DNTHDianthus Therapeutics, Inc. /DE/
Pharmaceutical Preparations
- Revenue
- $2M
- 67% YoY
- Operating margin
- -8739.3%
- 435% YoY
- EBITDA
- −$178M
- 75% YoY
- Market cap
- $4.5B
- Employees
- 40,000
- $51 revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 1.3
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes11× of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo81% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$51 · 3rd pctBottom quartile of its SIC industry
- Quiet on AINo1.3 per 10K words · 41st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$4.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$71M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1M | $6M | $3M | $6M | $2M | 67% |
| Operating income | −$13M | −$30M | −$48M | −$102M | −$178M | 75% |
| Net income | −$13M | −$28M | −$44M | −$85M | −$162M | 91% |
| Operating cash flow | −$10M | −$29M | −$37M | −$78M | −$129M | 65% |
| Capex | $1M | $314K | — | — | — | |
| Stock-based comp | $63K | $2M | $3M | $13M | $23M | 77% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Nov 25, 2025 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 4.9% | Passive |
| Nov 19, 2025 | Avidity Partners Management LP | SCHEDULE 13D/A | 9.3% | Passive |
| Sep 15, 2025 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 9.9% | Passive |
| Mar 19, 2025 | Avidity Partners Management LP | SCHEDULE 13D/A | 10.5% | Passive |
| Dec 3, 2024 | Avidity Partners Management LP | SC 13D/A | 9.9% | Passive |
| Sep 12, 2024 | Viridian, LLC | SC 13D/A | 3.7% | Active |
| Apr 1, 2024 | Fairmount Funds Management LLC | SC 13D/A | 10.0% | Passive |
| Jan 31, 2024 | Avidity Partners Management LP | SC 13D | 9.9% | Passive |
| Jan 24, 2024 | Fairmount Funds Management LLC | SC 13D/A | 9.9% | Passive |
| Sep 21, 2023 | Viridian, LLC | SC 13D | 7.4% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $71M · 66
- Net
- −$71M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 652 | — |
| FY2024 | — | — | 345 | — |
| FY2023 | — | — | 165 | — |