Dyne Therapeutics Inc (DYN) Reports Q3 2023 Financial Results and Progress in Clinical Trials
Dyne Therapeutics Inc (NASDAQ:DYN) reported a net loss of $60.2 million for Q3 2023, compared to a net loss of $41.4 million for the same period in 2022.
The company's cash, cash equivalents, and marketable securities stood at $157.8 million as of September 30, 2023.
R&D expenses increased to $55.3 million for Q3 2023, up from $34.7 million in Q3 2022.
Dyne Therapeutics Inc (NASDAQ:DYN) made significant progress in its ACHIEVE and DELIVER clinical trials.
On October 30, 2023, Dyne Therapeutics Inc (NASDAQ:DYN), a clinical-stage muscle disease company, released its financial results for the third quarter of 2023. The company also provided updates on its ongoing ACHIEVE and DELIVER clinical trials.
Financial Highlights
As of September 30, 2023, Dyne Therapeutics Inc (NASDAQ:DYN) held $157.8 million in cash, cash equivalents, and marketable securities. This is expected to fund the company's operations through 2024. The company's R&D expenses for the quarter ended September 30, 2023, were $55.3 million, a significant increase from $34.7 million for the same period in 2022. General and administrative (G&A) expenses were slightly down at $7.0 million for Q3 2023, compared to $7.6 million for Q3 2022.
The company reported a net loss of $60.2 million, or $0.99 per basic and diluted share, for the quarter ended September 30, 2023. This is a wider loss compared to $41.4 million, or $0.80 per basic and diluted share, for the same period in 2022.
Clinical Trials Update
Dyne Therapeutics Inc (NASDAQ:DYN) reported significant progress in its ACHIEVE and DELIVER clinical trials. The ACHIEVE trial of DYNE-101 in DM1 is fully enrolled through the 3.4 mg/kg cohort, and the DELIVER trial of DYNE-251 in DMD is fully enrolled through the 10 mg/kg cohort. The safety profile in both trials has supported dose escalation to a combined nine cohorts with over 300 doses administered to date.
Joshua Brumm, president and chief executive officer of Dyne, stated,
Weve made tremendous progress in our ACHIEVE and DELIVER trials with more than 72 patients enrolled and over 300 doses administered thus far. To date, the safety profile in the clinic has been favorable for DYNE-101 and DYNE-251 and has supported dose escalation to a combined nine cohorts across both trials."
Looking Ahead
The company plans to present initial ACHIEVE and DELIVER data at a company event around the J.P. Morgan Healthcare Conference in early January 2024. This will include safety, biomarker of splicing, and functional outcome of Myotonia in DM1; and safety and dystrophin expression in DMD.
Explore the complete 8-K earnings release (here) from Dyne Therapeutics Inc for further details.
This article first appeared on GuruFocus.
