Dyne Therapeutics Reports Fourth Quarter and Full Year 2023 Financial Results and Recent Business Highlights
Dyne Therapeutics, Inc. reports positive clinical data from ACHIEVE Trial in DM1 Patients and DELIVER Trial in DMD Patients, validating the FORCE™ Platform. The company strengthened its balance sheet with a $345 million public offering, extending cash runway through 2025.
Positive
Positive initial clinical data from ACHIEVE and DELIVER trials
Proof-of-concept demonstrated in DM1 and DMD programs
Successful validation of the FORCE™ platform for targeted therapeutics
Strengthened balance sheet with $345 million public offering
Cash runway extended through 2025
Safety profiles of DYNE-101 and DYNE-251 favorable
Significant improvement in myotonia and dystrophin production reported
Plans to optimize dose and dose regimen for trials
Anticipated reporting of data from higher dose cohorts in 2024
Upcoming oral presentations at MDA Clinical and Scientific Conference
The reported initial clinical data from Dyne Therapeutics' ACHIEVE and DELIVER trials provide critical proof-of-concept for the FORCE™ platform's potential in treating rare muscle diseases such as DM1 and DMD. The dose-dependent results and safety profiles of DYNE-101 and DYNE-251, respectively, indicate not only a promising step towards addressing unmet medical needs but also suggest a strategic advantage given the lower dosing requirements compared to current standards of care. This could lead to a paradigm shift in treatment efficacy and patient compliance.
Furthermore, the ability to impact the central nervous system, as suggested by the Myotonic Dystrophy Health Index (MDHI), presents a significant advance in treating diseases with both muscular and neurological components. The long-term implications for stakeholders include potential market expansion and competitive positioning, contingent on continued positive trial outcomes and regulatory approvals.
The successful public offering of approximately $345 million, which extended Dyne's cash runway through 2025, reflects investor confidence in the company's clinical progress and strategic direction. The funds raised suggest a strong market belief in the potential commercial viability of Dyne's therapeutics. This financial cushion allows Dyne to continue its R&D efforts without the immediate pressure of further capital raising, which could be dilutive to current shareholders.
However, the increased R&D expenses year-over-year, alongside a growing net loss, are indicative of the costly nature of clinical development, particularly in the biotechnology sector. Investors should monitor subsequent trial updates and the company's burn rate to assess the sustainability of its financial position and the likelihood of future capital requirements.
The biotechnology sector is highly competitive, with many companies vying to bring innovative treatments to market. Dyne's focus on rare muscle diseases places them in a niche but potentially lucrative market segment. The data from the ACHIEVE and DELIVER trials, if consistently positive, could position Dyne as a leader in this space. The potential expedited regulatory pathways mentioned could shorten the time to market and enhance the company's ability to capitalize on its research investments.
As Dyne plans to present further data in the second half of 2024, the anticipation of these results may influence market sentiment and stock volatility. The company's strategy to initiate registrational cohorts by the end of 2024 will be a critical milestone to watch, as it may signal the transition from a purely clinical-stage company to one with a commercial product on the horizon.
03/05/2024 - 07:30 AM
- Positive Initial Clinical Data from ACHIEVE Trial in DM1 Patients and DELIVER Trial in DMD Patients Demonstrated Proof-of-Concept, Validating the Promise of the FORCE™ Platform and Targeted Delivery to Muscle -
- Strengthened Balance Sheet with $345 Million Public Offering Extending Projected Cash Runway Through 2025 -
WALTHAM, Mass., March 05, 2024 (GLOBE NEWSWIRE) -- Dyne Therapeutics, Inc . (Nasdaq: DYN), a clinical-stage muscle disease company focused on advancing innovative life-transforming therapeutics for people living with genetically driven diseases, today reported financial results for the fourth quarter and full year 2023 and recent business highlights.
“We’ve had an exciting start to 2024 highlighted by Dyne’s first clinical data demonstrating proof-of-concept in our DM1 and DMD programs that validated the promise of the FORCE™ platform in developing targeted therapeutics for people living with rare muscle diseases. We were thrilled to see dose-dependent results in our ACHIEVE trial in DM1 as well as meaningful improvement in myotonia at the lowest dose, and in our DELIVER trial to exceed the level of dystrophin production reported for the standard of care for DMD exon 51 with a fraction of the dose. The strength of these data formed the foundation of the $345 million offering we completed in January 2024, which has extended our projected cash runway through 2025,” said Joshua Brumm, president and chief executive officer of Dyne. “In 2024, we are focused on leveraging the favorable safety profiles for both DYNE-101 and DYNE-251 and the adaptive nature of our ACHIEVE and DELIVER trials to optimize dose and dose regimen. We plan to provide an update from both trials in the second half of 2024, including reporting data from multiple, higher dose cohorts. We also continue to pursue expedited regulatory pathways as part of our commitment to move with a sense of urgency to deliver potentially transformative therapies for the DM1 and Duchenne communities.”
Highlights from Clinical Programs
Phase 1/2 ACHIEVE Trial of DYNE-101 in DM1
In January 2024, Dyne reported initial clinical data from the Phase 1/2 ACHIEVE trial of DYNE-101 in adult patients with myotonic dystrophy type 1 (DM1). The initial efficacy assessment was based on data from 32 patients enrolled in the randomized, placebo-controlled multiple ascending dose (MAD) portion of the trial, including 6-month data from the 1.8 mg/kg (approximate ASO dose) cohort and 3-month data from the 3.4 mg/kg Q4W cohort. DYNE-101 demonstrated a dose-dependent splicing correction as well as an increase in muscle delivery and DMPK knockdown. Patients treated with 1.8 mg/kg Q4W of DYNE-101 also experienced functional improvement in myotonia as measured by video hand opening time (vHOT) and overall improvement in the Myotonic Dystrophy Health Index (MDHI) patient reported outcome, including the fatigue subscale, suggesting potential benefit in the central nervous system. Safety and tolerability data were based on 45 patients enrolled through the 5.4 mg/kg Q8W cohort of the MAD portion. DYNE-101 demonstrated a favorable safety profile as of the data cutoff date1 . The ACHIEVE trial is fully enrolled through the 5.4 mg/kg Q8W cohort and is currently enrolling participants in the 6.8 mg/kg Q8W cohort. Phase 1/2 DELIVER Trial of DYNE-251 in DMD
In January 2024, Dyne reported initial clinical data from the Phase 1/2 DELIVER trial of DYNE-251 in Duchenne muscular dystrophy (DMD). The initial efficacy assessment was based on 6-month data from 6 male patients with DMD amenable to exon 51 skipping enrolled in the 5 mg/kg (approximate PMO dose) cohort of the randomized, placebo-controlled MAD portion of the trial. Once every 4-week administration of DYNE-251 reached levels of dystrophin expression, exon skipping and percent dystrophin positive fibers that exceeded levels reported in a clinical trial for the current weekly standard of care for DMD exon 51, eteplirsen, at 6 months2 with a 24-fold lower total PMO dose. Safety and tolerability data were based on 37 patients enrolled through the 20 mg/kg cohort of the MAD portion. DYNE-251 demonstrated a favorable safety profile as of the data cutoff date1 . The DELIVER trial is fully enrolled through the 20 mg/kg Q4W cohort and is currently enrolling participants in the 40 mg/kg Q8W cohort. Other Business Highlights
In January 2024, Dyne completed an underwritten public offering of 19,722,500 shares of its common stock at a public offering price of $17.50 per share, which included 2,572,500 shares issued upon the exercise in full by the underwriters of their option to purchase additional shares of common stock in the offering. The gross proceeds to Dyne from the offering were approximately $345.1 million , before deducting underwriting discounts and commissions and offering expenses payable by Dyne. Upcoming Events & Key 2024 Milestones
Initial data from ACHIEVE and DELIVER reported in January 2024 will be featured in oral presentations at the Muscular Dystrophy Association (MDA) Clinical and Scientific Conference on March 6, 2024. Dyne anticipates reporting data from multiple, higher dose cohorts from both the ACHIEVE and the DELIVER trials in the second half of 2024 with the goal of initiating registrational cohorts by the end of 2024. Fourth Quarter and Full Year 2023 Financial Results
Cash position: Cash, cash equivalents and marketable securities were $123.1 million as of December 31, 2023. In January 2024, the Company completed an underwritten public offering of 19,722,500 shares of its common stock for net proceeds of approximately $323.9 million . The Company expects that its cash, cash equivalents and marketable securities as of December 31, 2023, together with the net proceeds from the January 2024 underwritten public offering, will be sufficient to fund its operations through 2025.
Research and development (R&D) expenses: R&D expenses were $58.8 million and $33.2 million for the quarters ended December 31, 2023 and 2022, respectively. R&D expenses were $210.8 million and $142.8 million for the years ended December 31, 2023 and 2022, respectively.
General and administrative (G&A) expenses: G&A expenses were $8.8 million and $7.0 million for the quarters ended December 31, 2023 and 2022, respectively. G&A expenses were $31.4 million and $28.2 million for the years ended December 31, 2023 and 2022, respectively.
Net loss: Net loss for the quarter ended December 31, 2023 was $66.6 million , or $1.09 per basic and diluted share. This compares with a net loss of $38.8 million , or $0.74 per basic and diluted share, for the quarter ended December 31, 2022. Net loss for the year ended December 31, 2023 was $235.9 million , or $3.95 per basic and diluted share. This compares with a net loss of $168.1 million , or $3.23 per basic and diluted share, for the year ended December 31, 2022.
About Dyne Therapeutics
Dyne Therapeutics is a clinical-stage muscle disease company focused on advancing innovative life-transforming therapeutics for people living with genetically driven diseases. With its proprietary FORCE™ platform, Dyne is developing modern oligonucleotide therapeutics that are designed to overcome limitations in delivery to muscle tissue. Dyne has a broad pipeline for serious muscle diseases, including clinical programs for myotonic dystrophy type 1 (DM1) and Duchenne muscular dystrophy (DMD) and a preclinical program for facioscapulohumeral muscular dystrophy (FSHD). For more information, please visit https://www.dyne-tx.com , and follow us on X , LinkedIn and Facebook .
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 potential of the FORCE platform, the trial design of the DYNE-101 and DYNE-251 clinical trials, the anticipated timelines for reporting data from the DYNE-101 and DYNE-251 clinical trials and initiating registrational cohorts, plans to optimize dose and dose regimen for DYNE-101 and DYNE-251 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,” 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: 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 initiate and enroll patients in clinical trials; whether results from preclinical studies and initial data from early clinical trials will be predictive of the final results of the clinical trials or future trials; whether Dyne’s cash resources will be sufficient to fund the Company’s 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-K 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.
1 . Safety data as of December 6, 20232. No head-to-head trials have been conducted comparing DYNE-251 to eteplirsen. Eteplirsen data may not be directly comparable due to differences in trial protocols, dosing regimens and patient populations. Accordingly, these cross-trial comparisons may not be reliable. Eteplirsen data from J Neuromuscul Dis . 2021; 8(6): 989–1001
Dyne Therapeutics, Inc. Condensed Consolidated Statement of Operations (in thousands, except share and per share data) Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 Operating expenses: Research and development $ 58,843 $ 33,191 $ 210,762 $ 142,760 General and administrative 8,846 6,955 31,400 28,202 Total operating expenses 67,689 40,146 242,162 170,962 Loss from operations (67,689 ) (40,146 ) (242,162 ) (170,962 ) Other (expense) income, net 1,050 1,319 6,225 2,863 Net loss $ (66,639 ) $ (38,827 ) $ (235,937 ) $ (168,099 ) Net loss per share, basic and diluted $ (1.09 ) $ (0.74 ) $ (3.95 ) $ (3.23 ) Weighted average common shares outstanding, basic and diluted 61,393,409 52,817,413 59,683,851 51,976,343
Dyne Therapeutics, Inc. Condensed Consolidated Balance Sheet Data (in thousands) December 31, 2023 2022 Assets Cash, cash equivalents and marketable securities $ 123,100 $ 256,012 Other assets 41,982 50,313 Total Assets $ 165,082 $ 306,325 Liabilities and Stockholders’ Equity Liabilities 73,790 53,961 Stockholders' equity 91,292 252,364 Total liabilities and stockholders' equity $ 165,082 $ 306,325
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What positive clinical data did Dyne Therapeutics report?
Dyne Therapeutics reported positive initial clinical data from ACHIEVE Trial in DM1 Patients and DELIVER Trial in DMD Patients.
How did Dyne strengthen its balance sheet?
Dyne strengthened its balance sheet with a $345 million public offering.
What is the ticker symbol for Dyne Therapeutics?
The ticker symbol for Dyne Therapeutics is DYN.
What milestones are anticipated for Dyne in 2024?
Dyne anticipates reporting data from multiple, higher dose cohorts from both the ACHIEVE and the DELIVER trials in the second half of 2024.
Where will Dyne present its initial data from ACHIEVE and DELIVER trials?
Dyne will present its initial data from ACHIEVE and DELIVER trials at the Muscular Dystrophy Association (MDA) Clinical and Scientific Conference on March 6, 2024.
