 15.67% | - |
| D&A (Non-Cash Add-back) | 2.1M | 2.05M | 2.24M | 2.46M | 1.68M | 1.09M | 700K | 271K | 24K | 867M | 766M | 614M | 292M | 467M | 26M | 346M | 408M | 359M | 376M | 333M |
| EBIT | -442.93M | -440.02M | -317.42M | -235.94M | -170.96M | -150.03M | -59.04M | -14.86M | -4.81M | 78M | -664M | 119M | -201M | -320M | 0 | -1.92B | 128M | -940M | 673M | 651M |
| Net Interest Income | 21.12M | 23.67M | 26.92M | 7.64M | 0 | 742K | -340K | 290K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 31.52M | 29.86M | 26.92M | 7.64M | 2.92M | 742K | 56K | 290K | 5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.39M | 6.19M | 0 | 0 | 2.92M | 0 | 396K | 0 | 5K | 616M | 625M | 546M | 67M | 97M | 0 | 357M | 363M | 415M | 427M | 384M |
| Other Income/Expense | 19.38M | 21.97M | 26.47M | 6.22M | 2.86M | 734K | -790K | -1.03M | -16K | -126M | -649M | -491M | 50M | -99M | -627M | -2.04B | -224M | -521M | -463M | -338M |
| Pretax Income | -451.71M | -446.21M | -317.42M | -235.94M | -168.1M | -149.29M | -59.44M | -14.86M | -4.81M | -538M | -1.29B | -427M | -268M | -417M | 87M | -2.28B | -235M | -1.35B | 246M | 267M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | -106.32% | -94.36% | -50.71% | -18.28% | -13900% | 2900% | -143.66% | -10.12% | -54.9% | 6.93% | 8.6% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | -700K | 0 | -11K | -610M | -45M | -474M | 117M | -58M | 0 | -632M | 197M | 315M | -75M | -151M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 1.18% | 0% | 0.23% | 113.38% | 3.49% | 111.01% | -43.66% | 13.91% | 0% | 27.76% | -83.83% | -23.25% | -30.49% | -56.55% |
| Net Income | -451.71M | -446.21M | -317.42M | -235.94M | -168.1M | -149.29M | -58.74M | -13.54M | -4.81M | 76M | -1.24B | 50M | -67M | -356M | 87M | -1.65B | -234M | -1.26B | 174M | 264M |
| Net Margin % | - | - | - | - | - | - | - | - | - | 15.02% | -90.78% | 5.94% | -4.57% | -11866.67% | 2900% | -103.79% | -10.07% | -51.13% | 4.9% | 8.51% |
| Net Income Growth % | -23.04% | -40.58% | -34.54% | -40.36% | -12.6% | -154.17% | -333.93% | -181.36% | -106.33% | 106.13% | -2580% | 174.63% | 81.18% | -509.2% | 105.29% | -602.99% | 81.46% | -825.29% | -34.09% | - |
| Net Income (Continuing) | -451.71M | -446.21M | -317.42M | -235.94M | -168.1M | -149.29M | -58.74M | -14.86M | -4.81M | 76M | -1.24B | 50M | -67M | -356M | 87M | -1.65B | -234M | -1.26B | 174M | 264M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.74 | -3.47 | -3.37 | -3.95 | -3.23 | -2.93 | -1.24 | -0.30 | -0.47 | 0.47 | -9.61 | 0.40 | -0.53 | -3.56 | 0.87 | -13.48 | -1.93 | -1.25 | 0.20 | 0.25 |
| EPS Growth % | 10.31% | -2.97% | 14.68% | -22.29% | -10.24% | -136.29% | -313.33% | 36.17% | -200% | 104.89% | -2502.5% | 175.47% | 85.11% | -509.2% | 106.45% | -598.45% | -54.4% | -725% | -20% | - |
| EPS (Basic) | - | -3.47 | -3.37 | -3.95 | -3.23 | -2.93 | -1.24 | -0.30 | -0.47 | 0.47 | -9.61 | 0.40 | -0.53 | -3.56 | 0.87 | -13.48 | -1.95 | -1.25 | 0.20 | 0.25 |
| Diluted Shares Outstanding | 165.04M | 128.44M | 94.14M | 59.68M | 51.98M | 50.9M | 47.27M | 45.42M | 10.32M | 162M | 129M | 126M | 126M | 100M | 100M | 122M | 121M | 1.01B | 870M | 1.04B |
| Basic Shares Outstanding | 165.04M | 128.44M | 94.14M | 59.68M | 51.98M | 50.9M | 47.27M | 45.42M | 10.32M | 162M | 129M | 125M | 126M | 100M | 100M | 122M | 120M | 1.01B | 870M | 1.04B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical Trial Execution Risk
As reported in recent financial filings, Dyne Therapeutics has seen its quarterly research and development expenses climb to $100.9 million by 2026Q1, reflecting the intensive capital requirements necessary to advance the ACHIEVE and DELIVER clinical programs through their respective late-stage development phases.
The consistent upward trend in R&D spending suggests a deliberate acceleration of clinical trial enrollment and manufacturing preparation. Investors should monitor whether this expenditure trajectory remains sustainable as the company approaches potential regulatory milestones, as the lack of revenue leaves no buffer for cost overruns.
Based on the company's income statement data, operating losses have widened to $125.3 million in 2026Q1, indicating that the firm's current operational structure is heavily weighted toward fixed clinical development costs rather than scalable commercial activities at this stage of the business lifecycle.
The absence of revenue means that every dollar of increased R&D or SG&A directly expands the operating deficit. This structure implies that the company is currently in a high-risk phase where operational efficiency is secondary to the successful completion of clinical endpoints.
According to historical income statements, Dyne Therapeutics consistently utilizes stock-based compensation, with figures reaching $13.1 million in 2026Q1, which effectively masks the true cash-based operational burn rate and complicates the assessment of underlying management expense discipline during this pre-revenue clinical development period.
While stock-based compensation is a standard tool for talent retention in biotechnology, its variability suggests that reported net losses may not perfectly correlate with actual cash outflows. Analysts should adjust for these non-cash items to better understand the true runway available for clinical trial execution.
As indicated by the emergence of COGS in 2026Q1, the transition toward clinical-grade manufacturing may introduce structural margin pressures, as the specialized nature of Fab-oligonucleotide conjugates appears significantly more complex to produce than traditional small-molecule therapeutics, potentially limiting future profitability if manufacturing yields remain suboptimal.
The appearance of COGS, however small, warrants investigation into the scalability of the FORCE platform's production process. If the company cannot achieve significant economies of scale, the long-term margin profile may be structurally lower than that of traditional biotech peers, regardless of clinical success.
Quick answers to the most common questions about buying DYN stock.
For fiscal year 2025, Dyne Therapeutics, Inc. (DYN) reported total revenue of $0.0M. This represents a 100.0% decline compared to $3.10B in 2007.
Dyne Therapeutics, Inc. (DYN) reported a net loss of $446.2M for the fiscal year ending 2025.