Dyne Therapeutics, Inc. (NASDAQ: DYN) priced an upsized underwritten public offering of 18,980,478 shares of its common stock at $18.44 per share, generating $350.0 million in gross proceeds before underwriting discounts and commissions.
The offering, sold entirely by Dyne, is expected to close on or about December 11, 2025, subject to customary closing conditions. The company granted the underwriters a 30‑day option to purchase up to an additional 2,847,071 shares at the offering price, less underwriting discounts and commissions.
Prior to the offering, Dyne reported approximately $791.9 million in cash, cash equivalents, and marketable securities as of September 30, 2025. The $350 million raise brings the company’s total cash balance to roughly $1.04 billion, extending its runway by about one year and providing a substantial buffer to fund late‑stage clinical trials and potential regulatory submissions.
The capital raise is earmarked to support Dyne’s clinical‑stage pipeline, notably its lead programs DYNE‑251 for Duchenne muscular dystrophy and DYNE‑101 for myotonic dystrophy type 1. Both programs have received FDA Breakthrough Therapy Designation. The company expects to deliver top‑line data from the Phase 1/2 DELIVER trial’s registrational expansion cohort for DYNE‑251 on December 8, 2025, and to use the proceeds to support a potential U.S. Accelerated Approval submission in Q2 2026. For DYNE‑101, enrollment in the registrational expansion cohort is slated for completion in Q4 2025, with data expected mid‑2026 to support a similar regulatory pathway.
Investors reacted to the announcement with concern over share dilution, as the secondary offering increases the number of shares outstanding. Despite this, the market’s partial rebound suggests that investors are weighing the dilution against the critical need for capital to advance the company’s promising pipeline, particularly in light of the upcoming data readouts and regulatory milestones.
CEO John Cox emphasized that the capital raise is a strategic move to accelerate the development of its FORCE platform and to position the company for future commercial activities. CFO Erick Lucera noted that the new cash balance will allow Dyne to generate data from two registrational trials, submit two BLAs, and launch its first commercial product without the need for additional financing in the near term.
The offering underscores Dyne’s commitment to maintaining a robust liquidity position while pursuing aggressive clinical development, positioning the company to capitalize on its breakthrough‑designated programs and to navigate the regulatory landscape ahead of potential approvals.
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