Dyne Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
DYN$17.92-3.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Cash flows from operating activities: | |||
| Net loss | $(446,214) | $(317,418) | $(235,937) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Stock-based compensation expense | 45,851 | 45,864 | 19,972 |
| Depreciation and amortization expense | 2,049 | 1,673 | 1,673 |
| Accretion of discount on marketable securities | (1,835) | (3,604) | (1,102) |
| Loss (gain) on sale of marketable securities | (30) | (35) | 23 |
| Non-cash lease expense | 163 | 570 | 788 |
| Non-cash interest expense | 118 | — | — |
| Loss on disposal of property and equipment | 95 | 72 | 118 |
| Changes in operating assets and liabilities: | |||
| Prepaid expenses and other current assets | 986 | (10,536) | 3,337 |
| Other non-current assets | (12,641) | — | — |
| Accounts payable and other liabilities | 8,251 | (8,955) | 22,970 |
| Net cash used in operating activities | (403,207) | (292,369) | (188,158) |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (1,920) | (2,376) | (729) |
| Advance payment for long-lead equipment | (18,790) | — | — |
| Purchases of marketable securities | (180,534) | (317,443) | (44,262) |
| Maturities of marketable securities | 154,642 | 105,180 | 126,473 |
| Sales of marketable securities | 17,851 | 10,563 | 1,829 |
| Net cash (used in) provided by investing activities | (28,751) | (204,076) | 83,311 |
| Cash flows from financing activities: | |||
| Proceeds from issuance of common stock in public offering, net of issuance costs | 593,957 | 675,180 | — |
| Proceeds from issuance of common stock in at-the-market offering, net of issuance costs | 140,653 | 97,871 | 52,369 |
| Proceeds from exercise of stock options | 7,999 | 36,844 | 1,953 |
| Proceeds from issuance of long-term debt, net of issuance costs paid | 148,256 | — | — |
| Payment of debt issuance costs | (558) | — | — |
| Net cash provided by financing activities | 890,307 | 809,895 | 54,322 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 458,349 | 313,450 | (50,525) |
| Cash, cash equivalents and restricted cash, beginning of year | 437,391 | 123,941 | 174,466 |
| Cash, cash equivalents and restricted cash, end of year | $895,740 | $437,391 | $123,941 |
| Supplemental disclosures of cash flow information: | |||
| Purchase of property and equipment in accounts payable | $65 | $— | $12 |
| Cash paid for interest | 4,339 | — | — |
| Debt issuance costs included in accounts payable or accrued expenses | 30 | — | — |
| Offering costs included in accounts payable or accrued expenses | 424 | — | — |
| Proceeds from employee stock option exercise in other receivables | — | 199 | — |
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