DYN

Dyne Therapeutics is a clinical-stage neuromuscular biotech with zero product revenue across the entire five-year history shown (FY2021-FY2025) and a deepening loss trajectory: net loss widened from -$149M in FY2021 to -$446M in FY2025, a -40.6% YoY deterioration. Operating cash burn hit -$403M in FY2025 (-37.9% YoY), and R&D rose 41.6% to $398M as the company advances z-rostudirsen, z-basivarsen, FSHD and Pompe programs. The accumulated deficit of -$1.40B and -45.9% ROE confirm this is a cash-incinerating platform bet, not a business — there is no path to profitability visible in the data provided.

The balance sheet is the only thing keeping the lights on: $893M cash (up 105.2% YoY, almost certainly from a dilutive raise — shares outstanding jumped 38.0% to 113M) plus $972M equity against just $215M liabilities. Management explicitly states in the MD&A that existing cash funds operations only 'into the first quarter of 2028' — roughly 7-8 quarters of runway at the current burn rate. They flag they 'expect to finance our cash needs through a combination of equity offerings, debt financings, collaborations' and warn that equity raises will 'materially' dilute stockholders. The 38% share-count growth in FY2025 is the template for what's coming.