MeritValue

Dianthus Therapeutics, Inc. /DE/

DNTHdata completeness 88%10 fiscal years on file
The thesis, from the filings

Dianthus Therapeutics, Inc. /DE/ earns about -28% on equity, and has bought back 30% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue——$2.83M1$6.24M2$2.04M2
Net income−$71.1M3−$28.5M4−$43.6M5−$85M6−$162.3M6
Operating cash flow−$59.5M7−$29.1M8−$36.9M9−$78.2M10−$129.1M10
Capital expenditure$1.26M11$314,00011$110,00012$105,00013$213,00013
Free cash flow (derived)−$60.8M7,11−$29.4M8,11−$37M9,12−$78.3M10,13−$129.3M10,13
Total debt—————
Cash & equivalents$131.7M14$15.4M15$132.3M16$22.8M17$51.1M17
Diluted shares54.9M874,2345.2M33.3M38.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$127.77
your share of equity
Profit it earned you last year
−$42.04
Free cash flow it threw off
−$33.48
Debt you’d be carrying
—

10 shares is a claim on $127.77 of net worth that earned you −$42.04 and generated −$33.48 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-28% avg · 5y
FY21 —FY22 —FY23 -26%FY24 -24%FY25 -33%

It earned an average -28% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−30% shares · 5y

Share count is down 30% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2025-03-11 · period ending 2023-12-31 · accession 0000950170-25-037131 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K filed 2026-03-09 · periods ending 2024-12-31, 2025-12-31 · accession 0001690585-26-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K filed 2023-03-23 · period ending 2021-12-31 · accession 0000950170-23-009331 (NetIncomeLoss)
  4. 10-K filed 2024-03-21 · period ending 2022-12-31 · accession 0000950170-24-034681 (NetIncomeLoss)
  5. 10-K filed 2025-03-11 · period ending 2023-12-31 · accession 0000950170-25-037131 (NetIncomeLoss)
  6. 10-K filed 2026-03-09 · periods ending 2024-12-31, 2025-12-31 · accession 0001690585-26-000006 (NetIncomeLoss)
  7. 10-K filed 2023-03-23 · period ending 2021-12-31 · accession 0000950170-23-009331 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2024-03-21 · period ending 2022-12-31 · accession 0000950170-24-034681 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2025-03-11 · period ending 2023-12-31 · accession 0000950170-25-037131 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2026-03-09 · periods ending 2024-12-31, 2025-12-31 · accession 0001690585-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K filed 2023-03-23 · periods ending 2021-12-31, 2022-12-31 · accession 0000950170-23-009331 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K filed 2025-03-11 · period ending 2023-12-31 · accession 0000950170-25-037131 (PaymentsForCapitalImprovements)
  13. 10-K filed 2026-03-09 · periods ending 2024-12-31, 2025-12-31 · accession 0001690585-26-000006 (PaymentsForCapitalImprovements)
  14. 10-K filed 2023-03-23 · period ending 2021-12-31 · accession 0000950170-23-009331 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K filed 2024-03-21 · period ending 2022-12-31 · accession 0000950170-24-034681 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K filed 2025-03-11 · period ending 2023-12-31 · accession 0000950170-25-037131 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K filed 2026-03-09 · periods ending 2024-12-31, 2025-12-31 · accession 0001690585-26-000006 (CashAndCashEquivalentsAtCarryingValue)