Dianthus Therapeutics (DNTH) 44th Annual J.P. Morgan Healthcare Conference summary

Pipeline and Clinical Program Updates

• Advancing two clinical-stage autoimmune therapeutics, claseprubart and DNTH212, focused on infrequent, self-administered subcutaneous dosing and targeting multiple autoimmune indications.

• Claseprubart targets the classical complement pathway, with positive phase 2 data in myasthenia gravis (MG) and proof of concept in CIDP and MMN.

• DNTH212, a bispecific BDCA2 and BAFF/APRIL inhibitor, has started phase 1 trials, showing superior in vitro and NHP data versus competitors.

• Both programs aim for best-in-class efficacy, safety, and patient convenience, with DNTH212 designed for Q4W or less frequent self-administration.

• Strong financial position with ~$514M in cash, providing runway into 2028 to fund key milestones.

Efficacy, Safety, and Differentiation

• Claseprubart demonstrated robust, rapid, and statistically significant efficacy in MG, with potential for superior efficacy over C5 inhibitors and no Box warning or REMS program anticipated.

• Open-label extension data support equivalent efficacy for monthly dosing.

• Head-to-head in vitro data show claseprubart is more potent than riliprubart and empasiprubart.

• DNTH212 aims for enhanced efficacy in diseases driven by both innate and adaptive immunity, with no new safety signals expected.

• Claseprubart targets first-line biologic status in large US neuromuscular markets: gMG, CIDP, and MMN.

Market Opportunities and Competitive Landscape

• Targeting over 150,000 patients in the US across MG, CIDP, and MMN, with CIDP market >$900M and MMN market growing at 11% CAGR.

• MMN market is small but offers blockbuster potential due to lack of competition and high pricing.

• Only one other biologic (empasiprubart) is being studied in MMN; claseprubart is more potent and more convenient.

• Competitors like Argenx and Sanofi are running head-to-head trials versus IVIG, signaling belief in complement inhibition's potential.

• DNTH212 will prioritize indications such as SLE, dermatomyositis, or Sjogren’s, with updates expected in the first half of 2026.