Dianthus Therapeutics Reports $31.6 Million Net Loss in Q2 2025, Revenue Declines to $193,000

Dianthus Therapeutics, Inc. reported a net loss of $31.6 million for the second quarter of 2025, compared to a loss of $17.6 million in the same period last year. The company's total revenues for the quarter were $193,000, a significant decrease from $1.9 million in the prior year, primarily due to the absence of license revenue from a former related party. For the first half of 2025, Dianthus recorded total revenues of $1.4 million, down from $2.7 million in the first half of 2024. The decline in revenue was attributed to reduced reimbursable costs associated with ongoing clinical trials for its lead product candidate, claseprubart.

Operating expenses for the second quarter of 2025 rose to $35.1 million, up from $24.1 million in the same quarter of 2024. This increase was driven by higher research and development costs, which totaled $26.3 million, compared to $18.1 million in the previous year. The rise in R&D expenses was largely due to increased external costs related to clinical operations and manufacturing activities for claseprubart, as well as higher personnel-related expenses. General and administrative expenses also increased to $8.9 million from $6.0 million, reflecting higher stock-based compensation and personnel costs.

Dianthus has been actively advancing its clinical trials for claseprubart, which is designed to treat severe autoimmune and inflammatory diseases. The company is currently conducting three mid- to late-stage clinical trials, including the MaGic trial for generalized Myasthenia Gravis, which completed enrollment in May 2025 with 65 patients. The CAPTIVATE trial for Chronic Inflammatory Demyelinating Polyneuropathy and the MoMeNtum trial for Multifocal Motor Neuropathy are also ongoing, with results expected in the coming years.

As of June 30, 2025, Dianthus had cash, cash equivalents, and investments totaling $309.1 million, down from $374 million at the end of 2024. The company anticipates that its existing resources will be sufficient to fund operations into the second half of 2027. However, it continues to face significant operating losses and will require additional capital to support its ongoing clinical development and operational needs. The company has an at-the-market offering program with a remaining capacity of $160.8 million, which it may utilize to raise further funds as needed.

Looking ahead, Dianthus remains focused on the development of claseprubart and other potential product candidates, while navigating the uncertainties of the biotechnology landscape, including regulatory approvals and market conditions. The company has emphasized the importance of securing additional financing to sustain its operations and advance its clinical programs.