Dianthus Therapeutics, Inc. (DNTH) has priced an upsized $625 million underwritten public offering as the clinical-stage biotech prepares to advance multiple programs targeting severe autoimmune and neuromuscular diseases.
The company is offering 7.31 million shares of common stock at $81 per share, along with 402,468 pre-funded warrants priced at $80.999 each.
The financing is expected to close on March 12, 2026, subject to customary conditions. Underwriters have a 30-day option to purchase an additional 1.16 million shares.
Dianthus is developing a pipeline centered on Claseprubart, a subcutaneous monoclonal antibody designed to block the classical complement pathway (C1s), and DNTH212, a first-in-class bifunctional BDCA2 & BAFF/APRIL inhibitor. Both programs target autoimmune and neuromuscular diseases with high unmet need.
Claseprubart: Lead Program Across Three Neuromuscular Diseases
-Generalized myasthenia gravis (gMG)- The company is planning to initiate Phase 3 trial in mid-2026, with Phase 3 topline results expected in 2H 2028.
-Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) - Claseprubart recently achieved an early "GO" decision in Part A of the Phase 3 CAPTIVATE trial after reaching 20 confirmed responders ahead of schedule. Part B top-line data is expected by year-end 2026.
-Multifocal motor neuropathy (MMN) is in Phase 2 MoMeNtum trial, with top-line Phase 2 data expected in 2H 2026.
DNTH212: Early-Stage Bispecific for Systemic Autoimmune Diseases
DNTH212 is being evaluated in a two-part Phase 1 study in China, including healthy volunteers and patients with systemic lupus erythematosus. The company expects an indication prioritization update in 1H 2026 and top-line healthy volunteer data in 2H 2026.
Dianthus ended 2025 with $514.4 million in cash, providing runway into 2028.
DNTH has traded between $13.37 and $86.97 over the past year. The stock closed Tuesday's trading session at $86.92, up 9.71%. During overnight trading, the stock rose further to $87.50, up 0.67%, touching another new 52-week high this week.
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