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 supporter脿 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 猫 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 flessibilit脿 strategica durante i momenti chiave del 2025 e 2026.
Dyne Therapeutics (Nasdaq: DYN) ha asegurado una l铆nea de pr茅stamo senior garantizado no dilutivo de 275 millones de d贸lares con Hercules Capital (NYSE: HTGC). El financiamiento incluye 100 millones de d贸lares desembolsados inicialmente y tramos adicionales de hasta 175 millones de d贸lares vinculados a hitos espec铆ficos.
El financiamiento apoyar谩 el avance de los programas cl铆nicos de Dyne: DYNE-101 para distrofia miot贸nica tipo 1 (DM1) y DYNE-251 para distrofia muscular de Duchenne (DMD). La compa帽铆a planea posibles solicitudes de Aprobaci贸n Acelerada en EE. UU. en 2026 y apunta a un posible lanzamiento en EE. UU. para DMD en 2027.
La l铆nea de pr茅stamo est谩 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 aprobaci贸n de Hercules. Esta estructura brinda a Dyne flexibilidad estrat茅gica en puntos clave durante 2025 y 2026.
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Dyne Therapeutics (Nasdaq : DYN) a obtenu une ligne de cr茅dit senior garantie non dilutive de 275 millions de dollars aupr猫s de Hercules Capital (NYSE : HTGC). Le financement comprend 100 millions de dollars d茅bloqu茅s imm茅diatement ainsi que des tranches suppl茅mentaires allant jusqu'脿 175 millions de dollars li茅es 脿 des jalons sp茅cifiques.
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 soci茅t茅 pr茅voit des demandes potentielles d'approbation acc茅l茅r茅e aux 脡tats-Unis en 2026 et vise un lancement potentiel aux 脡tats-Unis pour la DMD d'ici 2027.
La facilit茅 de pr锚t est structur茅e en cinq tranches, incluant les 100 millions initiaux, trois tranches d茅pendantes des jalons totalisant 115 millions, et une derni猫re tranche de 60 millions soumise 脿 l'approbation de Hercules. Cette structure offre 脿 Dyne une flexibilit茅 strat茅gique lors des points d'inflexion cl茅s en 2025 et 2026.
Dyne Therapeutics (Nasdaq: DYN) hat eine nicht verw盲ssernde, besicherte Senior-Darlehensfazilit盲t in H枚he von 275 Millionen US-Dollar von Hercules Capital (NYSE: HTGC) gesichert. Die Finanzierung umfasst 100 Millionen US-Dollar, die sofort ausgezahlt werden, sowie zus盲tzliche Tranchen von bis zu 175 Millionen US-Dollar, die an bestimmte Meilensteine gebunden sind.
Die Finanzierung wird die Weiterentwicklung von Dynes klinischen Programmen unterst眉tzen: DYNE-101 f眉r Myotone Dystrophie Typ 1 (DM1) und DYNE-251 f眉r Duchenne-Muskeldystrophie (DMD). Das Unternehmen plant potenzielle Antr盲ge auf beschleunigte Zulassung in den USA im Jahr 2026 und strebt einen m枚glichen US-Launch f眉r DMD bis 2027 an.
Die Darlehensfazilit盲t ist in f眉nf Tranchen strukturiert, darunter die anf盲nglichen 100 Millionen, drei meilensteinabh盲ngige Tranchen mit insgesamt 115 Millionen und eine letzte Tranche von 60 Millionen, die der Zustimmung von Hercules unterliegt. Diese Struktur bietet Dyne strategische Flexibilit盲t 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) -- 听(狈补蝉诲补辩: 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
鈥淭his 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,鈥� said John Cox, president and chief executive officer of Dyne. 鈥淲ith
鈥淲e are pleased to partner with Dyne to advance important therapeutics that address critical unmet needs,鈥� said R. Bryan Jadot, Senior Managing Director and Group Head at Hercules Capital. 鈥淥ur financial commitment reflects strong confidence in Dyne鈥檚 leadership, pipeline and potential to achieve functional improvement for those living with serious neuromuscular diseases.鈥�
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聽, and follow us on聽,听听补苍诲听.听听
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鈥檚 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鈥檚 cash resources for the period anticipated, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渃ontinue,鈥� 鈥渃ould,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渋ntend,鈥� 鈥渕ay,鈥� 鈥渕ight,鈥� 鈥渙bjective,鈥� 鈥渙ngoing,鈥� 鈥減lan,鈥� 鈥減redict,鈥� 鈥減roject,鈥� 鈥減otential,鈥� 鈥渟hould,鈥� or 鈥渨ould,鈥� 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鈥檚 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鈥檚 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鈥檚 and other regulatory authorities鈥� 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鈥檚 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鈥檚 filings with the Securities and Exchange Commission (SEC), including the company鈥檚 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鈥檚 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鈥檚 views as of any date subsequent to the date of this press release.
Contacts:
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FAQ
What is the total value of Dyne Therapeutics' (DYN) debt financing from Hercules Capital?
How will DYN use the Hercules Capital financing?
When does Dyne Therapeutics (DYN) expect to launch its DMD treatment?
How is the $275 million DYN loan facility structured?
Why did Dyne Therapeutics choose non-dilutive financing?
