Dianthus Therapeutics raises USD 400m via share offering

Dianthus Therapeutics, Inc. (Nasdaq: DNTH), a clinical-stage biotechnology company based in New York City and Waltham, Massachusetts, announced a proposed USD 400 million underwritten public offering of shares of its common stock, with underwriters granted a 30-day option to purchase up to an additional USD 60 million of shares at the public offering price, bringing the potential total raise to USD 460 million. The funding will help support Dianthus’ development of autoimmune and inflammatory disease drugs, led by the Phase III-stage claseprubart.

Company overview and pipeline

Dianthus Therapeutics focuses on therapies for severe autoimmune and inflammatory diseases. The company’s lead asset is claseprubart (DNTH103), a complement inhibitor targeting upstream complement pathways, currently in clinical development across multiple autoimmune neurology indications.

The most advanced program is the Phase III CAPTIVATE trial evaluating claseprubart in chronic inflammatory demyelinating polyneuropathy (CIDP), with enrollment capacity of up to 480 patients across sites in the United States, Brazil, China, and North Macedonia. In March 2026, Dianthus reported an early “Go” decision following an interim responder analysis in Part A of the trial, with the 300 mg dose selected for continuation and the higher dose arm discontinued. The independent data safety monitoring board reported no serious infections, autoimmune activation, or thrombotic events at the time of the interim analysis.

Claseprubart is also being evaluated in a Phase II trial in multifocal motor neuropathy (MMN), currently recruiting 36 patients in the United States and Spain. A separate Phase II trial, MAGIC, evaluated claseprubart in generalized myasthenia gravis (gMG) with 65 patients across the United States and Canada. That trial reported statistically significant improvements in MG-ADL and QMG scores at both 300 mg and 600 mg biweekly doses as early as Week 1, sustained through Week 13. Dianthus plans to initiate a Phase III trial in gMG in mid-2026, with top-line results expected in late 2028.

Beyond claseprubart, Dianthus holds an exclusive global license for DNTH212, a bifunctional BDCA2/BAFF/APRIL inhibitor acquired from Nanjing Leads Biolabs in October 2025 under a deal valued at up to USD 1 billion in milestone payments, with USD 30 million in upfront cash and near-term milestones. A Phase I study of DNTH212 has been initiated in China in healthy volunteers and systemic lupus erythematosus patients.

This offering follows a pattern of increasing capital raises for Dianthus, including a USD 230 million PIPE financing in January 2024 and an upsized USD 288 million underwritten public offering completed in September 2025. The company achieved its Nasdaq listing through a reverse merger with Magenta Therapeutics completed in September 2023.