Dyne Therapeutics, Inc. DYN

Health CareBiotechnology & Medical ResearchUnited States of America

Last close 16.69 USD on Nov 1, 2026, −14.7% year to date

Quant rating

Quant rating D Rank 447 of 565 in Health Care

Growth D 459 of 565
Valuation C 365 of 565
Quality D 419 of 565
Revisions C 353 of 565
Momentum C 361 of 565

Wall Street consensus Buy (1.88)Average target 36.07 USD +116.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.1B
Enterprise value: 2.4B
52-week range: 14.12 – 27.29
3-year range: 6.81 – 47.04
Dividend yield: –
Beta (5 years): 1.22
Shares outstanding: 187M
Next earnings: Nov 2, 2026

About the company

Dyne Therapeutics, Inc. is a clinical-stage neuromuscular disease company. It is discovering and advancing therapeutics for people living with genetically driven neuromuscular diseases. Leveraging the modularity of its FORCE platform, it is developing targeted therapeutics that deliver to muscle and central nervous system (CNS). It has a broad pipeline for neuromuscular diseases, including clinical programs for myotonic dystrophy type 1 and Duchenne muscular dystrophy and preclinical programs for facioscapulohumeral muscular dystrophy and Pompe disease. Its product candidate, zeleciment basivarsen (also known as DYNE-101), is being evaluated in ACHIEVE, an ongoing Phase I/II global clinical trial in patients with DM1. Its product candidate, zeleciment rostudirsen (also known as DYNE-251), is being evaluated in DELIVER, an ongoing Phase I/II global clinical trial in patients with DMD who have mutations amenable to skipping exon 51. Its other product candidates are DYNE-302 and DYNE-401.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	0	0	0	0	0	–
Revenue growth	–	–	–	–	–	–
EPS (basic, normalized)	−3.47	−3.37	−3.95	−3.23	−2.93	–
EPS growth	–	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	–	–	–	–	–	–
ROE	−55.7%	−88.0%	−137.3%	−54.2%	−42.0%	−75.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	896
Current ratio	12.02x
Long-term debt (mil)	199
Net debt (mil)	−683
Total equity (mil)	702
Net debt / equity	−0.97x
Net debt / EBITDA	1.46x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	0	–	–	−466	−43.2%	−5.2x	−3.47	−3.0%	−4.8x
2026	0	–	–	−643	−37.9%	−3.8x	−3.60	−3.7%	−4.6x
2027	64.1	–	38.0x	−653	−1.6%	−3.7x	−3.31	+8.1%	−5.0x
2028	267	+316.2%	9.1x	−526	+19.5%	−4.6x	−2.57	+22.3%	−6.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	0	–	–	–	−3.60	+0.8%	−4.8%	−14.8%
2027	64.1	+1.2%	+1.3%	−33.5%	−3.31	+1.7%	−2.3%	−12.1%
2028	267	−3.0%	−13.8%	−11.6%	−2.57	−0.4%	−2.1%	−12.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	0	0	0	0	0	0	0	0	0	0
Sales mean (mil)	0	0	0	0	0	0	0	0	0	0
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	−0.81	−0.70	−0.96	−0.88	−1.05	−0.97	−0.76	−0.76	−0.73	−1.08
EPS mean	−0.80	−0.72	−0.71	−0.96	−0.88	−0.95	−0.84	−0.77	−0.77	−0.75
Surprise	−1.2%	+2.5%	−34.8%	+8.4%	−19.4%	−1.6%	+9.2%	+1.3%	+5.6%	−43.9%

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DYN Dyne Therapeutics, Inc.	3.1B	1.46x	–	3.94x	−4.6x	−5.0x	−3.8x	−3.7x
ASND Ascendis Pharma A/S	16.7B	2.94x	−31.7%	10.38x	15.2x	23.9x	34.4x	19.4x
ARWR Arrowhead Pharmaceuticals, Inc.	8.5B	−2.79x	−0.2%	18.16x	−17.9x	−12.5x	−19.8x	−12.0x
IONS Ionis Pharmaceuticals, Inc.	7.2B	0.38x	−40.4%	16.39x	−12.1x	−20.1x	−11.8x	−21.2x
PRAX Praxis Precision Medicines, Inc.	8.0B	2.33x	–	5.95x	−20.8x	−28.6x	−16.2x	−23.6x
SRRK Scholar Rock Holding Corporation	5.3B	0.77x	–	21.03x	−13.2x	−16.4x	−12.1x	−15.4x
Mean		0.85x	−24.1%	12.64x	−8.9x	−9.8x	−4.9x	−9.4x
Median		1.12x	−31.7%	13.38x	−12.7x	−14.4x	−11.9x	−13.7x

Technical analysis

1M+2.1%
3M−35.6%
1Y−31.3%
3Y+152.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Dyne Therapeutics, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	0	0	0	0	0	0
Cost of revenue	–	–	–	–	–	–
Gross profit	0	0	0	0	0	0
Selling, general & administrative expenses	69.9	62.5	31.4	28.2	28.7	13.4
Research & development	398	281	211	143	121	45.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	−468	−344	−242	−171	−150	−58.6
Net interest income (expense)	23.7	26.9	7.6	2.9	0.7	−0.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.7	−0.5	−1.4	−0.1	0	−0.4
Net income before taxes	−446	−317	−236	−168	−149	−59.4
Provision for taxes	0	–	–	–	–	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−446	−317	−236	−168	−149	−59.4
Extraordinary items	–	–	–	–	–	–
Net income	−446	−317	−236	−168	−149	−59.4
EBIT, normalized	−468	−344	−242	−171	−150	−58.6
EBITDA, normalized	−466	−342	−240	−169	−149	−57.9
Basic EPS, normalized	−3.47	−3.37	−3.95	−3.23	−2.93	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Dyne Therapeutics, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,111	642	123	256	377	345
Receivables	–	–	–	–	–	–
Total inventory	–	–	–	–	–	–
Prepaid expenses	16.0	17.0	6.3	9.6	5.8	3.8
Other current assets	0	0	0	0	0	0
Total current assets	1,127	659	129	266	382	349
Property, plant & equipment	44.8	30.0	33.4	38.4	41.0	1.9
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	15.6	1.9	2.3	2.3	2.3	2.3
Total assets	1,187	691	165	306	426	353
Liabilities
Accounts payable	8.1	6.6	22.9	5.3	4.0	3.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	42.5	35.7	28.2	22.8	24.7	7.5
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	0	0	0	0	0	0
Total current liabilities	50.6	42.3	51.1	28.1	28.7	11.0
Long-term debt	149	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	15.3	19.1	22.7	25.9	28.7	0
Total liabilities	215	61.4	73.8	54.0	57.5	11.0
Shareholders' equity
Preferred stock	0	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	2,368	1,580	724	650	597	422
Retained earnings (accumulated deficit)	−1,396	−950	−633	−397	−228	−79.2
Treasury stock	–	–	–	–	–	–
Other equity	0.5	0	0	−0.6	−0.3	0
Total equity	972	630	91.3	252	368	342
Total liabilities & shareholders' equity	1,187	691	165	306	426	353

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Dyne Therapeutics, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−446	−317	−236	−168	−149	−59.4
Depreciation, depletion & amortization	2.0	1.7	1.7	1.7	1.1	0.7
Deferred taxes	–	–	–	–	–	–
Non-cash items	44.4	42.9	19.8	18.1	19.4	7.1
Changes in working capital	−3.4	−19.5	26.3	−5.4	9.3	5.1
Cash from operations	−403	−292	−188	−154	−120	−46.5
Investing activities
Capital expenditures	−20.7	−2.4	−0.7	−3.1	−3.6	−1.2
Other investing cash flows	−8.0	−202	84.0	90.3	−134	−44.5
Cash from investing	−28.8	−204	83.3	87.2	−138	−45.7
Financing activities
Financing cash flow items	–	–	–	–	0	−0.5
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	890	810	54.3	37.4	158	381
Cash from financing	890	810	54.3	37.4	158	381
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	458	313	−50.5	−29.1	−99.6	289
Free cash flow	−424	−295	−189	−157	−123	−47.7

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.