Dyne Therapeutics Secures Up to $275 Million in Debt Financing from Hercules Capital
Dyne Therapeutics (Nasdaq: DYN) has secured a $275 million non-dilutive senior secured term loan facility from Hercules Capital (NYSE: HTGC). The financing includes $100 million funded upfront and additional tranches of up to $175 million tied to specific milestones.
The financing will support the advancement of Dyne's clinical programs: DYNE-101 for myotonic dystrophy type 1 (DM1) and DYNE-251 for Duchenne muscular dystrophy (DMD). The company plans potential U.S. Accelerated Approval submissions in 2026 and targets a potential U.S. launch in DMD by 2027.
The loan facility is structured in five tranches, including the initial $100 million, three milestone-dependent tranches totaling $115 million, and a final $60 million tranche subject to Hercules' approval. This structure provides Dyne with strategic flexibility through key inflection points in 2025 and 2026.
Dyne Therapeutics (Nasdaq: DYN) ha ottenuto una linea di credito senior garantita non diluitiva da 275 milioni di dollari da Hercules Capital (NYSE: HTGC). Il finanziamento comprende un importo iniziale di 100 milioni di dollari erogato subito e tranche aggiuntive fino a 175 milioni di dollari legate al raggiungimento di specifici obiettivi.
Il finanziamento supporterà l'avanzamento dei programmi clinici di Dyne: DYNE-101 per la distrofia miotonica di tipo 1 (DM1) e DYNE-251 per la distrofia muscolare di Duchenne (DMD). L'azienda prevede potenziali richieste di Accelerated Approval negli Stati Uniti nel 2026 e punta a un possibile lancio negli USA per la DMD entro il 2027.
La linea di credito è strutturata in cinque tranche, inclusi i 100 milioni iniziali, tre tranche dipendenti dal raggiungimento di milestone per un totale di 115 milioni e una tranche finale da 60 milioni soggetta all'approvazione di Hercules. Questa struttura offre a Dyne una flessibilità strategica durante i momenti chiave del 2025 e 2026.
Dyne Therapeutics (Nasdaq: DYN) ha asegurado una línea de préstamo senior garantizado no dilutivo de 275 millones de dólares con Hercules Capital (NYSE: HTGC). El financiamiento incluye 100 millones de dólares desembolsados inicialmente y tramos adicionales de hasta 175 millones de dólares vinculados a hitos específicos.
El financiamiento apoyará el avance de los programas clínicos de Dyne: DYNE-101 para distrofia miotónica tipo 1 (DM1) y DYNE-251 para distrofia muscular de Duchenne (DMD). La compañía planea posibles solicitudes de Aprobación Acelerada en EE. UU. en 2026 y apunta a un posible lanzamiento en EE. UU. para DMD en 2027.
La línea de préstamo está estructurada en cinco tramos, incluyendo los 100 millones iniciales, tres tramos dependientes de hitos que suman 115 millones y un tramo final de 60 millones sujeto a la aprobación de Hercules. Esta estructura brinda a Dyne flexibilidad estratégica en puntos clave durante 2025 y 2026.
Dyne Therapeutics (나스닥: DYN)는 Hercules Capital (NYSE: HTGC)으로부터 2억 7,500만 달러 규모의 비희석 선순위 담보 대출 시설을 확보했습니다. 이번 자금 조달에는 선지급된 1억 달러와 특정 이정표에 연동된 최대 1억 7,500만 달러의 추가 트랜치가 포함되어 있습니다.
이 자금은 Dyne의 임상 프로그램인 근긴장성 이영양증 유형 1형(DM1)용 DYNE-101과 뒤센 근이영양증(DMD)용 DYNE-251의 진전을 지원할 예정입니다. 회사는 2026년 미국 가속 승인 신청을 계획하고 있으며, 2027년까지 DMD에 대한 미국 출시를 목표로 하고 있습니다.
대출 시설은 초기 1억 달러를 포함해 총 5개의 트랜치로 구성되며, 이 중 3개는 이정표 달성에 따라 1억 1,500만 달러, 마지막 6,000만 달러 트랜치는 Hercules의 승인에 따릅니다. 이 구조는 2025년과 2026년의 주요 전환점에서 Dyne에 전략적 유연성을 제공합니다.
Dyne Therapeutics (Nasdaq : DYN) a obtenu une ligne de crédit senior garantie non dilutive de 275 millions de dollars auprès de Hercules Capital (NYSE : HTGC). Le financement comprend 100 millions de dollars débloqués immédiatement ainsi que des tranches supplémentaires allant jusqu'à 175 millions de dollars liées à des jalons spécifiques.
Ce financement soutiendra l'avancement des programmes cliniques de Dyne : DYNE-101 pour la dystrophie myotonique de type 1 (DM1) et DYNE-251 pour la dystrophie musculaire de Duchenne (DMD). La société prévoit des demandes potentielles d'approbation accélérée aux États-Unis en 2026 et vise un lancement potentiel aux États-Unis pour la DMD d'ici 2027.
La facilité de prêt est structurée en cinq tranches, incluant les 100 millions initiaux, trois tranches dépendantes des jalons totalisant 115 millions, et une dernière tranche de 60 millions soumise à l'approbation de Hercules. Cette structure offre à Dyne une flexibilité stratégique lors des points d'inflexion clés en 2025 et 2026.
Dyne Therapeutics (Nasdaq: DYN) hat eine nicht verwässernde, besicherte Senior-Darlehensfazilität in Höhe von 275 Millionen US-Dollar von Hercules Capital (NYSE: HTGC) gesichert. Die Finanzierung umfasst 100 Millionen US-Dollar, die sofort ausgezahlt werden, sowie zusätzliche Tranchen von bis zu 175 Millionen US-Dollar, die an bestimmte Meilensteine gebunden sind.
Die Finanzierung wird die Weiterentwicklung von Dynes klinischen Programmen unterstützen: DYNE-101 für Myotone Dystrophie Typ 1 (DM1) und DYNE-251 für Duchenne-Muskeldystrophie (DMD). Das Unternehmen plant potenzielle Anträge auf beschleunigte Zulassung in den USA im Jahr 2026 und strebt einen möglichen US-Launch für DMD bis 2027 an.
Die Darlehensfazilität ist in fünf Tranchen strukturiert, darunter die anfänglichen 100 Millionen, drei meilensteinabhängige Tranchen mit insgesamt 115 Millionen und eine letzte Tranche von 60 Millionen, die der Zustimmung von Hercules unterliegt. Diese Struktur bietet Dyne strategische Flexibilität an wichtigen Wendepunkten in 2025 und 2026.
- Secured $275 million in non-dilutive debt financing with $100 million upfront
- Financing structure aligned with clinical, regulatory and commercial milestones
- Strategic flexibility through potential U.S. Accelerated Approval submissions in 2026
- Strengthened balance sheet without shareholder dilution
- Potential DMD product launch in U.S. by 2027
- Additional $175 million funding contingent on achieving specific milestones
- Final $60 million tranche requires Hercules' approval
- Takes on significant debt obligations
Insights
Dyne's $275M non-dilutive debt deal provides critical runway through key clinical milestones without shareholder dilution.
This $275 million debt financing represents a significant strategic win for Dyne Therapeutics that substantially strengthens their financial position at a critical juncture. The non-dilutive structure is particularly valuable for a clinical-stage biotech, providing essential capital without issuing new shares that would dilute existing shareholders.
The deal's architecture reveals thoughtful financial planning: $100 million funded immediately provides operational certainty, while the remaining $175 million in milestone-triggered tranches creates a capital access pathway aligned with clinical and regulatory achievements. This structure indicates Hercules Capital has conducted thorough due diligence and has confidence in Dyne's scientific approach and execution capabilities.
The timing aligns strategically with Dyne's development timeline, supporting potential U.S. Accelerated Approval submissions for both DM1 and DMD programs in 2026, followed by a potential DMD commercial launch in 2027. These represent significant value-inflection points, and having secured financing through these periods substantially reduces the company's capital risk profile.
For investors, this transaction signals external validation from a sophisticated life sciences lender while providing greater visibility into Dyne's financial runway through key development milestones. The deal demonstrates management's focus on optimizing their capital structure in a way that preserves future upside potential as their neuromuscular disease programs advance toward commercialization.
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WALTHAM, Mass., June 30, 2025 (GLOBE NEWSWIRE) -- Dyne Therapeutics, Inc. (Nasdaq: DYN), a clinical-stage company focused on delivering functional improvement for people living with genetically driven neuromuscular diseases, today announced it has entered into a
“This non-dilutive financing enhances our ability to advance our DM1 and DMD programs, with potential U.S. Accelerated Approval submissions planned for 2026, and provides strategic flexibility as we focus on strengthening our balance sheet and financial outlook,” said John Cox, president and chief executive officer of Dyne. “With
“We are pleased to partner with Dyne to advance important therapeutics that address critical unmet needs,” said R. Bryan Jadot, Senior Managing Director and Group Head at Hercules Capital. “Our financial commitment reflects strong confidence in Dyne’s leadership, pipeline and potential to achieve functional improvement for those living with serious neuromuscular diseases.”
The loan facility consists of five tranches, including an initial term loan of
About Dyne Therapeutics
Dyne Therapeutics is focused on delivering functional improvement for people living with genetically driven neuromuscular diseases. We are developing therapeutics that target muscle and the central nervous system (CNS) to address the root cause of disease. The company is advancing clinical programs for myotonic dystrophy type 1 (DM1) and Duchenne muscular dystrophy (DMD), and preclinical programs for facioscapulohumeral muscular dystrophy (FSHD) and Pompe disease. At Dyne, we are on a mission to deliver functional improvement for individuals, families and communities. Learn more https://www.dyne-tx.com/, and follow us on X, LinkedIn and Facebook.
About Hercules Capital
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology and life sciences industries. Since inception (December 2003), Hercules has committed more than
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release, including statements regarding Dyne’s strategy, future operations, prospects and plans, objectives of management, the ability of Dyne to achieve any of the specified clinical, regulatory or commercial milestones under its loan agreement with Hercules Capital, the potential of the FORCE platform, the potential of DYNE-101 and DYNE-251, the anticipated timelines for reporting additional data from the ACHIEVE and DELIVER clinical trials, initiating and enrolling registrational cohorts, initiating additional clinical trials, submitting applications for marketing approval and commercial launches, the availability of expedited approval pathways for DYNE-101 and DYNE-251, expectations regarding the outcome of interactions with regulatory authorities, and the sufficiency of Dyne’s cash resources for the period anticipated, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” or “would,” or the negative of these terms, or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Dyne may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including: Dyne’s ability to comply with the covenants and other obligations under its loan agreement with Hercules Capital; uncertainties inherent in the identification and development of product candidates, including the initiation and completion of preclinical studies and clinical trials; uncertainties as to the availability and timing of results from preclinical studies and clinical trials; the timing of and Dyne’s ability to enroll patients in clinical trials; whether results from preclinical studies and data from clinical trials will be predictive of the final results of the clinical trials or other trials; whether data from clinical trials will support submission for regulatory approvals; uncertainties as to the FDA’s and other regulatory authorities’ interpretation of the data from Dyne's clinical trials and acceptance of Dyne's clinical programs and as to the regulatory approval process for Dyne's product candidates; whether Dyne’s cash resources will be sufficient to fund its foreseeable and unforeseeable operating expenses and capital expenditure requirements; as well as the risks and uncertainties identified in Dyne’s filings with the Securities and Exchange Commission (SEC), including the company’s most recent Form 10-Q and in subsequent filings Dyne may make with the SEC. In addition, the forward-looking statements included in this press release represent Dyne’s views as of the date of this press release. Dyne anticipates that subsequent events and developments will cause its views to change. However, while Dyne may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Dyne’s views as of any date subsequent to the date of this press release.
Contacts:
Investors
Mia Tobias
ir@dyne-tx.com
781-317-0353
Media
Stacy Nartker
snartker@dyne-tx.com
781-317-1938
FAQ
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