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Get filing alertsDyne Therapeutics prices $375M public offering of 18.3M shares at $20.50
Filed July 22, 2026 · Period ending July 21, 2026 · ~1 min read
Key Changes
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Priced underwritten offering of 18.3M shares at $20.50/share for gross proceeds of $375.1M (18.3M × $20.50), with underwriters purchasing at $19.27/share ($1.23 discount). Expected to close July 23, 2026.
Item 1.01 verify on EDGAR → -
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Net proceeds of ~$352M (or ~$405M if 2.745M-share greenshoe fully exercised), combined with existing cash and June 2026 $50M Hercules term loan, extend cash runway into Q2 2028.
Item 8.01 verify on EDGAR → -
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Granted underwriters 30-day option to purchase up to 2.745M additional shares at same net price, representing 15% over-allotment provision.
Item 1.01 verify on EDGAR → -
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Cash runway estimate excludes potential additional Hercules loan tranches contingent on achieving unspecified clinical, regulatory, and commercial milestones.
Item 8.01 verify on EDGAR →
Summary
Dyne Therapeutics priced an upsized public offering of 18.3 million common shares at $20.50 per share, generating gross proceeds of $375.1 million before fees. After underwriting discounts of $1.23 per share and estimated expenses, the company expects net proceeds of approximately $352.1 million, or $405.0 million if underwriters fully exercise their 30-day option for an additional 2.745 million shares.
Morgan Stanley and Jefferies led the syndicate. The company disclosed that these proceeds, combined with existing cash and a $50 million term loan tranche drawn from Hercules Capital in June 2026, will fund operations and debt service into the second quarter of 2028.
This runway estimate is conservative—it excludes potential additional Hercules loan tranches tied to unspecified clinical, regulatory, and commercial milestones, as well as any future product revenues. For a clinical-stage biotech, the two-year runway provides meaningful visibility into the company's ability to advance its neuromuscular disease programs without near-term financing pressure. The offering closed July 23, 2026.
Section-by-Section Diff
Event · Item 8.01 — Other Events
Dyne priced a public offering and disclosed that proceeds plus existing cash will fund operations into Q2 2028.
Added in current filing · verify on EDGAR →
The full text of the press release issued on July 21, 2026, announcing the pricing of the Offering, is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
The company announced the pricing of a public offering on July 21, 2026. The specific terms (price, size, use of proceeds) are disclosed in the attached press release exhibit, which is not included in this 8-K body text.
Added in current filing · verify on EDGAR →
The Company believes that the net proceeds from the Offering, together with its existing cash, cash equivalents and marketable securities, including the third term loan tranche of $50.0 million that it borrowed under the Loan and Security Agreement (the “Loan Agreement”) with Hercules Capital, Inc. (“Hercules”) in June 2026, will enable the Company to fund its operating expenses, debt service obligations and capital expenditure requirements into the second quarter of 2028.
The company projects its cash runway extends into the second quarter of 2028, combining the new offering proceeds with existing cash and a $50 million term loan tranche borrowed from Hercules Capital in June 2026. This guidance provides investors visibility into the company's financial runway for operations and debt service.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
In addition, Dyne has granted the underwriters a 30-day option to purchase up to an additional 2,745,000 shares of its common stock at the public offering price, less the underwriting discounts and commissions.
Dyne granted underwriters a 30-day option to purchase up to an additional 2.745 million shares at the offering price, which could increase total proceeds by approximately $56.3 million if fully exercised.
Show 1 minor / wording change
Added in current filing · view on EDGAR →
Morgan Stanley, Jefferies and Evercore ISI are acting as joint book-running managers for the offering. LifeSci Capital and Raymond James are also acting as joint book-running managers for the offering. Jones is acting as lead manager for the offering.
The offering is being led by a syndicate of major investment banks including Morgan Stanley, Jefferies, and Evercore ISI as joint book-running managers, with LifeSci Capital, Raymond James, and Jones also participating.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 23, 2026 · How we verify