Dianthus Therapeutics Highlights Recent Business Achievements and Reports Q2 Financial Results

Rhea-AI Summary

Dianthus Therapeutics (NASDAQ:DNTH) reported Q2 2025 financial results and business updates, highlighting significant progress in its clinical programs. The company's lead drug candidate claseprubart (DNTH103) is advancing in multiple trials:

The Phase 2 MaGic trial in generalized Myasthenia Gravis (gMG) completed enrollment with 65 patients, with top-line results expected in September 2025. The Phase 3 CAPTIVATE trial in CIDP and Phase 2 MoMeNtum trial in MMN are progressing with results anticipated in 2H'26.

Financially, Dianthus reported $309.1 million in cash, providing runway into 2H'27. Q2 net loss was $31.6 million ($0.88 per share), with R&D expenses of $26.3 million and G&A expenses of $8.9 million.

Positive

• Strong cash position of $309.1 million providing extended runway into 2H'27
• Phase 2 MaGic trial exceeded enrollment target with 65 patients vs. 60 planned
• Multiple potential catalysts through 2026 across three clinical programs
• Significant market opportunity in gMG with only 10% of AChR+ patients currently on biologics

Negative

• Increased net loss to $31.6 million in Q2 2025 from $17.6 million in Q2 2024
• Higher R&D expenses of $26.3 million, up from $18.1 million year-over-year
• Increased G&A expenses to $8.9 million from $6.0 million year-over-year

Insights

Biotechnology Financial Analyst

Dianthus reports solid cash position of $309.1M with multiple near-term catalysts for claseprubart, supporting runway into 2H'27.

Dianthus Therapeutics is positioning itself for a critical inflection point with the upcoming readout of its Phase 2 MaGic trial for claseprubart in generalized Myasthenia Gravis (gMG) expected in September 2025. This represents the first of three potential catalysts for their neuromuscular franchise by the end of 2026, setting up a cascade of value-driving events.

The company's financial position remains strong with $309.1 million in cash, providing runway into the second half of 2027. This financial cushion is strategically important as it covers the company through multiple clinical readouts without immediate financing pressure.

The quarterly burn rate has increased with R&D expenses of $26.3 million (up from $18.1 million year-over-year) and G&A expenses of $8.9 million (up from $6.0 million). This acceleration reflects the progression of their clinical programs, with net loss widening to $31.6 million ($0.88 per share) compared to $17.6 million ($0.51 per share) in Q2 2024.

Market research conducted by Dianthus suggests significant untapped potential in the gMG market, with only 10% of AChR+ patients currently on FcRn or complement therapies in the U.S. Claseprubart's differentiated profile—potentially eliminating the boxed warning and REMS requirements of C5 inhibitors while offering a more convenient self-administered autoinjector—could expand biologic use earlier in treatment paradigms.

Beyond gMG, Dianthus maintains momentum with the ongoing Phase 3 CAPTIVATE trial in CIDP (interim analysis expected 2H'26) and Phase 2 MoMeNtum trial in MMN (results expected 2H'26). The synchronized timing of these catalysts creates a concentrated period of potential value creation in late 2026, though this also concentrates risk if results disappoint.

Neurology Drug Development Expert

Claseprubart's three-pronged neuromuscular disease approach targets complementary indications with significant unmet needs, with initial gMG data imminent.

Dianthus's classical pathway inhibitor claseprubart (formerly DNTH103) represents a mechanistically differentiated approach in the complement inhibitor landscape. By selectively targeting only the active form of the C1s protein, the therapy aims to provide better safety while maintaining efficacy in autoantibody-mediated neurological disorders.

The company has strategically selected three complementary neuromuscular indications—gMG, CIDP, and MMN—that share pathophysiological mechanisms involving autoantibody-mediated complement activation. This creates potential synergies in development and eventual commercialization.

For the gMG program, the Phase 2 MaGic trial's September readout will be particularly important for validating the selective C1s inhibition approach. The trial exceeded its enrollment target (65 vs. 60 planned patients), potentially providing more robust statistical power. The focus on AChR+ patients—who represent approximately 80% of gMG cases—addresses the largest patient segment where complement inhibition has proven effective.

The CIDP program employs an efficient trial design with a randomized withdrawal Phase 3 study (CAPTIVATE), which has become the standard approach for this indication. The planned interim responder analysis in 2H'26 could provide an early efficacy signal. Notably, the company believes this single pivotal trial could support BLA filing, potentially accelerating time to market.

For MMN, a rare condition with limited treatment options primarily centered around IVIg, the Phase 2 MoMeNtum trial represents an opportunity to address a high-unmet need indication. This indication has fewer competitive programs in development compared to gMG and CIDP.

Claseprubart's subcutaneous administration with dosing as infrequently as once every two weeks could offer significant convenience advantages over current therapies, particularly for conditions like CIDP and MMN where current standard treatments often require frequent intravenous infusions.

Phase 2 MaGic trial of claseprubart (DNTH103) in generalized Myasthenia Gravis (gMG) top-line results anticipated in September 2025; the first of three catalysts for the claseprubart neuromuscular franchise by YE’26

Phase 3 CAPTIVATE trial of claseprubart in Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) ongoing; interim responder analysis anticipated in 2H’26

Phase 2 MoMeNtum trial of claseprubart in Multifocal Motor Neuropathy (MMN) ongoing;
top-line results anticipated in 2H’26

$309.1 million of cash provides runway into 2H’27

NEW YORK and WALTHAM, Mass., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Dianthus Therapeutics, Inc. (Nasdaq: DNTH), a clinical-stage biotechnology company dedicated to advancing the next generation of antibody complement therapeutics to treat severe autoimmune diseases, today reported financial results for the second quarter ending June 30, 2025, and provided an update on recent business achievements.

“We look forward to reporting top-line Phase 2 results from our MaGic trial with claseprubart in gMG in September. We believe the multibillion-dollar gMG market has significant potential to expand, as only approximately 10% of AChR+ patients in the U.S. are currently on FcRn or complement therapies today,” said Marino Garcia, Chief Executive Officer of Dianthus Therapeutics. “Our recently completed quantitative market research with gMG treating neurologists in the U.S. clearly highlights their desire for new, improved therapies, specifically those with greater durability of symptom control, a differentiated safety profile by eliminating the boxed warning and REMS of C5 inhibitors, and a more convenient, patient-friendly delivery like an infrequent, self-administered autoinjector. We believe claseprubart has the potential to effectively address these unmet needs and help expand the use of biologics earlier in the treatment paradigm with patients that would otherwise delay the use of more burdensome biologics.”

Claseprubart (DNTH103) Clinical Development

Claseprubart is an investigational, clinical-stage, potent monoclonal antibody engineered to selectively target the classical pathway by inhibiting only the active form of the C1s protein, a clinically validated complement target. Claseprubart is designed to enable a more convenient, subcutaneous, self-administered injection dosed as infrequently as once every two weeks. Claseprubart has the potential to be a best-in-class pipeline-in-a-product across a range of autoimmune disorders with high unmet need.

Generalized Myasthenia Gravis (gMG)

• Top-line Phase 2 MaGic gMG trial results anticipated in September: The MaGic trial is a global, randomized, double-blind, placebo-controlled Phase 2 trial in patients with gMG who are acetylcholine receptor (AChR) antibody positive. As previously announced in May, enrollment in this trial was completed with 65 patients, exceeding the target of 60.
  
  

Chronic Inflammatory Demyelinating Polyneuropathy (CIDP)

• Phase 3 CAPTIVATE CIDP trial ongoing: The CAPTIVATE trial is a single, global, two-part, randomized withdrawal Phase 3 trial in patients with CIDP, and it remains on track for an interim responder analysis in 2H’26. The Company believes this single pivotal trial will support a BLA filing in adult patients with CIDP.
  
  

Multifocal Motor Neuropathy (MMN)

• Phase 2 MoMeNtum MMN trial ongoing: The MoMeNtum trial is a global, randomized, double-blind, placebo-controlled Phase 2 trial in patients with MMN, and it remains on track to report top-line results in 2H’26.
  
  

Corporate Updates

• The International Nonproprietary Name (INN) has been finalized and DNTH103, a potentially best-in-class investigational classical pathway inhibitor, is now called claseprubart.
  
  
• On May 22, 2025, Simon Read, Ph.D., joined the Company’s Board of Directors. Dr. Read is a serial entrepreneur with more than 30 years of biopharmaceutical experience. He served as CEO and Founder of Mariana Oncology until its acquisition by Novartis in 2024 and CSO of Ra Pharma until its acquisition by UCB in 2020.
  
  

Second-Quarter 2025 Financial Results

• Cash Position - $309.1 million of cash, cash equivalents and investments as of June 30, 2025 is projected to provide runway into the second half of 2027.
  
  
• R&D Expenses - Research and development (R&D) expenses for the quarter ended June 30, 2025 were $26.3 million, inclusive of $2.5 million of stock-based compensation, compared to $18.1 million for the quarter ended June 30, 2024, which included $1.4 million of stock-based compensation. This increase in R&D expenses was primarily driven by higher clinical costs, chemistry, manufacturing and controls (CMC) costs, and increased headcount to support claseprubart Phase 2 and Phase 3 development.
  
  
• G&A Expenses - General and administrative (G&A) expenses for the quarter ended June 30, 2025 totaled $8.9 million, inclusive of stock-based compensation of $3.2 million, compared to $6.0 million for the quarter ended June 30, 2024, which included $1.8 million of stock-based compensation. This increase in G&A expenses was primarily due to increased headcount.
  
  
• Net Loss - Net loss for the quarter ended June 30, 2025 was $31.6 million or $0.88 per share (basic and diluted) compared to $17.6 million or $0.51 per share (basic and diluted) for the quarter ended June 30, 2024.
  
  
• Additional Information - For additional information on the Company’s financial results for the quarter ended June 30, 2025, please refer to the Form 10-Q filed with the SEC.
  
  

About Claseprubart
Claseprubart is an investigational, clinical-stage, potent monoclonal antibody engineered to selectively target the classical pathway by inhibiting only the active form of the C1s protein, a clinically validated complement target. Claseprubart is enhanced with YTE half-life extension technology designed to enable a more convenient subcutaneous, self-administered injection dosed as infrequently as once every two weeks. Additionally, selective inhibition of the classical complement pathway may lower patient risk of infection from encapsulated bacteria by preserving immune activity of the lectin and alternative pathways. As the classical pathway plays a significant role in disease pathology, claseprubart has the potential to be a best-in-class pipeline-in-a-product across a range of autoimmune disorders with high unmet need. Dianthus is building a neuromuscular franchise with claseprubart and anticipates reporting top-line data from the Phase 2 MaGic trial in generalized Myasthenia Gravis in September 2025, the interim responder analysis of the Phase 3 CAPTIVATE trial in Chronic Inflammatory Demyelinating Polyneuropathy in 2H’26, and top-line data from the Phase 2 MoMeNtum trial in Multifocal Motor Neuropathy in 2H’26.

Claseprubart is an investigational agent that is not approved as a therapy in any indication in any jurisdiction worldwide.

About Dianthus Therapeutics
Dianthus Therapeutics is a clinical-stage biotechnology company dedicated to designing and delivering novel, best-in-class monoclonal antibodies with improved selectivity and potency. Based in New York City and Waltham, Mass., Dianthus is comprised of an experienced team of biotech and pharma executives who are leading the development of next-generation antibody complement therapeutics, aiming to deliver transformative medicines for people living with severe autoimmune and inflammatory diseases.

To learn more, please visit www.dianthustx.com and follow us on LinkedIn. 

Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release, other than purely historical information, may constitute “forward-looking statements” within the meaning of the federal securities laws, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, express or implied statements regarding future plans and prospects, including statements regarding the expectations or plans for discovery, preclinical studies, clinical trials and research and development programs, in particular with respect to claseprubart, and any developments or results in connection therewith, including the target product profile and administration of claseprubart; the anticipated timing of the initiation and results from those studies and trials; expectations regarding the time period over which the Company’s capital resources are expected to be sufficient to fund its anticipated operations; and expectations regarding the market and potential opportunities for complement therapies, in particular with respect to claseprubart. Claseprubart is an investigational agent that is not approved as a therapy in any indication in any jurisdiction worldwide. The words “opportunity,” “potential,” “milestones,” “runway,” “will,” “anticipate,” “achieve,” “near-term,” “catalysts,” “pursue,” “pipeline,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “predict,” “project,” “should,” “strive,” “would,” “aim,” “target,” “commit,” and similar expressions (including the negatives of these terms or variations of them) generally identify forward-looking statements, but the absence of these words does not mean that statement is not forward looking.

Actual results could differ materially from those included in the forward-looking statements due to various factors, risks and uncertainties, including, but not limited to, that preclinical testing of claseprubart and data from clinical trials may not be predictive of the results or success of ongoing or later clinical trials, that the development of claseprubart or the Company's other compounds may take longer and/or cost more than planned, that the Company may be unable to successfully complete the clinical development of the Company’s compounds, that the Company may be delayed in initiating, enrolling or completing its planned clinical trials, and that the Company's compounds may not receive regulatory approval or become commercially successful products. These and other risks and uncertainties are identified under the heading "Risk Factors" included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2024, and other filings that the Company has made and may make with the SEC in the future. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved.

The forward-looking statements in this press release speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Dianthus undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Contact
Jennifer Davis Ruff
Dianthus Therapeutics
jdavisruff@dianthustx.com

DIANTHUS THERAPEUTICS, INC. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) (unaudited)
	June 30, 2025				December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	13,237			$	22,792
Short-term investments		244,152				252,449
Receivable from former related party		—				807
Accounts receivable, net		39				—
Prepaid expenses and other current assets		6,177				4,856
Total current assets		263,605				280,904
Long-term investments		51,705				81,728
Property and equipment, net		207				194
Right-of-use operating lease assets		1,378				1,553
Other assets and restricted cash		9,181				9,629
Total assets	$	326,076			$	374,008
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	5,404			$	4,579
Accrued expenses		13,999				13,074
Current portion of deferred revenue		479				479
Current portion of operating lease liabilities		211				320
Total current liabilities		20,093				18,452
Deferred revenue		1,785				1,908
Long-term operating lease liabilities		1,119				1,171
Total liabilities		22,997				21,531
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—				—
Common stock		32				31
Additional paid-in capital		538,481				526,732
Accumulated deficit		(235,532	)			(174,392	)
Accumulated other comprehensive income		98				106
Total stockholders’ equity		303,079				352,477
Total liabilities and stockholders’ equity	$	326,076			$	374,008

DIANTHUS THERAPEUTICS, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) (unaudited)
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
Revenues:
License revenue – former related party	$	—			$	1,863			$	—			$	2,737
License revenue		193				—				1,356				—
Total revenues		193				1,863				1,356				2,737
Operating expenses:
Research and development		26,251				18,070				53,254				31,148
General and administrative		8,869				5,997				16,206				11,637
Total operating expenses		35,120				24,067				69,460				42,785
Loss from operations		(34,927	)			(22,204	)			(68,104	)			(40,048	)
Other income/(expense):
Interest and investment income		3,403				4,708				7,194				8,930
Gain on investment in former related party		32				—				27				—
Loss on currency exchange, net		(30	)			(31	)			(52	)			(43	)
Other expense		(107	)			(80	)			(205	)			(194	)
Total other income		3,298				4,597				6,964				8,693
Net loss	$	(31,629	)		$	(17,607	)		$	(61,140	)		$	(31,355	)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.88	)		$	(0.51	)		$	(1.71	)		$	(0.99	)
Weighted-average number of shares of common stock outstanding including shares issuable under equity classified pre-funded warrants, used in computing net loss per share of common stock, basic and diluted		35,822,308				34,227,038				35,806,591				31,794,881
Comprehensive loss:
Net loss	$	(31,629	)		$	(17,607	)		$	(61,140	)		$	(31,355	)
Other comprehensive loss:
Unrealized loss on marketable securities		(172	)			(10	)			(8	)			(84	)
Total other comprehensive loss		(172	)			(10	)			(8	)			(84	)
Total comprehensive loss	$	(31,801	)		$	(17,617	)		$	(61,148	)		$	(31,439	)

FAQ

What are the key clinical trial milestones for Dianthus Therapeutics (DNTH) in 2025-2026?

Dianthus expects Phase 2 MaGic trial results in gMG in September 2025, followed by Phase 3 CAPTIVATE trial interim analysis in CIDP and Phase 2 MoMeNtum trial results in MMN, both in 2H 2026.

How much cash does Dianthus Therapeutics (DNTH) have and what is their runway?

Dianthus reported $309.1 million in cash, cash equivalents and investments as of June 30, 2025, which is expected to provide runway into the second half of 2027.

What was Dianthus Therapeutics' (DNTH) Q2 2025 financial performance?

In Q2 2025, Dianthus reported a net loss of $31.6 million ($0.88 per share), with R&D expenses of $26.3 million and G&A expenses of $8.9 million.

What is claseprubart (DNTH103) and what are its potential advantages?

Claseprubart is a monoclonal antibody targeting the C1s protein in the classical complement pathway. It offers potential advantages including subcutaneous self-administration every two weeks, no boxed warning requirement, and improved durability of symptom control.

What is the market opportunity for Dianthus Therapeutics (DNTH) in gMG?

The gMG market represents a multibillion-dollar opportunity, with only approximately 10% of AChR+ patients in the U.S. currently using FcRn or complement therapies, indicating significant potential for market expansion.