Dianthus Therapeutics (DNTH) Bank of America 2025 Healthcare Conference summary

Key program updates

• DNTH103, a potent active C1s inhibitor, is advancing rapidly with phase II top-line data in myasthenia gravis expected in September.

• Additional catalysts include phase II MMN and phase III CIDP studies, both with readouts in the second half of 2026.

• Strong financial position with $332 million in cash, providing runway through the second half of 2027.

• DNTH103 aims to be a first-line, best-in-class biologic across three neuromuscular conditions.

• The neuromuscular franchise targets myasthenia gravis, CIDP, and MMN, covering about 150,000 US patients.

Product differentiation and clinical rationale

• DNTH103 is designed for patient-friendly, self-administered dosing every two weeks via autoinjector.

• Demonstrates superior in vitro potency and differentiated safety profile compared to riliprubart.

• Selectively inhibits the classical pathway, preserving lectin and alternative pathways to reduce infection risk.

• Phase I data shows robust inhibition of the classical pathway at 300 mg every two weeks.

• No other product in development for MG offers this combination of efficacy, safety, and convenience.

Competitive landscape and market opportunity

• Riliprubart phase II data in CIDP shows active C1s inhibition may outperform IVIG, with DNTH103 showing greater potency in head-to-head assays.

• DNTH103 requires lower dosing and less frequent administration than riliprubart, potentially offering better efficacy and convenience.

• In MMN, only DNTH103 and Pasiprobar are being studied; DNTH103 preserves the lectin pathway, avoiding higher infection risk.

• MMN market is smaller but growing, with DNTH103 positioned for a larger share due to lack of FcRn competition.

• The product profile combines efficacy of C5 inhibitors, safety of first-gen C1s inhibitors, and convenience of Dupixent-like dosing.