Dianthus Therapeutics, Inc. (Nasdaq: DNTH), a clinical-stage biotechnology company based in New York City and Waltham, Massachusetts, announced the pricing of an upsized underwritten public offering expected to generate approximately USD 625 million in gross proceeds. The Dianthus Therapeutics offering follows a series of recent clinical and corporate milestones, including an early "Go" decision for its Phase III CAPTIVATE trial in chronic inflammatory demyelinating polyneuropathy (CIDP) and positive Phase II data in generalized myasthenia gravis (gMG). The company stated that net proceeds will fund clinical and preclinical development activities, commercial readiness, working capital, and general corporate purposes. The offering was expected to close on March 12, 2026.
The offering consists of 7,313,582 shares of common stock priced at USD 81.00 per share. Certain investors received pre-funded warrants to purchase up to 402,468 shares of common stock at a price of USD 80.999 per warrant, with an exercise price of USD 0.001 per share, exercisable immediately. Dianthus also granted the underwriters a 30-day option to purchase up to an additional 1,157,407 shares at the public offering price, less underwriting discounts and commissions. Jefferies, TD Cowen, Evercore ISI, Stifel, Guggenheim Securities, and William Blair served as joint book-running managers. LifeSci Capital acted as financial advisor to Dianthus. The press release did not identify specific institutional investors participating in the offering, nor did it disclose insider participation.
Company overview and pipeline
Dianthus Therapeutics is focused on developing therapies for severe autoimmune and inflammatory diseases. The company's lead asset is claseprubart (DNTH103), a complement C1s inhibitor. Claseprubart is currently being evaluated in the Phase III CAPTIVATE trial in CIDP, which is recruiting with a target enrollment of 480 participants. An early "Go" decision was reached after response criteria were met ahead of schedule in fewer than 40 Part A participants. The company has also completed a Phase II trial (MaGic) in gMG, in which claseprubart demonstrated statistically meaningful improvements in MG-ADL and QMG scores at Week 13 for both 300 mg and 600 mg biweekly doses, with onset observed as early as Week 1. A Phase II study in multifocal motor neuropathy (MMN) is also recruiting, with an enrollment target of 36 participants.