--- title: "Dyne Therapeutics borrows $50.0 million second tranche under amended Hercules" url: "https://aibio.space/news/dyne-therapeutics-borrows-50-0-million-second-tranche-under-amended/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-12-08" section: "Debt Financing" tickers: "NASDAQ:DYN" source: "https://www.sec.gov/Archives/edgar/data/1818794/000119312525311221/d16982d8k.htm" summary: "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" --- By the aibio.space news desk. Sources - [Dyne Therapeutics, Inc. Form 8-K filed December 8, 2025 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1818794/000119312525311221/d16982d8k.htm) - [dyn-20241231.htm](https://www.sec.gov/Archives/edgar/data/1818794/000095017025028356/dyn-20241231.htm) [DYN](https://aibio.space/companies/dyne-therapeutics/) 2025-12-08 # Dyne Therapeutics borrows $50.0 million second tranche under amended Hercules term loan Tickers [DYN](https://aibio.space/companies/dyne-therapeutics/) 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. ## Key facts - **Company**: Dyne Therapeutics, Inc. (NASDAQ: DYN) - **News type**: Debt Financing - **Primary source**: [Dyne Therapeutics, Inc. Form 8-K filed December 8, 2025 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1818794/000119312525311221/d16982d8k.htm) *The lower Manhattan skyline. CC0, via rawpixel. The picture shows the field, not the companies named.* Dyne Therapeutics, Inc. (Nasdaq: [DYN](https://aibio.space/companies/dyne-therapeutics/)) amended its loan agreement with Hercules Capital, Inc. on December 8, 2025 and borrowed a second term loan tranche of $50.0 million. The company reported the First Amendment to Loan and Security Agreement in a [Form 8-K](https://www.sec.gov/Archives/edgar/data/1818794/000119312525311221/d16982d8k.htm) filed December 8, 2025 under Item 2.03, the item for creating a direct financial obligation. The amendment changed some tranche sizes and funding milestone requirements in the original agreement. ## Lenders and agent Hercules Capital, Inc. acts as administrative agent and collateral agent for the lenders. The 8-K refers to "certain other financial institutions" as lenders but does not name them. The original Loan and Security Agreement is dated June 27, 2025. Dyne described its main terms in an earlier 8-K filed June 30, 2025, and the new filing incorporates those terms by reference. The 8-K names no placement agent, underwriter or financial advisor for the loan. ## Tranches and milestones The First Amendment let Dyne borrow the second tranche as of the amendment closing date. Two more term loan tranches remain, totaling up to $75.0 million. Both depend on specified clinical, regulatory and commercial milestones. A tranche is one slice of a loan that the borrower can draw on separately, and a funding milestone is a condition the company must meet before the lenders make a slice available. A final tranche of up to $50.0 million is available only with approval from the lenders' investment committee, which can decide in its discretion. So the amount Dyne can ultimately draw depends on events the company does not control, and on a lender decision that has not been made. ## Interest, maturity and repayment All unpaid principal and accrued interest is due in full on July 1, 2030. The principal bears a floating interest rate equal to the Wall Street Journal prime rate, subject to a floor of 7.50%, plus 2.45%. Because the rate floats, the cost moves with prime, although the floor sets the lowest base rate. Dyne pays accrued interest monthly. Dyne may make interest-only payments until July 1, 2028. That period can be extended to the maturity date if the company reaches specified milestones. At the end of the interest-only period, Dyne must start repaying principal in equal monthly installments. If the period runs to maturity, the company repays in a single installment instead. ## Collateral To secure its obligations, Dyne has granted the agent, for the benefit of the lenders, a first-priority security interest in substantially all of its property, including intellectual property. That interest is subject to customary permitted liens and other exceptions. In a default, the lenders would stand first in line against the pledged assets. ## Losses and cash burn Dyne's 10-K, filed February 27, 2025, shows the cash burn that the loan helps fund. It reports a net loss of $317.4 million for 2024, against $235.9 million for 2023. Net cash used in operating activities was $292.4 million in 2024, compared with $188.2 million in 2023. The 10-K attributes the 2024 operating outflow to that net loss, partly offset by non-cash charges and changes in operating assets and liabilities. The 10-K lists, among its forward-looking topics, the need for additional financing and the period over which the company believes its cash and marketable securities will cover operating expenses and capital expenditures. The 10-K also flags clinical risk. It warns that data from its trials may fail to demonstrate sufficient safety and efficacy to satisfy regulators, which could prevent commercialization of any product candidate. ## What the company develops The 10-K describes Dyne as a clinical-stage neuromuscular disease company built on its FORCE platform, with programs for myotonic dystrophy type 1, Duchenne muscular dystrophy, facioscapulohumeral dystrophy and Pompe disease. DYNE-101 is in ACHIEVE and DYNE-251 is in DELIVER, both ongoing Phase 1/2 global trials designed to be registrational. President and Chief Executive Officer John G. Cox signed the 8-K for Dyne on December 8, 2025. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story DYN Dyne Therapeutics, Inc. NASDAQ ยท United States Open the desk ## More in Debt Financing Debt Financing ### [Pelthos amends Horizon venture loan, funds Loans E to H and adds Loans I and J](https://aibio.space/news/pelthos-amends-horizon-venture-loan-funds-loans-e-h-adds-loans/) Oct 30, 2026 Debt Financing ### [Repligen announces $1.0 billion private convertible notes transaction](https://aibio.space/news/repligen-announces-1-0-billion-private-convertible-notes-transaction/) Oct 30, 2026 Debt Financing ### [FOXO to buy Ludwig Enterprises preferred stock with majority voting power](https://aibio.space/news/foxo-buy-ludwig-enterprises-preferred-stock-majority-voting-power/) Oct 29, 2026 --- Source page: https://aibio.space/news/dyne-therapeutics-borrows-50-0-million-second-tranche-under-amended/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Dyne Therapeutics borrows $50.0 million second tranche under amended Hercules", 2025-12-08, https://aibio.space/news/dyne-therapeutics-borrows-50-0-million-second-tranche-under-amended/