Dyne Therapeutics Reports First Quarter 2024 Financial Results and Recent Business Highlights

Dyne Therapeutics Reports First Quarter 2024 Financial Results and Recent Business Highlights

- Additional Clinical Data from ACHIEVE Trial of DYNE-101 in DM1 and DELIVER Trial of DYNE-251 in DMD Anticipated in the Second Half of 2024 -

Dyne Therapeutics, Inc . (Nasdaq: DYN), a clinical-stage muscle disease company focused on advancing innovative life-transforming therapeutics for people living with genetically driven diseases, today reported financial results for the first quarter of 2024 and recent business highlights.

"I am excited about the opportunity that Dyne, its FORCE™ platform and pipeline present for individuals living with serious muscle diseases," said John Cox, president and chief executive officer of Dyne. "The initial datasets announced in January from our DM1 and DMD programs were promising, and we look forward to reporting additional data from multiple, higher dose cohorts from the ACHIEVE and DELIVER trials during the second half of 2024. With a strong team and cash position, we are focused on executing across the business, including progressing towards initiating registrational cohorts in both trials by year-end."

Business Highlights

  • Organizational
    • In March 2024, John Cox was appointed president, CEO and a member of the Board of Directors, bringing to Dyne extensive executive experience in the biotechnology industry across various operating roles, including rare disease commercialization.
  • Phase 1/2 ACHIEVE clinical trial of DYNE-101 in adults with myotonic dystrophy type 1 (DM1)
    • The ACHIEVE trial is ongoing and recently completed enrollment in the 6.8 mg/kg Q8W cohort.
    • Positive initial clinical data from ACHIEVE reported in January 2024 were featured in oral presentations at the Muscular Dystrophy Association (MDA) Clinical & Scientific Conference in March 2024 and the 14th International Myotonic Dystrophy Consortium Meeting in April 2024.
  • Phase 1/2 DELIVER clinical trial of DYNE-251 in males with Duchenne muscular dystrophy (DMD) amenable to exon 51 skipping
    • The DELIVER trial is ongoing and recently completed enrollment in the 40 mg/kg Q8W cohort.
    • Positive initial clinical data from DELIVER reported in January 2024 were featured in oral presentations at the MDA Clinical & Scientific Conference in March 2024 and the American Academy of Neurology 2024 Annual Meeting in April 2024.

Key 2024 Milestones

  • Dyne anticipates reporting data from multiple, higher dose cohorts from both the ACHIEVE and DELIVER trials in the second half of 2024 with the goal of initiating registrational cohorts by the end of 2024.

First Quarter 2024 Financial Results

Cash position: Cash, cash equivalents and marketable securities were $453.5 million as of March 31, 2024. In addition, subsequent to March 31, 2023, the company received $24.3 million from the sale of stock through its "at the market" offering program. The Company's cash, cash equivalents and marketable securities are anticipated to fund operations through 2025.

Research and development (R&D) expenses: R&D expenses were $44.5 million for the quarter ended March 31, 2024, compared to $37.5 million for the quarter ended March 31, 2023.

General and administrative (G&A) expenses: G&A expenses were $24.6 million for the quarter ended March 31, 2024, compared to $7.9 million for the quarter ended March 31, 2023.

Net loss: Net loss for the quarter ended March 31, 2024 was $65.6 million, or $0.81 per basic and diluted share. This compares with a net loss of $44.2 million, or $0.78 per basic and diluted share, for the quarter ended March 31, 2023.

About Dyne Therapeutics

Dyne Therapeutics is a clinical-stage muscle disease company focused on advancing innovative life-transforming therapeutics for people living with genetically driven diseases. With its proprietary FORCE™ platform, Dyne is developing modern oligonucleotide therapeutics that are designed to overcome limitations in delivery to muscle tissue. Dyne has a broad pipeline for serious muscle diseases, including clinical programs for myotonic dystrophy type 1 (DM1) and Duchenne muscular dystrophy (DMD) and a preclinical program for facioscapulohumeral muscular dystrophy (FSHD). For more information, please visit https://www.dyne-tx.com/ , and follow us on X , LinkedIn and Facebook .

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release, including statements regarding Dyne's strategy, future operations, prospects and plans, objectives of management, the potential of the FORCE platform, the trial design of the DYNE-101 and DYNE-251 clinical trials, the anticipated timelines for reporting data from the DYNE-101 and DYNE-251 clinical trials and initiating registrational cohorts, plans to optimize dose and dose regimen for DYNE-101 and DYNE-251 and the sufficiency of Dyne's cash resources for the period anticipated, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "objective," "ongoing," "plan," "predict," "project," "potential," "should," or "would," or the negative of these terms, or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Dyne may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including: uncertainties inherent in the identification and development of product candidates, including the initiation and completion of preclinical studies and clinical trials; uncertainties as to the availability and timing of results from preclinical studies and clinical trials; the timing of and Dyne's ability to initiate and enroll patients in clinical trials; whether results from preclinical studies and initial data from early clinical trials will be predictive of the final results of the clinical trials or future trials; uncertainties as to the FDA's and other regulatory authorities' interpretation of the data from Dyne's clinical trials and acceptance of Dyne's clinical programs and the regulatory approval process; whether Dyne's cash resources will be sufficient to fund the Company's foreseeable and unforeseeable operating expenses and capital expenditure requirements; as well as the risks and uncertainties identified in Dyne's filings with the Securities and Exchange Commission (SEC), including the Company's most recent Form 10-Q and in subsequent filings Dyne may make with the SEC. In addition, the forward-looking statements included in this press release represent Dyne's views as of the date of this press release. Dyne anticipates that subsequent events and developments will cause its views to change. However, while Dyne may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Dyne's views as of any date subsequent to the date of this press release.

Dyne Therapeutics, Inc.
Condensed Consolidated Statement of Operations (Unaudited)
(in thousands, except share and per share data)
Three Months Ended March 31,
2024 2023
Operating expenses:
Research and development $ 44,539 $ 37,536
General and administrative 24,618 7,928
Total operating expenses 69,157 45,464
Loss from operations (69,157 ) (45,464 )
Other income (expense), net 3,508 1,277
Net loss $ (65,649 ) $ (44,187 )
Net loss per share—basic and diluted $ (0.81 ) $ (0.78 )
Weighted-average common shares outstanding used in net loss per share—basic and diluted 81,043,741 56,325,864


Dyne Therapeutics, Inc.
Condensed Consolidated Balance Sheet Data (Unaudited)
(in thousands)
March 31, December 31,
2024 2023
Assets
Cash, cash equivalents and marketable securities $ 453,547 $ 123,100
Other assets 68,732 41,982
Total assets $ 522,279 $ 165,082
Liabilities and Stockholders' Equity
Liabilities 44,224 73,790
Stockholders' equity 478,055 91,292
Total liabilities and stockholders' equity $ 522,279 $ 165,082

Contacts:
Investors
Amy Reilly
areilly@dyne-tx.com
857-341-1203

Media
Stacy Nartker
snartker@dyne-tx.com
781-317-1938


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BOTOX® Cosmetic (onabotulinumtoxinA) Continues its Mission of Empowering Entrepreneurs Through

Women entrepreneurs continue to break barriers in the business world, with increasing efforts to close the Confidence Gap. When women founders are supported by mentors and have access to capital, they become agents of change. Seventy-one percent of businesswomen said their mentor was influential in their career advancement, with many using their income to uplift their families and community. 1

Since 2023, BOTOX ® Cosmetic has provided a total of $1 million dollars in grant funding across more than 40 founders, along with coaching and networking opportunities. This year, BOTOX ® Cosmetic is expanding to reach more founders by providing 250 entrepreneurs with access to The Confidence Project. Through a partnership with Hello Alice, an online platform that helps businesses launch and grow, each of the 250 entrepreneurs will participate in an intensive "Boostcamp" program, which will provide participants with skill-building, mentorship resources, and exclusive networking opportunities. After completing the course, they will leverage their newfound skills to pitch their business to a panel of aesthetic entrepreneurs, as well as key business leaders from Allergan Aesthetics and Hello Alice, for a chance to receive one of 20 $20,000 grants from BOTOX ® Cosmetic.

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For more information on The Confidence Project, visit www.botoxcosmetic.com/realimpact and follow @botoxcosmetic on Instagram and YouTube .

About Allergan Aesthetics
At Allergan Aesthetics, an AbbVie company, we develop, manufacture, and market a portfolio of leading aesthetics brands and products. Our aesthetics portfolio includes facial injectables, body contouring, plastics, skin care, and more. Our goal is to consistently provide our customers with innovation, education, exceptional service, and a commitment to excellence, all with a personal touch. For more information, visit www.allerganaesthetics.com .

About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas – immunology, oncology, neuroscience, and eye care – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com . Follow @abbvie on LinkedIn   ,   Facebook , Instagram , X (formerly Twitter) , and YouTube .

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BOTOX ® Cosmetic may cause serious side effects that can be life threatening. Get medical help right away if you have any of these problems any time (hours to weeks) after injection of BOTOX ® Cosmetic:

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  • Spread of toxin effects. The effect of botulinum toxin may affect areas away from the injection site and cause serious symptoms, including loss of strength and all-over muscle weakness, double vision, blurred vision and drooping eyelids, hoarseness or change or loss of voice, trouble saying words clearly, loss of bladder control, trouble breathing, and trouble swallowing.

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Tell your doctor about all your medical conditions, including surgery or plans to have surgery on your face, trouble raising your eyebrows, drooping eyelids, any other abnormal facial change, are pregnant or plan to become pregnant (it is not known if BOTOX ® Cosmetic can harm your unborn baby), or are breastfeeding or plan to (it is not known if BOTOX ® Cosmetic passes into breast milk).

Tell your doctor about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements. Using BOTOX ® Cosmetic with certain other medicines may cause serious side effects. Do not start any new medicines until you have told your doctor that you have received BOTOX ® Cosmetic in the past.

Tell your doctor if you have received any other botulinum toxin product in the last 4 months; have received injections of botulinum toxin such as Myobloc, Dysport, Xeomin, Jeuveau, Daxxify, or Letybo in the past (tell your doctor exactly which product you received); have recently received an antibiotic by injection; take muscle relaxants; take an allergy or cold medicine; take a sleep medicine; or take aspirin-like products or blood thinners.

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For more information, refer to the Medication Guide or talk with your doctor.

To report a side effect, please call Allergan Aesthetics at 1-800-678-1605.

Please see BOTOX ® Cosmetic full Prescribing Information , including Boxed Warning and Medication Guide .

References:

  1. Barbara Kurshan. Forbes.com. Purpose-Driven Women: Unleash Your Potential Through Mentorship. 2023 https://www.forbes.com/sites/barbarakurshan/2023/06/13/purpose-driven-women-unleash-your-potential-through-mentorship/

© 2025 AbbVie. All rights reserved. BOTOX Cosmetic and its designs are trademarks of Allergan Holdings France SAS, an AbbVie company, or its affiliates.

Contacts:

Investors:
Liz Shea
Liz.Shea@AbbVie.com
(847) 935-2211

Media:
Ember Garrett
Ember.Garrett@allergan.com
(714) 246-3525

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Allergan Aesthetics (PRNewsfoto/AbbVie)

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