DYNDyne Therapeutics, Inc.

Pharmaceutical Preparations

Revenue: —
Operating margin: —
EBITDA: −$466M; 36% YoY
Market cap: $2.8B
Employees: 8,000
Net debt / EBITDA: —; −$477M net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 4 years
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 SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 11th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$168M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Operating income	−$150M	−$171M	−$242M	−$344M	−$468M	36%
Net income	−$149M	−$168	−$236	−$317	−$446	41%
Operating cash flow	−$120M	−$154M	−$188M	−$292M	−$403M	38%
Capex	$4M	$3M	$729K	$2M	$2M	19%
Stock-based comp	$18M	$15M	$20M	$46M	$46M	0.0%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 10, 2023	Vida Ventures II, LLC	SC 13D/A	4.6%	Passive
Oct 1, 2020	Vida Ventures II, LLC	SC 13D	6.7%	Passive

Insider trading

Open-market buys, 12 mo: $315K · 8
Open-market sells, 12 mo: $169M · 122
Net: −$168M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	165	121
FY2024	—	—	198	91
FY2023	—	—	112	92
FY2022	—	—	97	89