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Dianthus Therapeutics

DNTH on Nasdaq. Pharmaceutical preparations. Market value $4.9bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-3.3%low

For every $100 of what the whole company costs, it produced $-3.26 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$85.40 a share, 165% above its 1-year low

Over the past year the price has ranged from $32.22 to $117.88.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.0
-0.0
-0.1
-0.1
-0.2
2021202220232024202512 monthsto Jun '26
Revenue
n/an/a$3m$6m$2m
Operating margin
n/an/a-1704.7%-1633.7%-8739.3%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.06bn0.01bn0.03bn0.04bn0.06bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesYes, 8% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $50 million, compared with a loss of $32 million a year ago.
  • Over the past 12 months it spent $156 million more cash than it brought in, compared with $100 million a year earlier.
  • 56% more shares than a year ago. Each share owns a bit less of the company.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$2m
December 2024$1m
March 2025$1m
June 2025$193,000
September 2025$396,000
December 2025$284,000
March 2026Not reported
June 2026Not reported
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$25m
December 2024-$28m
March 2025-$30m
June 2025-$32m
September 2025-$37m
December 2025-$64m
March 2026-$41m
June 2026-$50m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
9 March 2026
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 269 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

13 investors own more than 5%.

  • FMR LLC
    Passive investor
    at least 15.0%+1.0 pts
    (filed with 1 related holder)
    Since 30 September 2025
  • 12.1%+5.0 pts
    Since 31 July 2026
  • Avidity Partners Management (GP) LLC
    Passive investor
    at least 9.9%
    (filed with 2 related holders)
    Since 17 March 2025
    What they said

    The Reporting Persons are filing this Amendment No. 2 to report a greater than 1.00% decrease in the percentage of shares of Common Stock beneficially owned by Avidity Master Fund LP due to the sale of shares of Common Stock by Avidity Master Fund LP. Although the Reporting…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    6.4%+1.3 pts
    Since 30 June 2026
  • at least 5.9%+1.1 pts
    (filed with 3 related holders)
    Since 30 June 2026
  • at least 4.9%−5.0 pts
    (filed with 3 related holders)
    Since 21 November 2025
    What they said

    Item 4 of the Statement is hereby amended and supplemented as follows: On November 24, 2025, Fund II provided notice to the Company to decrease the Maximum Percentage of the Pre-Funded Warrants from 9.99% to 4.99%, such that the Reporting Persons may only exercise the Pre-Funded…

    Read the filing
  • at least 4.9%−5.0 pts
    (filed with 5 related holders)
    Since 17 November 2025
    What they said

    The Reporting Persons are filing this Amendment No. 3 to report a greater than 1.00% decrease in the percentage of shares of Common Stock beneficially owned by the Reporting Persons due to the sale of shares of Common Stock by private investment funds managed by Avidity Partners…

    Read the filing
  • at least 4.8%−1.2 pts
    (filed with 3 related holders)
    Since 31 March 2026
  • TCG Crossover GP II, LLC
    Passive investor
    at least 4.7%
    (filed with 2 related holders)
    Since 31 March 2025
  • at least 3.6%−2.5 pts
    (filed with 3 related holders)
    Since 31 March 2026
  • Sirenia Capital Management LP
    Passive investor
    at least 3.1%−2.2 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • Venrock Healthcare Capital Partners III, L.P.
    Passive investor
    at least 3.1%
    (filed with 6 related holders)
    Since 30 June 2025
  • Vestal Point Capital, LP
    Passive investor
    at least 3.0%−7.0 pts
    (filed with 1 related holder)
    Since 30 September 2025
  • BCLS Fund III Investments, LP
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • Sold down below 5%
    Since 31 March 2026
  • Octagon Private Opportunities Fund II LP
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • Deep Track Capital, LP
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • Fairmount SPV III, LLC
    Passive investor
    Sold down below 5%
    Since 11 September 2025
    What they said

    Item 4 of the Statement is hereby amended and supplemented as follows: Fund II purchased the shares of Common Stock referenced in Item 3 for investment purposes. On March 4, 2025, Mr. Kiselak resigned from the Board of Directors of the Company. Mr. Kiselak's resignation was not…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 8 sold $71m, $71m of it under preset trading plans.

  • CARR EDWARD
    CHIEF ACCOUNTING OFFICER
    Sold
    under a preset trading plan
    Date
    17 September 2026
    Shares
    20,000
    Price
    $101.38
    Value
    $2m
  • Randhawa Simrat
    EVP, Head of R&D
    Sold
    under a preset trading plan
    Date
    1 September 2026
    Shares
    23,124
    Price
    $106.41
    Value
    $2m
  • Read Simon
    Director
    Sold
    under a preset trading plan
    Date
    19 August 2026
    Shares
    2,778
    Price
    $117.55
    Value
    $326,554
  • McGeorge Anne
    Director
    Sold
    under a preset trading plan
    Date
    10 August 2026
    Shares
    7,750
    Price
    $109.01
    Value
    $844,822
  • Veness Adam M
    SVP, General Counsel and Sec.
    Sold
    under a preset trading plan
    Date
    10 August 2026
    Shares
    16,167
    Price
    $110.38
    Value
    $2m
  • Read Simon
    Director
    Sold
    under a preset trading plan
    Date
    10 August 2026
    Shares
    2,777
    Price
    $109.55
    Value
    $304,232
  • Veness Adam M
    SVP, General Counsel and Sec.
    Sold
    under a preset trading plan
    Date
    7 August 2026
    Shares
    3,833
    Price
    $110.70
    Value
    $424,319
  • Garcia Marino
    CEO AND PRESIDENT, Director
    Sold
    under a preset trading plan
    Date
    7 August 2026
    Shares
    166,000
    Price
    $108.11
    Value
    $18m
  • Savitz Ryan
    EVP, CFO & CBO
    Sold
    under a preset trading plan
    Date
    9 July 2026
    Shares
    31,249
    Price
    $101.03
    Value
    $3m
  • Veness Adam M
    SVP, General Counsel and Sec.
    Sold
    under a preset trading plan
    Date
    17 June 2026
    Shares
    30,000
    Price
    $80.80
    Value
    $2m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 9 Mar 2026, plus the 10-Q filed 4 Aug 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.