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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Dianthus Therapeutics reported revenue of $2M in the fiscal year ended Dec 2025, down 67.3% from the year before. Operating income was −$178M, an operating margin of −8739.3%, and net income was −$162M. Operating cash flow of −$129M less capital expenditure of $213,000 left free cash flow of −$129M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | – | – | 2.8 | 6.2 | 2.0 |
| Research & development | 46.8 | 29.4 | 32.8 | 83.1 | 146 |
| Operating income | −74.7 | −29.7 | −48.2 | −102 | −178 |
| Income tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income | −71.1 | −28.5 | −43.6 | −85.0 | −162 |
| Diluted EPS | −1.29 | −32.57 | −8.45 | −2.55 | −4.20 |
| Diluted shares | 54.9 | 0.9 | 5.2 | 33.3 | 38.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 132 | 15.4 | 132 | 22.8 | 51.1 |
| Receivables | – | 4.7 | 0.3 | 0.0 | 0.1 |
| Current assets | 181 | 82.0 | 177 | 281 | 409 |
| Net PP&E | 7.5 | 0.1 | 0.2 | 0.2 | 0.3 |
| Total assets | 190 | 83.1 | 179 | 374 | 531 |
| Payables | 3.0 | 1.2 | 2.6 | 4.6 | 9.7 |
| Deferred revenue | – | 0.1 | 0.0 | 0.5 | 1.2 |
| Current liabilities | 10.9 | 8.2 | 9.6 | 18.5 | 30.7 |
| Total liabilities | 17.3 | 9.5 | 10.5 | 21.5 | 37.5 |
| Shareholders' equity | −17.2 | −44.4 | 169 | 352 | 493 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −59.5 | −29.1 | −36.9 | −78.2 | −129 |
| Capital expenditure | 1.3 | 0.3 | 0.1 | 0.1 | 0.2 |
| Free cash flow | −60.8 | −29.4 | −37.0 | −78.3 | −129 |
| Depreciation & amortisation | 2.0 | 1.9 | 0.1 | 0.1 | 0.1 |
| Stock-based compensation | 10.3 | 1.5 | 2.9 | 12.9 | 22.8 |
| Dividend per share | – | – | 0.00 | 0.00 | 0.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | – | – | 120.6% | −67.3% |
| Operating margin | – | – | −1704.7% | −1633.7% | −8739.3% |
| Net margin | – | – | −1541.2% | −1362.8% | −7973.3% |
| Return on equityBlank when equity is negative | – | – | −25.8% | −24.1% | −32.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −41.7% | −39.7% | −28.4% | −28.6% | −35.6% |
| Free cash flow margin | – | – | −1308.2% | −1255.6% | −6349.4% |
| Cash conversion (CFO ÷ net income) | 0.84x | 1.02x | 0.85x | 0.92x | 0.80x |
| Receivable days | – | – | 38 | 0 | 9 |
| Current ratio | 16.6x | 9.97x | 18.4x | 15.2x | 13.3x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.