Massachusetts-based Dyne Therapeutics, Inc. (Nasdaq: DYN) announced an amendment to its existing non-dilutive senior secured term loan facility with Hercules Capital, Inc. (NYSE: HTGC), expanding total borrowing capacity to up to USD 400 million as it prepares for two potential US commercial launches within the next two years. The expansion adds up to USD 125 million in incremental capacity over the prior facility, with USD 50 million funded immediately at amendment closing, positioning Dyne to fund pre-launch and launch activities for its two lead neuromuscular programs without shareholder dilution.
Under the amended terms, the facility now comprises USD 200 million already drawn across three tranches — including the USD 50 million funded at closing — and up to USD 200 million in remaining availability. The additional capacity consists of a USD 50 million tranche drawable at Dyne's option subject to milestone achievement, and a final tranche of up to USD 75 million available at Hercules Capital's discretion upon Dyne's request.
Dyne is a clinical-stage biotech focused on genetically driven neuromuscular diseases, utilizing its proprietary FORCE platform — which conjugates antisense oligonucleotides to an antigen-binding fragment targeting transferrin receptor 1 (TfR1) — to deliver therapeutic payloads to muscle and the central nervous system. The company is advancing two late-stage clinical programs toward potential US accelerated approval.
The lead asset, zeleciment rostudirsen (z-rostudirsen, DYNE-251), targets exon 51 skipping in Duchenne muscular dystrophy (DMD). Following a positive pre-BLA meeting with the FDA and a BLA submission in Q2 2026 seeking accelerated approval, Dyne is targeting a potential US launch in Q1 2027, contingent on Priority Review being granted.