Dyne Therapeutics (Nasdaq: DYN) priced an upsized underwritten public offering of 18,980,478 common shares at $18.44 per share, expected to raise $350.0 million in gross proceeds before fees. The offering is slated to close on or about December 11, 2025, subject to customary closing conditions.
Dyne sold all shares in the offering and granted underwriters a 30‑day option to purchase up to an additional 2,847,071 shares at the public offering price, less underwriting discounts and commissions.
Positive
- Gross proceeds of $350.0 million
- Offering upsized to 18,980,478 shares
- Underwriters include Morgan Stanley, Jefferies, Stifel, Guggenheim
Negative
- All offered shares are being sold by Dyne, leading to shareholder dilution
- 30‑day overallotment could add 2,847,071 shares outstanding
- Close is subject to customary conditions and is not guaranteed on Dec 11, 2025
Key Figures
Offering size$350.0 millionGross proceeds from Dec 2025 common stock offering
Shares offered18,980,478 sharesPrimary common stock sold by Dyne in this deal
Offering price$18.44 per sharePublic offering price for December 2025 deal
Underwriter option period30 daysDuration of option to buy additional shares
Underwriter option shares2,847,071 sharesAdditional common shares available under 30‑day option
Expected closing dateDecember 11, 2025Anticipated closing of the public offering
Pre‑news share price$18.44Last price before article, matching offering price
1‑day price move‑16.94 %Change in DYN prior to publication of this pricing news
Market Reality Check
$18.44Last Close
VolumeVolume 6,339,213 is elevated with relative volume at 2.25× the 2,821,238‑share 20‑day average ahead of the offering.high
TechnicalShares traded above the 200‑day moving average, with price at $18.44 versus MA(200) of $13.18 before this offering pricing.
Peers on Argus
While DYN fell 16.94 %, key biotech peers showed modest moves: SRPT ‑1.29 %, IMCR ‑3.60 %, PROK ‑5.96 %, MESO +0.54 %, HRMY ‑0.14 %, indicating a company‑specific reaction.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| 2025‑12‑08 | Equity offering | Negative | +9.5 % | Proposed $300 M stock offering with 30‑day underwriter option. |
| 2025‑12‑08 | Clinical results | Positive | +9.5 % | Phase 1/2 DELIVER REC met primary endpoint with higher dystrophin. |
| 2025‑11‑05 | Earnings update | Negative | ‑2.9 % | Q3 2025 net loss of $108.0 M and ongoing R&D investment reported. |
| 2025‑11‑03 | Investor conferences | Positive | +6.8 % | Announcement of multiple upcoming healthcare investor conference appearances. |
| 2025‑10‑06 | Clinical data | Positive | ‑3.1 % | One‑year ACHIEVE data showed sustained functional gains in DM1 patients. |
Recent news has drawn mixed reactions, with offerings sometimes sold and sometimes bid up, and clinical updates not uniformly rewarded.
Over the last few months, Dyne reported multiple milestones. In Q3 2025, it highlighted cash of $791.9 M and a net loss of $108.0 M, alongside progress toward BLA filings. Clinical updates from ACHIEVE and DELIVER showed functional improvements and favorable safety. The company also executed prior equity offerings in mid‑2025 and a proposed offering on Dec 8, 2025. Today’s upsized pricing follows that proposal and the recent positive DELIVER topline data.
Market Pulse Summary
The pricing of an upsized common stock offering brings $350.0 M in gross proceeds at $18.44 per share and includes an underwriter option for additional shares. Investors will be watching how the capital bolsters the company’s planned Biologics License Applications (BLAs) and late‑stage trials, the cumulative dilution effect of repeat offerings, and execution against upcoming regulatory milestones.
Key Terms
underwritten public offering
financial
An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company’s risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.
prospectus supplement
regulatory
A prospectus supplement is an additional document provided alongside a company’s main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment.
shelf registration statement
regulatory
A shelf registration statement is a filing that allows a company to sell shares or bonds quickly when market conditions are favorable, without having to go through a full registration process each time.
Form S‑3
regulatory
Form S‑3 is a streamlined registration form for companies that meet certain size and reporting requirements, enabling faster capital raises.
book‑running managers
financial
Book‑running managers are the lead banks that coordinate the sale of new securities, set pricing, allocate shares to investors, and manage the overall transaction.
AI-generated analysis. Not financial advice.
WALTHAM, Mass., Dec. 9, 2025 (GLOBE NEWSWIRE) — Dyne Therapeutics, Inc. (Nasdaq: DYN), a clinical‑stage company focused on functional improvement for people living with genetically driven neuromuscular diseases, announced the pricing of an upsized underwritten public offering of 18,980,478 shares of common stock at $18.44 per share. The gross proceeds to Dyne, before underwriting discounts, commissions and offering expenses, are expected to be $350.0 million. All shares are being sold by Dyne. The offering is expected to close on or about December 11, 2025, subject to customary closing conditions. Dyne also granted the underwriters a 30‑day option to purchase up to an additional 2,847,071 shares at the offering price, less underwriting discounts and commissions.
Morgan Stanley, Jefferies, Stifel and Guggenheim Securities are acting as joint book‑running managers for the offering.
The offering is being made pursuant to a shelf registration statement on Form S‑3 that became effective on March 5, 2024. The prospectus supplement describing the terms of the offering has been filed with the SEC and is available on the SEC website.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, these securities in any jurisdiction where such an offer would be unlawful prior to registration or qualification under applicable securities laws.
About Dyne Therapeutics
Dyne Therapeutics is dedicated to delivering functional improvement for individuals living with genetically driven neuromuscular diseases. The company develops therapeutics that target both muscle and the central nervous system to address disease root causes. Its pipeline includes clinical programs for myotonic dystrophy type 1 (DM1) and Duchenne muscular dystrophy (DMD), as well as pre‑clinical programs for facioscapulohumeral muscular dystrophy (FSHD) and Pompe disease.
FAQ
How many shares is Dyne (DYN) offering and at what price?
Dyne is offering 18,980,478 shares at $18.44 per share.
How much gross capital will Dyne (DYN) raise from the offering?
The offering is expected to generate $350.0 million in gross proceeds before fees.
When will the Dyne (DYN) offering close and is the date final?
The offering is expected to close on or about December 11, 2025, subject to customary closing conditions.
Will Dyne (DYN) grant an overallotment option and how large is it?
Yes. Dyne granted a 30‑day option to underwriters to buy up to 2,847,071 additional shares.
Who are the joint book‑running managers for Dyne’s (DYN) offering?
The joint book‑running managers are Morgan Stanley, Jefferies, Stifel and Guggenheim Securities.
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