Dyne Therapeutics Announces Expanded Debt Facility of Up To $400 Million with Hercules Capital, Inc.

Dyne Therapeutics (Nasdaq:DYN) expanded its non-dilutive senior secured term loan facility with Hercules Capital to provide up to $400 million in total borrowing capacity.

Rhea-AI Summary

Dyne Therapeutics (Nasdaq:DYN) expanded its non-dilutive senior secured term loan facility with Hercules Capital to provide up to $400 million in total borrowing capacity.

The amendment adds $125 million of potential funding, with $50 million funded at closing and up to $200 million remaining available to support DMD and DM1 programs.

Positive

• Total Hercules Capital term loan facility increased to up to $400 million
• Additional $125 million in borrowing capacity secured under the amendment
• $50 million funded immediately upon execution of the amendment
• New $50 million tranche available at Dyne’s option upon milestone achievement
• Final term loan tranche increased by $25 million to up to $75 million
• Dyne has borrowed an aggregate of $200 million while retaining access to up to $200 million more

Negative

• None.

Argus Jun 17 session

+6.25% close to close 2.2x rel. volume Open Argus

Details

News Market Reaction – DYN

On Jun 17, the day this news came out, DYN closed 6.25% above the previous close. That session’s volume was 2.2x the stock’s average daily volume.

Data tracked by StockTitan Argus for the Jun 17 session.

Key Figures

Debt facility size: $400 million Additional capacity: $125 million Funded at closing: $50 million +5 more

Debt facility size

$400 million

Total potential under expanded Hercules term loan facility

Additional capacity

$125 million

Incremental borrowing capacity added by amendment

Funded at closing

$50 million

Additional capacity funded upon execution of amendment

Optional tranche

$50 million

New term loan tranche available upon Dyne’s option and milestones

Final tranche size

$75 million

Increased final term loan tranche available at Hercules’ discretion

Final tranche increase

$25 million

Incremental increase to final term loan tranche

Total borrowed

$200 million

Aggregate loan proceeds drawn in three tranches to date

Future funding access

$200 million

Remaining potential funding available under term loan facility

Historical Context

5 past events · Latest: Jun 03

5 events

1. Jun 03

   ACHIEVE REC enrollment

   24h Move

   +4.3%

   Completed enrollment of 71-participant REC cohort in ACHIEVE DM1 trial.

2. May 26

   BLA submission

   24h Move

   +4.5%

   Filed BLA seeking Accelerated Approval for z-rostudirsen in exon 51 DMD.

3. May 20

   Inducement grants

   24h Move

   -1.1%

   Granted stock options and RSUs to new employees under inducement plan.

4. May 20

   Phase 3 trial start

   24h Move

   +6.3%

   Initiated global Phase 3 FORZETTO trial of z-rostudirsen in DMD.

5. May 13

   Investor conferences

   24h Move

   +0.4%

   Announced participation in multiple healthcare investor conferences.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

senior secured term loan facility, term loan tranche, Duchenne muscular dystrophy, myotonic dystrophy type 1, +1 more

5 terms

senior secured term loan facility financial

"entered into an amendment to its non-dilutive senior secured term loan facility with Hercules Capital"

A senior secured term loan facility is a type of borrowed money that a company takes out, which is backed by its valuable assets like property or equipment. Because it is secured by these assets and ranks higher in repayment priority, it is considered safer for lenders and typically offers lower interest rates. For investors, it provides a relatively stable and priority claim on the company's assets if it encounters financial difficulties.

term loan tranche financial

"an additional term loan tranche for $50 million that can be drawn at Dyne’s option"

A term loan tranche is one slice of a larger long-term loan package where each slice can have its own interest rate, maturity and repayment schedule. Think of a company borrowing from lenders in separate layers rather than one single loan; each layer (tranche) can cost more or less and be repaid at different times. Investors care because tranche terms affect a borrower’s cash flow risk and which creditors get paid first, which in turn influences creditworthiness and bond or stock value.

Duchenne muscular dystrophy medical

"z-rostudirsen ... for exon 51 Duchenne muscular dystrophy (DMD)"

A rare, inherited condition that progressively weakens muscles, Duchenne muscular dystrophy causes the body’s muscle fibers to break down over time, often leading to severe disability. For investors, it matters because the small, well-defined patient population, high unmet medical need and complex regulatory and pricing dynamics mean successes or failures in clinical trials, approvals, or therapies can have outsized effects on a company’s valuation and future revenue prospects.

myotonic dystrophy type 1 medical

"z-basivarsen ... for myotonic dystrophy type 1 (DM1)"

A genetic, progressive disorder that causes muscle stiffness, weakness and a range of problems in other body systems (such as breathing, heart rhythm, vision and cognition); symptoms can vary widely and often worsen over time. For investors, it matters because its chronic, multisystem nature shapes the size of the potential patient population, the complexity and cost of clinical trials, regulatory requirements, and long-term demand for any effective treatments — think of it as a condition that requires multiple pieces to be fixed, not just a single part.

exon 51 medical

"z-rostudirsen ... for exon 51 Duchenne muscular dystrophy (DMD)"

Exon 51 is a specific numbered segment of a gene’s instruction manual that helps build a particular protein; think of it as one page in a long recipe book. It matters to investors because some genetic medicines aim to remove, repair, or bypass this exact segment to restore protein production, and success or failure in targeting exon 51 can directly affect a drug’s development prospects and commercial value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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- Up to $125 million in additional borrowing capacity provides further strategic flexibility -

- $50 million of additional capacity funded at amendment closing -

WALTHAM, Mass., June 17, 2026 (GLOBE NEWSWIRE) --  Dyne Therapeutics, Inc. (Nasdaq: DYN), a clinical-stage company focused on delivering functional improvement for people living with genetically driven neuromuscular diseases, today announced that it has entered into an amendment to its non-dilutive senior secured term loan facility with Hercules Capital, Inc. (NYSE: HTGC), a leader in customized debt financing for companies in the life sciences and technology-related markets. The transaction further strengthens the company’s balance sheet as it advances zeleciment rostudirsen (z-rostudirsen, also known as DYNE-251) for exon 51 Duchenne muscular dystrophy (DMD) and zeleciment basivarsen (z-basivarsen, also known as DYNE-101) for myotonic dystrophy type 1 (DM1) through critical clinical and regulatory milestones.

“As we continue to focus on diligent execution against our clinical and regulatory objectives, we are pleased to deepen our partnership with Hercules,” said Erick Lucera, chief financial officer of Dyne. “This additional access to capital enhances our financial flexibility as we prepare for two potential U.S. launches in the next two years and continue on our mission to deliver functional improvement for individuals living with rare neuromuscular diseases.”

“Hercules is proud to be expanding our support of Dyne as they prepare for the potential approval and commercial launches of z-rostudirsen and z-basivarsen,” said R. Bryan Jadot, Senior Managing Director and Group Head at Hercules Capital. “Our increased commitment reflects our strong conviction in Dyne’s programs and our unique ability to support innovative life sciences companies at transformative stages of development.”

Under the terms of the amendment, $50 million was funded upon execution of the amendment, and an additional term loan tranche for $50 million that can be drawn at Dyne’s option subject to the achievement of certain milestones was added to the term loan facility. The final term loan tranche was also increased by $25 million to provide up to an additional $75 million, which may be funded upon request of Dyne and at the discretion of Hercules Capital. Including the $50 million funded upon execution of the amendment, Dyne has borrowed an aggregate of $200 million in loan proceeds in three tranches under the term loan facility and maintains access to up to $200 million in potential future funding under the facility.

About Dyne Therapeutics
Dyne Therapeutics is focused on delivering functional improvement for people living with genetically driven neuromuscular diseases. We are developing therapeutics that target muscle and the central nervous system (CNS) to address the root cause of disease. The company is advancing clinical programs for Duchenne muscular dystrophy (DMD) and myotonic dystrophy type 1 (DM1) as well as preclinical programs for facioscapulohumeral muscular dystrophy (FSHD), Pompe disease and multiple DMD mutations. At Dyne, we are on a mission to deliver functional improvement for individuals, families and communities. Learn more at https://www.dyne-tx.com/, and follow us on X, LinkedIn and Facebook.

About Hercules Capital
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology and life sciences industries. Since inception (December 2003), Hercules has committed more than $27 billion to over 700 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing.

Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release, including statements regarding Dyne’s strategy, future operations, prospects and plans, objectives of management, the ability of Dyne to achieve any of the specified clinical, regulatory or commercial milestones under its loan agreement with Hercules Capital, as amended, the potential of the FORCE platform, the potential of zeleciment rostudirsen (z-rostudirsen, also known as DYNE-251) and zeleciment basivarsen (z-basivarsen, also known as DYNE-101), the anticipated timelines for potential commercial launch of z-rostudirsen and z-basivarsen, the availability of expedited approval pathways for z-rostudirsen and z-basivarsen, expectations regarding the outcome of interactions with regulatory authorities, and the sufficiency of Dyne’s cash resources for the period anticipated, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” “will,” or “would,” or the negative of these terms, or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Dyne may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including: Dyne’s ability to comply with the covenants and other obligations under its loan agreement with Hercules Capital; uncertainties inherent in the identification and development of product candidates, including the initiation and completion of preclinical studies and clinical trials; uncertainties as to the availability and timing of results from preclinical studies and clinical trials; the timing of and Dyne’s ability to enroll patients in clinical trials; whether results from preclinical studies and data from clinical trials will be predictive of the final results of the clinical trials or other trials; whether data from clinical trials will support submission for regulatory approvals; uncertainties as to the FDA’s and other regulatory authorities’ interpretation of the data from Dyne's clinical trials and acceptance of Dyne's clinical programs and as to the regulatory approval process for Dyne's product candidates; whether Dyne’s cash resources will be sufficient to fund its foreseeable and unforeseeable operating expenses and capital expenditure requirements; as well as the risks and uncertainties identified in Dyne’s filings with the Securities and Exchange Commission (SEC), including the company’s most recent Form 10-Q and in subsequent filings Dyne may make with the SEC. In addition, the forward-looking statements included in this press release represent Dyne’s views as of the date of this press release. Dyne anticipates that subsequent events and developments will cause its views to change. However, while Dyne may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Dyne’s views as of any date subsequent to the date of this press release.

Contacts:
Investors
Mia Tobias
ir@dyne-tx.com
781-317-0353

Media
Stacy Nartker
snartker@dyne-tx.com
781-317-1938

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Dyne Therapeutics (NASDAQ:DYN) announce about its Hercules Capital debt facility on June 17, 2026?

Dyne Therapeutics announced an expanded senior secured term loan facility with Hercules Capital totaling up to $400 million. According to the company, the amendment increases borrowing capacity and supports advancement of its DMD and DM1 clinical programs through key clinical, regulatory, and potential commercial milestones.

How much additional borrowing capacity does Dyne Therapeutics (DYN) gain from the amended Hercules Capital loan?

Dyne gains up to $125 million in additional borrowing capacity under the amended Hercules facility. According to the company, this includes $50 million funded at closing and extra tranches that may be drawn upon milestone achievement and Hercules Capital’s discretion, enhancing Dyne’s financial flexibility.

How much of the expanded Hercules Capital term loan was funded immediately for Dyne Therapeutics (DYN)?

Dyne received $50 million immediately upon execution of the amendment to the Hercules term loan. According to the company, this brings total borrowings to $200 million across three tranches, while preserving access to up to $200 million in additional potential future funding.

What total funding is now available to Dyne Therapeutics (DYN) under the Hercules Capital facility?

The Hercules Capital facility now provides Dyne with up to $400 million in total borrowing capacity. According to the company, $200 million has been borrowed so far, with up to $200 million remaining accessible through additional tranches, subject to milestones and lender discretion.

How will the expanded Hercules Capital loan support Dyne Therapeutics’ DMD and DM1 programs?

The expanded loan is intended to fund advancement of z-rostudirsen for exon 51 DMD and z-basivarsen for DM1. According to Dyne, the added capital supports progress through critical clinical and regulatory milestones and preparation for potential U.S. launches over the next two years.

What are the new term loan tranches available to Dyne Therapeutics (DYN) after the amendment?

The amendment adds a new $50 million tranche that Dyne can draw upon milestone achievement and increases the final tranche by $25 million to up to $75 million. According to the company, these changes expand its access to future non-dilutive funding.