Dianthus Loss Widens as Clinical Spending Rises
The company reported a 75% response rate in an interim analysis of its CAPTIVATE trial, clearing a prespecified 50% target.[2][9][10][11][12]
Dianthus Therapeutics (DNTH), a clinical-stage biotechnology company developing treatments for autoimmune diseases, reported a wider second-quarter loss as spending increased to advance claseprubart through mid- and late-stage trials.
The quarter marked a shift toward broader clinical execution. Dianthus started the Phase 3 EMERGE trial in generalized myasthenia gravis in June, meeting its midyear launch plan, while the Phase 2 MoMeNtum trial in multifocal motor neuropathy completed enrollment with 46 patients, above its original 36-patient target.
Net loss widened to $50.2 million from $31.6 million a year earlier. The loss increased to $0.90 a share from $0.88, a comparatively smaller change as weighted-average shares rose to 56.0 million from 35.8 million. License revenue rose to $761,000 from $193,000, though six-month revenue declined to $1.224 million from $1.356 million.
Research-and-development expense climbed to $48.7 million from $26.3 million, driven primarily by clinical costs and added headcount supporting claseprubart's Phase 2 and Phase 3 development. General-and-administrative expense increased to $13.6 million from $8.9 million, also reflecting higher staffing. Those increases widened the operating loss to $61.5 million from $34.9 million, while $11.5 million of interest and investment income partly offset the higher spending.
Cash, cash equivalents and investments remained at approximately $1.2 billion at June 30, unchanged from March 31 following the first-quarter financing. Dianthus projects that its funds will support operations into 2030, compared with $514.4 million and a runway into 2028 at the end of 2025.
Dianthus expects top-line MoMeNtum results in December, narrowing its earlier fourth-quarter timeline. The company continues to expect top-line EMERGE results in the second half of 2028 and now expects healthy-volunteer Phase 1 data for DNTH212 by year-end, refining its previous second-half target.
The company also disclosed DNTH312, an internally developed bifunctional fusion protein combining claseprubart with TACI-mediated BAFF/APRIL inhibition. Dianthus aims to have the candidate ready for Phase 1 testing by the end of 2027, extending its development plans beyond the clinical milestones due later this year.