---
title: "Dyne Therapeutics (DYN) news: offering"
url: "https://aibio.space/companies/dyne-therapeutics/"
publisher: "aibio.space (Biotech Investor Relations News)"
summary: "DYN offering news. Dyne Therapeutics news for investors: Dyne Therapeutics develops muscle-targeting genetic medicines for Duchenne muscular dystrophy and…"
---

Desk view · Opinion · Updated Oct 22, 2026

## Dyne Therapeutics faces its first FDA decision in January

Dyne has an FDA decision date, a second late-stage program and cash that its guidance says lasts into 2028. The evidence behind the filing is small and rests on dystrophin as a surrogate, so a delay or request for more data is a real possibility. This is analysis of public information, not advice.

Read the full desk view

aibio.space Investor Rank · Opinion

**7** /10 Positive view

Funded into 2028 with a Priority Review decision due in January, but the Duchenne filing rests on a 32-boy cohort and a surrogate, so a delay is possible.

- **Technology**: 1/2

- **Odds**: 1/2

- **Balance sheet**: 2/2

- **Risk**: 1/2

- **Momentum**: 2/2

Opinion only. The Investor Rank is aibio.space's opinion of the company's business position, drawn from the public sources on this page. It is not a recommendation to buy, sell or hold any security and it is not investment advice. It does not consider the share price, valuation or your circumstances, and it can change at any time. Payments from companies never affect it. [How the rank works](https://aibio.space/disclosures/#rank).

- **Technology**: **Clinically promising.** Muscle-targeting conjugates raised dystrophin to 5.46% of normal in a small Duchenne cohort, but the functional data are limited.

- **Odds**: **Filing under review.** The z-rostudirsen BLA has Priority Review, though accelerated approval on a surrogate carries more risk than the 90.6% base rate for filings.

- **Balance sheet**: **Funded into 2028.** Cash was $898.5 million at June 30, plus about $405.0 million net raised in July, with runway guided into Q2 2028.

- **Main risk**: **Evidence is thin.** The Duchenne BLA rests on a 32-boy cohort and the DM1 data are pooled across dose levels.

- **Watch next**: **January decision.** The FDA action date for z-rostudirsen is Jan. 21, 2027, followed by z-basivarsen topline data in Q1 2027.

## Top news on Dyne

1. 2026-07-29 Financings [Dyne Therapeutics has $898.5 million in cash and a runway into 2028 after July offering](https://aibio.space/news/dyne-therapeutics-has-898-5-million-cash-runway-2028-after-july/) The company sold 21,045,000 shares at $20.50 in July and expanded a loan facility to $400 million as it prepares a possible Duchenne launch.
2. 2026-06-16 Debt Financing [Dyne Therapeutics draws $50.0 million more under Hercules facility](https://aibio.space/news/dyne-therapeutics-draws-50-0-million-more-under-hercules-facility/) Dyne Therapeutics' Hercules facility now totals up to $400.0 million, with $200.0 million outstanding after a $50.0 million draw on June 16, 2026. Hercules Capital, Inc. is administrative agent and collateral agent for the lenders.
3. 2025-12-08 Debt Financing [Dyne Therapeutics borrows $50.0 million second tranche under amended Hercules term loan](https://aibio.space/news/dyne-therapeutics-borrows-50-0-million-second-tranche-under-amended/) The First Amendment lets Dyne draw a $50.0 million tranche from Hercules Capital. Up to $75.0 million more depends on milestones, and the loan matures July 1, 2030 at prime plus 2.45% with a 7.50% floor.

## Dates

**Jan 21, 2027**
FDA PDUFA target action date for z-rostudirsen in exon 51 DMD [Source](https://investors.dyne-tx.com/node/12531/pdf)

**Q1 2027**
Potential US launch of z-rostudirsen; topline data from z-basivarsen registrational expansion cohort [Source](https://investors.dyne-tx.com/node/12641/pdf)

**Q3 2027**
Potential BLA submission for accelerated approval of z-basivarsen [Source](https://investors.dyne-tx.com/node/12641/pdf)

## The money

Cash, cash equivalents and marketable securities of $898.5 million at June 30, 2026, plus about $405.0 million net from a July 2026 offering. Company expects runway into Q2 2028. Hercules term loan amended to allow up to $400 million. [Source](https://investors.dyne-tx.com/node/12641/pdf)

## Risks on the record

- Accelerated approval of z-rostudirsen depends on dystrophin as a surrogate endpoint; the registrational cohort enrolled 32 boys. [Source](https://www.neurologylive.com/view/z-rostudirsen-meets-primary-end-point-phase-1-2-deliver-trial-dmd)
- Net loss of $178.6 million in Q2 2026 and R&D expense of $152.2 million, up from $99.2 million a year earlier. [Source](https://investors.dyne-tx.com/node/12641/pdf)
- Pooled DM1 one-year data do not reflect continuous registrational-dose treatment; only 8 of 26 participants received 6.8 mg/kg for the full 12 months. [Source](https://www.rttnews.com/3695049/dyne-reports-one-year-z-basivarsen-data-showing-functional-improvements-in-dm1.aspx)

## Questions investors ask

### What is aibio.space's Investor Rank for Dyne Therapeutics?

7 out of 10, our positive view. Funded into 2028 with a Priority Review decision due in January, but the Duchenne filing rests on a 32-boy cohort and a surrogate, so a delay is possible. This is opinion only, not a recommendation to buy, sell or hold, and it does not consider the share price or valuation. [Source](https://aibio.space/disclosures/#rank)

### When will the FDA decide on Dyne's z-rostudirsen?

The FDA accepted the application with Priority Review and set a PDUFA target action date of Jan. 21, 2027. Dyne is seeking accelerated approval for exon 51 Duchenne muscular dystrophy. [Source](https://investors.dyne-tx.com/node/12531/pdf)

### How much cash does Dyne Therapeutics have?

Dyne held $898.5 million at June 30, 2026, and sold about $431 million of stock in July. The company expects its cash to last into the second quarter of 2028. [Source](https://investors.dyne-tx.com/node/12641/pdf)

### What did the z-rostudirsen DELIVER data show?

In a 32-boy registrational cohort, muscle-content-adjusted dystrophin reached 5.46% of normal at six months. Functional endpoints moved in favor of the drug across six measures, with two reaching statistical significance, according to NeurologyLive. [Source](https://www.neurologylive.com/view/z-rostudirsen-meets-primary-end-point-phase-1-2-deliver-trial-dmd)

### What is z-basivarsen and when does it report data?

Z-basivarsen is Dyne's drug for myotonic dystrophy type 1. Topline results from its 71-participant registrational expansion cohort are expected in the first quarter of 2027. [Source](https://investors.dyne-tx.com/node/12641/pdf)

### Has Dyne raised money recently?

Yes. In July 2026 Dyne sold 21,045,000 shares at $20.50 each for about $431 million gross, and in June it amended its Hercules term loan to allow up to $400 million of borrowing. [Source](https://investors.dyne-tx.com/node/12641/pdf)

### What is the latest Dyne Therapeutics (DYN) stock news?

Our latest story on Dyne Therapeutics, dated Jul 29, 2026: "Dyne Therapeutics has $898.5 million in cash and a runway into 2028 after July offering". The company sold 21,045,000 shares at $20.50 in July and expanded a loan facility to $400 million as it prepares a possible Duchenne launch. [Source](https://aibio.space/news/dyne-therapeutics-has-898-5-million-cash-runway-2028-after-july/)

### Does Dyne Therapeutics have debt, a term loan or convertible notes?

Our latest debt story, dated Jun 16, 2026: "Dyne Therapeutics draws $50.0 million more under Hercules facility". Dyne Therapeutics' Hercules facility now totals up to $400.0 million, with $200.0 million outstanding after a $50.0 million draw on June 16, 2026. Hercules Capital, Inc. is administrative agent and collateral agent for the lenders. [Source](https://aibio.space/news/dyne-therapeutics-draws-50-0-million-more-under-hercules-facility/)

### How long will Dyne Therapeutics's cash last?

From our story of Jul 29, 2026: Dyne Therapeutics ended the second quarter with $898.5 million in cash, cash equivalents and marketable securities and said the money, including the proceeds of a July stock offering, should fund operations into the second quarter of 2028. [Source](https://aibio.space/news/dyne-therapeutics-has-898-5-million-cash-runway-2028-after-july/)

### What is Dyne Therapeutics's market cap?

We do not publish live share prices. In its annual report, Dyne Therapeutics, Inc. put the market value of shares held by non-affiliates (public float) at $948.0 million as of Jun 30, 2025. Source

### Is Dyne Therapeutics a smaller reporting company?

SEC records list Dyne Therapeutics, Inc.'s filer category as: Large accelerated filer. Source

### Where is Dyne Therapeutics headquartered?

SEC records list its business address as 1560 TRAPELO ROAD, WALTHAM, MA, 02451. Source

### When does Dyne Therapeutics's fiscal year end?

Dyne Therapeutics, Inc.'s fiscal year ends on December 31, per SEC records. Source

### What did Dyne Therapeutics last file with the SEC?

Its most recent filing in our record is an 8-K filed 2026-09-29. All of its filings are on SEC EDGAR. [Source](https://www.sec.gov/Archives/edgar/data/1818794/000181879426000009/dyn-20260929.htm)

### What industry is Dyne Therapeutics in?

Its SEC industry code (SIC 2834) is Pharmaceutical Preparations. Source

## Legal and investor matters

Checked against Dyne Therapeutics filings and press releases. Allegations are allegations; nothing here is a finding of fault. Reviewed Oct 25, 2026.

The 10-Q filed 2026-07-29 (Part II Item 1) and the 10-K filed 2026-03-02 (Item 3) report no legal proceedings, so no securities class action or derivative suit is disclosed. [Source](https://www.sec.gov/Archives/edgar/data/1818794/000119312526084178/dyn-20251231.htm)

1. 2026-07-21 Financing Dyne prices 18.3 million share public offering at $20.50 Dyne said in an 8-K that on July 21, 2026 it entered into an underwriting agreement with Morgan Stanley & Co. LLC and Jefferies LLC for an underwritten public offering of 18,300,000 shares of common stock, all sold by the company, at a public price of $20.50 per share. Underwriters held a 30-day option to buy up to an additional 2,745,000 shares at the public offering price less discounts and commissions. The 10-Q filed July 29, 2026 says the underwriters exercised the option in full, for 21,045,000 shares sold in total and estimated net proceeds of about $405.0 million. [Dyne Therapeutics 8-K filed 2026-07-22](https://www.sec.gov/Archives/edgar/data/1818794/000119312526312571/d112911d8k.htm)
2. 2026-06-16 Financing Dyne expands Hercules debt facility to $400 million and borrows another $50 million Dyne disclosed in an 8-K that on June 16, 2026 it entered into a second amendment to its loan and security agreement with Hercules Capital, Inc. The amendment expanded the debt facility to an aggregate of up to $400.0 million by adding two tranches of $50.0 million each and increasing the final tranche by $25.0 million. It also reduced the minimum cash covenant. Dyne borrowed one added $50.0 million tranche on the amendment date. [Dyne Therapeutics 8-K filed 2026-06-17](https://www.sec.gov/Archives/edgar/data/1818794/000181879426000003/dyn-20260616.htm)
3. 2025-12-09 Financing Dyne prices 19.0 million share public offering at $18.44 Dyne said in an 8-K that on December 9, 2025 it entered into an underwriting agreement with Morgan Stanley & Co. LLC, Jefferies LLC, Stifel, Nicolaus & Company and Guggenheim Securities for an offering of 18,980,478 shares of common stock, all sold by the company, at $18.44 per share. Underwriters held a 30-day option to buy up to an additional 2,847,071 shares at the public offering price less discounts and commissions. The 10-K filed March 2, 2026 says the company sold 21,827,549 shares in total, with net proceeds of $377.7 million. [Dyne Therapeutics 8-K filed 2025-12-10](https://www.sec.gov/Archives/edgar/data/1818794/000119312525314249/d76666d8k.htm)
4. 2025-06-30 Financing Dyne prices 24.2 million share public offering at $8.25 Dyne disclosed in an 8-K that on June 30, 2025 it entered into an underwriting agreement with Morgan Stanley & Co. LLC, Jefferies LLC, Stifel, Nicolaus & Company and Guggenheim Securities for an offering of 24,242,425 shares of common stock, all sold by the company, at $8.25 per share. Underwriters held a 30-day option to buy up to an additional 3,636,363 shares at the public offering price less discounts and commissions. The 10-K filed March 2, 2026 says the company sold 27,878,788 shares in total in the offering, with net proceeds of $215.8 million. [Dyne Therapeutics 8-K filed 2025-07-01](https://www.sec.gov/Archives/edgar/data/1818794/000119312525154057/d38498d8k.htm)
5. 2025-06-27 Financing Dyne enters Hercules loan agreement for up to $275 million, $100 million funded Dyne said in an 8-K that on June 27, 2025 it entered into a loan and security agreement with Hercules Capital, Inc. as administrative agent and lender. The agreement provides term loans of up to $275.0 million under multiple tranches. An initial $100.0 million tranche was funded at closing. Three further tranches totaling up to $115.0 million depend on milestones, and a final tranche of up to $60.0 million needs lender approval. [Dyne Therapeutics 8-K filed 2025-06-30](https://www.sec.gov/Archives/edgar/data/1818794/000119312525152652/d80696d8k.htm)
6. 2024-11-12 Financing Dyne files prospectus supplement for up to $300 million at-the-market sales Dyne disclosed in an 8-K that on November 12, 2024 it filed a prospectus supplement under its universal shelf registration for the offer and sale of up to $300,000,000 of common stock under an Open Market Sale Agreement with Jefferies LLC. A prior prospectus covered up to $200.0 million. As of the supplement date, the company had sold shares for gross proceeds of approximately $101.2 million under the agreement. [Dyne Therapeutics 8-K filed 2024-11-12](https://www.sec.gov/Archives/edgar/data/1818794/000119312524255269/d867502d8k.htm)

## Pipeline

| Program | Indication | Stage |
|---|---|---|
| Z-rostudirsen (DYNE-251) | Duchenne muscular dystrophy, exon 51 skipping | BLA under FDA Priority Review for accelerated approval; PDUFA date Jan 21, 2027; phase 3 FORZETTO started May 2026 [Source](https://investors.dyne-tx.com/node/12531/pdf) |
| Z-basivarsen (DYNE-101) | Myotonic dystrophy type 1 | Phase 1/2 ACHIEVE registrational cohort enrolled (71 participants), topline Q1 2027; phase 3 HARMONIA dosing began July 2026 [Source](https://investors.dyne-tx.com/node/12641/pdf) |
| DYNE-302 | Facioscapulohumeral muscular dystrophy (FSHD) | IND cleared July 2026; phase 1 safety trial [Source](https://investors.dyne-tx.com/node/12641/pdf) |
| DYNE-253, DYNE-245, DYNE-244, DYNE-255 | Duchenne muscular dystrophy, exons 53, 45, 44 and 55 | Preclinical [Source](https://investors.dyne-tx.com/node/12531/pdf) |

Opinion · Devil's advocate

## Fact-check-o-meter

Some gaps

Dyne is open about its caveats, but the approval case is a biomarker and small cohorts

Dyne's releases and its 10-Q agree on the facts, and the DM1 release discloses its own dosing limits. The gaps are about emphasis: a DM1 headline that reads broader than the data, and a Duchenne filing that rests on dystrophin with functional results measured against a pooled placebo group of 12 to 23 patients. No litigation is disclosed.

1. Science · weight medium DM1 headline claims placebo and natural-history comparisons that the body narrows **The company said:** "showed functional improvement versus baseline, versus placebo and versus a matched natural history cohort across multiple measures at 12 months" [source](https://www.sec.gov/Archives/edgar/data/1818794/000181879426000009/dyn-ex99_1.htm) **The record says:** Later in the same release: "only 8 of 26 participants in the pooled dose group received the registrational dose for the full 12 months analyzed and most did not receive the registrational dose during this timeframe." The placebo comparison is for video hand opening time at 6 months (placebo N=14). It also says "5xSTS was not included in the END-DM1 natural history study, so no comparisons could be made" and the patient-reported score was compared with "an unmatched END-DM1 natural history cohort (N=410)". [source](https://www.sec.gov/Archives/edgar/data/1818794/000181879426000009/dyn-ex99_1.htm) **Our view:** The release is open about the caveats, but a reader of the first bullet would think all three comparisons apply to every measure at 12 months. They do not. The pooled group also mixes doses, so it cannot say what the registrational dose does over a year.
2. Science · weight high Duchenne accelerated approval rests on dystrophin, with functional gains from a small placebo group **The company said:** "functional improvement as assessed by six prespecified clinical measures" [source](https://www.sec.gov/Archives/edgar/data/1818794/000119312525310516/d16518dex991.htm) **The record says:** The registry lists the DELIVER primary outcomes as "Change From Baseline in Dystrophin Protein Levels in Muscle Tissue at Week 25" and treatment-emergent adverse events. The Dec. 8, 2025 release says "24 participants were randomized to receive 20 mg/kg z-rostudirsen every four weeks (Q4W), and 8 were randomized to placebo". Function is compared with "the pooled placebo group (from the entire DELIVER trial per the statistical analysis plan)", with placebo n=18 for TTR velocity, 10MWR velocity and NSAA, n=12 for SV95C and n=23 for PUL2.0. The release adds: "Despite not being powered for formal comparisons, a post-hoc statistical analysis comparing the REC to the pooled placebo group at six months generated nominal p<0.05 for TTR velocity and 10MWR velocity". [source](https://clinicaltrials.gov/study/NCT05524883) **Our view:** The primary endpoint was met, but it is a biomarker. The functional signals are directionally favorable, but the cohort has 32 participants, the comparison uses a pooled placebo group from the whole DELIVER trial (12 to 23 patients depending on the measure), and the p-values are nominal from a post hoc analysis. The 10-Q describes the Phase 3 FORZETTO trial as a randomized, placebo-controlled, double-blind confirmatory trial.
3. Press release vs filing · weight medium Launch timing in the 8-K versus the 10-Q's accelerated-approval caution **The company said:** "The Company continues to expect a potential U.S. launch of z-rostudirsen in the first quarter of 2027, assuming approval is received on the anticipated timeline." [source](https://www.sec.gov/Archives/edgar/data/1818794/000119312526308343/dyn-20260720.htm) **The record says:** The 10-Q's risk factors say: "There can be no assurance that the FDA or foreign regulatory agencies will agree with our, or any future collaborators’, surrogate endpoints or intermediate clinical endpoints in any of our, or their, clinical trials". [source](https://www.sec.gov/Archives/edgar/data/1818794/000119312526323639/dyn-20260630.htm) **Our view:** The 8-K does include the word 'assuming', and Priority Review with a Jan. 21, 2027 date is a fact. Still, the whole case rests on a surrogate endpoint, which the company itself says the FDA may not accept.
4. Press release vs filing · weight low Runway to Q2 2028 depends on a July raise and carries a stated caveat **The company said:** "Expected cash runway into Q2 2028" [source](https://www.sec.gov/Archives/edgar/data/1818794/000119312526323940/dyn-ex99_1.htm) **The record says:** The 10-Q's financial statement note says cash "will be sufficient to fund its operating expenses, debt service obligations and capital expenditure requirements for at least 12 months", while the MD&A gives Q2 2028 and adds: "we could exhaust our available capital resources sooner than we expect." [source](https://www.sec.gov/Archives/edgar/data/1818794/000119312526323639/dyn-20260630.htm) **Our view:** The two statements are consistent. The 2028 date counts about $405.0 million of net proceeds from the July offering on top of $898.5 million of cash at June 30, and the company says it will need substantial additional funding.
5. Legal and disclosure record · weight low No securities litigation or enforcement disclosed in the latest filing **The record says:** Part II, Item 1 of the Q2 10-Q reads: "Item 1. Legal Proceedings. None." [source](https://www.sec.gov/Archives/edgar/data/1818794/000119312526323639/dyn-20260630.htm) **Our view:** No class action, derivative suit, warning letter or agency enforcement matter is disclosed. Risk factors on litigation are generic.

Documents we compared

- [Press release: one-year z-basivarsen DM1 data (8-K exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1818794/000181879426000009/dyn-ex99_1.htm) 2026-09-29
- [Press release: Q2 2026 results (8-K exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1818794/000119312526323940/dyn-ex99_1.htm) 2026-07-29
- [Form 10-Q for the quarter ended June 30, 2026](https://www.sec.gov/Archives/edgar/data/1818794/000119312526323639/dyn-20260630.htm) 2026-07-29
- [Form 8-K: BLA accepted, PDUFA Jan. 21, 2027](https://www.sec.gov/Archives/edgar/data/1818794/000119312526308343/dyn-20260720.htm) 2026-07-20
- [NeurologyLive report on DELIVER registrational cohort](https://www.neurologylive.com/view/z-rostudirsen-meets-primary-end-point-phase-1-2-deliver-trial-dmd) 2025-12-08
- [ClinicalTrials.gov NCT05524883 (DELIVER)](https://clinicaltrials.gov/study/NCT05524883) 2026-08-11
- [ClinicalTrials.gov NCT05481879 (ACHIEVE)](https://clinicaltrials.gov/study/NCT05481879) 2026-09-23

This is opinion. We compare the company's own announcements with its filings and the scientific record, and link every source. It is not an allegation of wrongdoing and not investment or legal advice. Legal items list only matters disclosed in filings or by courts and regulators. Checked Oct 23, 2026. Companies can respond through our [right of reply](https://aibio.space/reputation/#reply).

## Stock chart

Price chart and quote supplied by TradingView, delayed as the exchange requires. It loads only if you choose to show it. Information only, not investment advice. [Open NASDAQ:DYN on TradingView](https://www.tradingview.com/symbols/NASDAQ-DYN/).

## SEC filings and registration

- **SEC name**: Dyne Therapeutics, Inc.

- **CIK**: 1818794

- **Industry (SIC)**: Pharmaceutical Preparations (2834)

- **US tickers**: DYN (Nasdaq)

- **State or country of incorporation**: DE

- **Fiscal year ends**: December 31

- **Filer category**: Large accelerated filer

- **Business address**: 1560 TRAPELO ROAD, WALTHAM, MA, 02451

- **Phone**: (781) 786-8230

- **Shares outstanding**: 186,746,431 as of 2026-07-24 (10-Q filed 2026-07-29)

### Recent filings (8-K and 6-K are the company's own announcements)

- [8-K](https://www.sec.gov/Archives/edgar/data/1818794/000181879426000009/dyn-20260929.htm) filed 2026-09-29
- [8-K](https://www.sec.gov/Archives/edgar/data/1818794/000119312526323940/dyn-20260729.htm) filed 2026-07-29
- [10-Q](https://www.sec.gov/Archives/edgar/data/1818794/000119312526323639/dyn-20260630.htm) filed 2026-07-29
- [424B5](https://www.sec.gov/Archives/edgar/data/1818794/000119312526312576/d98164d424b5.htm) filed 2026-07-22
- [8-K](https://www.sec.gov/Archives/edgar/data/1818794/000119312526312571/d112911d8k.htm) filed 2026-07-22
- [424B5](https://www.sec.gov/Archives/edgar/data/1818794/000119312526310573/d98164d424b5.htm) filed 2026-07-21
- [8-K](https://www.sec.gov/Archives/edgar/data/1818794/000119312526308343/dyn-20260720.htm) filed 2026-07-20
- [8-K](https://www.sec.gov/Archives/edgar/data/1818794/000181879426000005/dyn-20260622.htm) filed 2026-06-22

Source: [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001818794), retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices.

Who manages this page **This page is managed by aibio.space.** The company does not run, edit or pay for this page. News, desk views and Investor Ranks are written and managed independently by aibio.space under our editorial and analytical judgment. Opinion only, not investment advice. [How we work](https://aibio.space/disclosures/#paid) · [Terms](https://aibio.space/terms/#news) · [Request a correction](https://aibio.space/reputation/#update)

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Source page: https://aibio.space/companies/dyne-therapeutics/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Dyne Therapeutics (DYN) news: offering", 2026-10-31, https://aibio.space/companies/dyne-therapeutics/