0001690585-26-000040 | 10-Q | XBRL Viewer | Dianthus Therapeutics INC DE

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Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of September 30, 2026 and for the three and nine months ended September 30, 2026 have been prepared in conformity with U.S. GAAP for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s audited financial statements and include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and nine months ended September 30, 2026 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The unaudited condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2025, which are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 9, 2026. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates including the following: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Significant estimates are used in the following areas, among others: the recognition of research and development expense and revenue recognition.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and investments. The Company regularly maintains deposits in accredited financial institutions in excess of federally insured limits. The Company invests its excess cash primarily in money market funds, U.S. treasury securities, U.S. government agency securities and corporate debt securities in accordance with the Company’s investment policy. The Company’s investment policy defines allowable investments and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. The Company has not experienced any significant realized losses related to its cash, cash equivalents and investments and management believes the Company is not exposed to significant risks of losses.
Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU No. 2024-03 address investor requests for more detailed expense information and require additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the face of the income statement. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact ASU No. 2024-03 may have on its unaudited condensed consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

Leases - Summary of the Components of Lease Costs and Rent (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Lease, Cost [Abstract]
Operating lease cost	$ 73	$ 76	$ 270	$ 298
Variable lease cost	10	12	30	33
Total operating lease costs	$ 83	$ 88	$ 300	$ 331

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Jul. 31, 2026	Dec. 31, 2025
Leases [Abstract]
2026 (remaining 3 months)	$ 105
2027	323
2028	318
2029	321
2030	324
Thereafter	54
Total undiscounted operating lease payments	1,445	$ 2,400
Less: imputed interest	(237)
Present value of operating lease liabilities	1,208
Current portion of operating lease liabilities	349		$ 367
Long-term operating lease liabilities	859		$ 1,019
Total operating lease liabilities	$ 1,208

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Sep. 30, 2025
Stock issuance cost	$ 1,544	$ 404

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Summary of Prepaid Expenses and Other Current Assets

The following table provides a summary of prepaid expenses and other current assets:


	September 30, 2026		December 31, 2025
Prepaid materials, supplies and research and development services	$	12,363	$	3,033
Prepaid subscriptions, software and other administrative services		4,113		1,274
Prepaid insurance		1,028		698
Other current assets		169		86
Prepaid expenses and other current assets	$	17,673	$	5,091

Stockholders' Equity

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

March 2026 Public Offering

At the closing of the public offering on March 12, 2026, the Company issued and sold 8,470,989 shares of its common stock, including the full exercise by the underwriters of their option to purchase an additional 1,157,407 shares, and pre-funded warrants to purchase 402,468 shares of its common stock with a $0.001 per share exercise price. The gross proceeds from this public offering were approximately $719.0 million, before underwriting discounts and commissions and estimated expenses related to this public offering.

The pre-funded warrants are exercisable at any time after the date of issuance and will not expire. As of September 30, 2026, there were 402,468 pre-funded warrants outstanding related to this public offering.

September 2025 Public Offering

At the closing of the public offering on September 11, 2025, the Company issued and sold 7,627,879 shares of its common stock, including the full exercise by the underwriters of their option to purchase an additional 1,140,000 shares, and pre-funded

warrants to purchase 1,112,121 shares of its common stock with a $0.001 per share exercise price. The gross proceeds from this public offering were $288.4 million, before underwriting discounts and commissions and estimated expenses related to this public offering.

The pre-funded warrants are exercisable at any time after the date of issuance and will not expire. As of September 30, 2026, there were 112,121 pre-funded warrants outstanding related to this public offering.

Shelf Registration Statements and ATM Offering Programs

On October 1, 2024, the Company filed a registration statement with the SEC for the issuance of common stock, preferred stock, warrants, debt securities, rights and units up to an aggregate of $500.0 million. On October 9, 2024, the registration statement was declared effective by the SEC. The registration statement includes an at-the-market offering program for the sale of up to $200.0 million of shares of the Company’s common stock. As of the date of this filing, the Company has sold 3,632,534 shares of its common stock under the Initial ATM offering program, resulting in gross proceeds of $200.0 million.

On January 28, 2026, the Company filed a registration statement with the SEC for the issuance of common stock, preferred stock, warrants, debt securities, rights and units up to an aggregate of $600.0 million. On January 30, 2026, the registration statement was declared effective by the SEC.

On September 18, 2026, the Company filed a registration statement with the SEC, which became effective immediately upon filing, for the issuance of common stock, preferred stock, warrants, debt securities, rights and units. The registration statement includes an at-the-market offering program for the sale of up to $500.0 million of shares of the Company’s common stock. To date, the Company has not sold any shares of its common stock under the 2026 ATM offering program.

During the three and nine months ended September 30, 2026, the Company sold 1,005,700 and 2,128,826 shares, respectively, of its common stock under the at-the-market offering programs, resulting in net proceeds of $98.1 million and $156.8 million, respectively. No sales were made under the at-the-market offering programs during the nine months ended September 30, 2025.

Private Placement Offering

At the closing of the private placement on January 24, 2024, the Company issued 14,500,500 shares of common stock and pre-funded warrants to purchase 4,666,332 shares of common stock with a $0.001 per share exercise price. The pre-funded warrants are exercisable at any time after the date of issuance and will not expire. As of September 30, 2026, there were 832,333 pre-funded warrants outstanding related to this private placement.

Preferred Stock

As of September 30, 2026, the Company was authorized to issue up to 10,000,000 shares of the Company’s preferred stock at a par value of $0.001. As of September 30, 2026, no shares of Company preferred stock were issued and outstanding.

Common Stock

As of September 30, 2026, the Company was authorized to issue up to 150,000,000 shares of common stock at a par value of $0.001. As of September 30, 2026, the Company had issued and outstanding 56,295,226 shares of common stock.

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Company’s board of directors, if any. No dividends have been declared or paid by the Company through September 30, 2026.

The Company had the following shares of common stock reserved for future issuance as of September 30, 2026 and December 31, 2025:


	September 30, 2026		December 31, 2025
Issuance of common stock upon exercise of stock options		6,679,269		5,991,343
Equity awards available for grant under stock award plans		1,908,958		1,888,479
Shares available for issuance under employee stock purchase plan		190,656		143,277
Issuance of common stock upon exercise of warrants		1,346,922		1,949,131
Total common stock reserved for future issuance		10,125,805		9,972,230

- Definition

The entire disclosure for equity.

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+ Details

Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2026

Cash Equivalents and Marketable Securities [Abstract]

Schedule of Fair Value of the Company's Cash Equivalents and Marketable Securities

The Company’s investments consist of marketable securities classified as available-for-sale. The following tables provide a summary of the estimated fair value of the Company’s cash equivalents and marketable securities:


	September 30, 2026									Classification
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value		Short-term		Long-term
Cash equivalents:
Money market funds	$	54,082	$	—	$	—		$	54,082	$	54,082	$	—
Total cash equivalents	$	54,082	$	—	$	—		$	54,082	$	54,082	$	—

Marketable securities:
U.S. treasury securities	$	801,619	$	—	$	(5,160	)	$	796,459	$	484,595	$	311,864
Corporate debt securities		255,495		26		(704	)		254,817		175,601		79,216
Commercial paper		105,679		1		(224	)		105,456		105,456		—
U.S. government agency securities		21,228		—		(198	)		21,030		6,070		14,960
Certificate of deposit		10,391		—		(16	)		10,375		10,375		—
Total marketable securities	$	1,194,412	$	27	$	(6,302	)	$	1,188,137	$	782,097	$	406,040


	December 31, 2025									Classification
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value		Short-term		Long-term
Cash equivalents:
Money market funds	$	50,247	$	—	$	—		$	50,247	$	50,247	$	—
Total cash equivalents	$	50,247	$	—	$	—		$	50,247	$	50,247	$	—

Marketable securities:
U.S. treasury securities	$	345,668	$	402	$	—		$	346,070	$	274,152	$	71,918
Corporate debt securities		89,709		81		(15	)		89,775		61,100		28,675
U.S. government agency securities		17,053		17		(7	)		17,063		7,521		9,542
Certificate of deposit		6,112		9		—			6,121		6,121		—
Commercial paper		4,312		2		—			4,314		4,314		—
Total marketable securities	$	462,854	$	511	$	(22	)	$	463,343	$	353,208	$	110,135

Schedule of Components of Interest Income

The following table provides a summary of the components of interest and investment income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Interest income	$	11,262	$	1,347	$	22,197	$	5,544
Accretion of discount on marketable securities, net		881		2,311		7,753		5,308
Total interest and investment income	$	12,143	$	3,658	$	29,950	$	10,852

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation expense	$ 12,721	$ 5,794	$ 35,221	$ 16,815
Stock-based Compensation Expense \| Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation expense	6,397	3,261	18,406	9,348
Stock-based Compensation Expense \| Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock based compensation expense	$ 6,324	$ 2,533	$ 16,815	$ 7,467

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following tables provide a summary of financial assets measured at fair value on a recurring basis:


	Fair Value at
Description	September 30, 2026		Level 1		Level 2		Level 3
Recurring Assets:
Cash equivalents:
Money market funds	$	54,082	$	54,082	$	—	$	—
Short-term investments:
U.S. treasury securities		484,595		484,595		—		—
Corporate debt securities		175,601		—		175,601		—
Commercial paper		105,456		—		105,456		—
Certificate of deposit		10,375		10,375		—		—
U.S. government agency securities		6,070		—		6,070		—
Long-term investments:
U.S. treasury securities		311,864		311,864		—		—
Corporate debt securities		79,216		—		79,216		—
U.S. government agency securities		14,960		—		14,960		—
Other assets and restricted cash:
Investment in former related party		487		487		—		—
Total assets measured at fair value	$	1,242,706	$	861,403	$	381,303	$	—


	Fair Value at
	December 31,
Description	2025		Level 1		Level 2		Level 3
Recurring Assets:
Cash equivalents:
Money market funds	$	50,247	$	50,247	$	—	$	—
Short-term investments:
U.S. treasury securities		274,152		274,152		—		—
Corporate debt securities		61,100		—		61,100		—
U.S. government agency securities		7,521		—		7,521		—
Certificate of deposit		6,121		6,121		—		—
Commercial paper		4,314		—		4,314		—
Long-term investments:
U.S. treasury securities		71,918		71,918		—		—
Corporate debt securities		28,675		—		28,675		—
U.S. government agency securities		9,542		—		9,542		—
Other assets and restricted cash:
Investment in former related party		656		656		—		—
Total assets measured at fair value	$	514,246	$	403,094	$	111,152	$	—

Organization, Description of Business and Liquidity

9 Months Ended

Sep. 30, 2026

Accounting Policies [Abstract]

Organization, Description of Business and Liquidity

1. Organization, Description of Business and Liquidity

Business

Dianthus Therapeutics, Inc. (the “Company” or “Dianthus”) is a clinical-stage biotechnology company dedicated to developing potentially best-in-disease therapies for patients living with severe autoimmune diseases. The Company’s corporate headquarters are in New York, New York.

Currently, the Company is devoting substantially all efforts and resources toward product research and development of its product candidates. The Company has incurred losses from operations and negative operating cash flows since its inception. There can be no assurance that its research and development programs will be successful, that products developed, if any, will obtain necessary regulatory approval, or that any approved product, if any, will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its key employees, consultants, and advisors.

Reverse Merger and Pre-Closing Financing

On September 11, 2023, the Company completed its business combination with Dianthus Therapeutics OpCo, Inc. (formerly Dianthus Therapeutics, Inc.) (“Former Dianthus”) in accordance with the terms of the Agreement and Plan of Merger, dated as of May 2, 2023 (the “Merger Agreement”), by and among the Company, Dio Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Merger Sub”), and Former Dianthus, pursuant to which, among other matters, Merger Sub merged with and into Former Dianthus, with Former Dianthus surviving as a wholly owned subsidiary of the Company (the “Reverse Merger”). In connection with the completion of the Reverse Merger, the Company changed its name from “Magenta Therapeutics, Inc.” to “Dianthus Therapeutics, Inc.,” and the business conducted by the Company became primarily the business conducted by Former Dianthus. Unless context otherwise requires, references herein to “Dianthus,” the “Company,” or the “combined company” refer to Dianthus Therapeutics, Inc. (formerly Magenta Therapeutics, Inc.) after completion of the Reverse Merger, the term “Former Dianthus” refers to Dianthus Therapeutics OpCo, Inc. (formerly Dianthus Therapeutics, Inc.), and the term “Magenta” refers to the Company prior to completion of the Reverse Merger. The Company was incorporated in June 2015, and Former Dianthus was incorporated in May 2019.

Immediately prior to the effective time of the Reverse Merger, the Company effected a 1-for-16 reverse stock split of its common stock (the “Reverse Stock Split”). Unless noted otherwise, all references herein to share and per share amounts reflect the Reverse Stock Split.

At the effective time of the Reverse Merger, the Company issued an aggregate of 11,021,248 shares of common stock to the Former Dianthus stockholders, based on the exchange ratio of approximately 0.2181 shares of common stock for each share of Former Dianthus common stock, including those shares of Former Dianthus common stock issued upon the conversion of Former Dianthus preferred stock and those shares of the Former Dianthus common stock issued in the pre-closing financing (as defined below), resulting in 14,817,696 shares of common stock being issued and outstanding following the effective time of the Reverse Merger.

At the effective time of the Reverse Merger, the 2019 Stock Plan (as discussed in Note 11) was assumed by the Company, and each outstanding and unexercised option to purchase shares of Former Dianthus common stock immediately prior to the effective time of the Reverse Merger was assumed by the Company and converted into an option to purchase shares of common stock, with necessary adjustments to the number of shares and exercise price to reflect the exchange ratio, and each outstanding and unexercised warrant to purchase shares of Former Dianthus common stock immediately prior to the effective time of the Reverse Merger (including the Former Dianthus pre-funded warrants sold in the pre-closing financing) was converted into a warrant to purchase shares of common stock, with necessary adjustments to the number of shares and exercise price to reflect the exchange ratio.

The Reverse Merger was accounted for as a reverse recapitalization in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Under this method of accounting, Former Dianthus was deemed to be the accounting acquirer for financial reporting purposes. This determination was primarily based on the expectation that, immediately following the Reverse Merger: (i) Former Dianthus’ stockholders would own a substantial majority of the voting rights in the combined company; (ii) Former Dianthus’ largest stockholders would retain the largest interest in the combined company; (iii) Former Dianthus would designate a majority (six of eight) of the initial members of the board of directors of the combined company; and (iv) Former Dianthus’ executive management team would become the management team of the combined company. Accordingly, for accounting purposes: (i) the Reverse Merger was treated as the equivalent of Former Dianthus issuing stock to acquire the net assets of Magenta; (ii) the net assets of Magenta were recorded at their acquisition-date fair value in the consolidated financial statements of Former Dianthus; and (iii) the reported historical operating results of the combined company prior to the Reverse Merger are those of Former Dianthus. Historical common stock figures of Former Dianthus have been retroactively restated based on the exchange ratio of approximately 0.2181.

On September 11, 2023, prior to the effective time of the Reverse Merger, the Company entered into a contingent value rights agreement (the “CVR Agreement”) with a rights agent, pursuant to which pre-Reverse Merger holders of Magenta common stock received one non-transferable contingent value right (each, a “CVR”) for each outstanding share of Magenta common stock held by such stockholder immediately prior to the effective time of the Reverse Merger on September 11, 2023. Subject to, and in accordance with, the terms and conditions of the CVR Agreement, each CVR represented the contractual right to receive a pro rata portion of the proceeds, if any, received by the Company as a result of (i) contingent payments made to the Company, such as milestone, royalty or earnout, when received under any pre-Reverse Merger disposition agreements related to Magenta’s pre-Reverse Merger assets and (ii) the Company’s sale of assets after the effective date of the Reverse Merger and prior to December 31, 2023, in each case, received within a three-year period following the closing of the Reverse Merger. The CVRs expired in accordance with the terms of the CVR Agreement on September 11, 2026, and no payments were made to holders of the CVRs.

Concurrently with the execution and delivery of the Merger Agreement, and in order to provide Former Dianthus with additional capital for its development programs, Former Dianthus entered into a subscription agreement, as amended (the “Subscription Agreement”), with certain investors named therein (the “Investors”), pursuant to which, subject to the terms and conditions of the Subscription Agreement, immediately prior to the effective time of the Reverse Merger, Former Dianthus issued and sold, and the Investors purchased, (i) 2,873,988 shares of Former Dianthus common stock and (ii) 210,320 pre-funded warrants, exercisable for 210,320 shares of Former Dianthus common stock, at a purchase price of approximately $23.34 per share or $23.34 per warrant, for an aggregate purchase price of approximately $72.0 million (the “pre-closing financing”).

2024 Private Placement

On January 22, 2024, the Company entered into a securities purchase agreement for a private placement with certain institutional and accredited investors. At the closing of the private placement on January 24, 2024, the Company sold and issued 14,500,500 shares of common stock at a price per share of $12.00, and pre-funded warrants to purchase 4,666,332 shares of common stock at a purchase price of $11.999 per pre-funded warrant, which represents the per share purchase price of the common stock less the $0.001 per share exercise price for each pre-funded warrant, for an aggregate purchase price of approximately $230.0 million. The pre-funded warrants are exercisable at any time after the date of issuance. A holder of pre-funded warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 9.99% of the number of shares of common stock outstanding immediately after giving effect to such exercise. A holder of pre-funded warrants may increase or decrease this percentage to a percentage not in excess of 19.99% by providing at least 61 days’ prior notice to the Company.

Shelf Registration Statements and At-the-Market Offering Programs

On October 1, 2024, the Company filed a registration statement with the SEC for the issuance of common stock, preferred stock, warrants, debt securities, rights and units up to an aggregate of $500.0 million. On October 9, 2024, the registration statement was declared effective by the SEC. The registration statement includes an at-the-market (the “Initial ATM”) offering program for the sale of up to $200.0 million of shares of the Company’s common stock. As of the date of this filing, the Company has sold 3,632,534 shares of its common stock under the Initial ATM offering program, resulting in gross proceeds of $200.0 million.

On September 18, 2026, the Company filed a registration statement with the SEC, which became effective immediately upon filing, for the issuance of common stock, preferred stock, warrants, debt securities, rights and units. The registration statement includes an at-the-market (the “2026 ATM”) offering program for the sale of up to $500.0 million of shares of the Company’s common stock. To date, the Company has not sold any shares of its common stock under the 2026 ATM offering program.

September 2025 Public Offering

On September 9, 2025, the Company entered into an underwriting agreement with certain underwriters to issue and sell 7,627,879 shares of the Company’s common stock, including the full exercise by the underwriters of their option to purchase an additional 1,140,000 shares, at a public offering price of $33.00 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase 1,112,121 shares of the Company’s common stock at a public offering price of $32.999 per share, which represented the per share public offering price for the common stock less the $0.001 per share exercise price for each pre-funded warrant. The gross proceeds from the underwritten offering were $288.4 million, before underwriting discounts and commissions and estimated expenses of the offering. The underwritten offering closed on September 11, 2025.

The pre-funded warrants are exercisable at any time after the date of issuance. A holder of the pre-funded warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 4.99%, 9.99%, or 19.99%, as applicable to each holder, of the number of shares of common stock outstanding immediately after giving effect to such exercise. A holder of the pre-funded warrants may increase or decrease this percentage to a percentage not in excess of 19.99% by providing at least 61 days’ prior notice to the Company.

The Company intends to use the net proceeds from this offering to advance the Company’s preclinical and clinical development activities, as well as for working capital and general corporate purposes. The Company may also use a portion of the proceeds to license, acquire or invest in new product candidates or for drug development activities related to such product candidates, complementary businesses, technology or assets.

The underwritten offering was made pursuant to the shelf registration statement, which became effective on October 9, 2024. A final prospectus supplement dated September 9, 2025 relating to and describing the terms of the underwritten offering was filed with the SEC on September 11, 2025.

March 2026 Public Offering

On March 10, 2026, the Company entered into an underwriting agreement with certain underwriters to issue and sell 8,470,989 shares of the Company’s common stock, including the full exercise by the underwriters of their option to purchase an additional 1,157,407 shares, at a public offering price of $81.00 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase 402,468 shares of the Company’s common stock at a public offering price of $80.999 per share, which represented the per share public offering price for the common stock less the $0.001 per share exercise price for each pre-funded warrant. The gross proceeds from the underwritten offering were approximately $719.0 million, before underwriting discounts and commissions and estimated expenses of the offering. The underwritten offering closed on March 12, 2026.

common stock outstanding immediately after giving effect to such exercise. A holder of the pre-funded warrants may increase or decrease this percentage to a percentage not in excess of 19.99% by providing at least 61 days’ prior notice to the Company.

The Company intends to use the net proceeds from this offering to advance the Company’s preclinical and clinical development activities, commercial readiness activities as well as for working capital and general corporate purposes.

The underwritten offering was made pursuant to a shelf registration statement, which became effective on January 30, 2026 and a related registration statement that was filed with the SEC on March 10, 2026 pursuant to Rule 462(b) under the Securities Act of 1933, as amended (the “Securities Act”), and became automatically effective upon filing. A final prospectus supplement dated March 10, 2026 relating to and describing the terms of the underwritten offering was filed with the SEC on March 11, 2026.

Risks and Uncertainties

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, development by its competitors of new technological innovations, dependence on its key personnel, market acceptance of products, product liability, protection of proprietary technology, ability to raise additional financing and compliance with government regulations. If the Company does not successfully commercialize any of its product candidates, it will be unable to generate recurring product revenue or achieve profitability.

The Company’s current product candidates, as well as any future product candidates, will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure, and extensive compliance-reporting capabilities. Even if its product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales.

Liquidity

In accordance with Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the accompanying unaudited condensed consolidated financial statements were issued (the “issuance date”):

•

Since its inception, the Company has funded its operations primarily with outside capital and has incurred significant recurring losses, including net losses of $137.7 million and $97.9 million for the nine months ended September 30, 2026 and 2025, respectively. In addition, the Company had an accumulated deficit of $474.4 million as of September 30, 2026;

•

The Company expects to continue to incur significant recurring losses and rely on outside capital to fund its operations for the foreseeable future; and

•

As of the issuance date, the Company expects that its existing cash, cash equivalents and investments on hand will be sufficient to fund its obligations as they become due for at least twelve months beyond the issuance date. The Company expects that its research and development and general and administrative costs will continue to increase significantly, including in connection with conducting clinical trials and manufacturing for its existing product candidates and any future product candidates to support commercialization and providing general and administrative support for its operations, including the costs associated with operating as a public company.

In the event the Company is unable to secure additional outside capital, management will be required to seek other alternatives which may include, among others, a delay or termination of clinical trials or the development of its product candidates, temporary or permanent curtailment of the Company’s operations, a sale of assets, or other alternatives with strategic or financial partners.

The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. Accordingly, the unaudited condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

License Revenues - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 12, 2024	Sep. 30, 2026	Sep. 30, 2025	Jun. 30, 2022	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025	Oct. 01, 2024	Sep. 11, 2023	Oct. 31, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Common stock, Shares issued		56,295,226			56,295,226		43,223,090		11,021,248
Reverse stock split					Immediately prior to the effective time of the Reverse Merger, the Company effected a 1-for-16 reverse stock split of its common stock (the “Reverse Stock Split”). Unless noted otherwise, all references herein to share and per share amounts reflect the Reverse Stock Split.
Accounts receivable		$ 582,000			$ 582,000		$ 52,000
Deferred revenue current		1,589,000			1,589,000		1,188,000
Deferred revenue noncurrent		5,449,000			5,449,000		5,770,000
Zenas BioPharma Inc [Member]
Related Party Transaction [Line Items]
Reimbursement of development costs				$ 1,100,000
Common stock, Shares issued											156,848
Zenas BioPharma Inc [Member] \| IPO [Member]
Related Party Transaction [Line Items]
Price per share	$ 17
Reverse stock split	1-for-8.6831
Fair value of the investment		500,000			500,000		700,000
Zenas BioPharma Inc [Member] \| Milestone [Member]
Related Party Transaction [Line Items]
Development milestones				11,000,000
Zenas BioPharma Inc [Member] \| Royalty [Member]
Related Party Transaction [Line Items]
License revenue - related party					0
Zenas BioPharma Inc [Member] \| Upfront Payment [Member]
Related Party Transaction [Line Items]
Upfront payments				$ 1,000,000						$ 1,000,000
Tenacia Biotechnology (Hong Kong) Co., Limited [Member]
Related Party Transaction [Line Items]
License revenue - related party		1,200,000	$ 400,000		2,400,000	$ 1,800,000
Accounts receivable		500,000			500,000		52,000
Unbilled receivable		200,000			200,000		50,000
Deferred revenue current		1,600,000			1,600,000		1,200,000
Deferred revenue noncurrent		5,400,000			5,400,000		$ 5,800,000
Tenacia Biotechnology (Hong Kong) Co., Limited [Member] \| Milestone [Member]
Related Party Transaction [Line Items]
Development milestones		$ 15,000,000			15,000,000			$ 15,000,000
Revenue related to milestones					$ 7,000,000
Collaborative Arrangement, Revenue Not from Contract with Customer, Statement of Income or Comprehensive Income [Extensible Enumeration]					License revenue - related party
Tenacia Biotechnology (Hong Kong) Co., Limited [Member] \| Upfront Payment [Member]
Related Party Transaction [Line Items]
Upfront payments								$ 2,500,000

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,679,269	6,355,977	6,679,269	6,355,977
Employee Stock Option Member
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,679,269	6,351,300	6,679,269	6,351,300
Warrants for the purchase of common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	4,677	0	4,677

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property and Equipment, Net

The following table provides a summary of property and equipment:


	September 30, 2026			December 31, 2025
Computer equipment	$	806		$	543
Furniture and fixtures		314			57
Leasehold improvements		39			—
Subtotal		1,159			600
Less: accumulated depreciation		(410	)		(304	)
Property and equipment, net	$	749		$	296

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

5. Prepaid Expenses and Other Current Assets

The following table provides a summary of prepaid expenses and other current assets:


	September 30, 2026		December 31, 2025
Prepaid materials, supplies and research and development services	$	12,363	$	3,033
Prepaid subscriptions, software and other administrative services		4,113		1,274
Prepaid insurance		1,028		698
Other current assets		169		86
Prepaid expenses and other current assets	$	17,673	$	5,091

Stockholders' Equity - Schedule of Common Stock Reserved For Future Issuance (Details) - shares	Sep. 30, 2026	Dec. 31, 2025
Equity [Abstract]
Issuance of common stock upon exercise of stock options	6,679,269	5,991,343
Equity awards available for grant under stock award plans	1,908,958	1,888,479
Shares available for issuance under employee stock purchase plan	190,656	143,277
Issuance of common stock upon exercise of warrants	1,346,922	1,949,131
Total common stock reserved for future issuance	10,125,805	9,972,230

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited consolidated financial statements and the notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 9, 2026. Except as reflected below, there were no changes to the Company’s significant accounting policies as described in the Annual Report on Form 10-K. Reflected in this note are updates to accounting policies, including the impact of the adoption of new policies.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements as of September 30, 2026 and for the three and nine months ended September 30, 2026 have been prepared in conformity with U.S. GAAP for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s audited financial statements and include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and nine months ended September 30, 2026 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The unaudited condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2025, which are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 9, 2026. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from those estimates.

Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates including the following: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Significant estimates are used in the following areas, among others: the recognition of research and development expense and revenue recognition.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and investments. The Company regularly maintains deposits in accredited financial institutions in excess of federally insured limits. The Company invests its excess cash primarily in money market funds, U.S. treasury securities, U.S. government agency securities and corporate debt securities in accordance with the Company’s investment policy. The Company’s investment policy defines allowable investments and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. The Company has not experienced any significant realized losses related to its cash, cash equivalents and investments and management believes the Company is not exposed to significant risks of losses.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU No. 2024-03 address investor requests for more detailed expense information and require additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the face of the income statement. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact ASU No. 2024-03 may have on its unaudited condensed consolidated financial statements and related disclosures.

Stock-Based Compensation - Schedule of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Shares, Beginning Balance \| shares	5,991,343
Number of Shares, Granted \| shares	2,563,630
Number of Shares, Exercised \| shares	(1,452,620)
Number of Shares, Forfeited \| shares	(423,084)
Number of Shares, Ending Balance \| shares	6,679,269	5,991,343
Number of Shares, Options exercisable at September 30, 2026 \| shares	2,302,345
Number of Shares, options unvested at September 30, 2026 \| shares	4,376,924
Weighted-Average Exercise Price, Outstanding, Beginning balance \| $ / shares	$ 20.14
Weighted-Average Exercise Price, Granted \| $ / shares	62.26
Weighted-Average Exercise Price, Exercised \| $ / shares	16.53
Weighted-Average Exercise Price, Forfeited \| $ / shares	39.86
Weighted-Average Exercise Price, Outstanding, Ending balance \| $ / shares	35.84	$ 20.14
Weighted-Average Exercise Price, Options exercisable as of September 30, 2026 \| $ / shares	23.57
Weighted-Average Exercise Price, Options unvested as of September 30, 2026 \| $ / shares	$ 42.29
Weighted Average Remaining Contractual Term	8 years 4 months 24 days	8 years 3 months 18 days
Weighted Average Remaining Contractual Term, Options exercisable as of September 30, 2026	7 years 8 months 12 days
Weighted Average Remaining Contractual Term, Options unvested as of September 30, 2026	8 years 8 months 12 days
Aggregate Intrinsic Value, Beginning Balance \| $	$ 127,547
Aggregate Intrinsic Value, Granted \| $	68,999
Aggregate Intrinsic Value, Exercised \| $	103,773
Aggregate Intrinsic Value, Forfeited \| $	18,805
Aggregate Intrinsic Value, Ending Balance \| $	352,396	$ 127,547
Aggregate Intrinsic Value, Options exercisable at September 30, 2026 \| $	149,244
Aggregate Intrinsic Value, Options unvested at September 30, 2026 \| $	$ 203,152

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Operating expenses:
Research and development	$ 45,600	$ 32,489	$ 128,814	$ 85,743
General and administrative	14,082	8,195	40,107	24,401
Total operating expenses	59,682	40,684	168,921	110,144
Loss from operations	(58,472)	(40,288)	(166,487)	(108,392)
Other income/(expense):
Interest and investment income	12,143	3,658	29,950	10,852
Gain/(loss) on investment in former related party	28	227	(169)	254
Loss on currency exchange, net	(24)	(2)	(49)	(54)
Other expense	(318)	(360)	(937)	(565)
Total other income	11,829	3,523	28,795	10,487
Net loss	$ (46,643)	$ (36,765)	$ (137,692)	$ (97,905)
Net loss per share attributable to common stockholders, basic	$ (0.81)	$ (0.97)	$ (2.56)	$ (2.68)
Net loss per share attributable to common stockholders, diluted	$ (0.81)	$ (0.97)	$ (2.56)	$ (2.68)
Weighted-average number of shares of common stock outstanding including shares issuable under equity-classified pre-funded warrants, used in computing net loss per share of common stock, basic	57,341,193	37,794,088	53,835,116	36,476,370
Weighted-average number of shares of common stock outstanding including shares issuable under equity-classified pre-funded warrants, used in computing net loss per share of common stock, diluted	57,341,193	37,794,088	53,835,116	36,476,370
Comprehensive loss:
us-gaap:NetIncomeLoss	$ (46,643)	$ (36,765)	$ (137,692)	$ (97,905)
Other comprehensive (loss)/income:
Unrealized (loss)/gain on marketable securities	(4,147)	65	(6,764)	57
Total other comprehensive (loss)/income	(4,147)	65	(6,764)	57
Total comprehensive loss	(50,790)	(36,700)	(144,456)	(97,848)
License [Member]
Revenues:
Revenues	$ 1,210	$ 396	$ 2,434	$ 1,752

Preferred Stock and Convertible Preferred Stock - Additional Information (Details) - $ / shares	Sep. 30, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Preferred stock, par value	$ 0.001	$ 0.001

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Profit or Loss, Including Significant Segment Expenses

The table below provides a summary of the segment profit or loss, including significant segment expenses:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Revenues:
License revenue	$	1,210		$	396		$	2,434		$	1,752
Research and development expenses:
Claseprubart program-related expenses:
Clinical operation activity costs		18,000			12,155			52,578			36,483
CMC activity costs		4,222			6,946			16,933			13,725
Preclinical study activity costs		371			1,138			775			3,025
Other costs		51			2,019			51			2,069
Total claseprubart program-related expenses		22,644			22,258			70,337			55,302
Discovery expenses(1)		4,736			64			8,407			1,132
Personnel and related costs		9,768			6,397			27,656			18,205
Stock-based compensation expense		6,324			2,533			16,815			7,467
Other costs		2,128			1,237			5,599			3,637
Total research and development expenses		45,600			32,489			128,814			85,743
General and administrative expenses:
Stock-based compensation expense		6,397			3,261			18,406			9,348
Personnel and related costs		3,953			2,660			12,142			8,014
Other costs		3,732			2,274			9,559			7,039
Total general and administrative expenses		14,082			8,195			40,107			24,401
Other income, net		11,829			3,523			28,795			10,487
Net loss	$	(46,643	)	$	(36,765	)	$	(137,692	)	$	(97,905	)


(1)		Discovery expenses include costs associated with DNTH212, DNTH312, and other potential product candidates.

License Revenues

9 Months Ended

Sep. 30, 2026

License Revenues

12. License Revenues

Zenas BioPharma, Inc.

In September 2020, the Company entered into an Option Agreement (the “Zenas Option”) with Zenas BioPharma, Inc. (formerly Zenas BioPharma Limited) (“Zenas”), formerly considered a related party. Through the Zenas Option, the Company provided Zenas an option to enter into an exclusive license agreement for the development and commercialization of products arising from its research of monoclonal antibody antagonists targeting certain specific complement proteins.

In October 2021, Zenas exercised its option for such clinical candidate under the Zenas Option. Zenas paid the Company a one-time payment of $1.0 million for the exercise of the corresponding option. In addition, in connection with the exercise of the Zenas Option, Zenas was required to reimburse the Company for a portion of chemistry, manufacturing and control (“CMC”) costs and expenses from the date of delivery of its option exercise notice through the execution of a license agreement.

In June 2022, pursuant to the Zenas Option, the Company negotiated in good faith a license agreement with Zenas (the “Zenas License Agreement” and, together with the Zenas Option, the “Zenas Agreements”). The Zenas License Agreement provided Zenas with a license in the People’s Republic of China, including Hong Kong, Macau, and Taiwan (“Greater China”) for the development and commercialization of sequences and products under the first antibody sequence. The Company was also obligated to perform certain research and development and CMC services and participate in a joint steering committee (“JSC”).

The consideration under the Zenas Agreements included the following payments by Zenas to the Company: (i) a $1.0 million upfront payment upon the exercise of the corresponding option under the Zenas Option; (ii) an approximately $1.1 million reimbursement payment for a portion of development costs previously incurred by the Company; (iii) reimbursement of a portion of all CMC-related costs and expenses for the first antibody sequence through the manufacture of the first two batches of drug product; (iv) reimbursement of a portion of all non-CMC-related costs and expenses for the development of the first antibody sequence through the first regulatory approval; (v) development milestones totaling up to $11.0 million; and (vi) royalties on net sales ranging from the mid-single digits to the low teen percentages.

The Company previously considered Zenas to be a related party because the sole member of Tellus BioVentures LLC (“Tellus”), who is a significant shareholder in the Company and was a member of the board of directors of the Company until May 2025, is a significant shareholder in Zenas and serves as Chief Executive Officer and Chairman of the board of directors of Zenas. The Company no longer considers Zenas to be a related party.

In September 2020, Zenas issued 156,848 common shares to the Company in exchange for the Zenas Option. Prior to September 12, 2024, the Company used the measurement alternative as the measurement attribute for accounting for the Zenas common stock which did not require it to assess the fair value of the common stock at each reporting period as the fair value of the Zenas common stock was not readily determinable nor was there a reliable source for observable transactions from which the Company could determine a fair value. On September 12, 2024, Zenas announced the pricing of its initial public offering (the “Zenas IPO”) of $17.00 per share, which also included a 1-for-8.6831 reverse stock split of its capital stock. Upon the Zenas IPO, the fair value of the Zenas

common stock was deemed readily determinable. The Company reassesses the fair value of the investment at the end of each reporting period, with any adjustments to the fair value recorded as unrealized gains or losses within other income/(expense) in the unaudited condensed consolidated statements of operations and comprehensive loss. As of September 30, 2026 and December 31, 2025, the fair value of the investment in Zenas was $0.5 million and $0.7 million, respectively, which was included within other assets and restricted cash on the Company’s unaudited condensed consolidated balance sheet.

Tenacia Biotechnology (Hong Kong) Co., Limited

On October 21, 2024, Zenas assigned the Zenas Agreements to its affiliated entity, Zenas BioPharma (HK) Limited (“Zenas HK”). After the assignment, the Company entered into a novation agreement (the “Novation Agreement”) with Zenas HK and Tenacia Biotechnology (Hong Kong) Co., Limited (“Tenacia”), and an amendment to the Zenas License Agreement, now with Tenacia (as amended, the “Tenacia License Agreement”), pursuant to which Tenacia replaced Zenas HK as a party to the Zenas Agreements, and certain economic terms under the Zenas License Agreement with respect to cost sharing and development milestones were amended.

Except as otherwise noted below, the terms of the Zenas License Agreement were unchanged when novated by the Novation Agreement and amended by the Tenacia License Agreement.

The consideration under the Tenacia License Agreement, which replaced the consideration of the Zenas License Agreement, related to the first antibody sequence includes the following payments by Tenacia to the Company: (i) a $2.5 million upfront payment, which was paid to the Company in October 2024 upon execution of the Tenacia License Agreement; (ii) reimbursement of a portion of certain clinical costs; (iii) development milestones totaling up to $15.0 million; and (iv) royalties on net sales ranging from the mid-single digits to the low teen percentages. Tenacia is also responsible for paying local development costs in Greater China and a portion of the central development costs based on the number of patients enrolled from China in the Company’s global Phase 3 studies.

Under the Zenas Agreements, Zenas also had the right to exercise an option with respect to a second antibody sequence, which is now held by Tenacia (the “Tenacia Option” and, together with the Tenacia License Agreement, the “Tenacia Agreements”). Pursuant to the Tenacia Option, if Tenacia exercises the option and pays the Company the option exercise fee related to the second antibody sequence, the Company will grant Tenacia an exclusive license to the sequences and products under this second antibody sequence.

Accounting for the Zenas and Tenacia Agreements

Since the Zenas Agreements were negotiated with a single commercial objective, they were treated as a combined contract for accounting purposes. The Company assessed the Zenas Agreements in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”), and concluded that they represented a contract with a customer and were within the scope of ASC 606. The Company determined that there was one combined performance obligation that consisted of the license and data transfer, the research and development and CMC services, and the participation in the JSC. The Company determined that Zenas’ right to exercise an option with respect to a second antibody sequence did not represent a material right.

The Company determined that the combined performance obligation would be satisfied over time; therefore, the Company recognized the transaction price from the license agreement over the Company’s estimated period to complete its activities. The Company concluded that it would utilize a cost-based input method to measure its progress toward the completion of its performance obligation and to calculate the corresponding amount of revenue to recognize each period. The Company believed that this was the best measure of progress because other measures did not reflect how the Company transferred its performance obligation to Zenas. In applying the cost-based input method of revenue recognition, the Company used actual costs incurred relative to budgeted costs expected to be incurred for the combined performance obligation. These costs consisted primarily of third-party contract costs. Revenue was recognized based on the level of costs incurred relative to the total budgeted costs for the combined performance obligation. A cost-based input method of revenue recognition required management to make estimates of costs to complete the Company’s performance obligation. In making such estimates, judgment was required to evaluate assumptions related to cost estimates.

The Company assessed the Tenacia Agreements in accordance with ASC 606 and applied the same considerations above to the Tenacia Agreements. With the exception of the cost sharing and development milestones noted below, the key terms of the Zenas License Agreement were unchanged when novated by the Novation Agreement and amended by the Tenacia License Agreement. Therefore, the Company determined that the accounting considerations and resulting conclusions noted above related to the Zenas Agreements also apply to the Tenacia Agreements.

The Company also determined that the milestone payments of $15.0 million (previously $11.0 million under the Zenas License Agreement) are variable consideration under ASC 606 which need to be added to the transaction price when it is probable that a

significant revenue reversal will not occur. Based on the nature of the milestones, such as the regulatory approvals which are generally not within the Company’s control, the Company will not consider achievement of each milestone to be probable until the uncertainty associated with such milestone has been resolved. Should it be probable that a significant reversal of revenue will not occur, the milestone payment will be added to the transaction price for which the Company recognizes revenue. No milestones were achieved under the Zenas Agreements prior to novation. As of September 30, 2026, $7.0 million of cumulative milestones were achieved under the Tenacia Agreements and added to the transaction price.

There is a sales or usage-based royalty exception within ASC 606 that applies when a license of intellectual property is the predominant item to which the royalty relates. In accordance with this royalty exception, the Company will recognize royalty revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). The Company has not recorded any royalty revenue to date.

The Company recognized license revenue totaling $1.2 million and $2.4 million during the three and nine months ended September 30, 2026, respectively, and $0.4 million and $1.8 million during the three and nine months ended September 30, 2025, respectively, associated with the Tenacia License Agreement. As of September 30, 2026, the Company recorded a receivable of $0.5 million, an unbilled receivable of $0.2 million within prepaid expenses and other current assets, current deferred revenue of $1.6 million and noncurrent deferred revenue of $5.4 million on its unaudited condensed consolidated balance sheet. As of December 31, 2025, the Company recorded accounts receivable of $52 thousand, an unbilled receivable of $50 thousand within prepaid expenses and other current assets, current deferred revenue of $1.2 million and noncurrent deferred revenue of $5.8 million on its unaudited condensed consolidated balance sheet.

Fair Value of Financial Instruments - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 54,082	$ 50,247
Fair Value on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets and restricted cash	487	656
Total assets measured at fair value	1,242,706	514,246
Level 1 \| Fair Value on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets and restricted cash	487	656
Total assets measured at fair value	861,403	403,094
Level 2 \| Fair Value on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	381,303	111,152
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	54,082	50,247
Money Market Funds \| Fair Value on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	54,082	50,247
Money Market Funds \| Level 1 \| Fair Value on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	54,082	50,247
U.S. Treasury Securities \| Fair Value on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	484,595	274,152
Long-term investments	311,864	71,918
U.S. Treasury Securities \| Level 1 \| Fair Value on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	484,595	274,152
Long-term investments	311,864	71,918
Corporate Debt Securities \| Fair Value on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	175,601	61,100
Long-term investments	79,216	28,675
Corporate Debt Securities \| Level 2 \| Fair Value on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	175,601	61,100
Long-term investments	79,216	28,675
Commercial Paper \| Fair Value on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	105,456	4,314
Commercial Paper \| Level 2 \| Fair Value on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	105,456	4,314
Certificate of deposit \| Fair Value on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	10,375	6,121
Certificate of deposit \| Level 1 \| Fair Value on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	10,375	6,121
U.S. Government Agency Securities \| Fair Value on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	6,070	7,521
Long-term investments	14,960	9,542
U.S. Government Agency Securities \| Level 2 \| Fair Value on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	6,070	7,521
Long-term investments	$ 14,960	$ 9,542

Leases (Tables)

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Summary of the Components of Lease Costs and Rent

The following table provides a summary of the components of lease costs and rent:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating lease cost	$	73	$	76	$	270	$	298
Variable lease cost		10		12		30		33
Total operating lease costs	$	83	$	88	$	300	$	331

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of September 30, 2026, are as follows:


2026 (remaining 3 months)	$	105
2027		323
2028		318
2029		321
2030		324
Thereafter		54
Total undiscounted operating lease payments		1,445
Less: imputed interest		(237	)
Present value of operating lease liabilities	$	1,208

Balance sheet classification:
Current portion of operating lease liabilities	$	349
Long-term operating lease liabilities		859
Total operating lease liabilities	$	1,208

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive (Loss)/Income [Member]
Beginning balance at Dec. 31, 2024	$ 352,477	$ 31	$ 526,732	$ (174,392)	$ 106
Beginning balance, shares at Dec. 31, 2024		31,115,341
Exercised of pre-funded warrants	1	$ 1
Exercised of pre-funded warrants, Shares		1,000,333
Exercise of stock options	31		31
Exercise of stock options, shares		3,321
Issuance of common stock under employee stock purchase plan	129		129
Issuance of common stock under employee stock purchase plan (in shares)		6,938
Stock-based compensation expense	5,315		5,315
Net loss	(29,511)			(29,511)
Unrealized gain (loss) on marketable securities	164				164
Ending balance at Mar. 31, 2025	328,606	$ 32	532,207	(203,903)	270
Ending balance, shares at Mar. 31, 2025		32,125,933
Beginning balance at Dec. 31, 2024	352,477	$ 31	526,732	(174,392)	106
Beginning balance, shares at Dec. 31, 2024		31,115,341
Net loss	(97,905)
Unrealized gain (loss) on marketable securities	57
Ending balance at Sep. 30, 2025	546,454	$ 43	818,545	(272,297)	163
Ending balance, shares at Sep. 30, 2025		42,854,563
Beginning balance at Mar. 31, 2025	328,606	$ 32	532,207	(203,903)	270
Beginning balance, shares at Mar. 31, 2025		32,125,933
Exercise of stock options	568		568
Exercise of stock options, shares		50,549
Stock-based compensation expense	5,706		5,706
Net loss	(31,629)			(31,629)
Unrealized gain (loss) on marketable securities	(172)				(172)
Ending balance at Jun. 30, 2025	303,079	$ 32	538,481	(235,532)	98
Ending balance, shares at Jun. 30, 2025		32,176,482
Issuance of common stock and pre-funded warrants in connection with public offering, net of issuance costs	271,864	$ 8	271,856
Issuance of common stock and pre-funded warrants in connection with public offering, net of issuance costs, shares		7,627,879
Exercised of pre-funded warrants		$ 3	(3)
Exercised of pre-funded warrants, Shares		2,833,588
Exercise of stock options	2,229		2,229
Exercise of stock options, shares		204,751
Issuance of common stock under employee stock purchase plan	188		188
Issuance of common stock under employee stock purchase plan (in shares)		11,863
Stock-based compensation expense	5,794		5,794
Net loss	(36,765)			(36,765)
Unrealized gain (loss) on marketable securities	65				65
Ending balance at Sep. 30, 2025	546,454	$ 43	818,545	(272,297)	163
Ending balance, shares at Sep. 30, 2025		42,854,563
Beginning balance at Dec. 31, 2025	493,401	$ 43	829,598	(336,729)	489
Beginning balance, shares at Dec. 31, 2025		43,223,090
Issuance of common stock and pre-funded warrants in connection with public offering, net of issuance costs	676,080	$ 8	676,072
Issuance of common stock and pre-funded warrants in connection with public offering, net of issuance costs, shares		8,470,989
Issuance of common stock pursuant to at-the-market offering, net of issuance costs	58,731	$ 1	58,730
Issuance of common stock pursuant to at-the-market offering, net of issuance costs,Shares		1,123,126
Exercise Of Warrants And Pre-funded Warrants	1	$ 1
Exercise Of Warrants And Pre-Funded Warrants Shares		1,004,580
Exercise of stock options	4,277	$ 1	4,276
Exercise of stock options, shares		753,075
Issuance of common stock under employee stock purchase plan	120		120
Issuance of common stock under employee stock purchase plan (in shares)		7,889
Stock-based compensation expense	10,602		10,602
Net loss	(40,834)			(40,834)
Unrealized gain (loss) on marketable securities	(1,064)				(1,064)
Ending balance at Mar. 31, 2026	1,201,314	$ 54	1,579,398	(377,563)	(575)
Ending balance, shares at Mar. 31, 2026		54,582,749
Beginning balance at Dec. 31, 2025	$ 493,401	$ 43	829,598	(336,729)	489
Beginning balance, shares at Dec. 31, 2025		43,223,090
Exercise of stock options, shares	1,452,620
Net loss	$ (137,692)
Unrealized gain (loss) on marketable securities	(6,764)
Ending balance at Sep. 30, 2026	1,241,429	$ 56	1,722,069	(474,421)	(6,275)
Ending balance, shares at Sep. 30, 2026		56,295,226
Beginning balance at Mar. 31, 2026	1,201,314	$ 54	1,579,398	(377,563)	(575)
Beginning balance, shares at Mar. 31, 2026		54,582,749
Exercise of stock options	10,581	$ 1	10,580
Exercise of stock options, shares		215,589
Stock-based compensation expense	11,898		11,898
Net loss	(50,215)			(50,215)
Unrealized gain (loss) on marketable securities	(1,553)				(1,553)
Ending balance at Jun. 30, 2026	1,172,025	$ 55	1,601,876	(427,778)	(2,128)
Ending balance, shares at Jun. 30, 2026		54,798,338
Issuance of common stock pursuant to at-the-market offering, net of issuance costs	98,066	$ 1	98,065
Issuance of common stock pursuant to at-the-market offering, net of issuance costs,Shares		1,005,700
Exercise of stock options	9,163		9,163
Exercise of stock options, shares		483,956
Issuance of common stock under employee stock purchase plan	244		244
Issuance of common stock under employee stock purchase plan (in shares)		7,232
Stock-based compensation expense	12,721		12,721
Net loss	(46,643)			(46,643)
Unrealized gain (loss) on marketable securities	(4,147)				(4,147)
Ending balance at Sep. 30, 2026	$ 1,241,429	$ 56	$ 1,722,069	$ (474,421)	$ (6,275)
Ending balance, shares at Sep. 30, 2026		56,295,226

Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 1,159	$ 600
Less: accumulated depreciation	(410)	(304)
Property and equipment, net	749	296
Computer Equipment [Member]
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	806	543
Furniture and Fixtures [Member]
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	314	57
Leasehold Improvements [Member]
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 39	$ 0

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Net Loss Per Share - Additional Information (Details) - Pre-funded Warrants [Member] - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Class of Warrant or Right [Line Items]
Pre-funded warrants outstanding	1,346,922	1,944,454	1,346,922	1,944,454
Weighted-average shares of common stock outstanding	1,346,922	3,693,979	1,503,799	3,759,705

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 01, 2026	May 23, 2024	Apr. 30, 2021	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025	Feb. 29, 2024	Jul. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, terms of award						The 2018 Amended Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, unrestricted stock awards, cash-based awards and dividend equivalent rights. The 2018 Amended Plan is administered by either the board of directors or the compensation committee of the board of directors. The exercise prices, vesting and other restrictions are determined at the discretion of the administrator, except that the term of stock options and stock appreciation rights may not be greater than ten years (or five years for certain incentive stock options). Awards typically vest over 12 months to four years. The exercise price for stock options granted may not be less than the fair value of common stock as of the date of grant (or 110% of the fair value of common stock for certain incentive stock options). The fair value of common stock is based on quoted market prices.The 2018 Amended Plan also provides for the assumption of shares remaining available for delivery under the 2019 Stock Plan (as defined below) pursuant to the terms of the Reverse Merger, and such shares will be available for the granting of awards under the 2018 Amended Plan in accordance with applicable stock exchange requirements. The Company also has outstanding stock options under the Magenta Therapeutics, Inc. 2016 Stock Option and Grant Plan, as amended (the “2016 Plan”), but is no longer granting awards under the 2016 Plan.
Weighted average fair value of stock options granted						$ 47
Number of shares, options vested and expected to vest				2,302,345		2,302,345
Additional number of shares reserved and available for issuance	2,161,025
Number of Shares, Granted						2,563,630
Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock exercise price			$ 1.65
Warrants issued			4,677
Warrant per grant date fair value			$ 1.16
Stock Options and Stock Appreciation Rights [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award						10 years
2018 Stock Option and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense related to unvested share-based awards				$ 131.5		$ 131.5
Period for recognition of unrecognized expense						2 years 10 months 24 days
Number of shares reserved and available for issuance increment percentage		4.00%				5.00%
2018 Amended Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance				1,672,958		1,672,958
Percentage of purchase price of common stock under the ESPP						110.00%
Number of shares reserved and available for issuance increment percentage						5.00%
Additional number of shares reserved and available for issuance		2,931,820
2018 Amended Plan [Member] \| Stock Options and Stock Appreciation Rights [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						12 months
2018 Amended Plan [Member] \| Stock Options and Stock Appreciation Rights [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						4 years
2018 Amended Plan [Member] \| Certain Incentive Stock Options [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award						5 years
2019 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, terms of award						The ESPP provides that the number of shares reserved and available for issuance under the ESPP will automatically increase each January 1 through January 1, 2029, by the lesser of (i) 1% of the number of shares issued and outstanding on the immediately preceding December 31, (ii) 62,500 shares and (iii) such number of shares as determined by the Company’s board of directors or its appointed administrator. The number of shares reserved for issuance under the ESPP increased by 62,500 on January 1, 2026.
Shares available for issuance				190,656		190,656
Percentage of purchase price of common stock under the ESPP						85.00%
Common stock purchased				7,232	11,863	15,121	18,801
Additional number of shares reserved and available for issuance	62,500
2019 Employee Stock Purchase Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved and available for issuance increment percentage						1.00%
Additional number of shares reserved and available for issuance						62,500
2019 Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, options vested and expected to vest										1,273,454
Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized								900,000
Inducement Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized									300,000
Amended Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized				236,000		236,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash flows from operating activities:
Net loss	$ (137,692)	$ (97,905)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	106	84
Stock-based compensation expense	35,221	16,815
Accretion of discount on investment securities	(7,753)	(5,308)
Amortization of right-of-use operating lease assets	186	247
Loss/(gain) on investment in former related party	169	(254)
Changes in operating assets and liabilities:
Receivable from former related party	0	807
Accounts receivable, net	(530)	(5,000)
Prepaid expenses and other current assets	(12,582)	(1,356)
Other assets	(2,598)	565
Accounts payable, accrued expenses and operating lease liabilities	(2,778)	4,593
Deferred revenue	80	4,635
Net cash used in operating activities	(128,171)	(82,077)
Cash flows from investing activities:
Capital expenditures	(559)	(75)
Purchases of investment securities	(1,127,456)	(380,278)
Proceeds from sales and maturities of investment securities	403,651	220,317
Net cash used in investing activities	(724,364)	(160,036)
Cash flows from financing activities:
Proceeds from public offering	677,624	272,268
Payment of issuance costs in connection with public offering	(1,544)	(172)
Proceeds from issuance of common stock pursuant to at-the-market offering, net of issuance costs	156,797	0
Proceeds from exercise of stock options	24,021	2,829
Proceeds from issuance of common stock under employee stock purchase plan	364	316
Proceeds from exercise of warrants and pre-funded warrants	1	1
Net cash provided by financing activities	857,263	275,242
Increase in cash, cash equivalents and restricted cash	4,728	33,129
Cash, cash equivalents and restricted cash, beginning of period	51,254	23,022
Cash, cash equivalents and restricted cash, end of period	55,982	56,151
Supplemental Disclosure
Cash and cash equivalents	55,686	55,984
Restricted cash	296	167
Total cash, cash equivalents and restricted cash	55,982	56,151
Issuance costs in connection with public offering included in accounts payable	0	192
Issuance costs in connection with public offering included in accrued expenses	$ 0	$ 40

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 55,686	$ 51,087
Short-term investments	782,097	353,208
Accounts receivable, net	582	52
Prepaid expenses and other current assets	17,673	5,091
Total current assets	856,038	409,438
Long-term investments	406,040	110,135
Property and equipment, net	749	296
Right-of-use operating lease assets	1,151	1,337
Other assets and restricted cash	12,274	9,716
Total assets	1,276,252	530,922
Current liabilities:
Accounts payable	5,498	9,725
Accrued expenses	21,079	19,452
Current portion of deferred revenue	1,589	1,188
Current portion of operating lease liabilities	349	367
Total current liabilities	28,515	30,732
Deferred revenue	5,449	5,770
Long-term operating lease liabilities	859	1,019
Total liabilities	34,823	37,521
Commitments and contingencies (Note 14)
Stockholders' equity/(deficit):
Preferred stock; $0.001 par value per share; authorized shares - 10,000,000 at September 30, 2026 and December 31, 2025; issued and outstanding - none at September 30, 2026 and December 31, 2025	0	0
Common stock; $0.001 par value per share; authorized shares - 150,000,000 at September 30, 2026 and December 31, 2025; issued and outstanding shares - 56,295,226 and 43,223,090 at September 30, 2026 and December 31, 2025, respectively	56	43
Additional paid-in capital	1,722,069	829,598
Accumulated deficit	(474,421)	(336,729)
Accumulated other comprehensive (loss)/income	(6,275)	489
Total stockholders' equity	1,241,429	493,401
Total liabilities and stockholders' equity	$ 1,276,252	$ 530,922

Commitments and Contingencies - Additional Information (Details) $ in Thousands, £ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 GBP (£)	Sep. 30, 2026 USD ($)	Oct. 16, 2025 USD ($)
Other Commitments [Line Items]
Research and development expense	$ 45,600	$ 32,489	$ 128,814	$ 85,743
Leads License Agreement [Member]
Other Commitments [Line Items]
Upfront payment due							$ 38,000
Upfront and near-term milestone payments due						$ 30,000	30,000
Potential milestone payments due							8,000
Research and development expense	26		200
Leads License Agreement [Member] \| Development Milestone [Member]
Other Commitments [Line Items]
Development and regulatory approval and sales based milestone due							$ 962,000
Alloy Therapeutics Llc [Member]
Other Commitments [Line Items]
Payment of annual license fees and program fees			50
Amounts owed under license agreement	100	1,000	100	1,100
Alloy Therapeutics Llc [Member] \| Development Milestone [Member] \| First Selected Antibody [Member] \| Maximum [Member]
Other Commitments [Line Items]
Potential milestone payments due						1,800
Alloy Therapeutics Llc [Member] \| Commercial Milestone [Member] \| First Selected Antibody [Member] \| Maximum [Member]
Other Commitments [Line Items]
Potential milestone payments due						11,000
IONTAS Limited [Member] \| Development Milestone [Member] \| First Development Program [Member]
Other Commitments [Line Items]
Potential milestone payments due					£ 3.1	4,100
IONTAS Limited [Member] \| Development Milestone [Member] \| Second Development Program [Member]
Other Commitments [Line Items]
Potential milestone payments due					2.5	3,300
IONTAS Limited [Member] \| Commercial Milestone [Member] \| First Development Program [Member]
Other Commitments [Line Items]
Potential milestone payments due					£ 2.3	$ 3,000
IONTAS Limited [Member] \| Milestone Payments [Member]
Other Commitments [Line Items]
Research and development expense	$ 200	$ 1,300	$ 800	$ 1,600

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

7. Fair Value of Financial Instruments

The following tables provide a summary of financial assets measured at fair value on a recurring basis:


	Fair Value at
Description	September 30, 2026		Level 1		Level 2		Level 3
Recurring Assets:
Cash equivalents:
Money market funds	$	54,082	$	54,082	$	—	$	—
Short-term investments:
U.S. treasury securities		484,595		484,595		—		—
Corporate debt securities		175,601		—		175,601		—
Commercial paper		105,456		—		105,456		—
Certificate of deposit		10,375		10,375		—		—
U.S. government agency securities		6,070		—		6,070		—
Long-term investments:
U.S. treasury securities		311,864		311,864		—		—
Corporate debt securities		79,216		—		79,216		—
U.S. government agency securities		14,960		—		14,960		—
Other assets and restricted cash:
Investment in former related party		487		487		—		—
Total assets measured at fair value	$	1,242,706	$	861,403	$	381,303	$	—


	Fair Value at
	December 31,
Description	2025		Level 1		Level 2		Level 3
Recurring Assets:
Cash equivalents:
Money market funds	$	50,247	$	50,247	$	—	$	—
Short-term investments:
U.S. treasury securities		274,152		274,152		—		—
Corporate debt securities		61,100		—		61,100		—
U.S. government agency securities		7,521		—		7,521		—
Certificate of deposit		6,121		6,121		—		—
Commercial paper		4,314		—		4,314		—
Long-term investments:
U.S. treasury securities		71,918		71,918		—		—
Corporate debt securities		28,675		—		28,675		—
U.S. government agency securities		9,542		—		9,542		—
Other assets and restricted cash:
Investment in former related party		656		656		—		—
Total assets measured at fair value	$	514,246	$	403,094	$	111,152	$	—

There were no transfers between levels during the nine months ended September 30, 2026 or for the year ended December 31, 2025. The weighted-average maturity of the securities held at September 30, 2026 was less than 12 months.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 107
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Leases

9. Leases

The Company leases space under operating leases for administrative offices in New York, New York, and Waltham, Massachusetts.

The following table provides a summary of the components of lease costs and rent:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating lease cost	$	73	$	76	$	270	$	298
Variable lease cost		10		12		30		33
Total operating lease costs	$	83	$	88	$	300	$	331

Cash paid for amounts included in the measurement of operating lease liabilities was $0.1 million and $0.3 million for each of the three and nine months ended September 30, 2026 and 2025, respectively.

The Company recorded operating lease costs of $0.1 million and $0.3 million during each of the three and nine months ended September 30, 2026 and 2025, respectively, within the general and administrative expenses line item in the unaudited condensed consolidated statements of operations and comprehensive loss. The Company recorded operating lease costs of nil during the nine months ended September 30, 2026 and nil and $24 thousand during the three and nine months ended September 30, 2025, respectively, within the research and development expenses line item in the unaudited condensed consolidated statements of operations and comprehensive loss.

Maturities of operating lease liabilities as of September 30, 2026, are as follows:


2026 (remaining 3 months)	$	105
2027		323
2028		318
2029		321
2030		324
Thereafter		54
Total undiscounted operating lease payments		1,445
Less: imputed interest		(237	)
Present value of operating lease liabilities	$	1,208

Balance sheet classification:
Current portion of operating lease liabilities	$	349
Long-term operating lease liabilities		859
Total operating lease liabilities	$	1,208

The weighted-average remaining term of operating leases was 52 months and the weighted-average discount rate used to measure the present value of operating lease liabilities was 8.4% as of September 30, 2026.

2026 Waltham Lease

In July 2026, the Company entered into an agreement to lease approximately 11,232 square feet of building space in Waltham, Massachusetts (the “2026 Waltham Lease”). The 2026 Waltham Lease will replace the Company’s current lease agreement for office space in Waltham, Massachusetts, which is set to expire in January 2027. Under the 2026 Waltham Lease, the Company is obligated to make aggregate future minimum lease payments totaling approximately $2.4 million over the lease term, exclusive of operating expenses and other common area charges.

The Company determined that, in accordance with ASC 842, Leases, the lease commencement date will be February 15, 2027. Accordingly, the Company has not recorded any right-of-use asset or lease liability related to the 2026 Waltham Lease as of September 30, 2026.

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid materials, supplies and research and development services	$ 12,363	$ 3,033
Prepaid subscriptions, software and other administrative services	4,113	1,274
Prepaid Insurance	1,028	698
Other current assets	169	86
Prepaid expenses and other current assets	$ 17,673	$ 5,091

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Schedule of Common Stock Shares Reserved for Future Issuance

The Company had the following shares of common stock reserved for future issuance as of September 30, 2026 and December 31, 2025:


	September 30, 2026		December 31, 2025
Issuance of common stock upon exercise of stock options		6,679,269		5,991,343
Equity awards available for grant under stock award plans		1,908,958		1,888,479
Shares available for issuance under employee stock purchase plan		190,656		143,277
Issuance of common stock upon exercise of warrants		1,346,922		1,949,131
Total common stock reserved for future issuance		10,125,805		9,972,230

Property and Equipment

9 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

Property and Equipment

6. Property and Equipment

The following table provides a summary of property and equipment:


	September 30, 2026			December 31, 2025
Computer equipment	$	806		$	543
Furniture and fixtures		314			57
Leasehold improvements		39			—
Subtotal		1,159			600
Less: accumulated depreciation		(410	)		(304	)
Property and equipment, net	$	749		$	296

Depreciation expense was $37 thousand and $0.1 million for the three and nine months ended September 30, 2026, respectively, and $27 thousand and $84 thousand for the three and nine months ended September 30, 2025, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
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-Section 50
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+ Details

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value on Recurring Basis Level 1	$ 0	$ 0
Fair Value on Recurring Basis Level 2	0	0
Fair Value on Recurring Basis Level 3	$ 0	$ 0
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted-average maturity of the securities held	12 months

Net Loss Per Share - Schedule of Basic and diluted net loss per share of common stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Earnings Per Share [Abstract]
Net loss	$ (46,643)	$ (50,215)	$ (40,834)	$ (36,765)	$ (31,629)	$ (29,511)	$ (137,692)	$ (97,905)
Weighted-average number of shares of common stock outstanding including shares issuable under equity-classified pre-funded warrants, used in computing net loss per share of common stock, basic and diluted	57,341,193			37,794,088			53,835,116	36,476,370
Net loss per share attributable to common stockholders, basic	$ (0.81)			$ (0.97)			$ (2.56)	$ (2.68)
Net loss per share attributable to common stockholders, diluted	$ (0.81)			$ (0.97)			$ (2.56)	$ (2.68)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2026	Nov. 02, 2026
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Entity Registrant Name	Dianthus Therapeutics, Inc.
Trading Symbol	DNTH
Entity Central Index Key	0001690585
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Tax Identification Number	81-0724163
Title of 12(b) Security	Common Stock
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	7 Times Square, 43rd Floor
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10036
Entity Address, State or Province	NY
Securities Act File Number	001-38541
City Area Code	929
Local Phone Number	999-4055
Entity Common Stock, Shares Outstanding		56,312,712

Organization, Description of Business and Liquidity - Additional Information (Detail) $ / shares in Units, $ in Thousands								3 Months Ended						9 Months Ended
	Mar. 12, 2026 USD ($) $ / shares shares	Mar. 10, 2026 USD ($) $ / shares shares	Sep. 11, 2025 USD ($) $ / shares shares	Sep. 09, 2025 USD ($) $ / shares shares	Oct. 01, 2024 USD ($) shares	Jan. 24, 2024 $ / shares shares	Jan. 22, 2024 USD ($) $ / shares shares	Sep. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) shares	Mar. 31, 2026 USD ($) shares	Sep. 30, 2025 USD ($) shares	Jun. 30, 2025 USD ($) shares	Mar. 31, 2025 USD ($) shares	Sep. 30, 2026 USD ($) $ / shares shares	Sep. 30, 2025 USD ($) shares	Sep. 18, 2026 USD ($)	Jan. 28, 2026 USD ($)	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 shares	Sep. 11, 2023 shares
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Reverse stock split														Immediately prior to the effective time of the Reverse Merger, the Company effected a 1-for-16 reverse stock split of its common stock (the “Reverse Stock Split”). Unless noted otherwise, all references herein to share and per share amounts reflect the Reverse Stock Split.
Net loss \| $								$ 46,643	$ 50,215	$ 40,834	$ 36,765	$ 31,629	$ 29,511	$ 137,692	$ 97,905
Accumulated deficit \| $								$ 474,421						474,421				$ 336,729
Net proceeds from common stock \| $														$ 364	$ 316
Common stock, Shares issued								56,295,226						56,295,226				43,223,090		11,021,248
Exchange ratio of reverse merger								0.2181						0.2181						0.2181
Shares of common stock issued in pre-closing financing														2,873,988
Shares pre-funded warrants to purchase														210,320
Pre-Funded warrants exercisable								210,320						210,320
Prefunded warrants price per share \| $ / shares								$ 23.34						$ 23.34
Common stock price per share \| $ / shares								$ 23.34						$ 23.34
Proceeds from pre-closing financing \| $								$ 72,000						$ 72,000
Value of stock and debt instruments authorized to issue \| $					$ 500,000												$ 600,000
Common stock issued \| $								56						56				$ 43
Holder One [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Beneficial ownership threshold percentage		4.99%		4.99%
Holder Two [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Beneficial ownership threshold percentage				9.99%
Holder Three [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Beneficial ownership threshold percentage				19.99%
2024 Private Placement [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Stock issued, price per shares \| $ / shares							$ 12
Shares sold and issued						14,500,500	14,500,500
2024 Private Placement [Member] \| Pre-funded Warrants [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Stock issued, price per shares \| $ / shares							$ 11.999
Shares purchased						4,666,332	4,666,332
Public offering price \| $ / shares						$ 0.001	$ 0.001
Aggregate purchase price of pre-funded warrant \| $							$ 230,000
Class of warrant or right maximum beneficial ownership percent							9.99%
Pre-funded warrants increase or decrease percentage							19.99%
ATM Offering Program [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Net proceeds from common stock \| $					$ 200,000			$ 98,100						$ 156,800
Shares sold and issued					3,632,534			1,005,700			0			2,128,826	0
ATM Offering Program [Member] \| Maximum [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock issued \| $					$ 200,000											$ 500,000
September 2025 Public Offering [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Net proceeds from common stock \| $			$ 288,400
Stock issued, price per shares \| $ / shares				$ 33
Common stock, Shares issued			7,627,879
Shares sold and issued			1,140,000	1,140,000
Public offering price \| $ / shares				$ 32.999
Issuance of shares				7,627,879
Stock price discount per share \| $ / shares				$ 0.001
Gross proceeds from the underwritten offering \| $				$ 288,400
September 2025 Public Offering [Member] \| Pre-funded Warrants [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Shares purchased			1,112,121	1,112,121
Public offering price \| $ / shares			$ 0.001
Pre-funded warrants increase or decrease percentage				19.99%
March 2026 Public Offering [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Net proceeds from common stock \| $	$ 719,000
Stock issued, price per shares \| $ / shares		$ 81
Common stock, Shares issued	8,470,989
Shares sold and issued	1,157,407	1,157,407
Public offering price \| $ / shares		$ 80.999
Issuance of shares		8,470,989
Stock price discount per share \| $ / shares		$ 0.001
Gross proceeds from the underwritten offering \| $		$ 719,000
March 2026 Public Offering [Member] \| Pre-funded Warrants [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Shares purchased	402,468	402,468
Public offering price \| $ / shares	$ 0.001
Pre-funded warrants increase or decrease percentage		19.99%
Common Stock [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock, Shares issued								56,295,226						56,295,226						14,817,696
Common stock, Shares outstanding								56,295,226	54,798,338	54,582,749	42,854,563	32,176,482	32,125,933	56,295,226	42,854,563			43,223,090	31,115,341	14,817,696
Issuance of shares								1,005,700		1,123,126

Cash Equivalents and Marketable Securities - Schedule of Components of Interest Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Interest Income, Securities, Operating, by Taxable Status [Abstract]
Interest income	$ 11,262	$ 1,347	$ 22,197	$ 5,544
Accretion of discount on marketable securities, net	881	2,311	7,753	5,308
Total interest and investment income	$ 12,143	$ 3,658	$ 29,950	$ 10,852

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Item 5. Other Information.

(c) Trading Plans. The following table discloses any officer (as defined in Rule 16a-1(f) under the Exchange Act) or director who entered into, modified or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the quarter ended September 30, 2026:


Name (Title)	Action Taken (Date of Action)	Nature of Trading Arrangement	Type of Trading Arrangement	Duration of Trading Arrangement	Aggregate Number of Securities
Ryan Savitz (Executive Vice President, Chief Financial Officer and Chief Business Officer)	Adoption (August 7, 2026)	Sale	Rule 10b5-1 trading arrangement	Through and including March 31, 2028	Up to 219,634
Adam Veness (Senior Vice President, General Counsel and Secretary)	Adoption (September 14, 2026)	Sale	Rule 10b5-1 trading arrangement	Through and including December 31, 2027	Up to 60,000

Adam Veness

Trading Arrangements, by Individual

Name

Adam Veness

Title

Senior Vice President, General Counsel and Secretary

Rule 10b5-1 Arrangement Adopted

true

September 14, 2026

December 31, 2027

473 days

60,000

Trading Arrangements, by Individual

Name

Ryan Savitz

Title

Executive Vice President, Chief Financial Officer and Chief Business Officer

Rule 10b5-1 Arrangement Adopted

true

August 7, 2026

March 31, 2028

602 days

219,634

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of Basic and diluted net loss per share of common stock

Basic and diluted net loss per share of common stock were calculated as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Numerator:
Net loss	$	(46,643	)	$	(36,765	)	$	(137,692	)	$	(97,905	)
Denominator:
Weighted-average number of shares of common stock outstanding including shares issuable under equity-classified pre-funded warrants, used in computing net loss per share of common stock, basic and diluted		57,341,193			37,794,088			53,835,116			36,476,370
Net loss per share attributable to common stockholders, basic and diluted	$	(0.81	)	$	(0.97	)	$	(2.56	)	$	(2.68	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potential dilutive securities, presented on an as converted basis, were excluded from the calculation of net loss per share due to their anti-dilutive effect:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Stock options outstanding		6,679,269		6,351,300		6,679,269		6,351,300
Warrants for the purchase of common stock		—		4,677		—		4,677
Total		6,679,269		6,355,977		6,679,269		6,355,977

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2026	Dec. 31, 2025	Sep. 11, 2023
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, Shares authorized	10,000,000	10,000,000
Preferred stock, Shares issued	0	0
Preferred stock, Shares outstanding	0	0
Common stock, Par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, Shares issued	56,295,226	43,223,090	11,021,248
Common stock, Shares outstanding	56,295,226	43,223,090

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

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-Topic 505
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Property, Plant, and Equipment [Abstract]
Depreciation expense	$ 37	$ 27	$ 106	$ 84

Leases - Additional Information (Details) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
Leases - Additional Information (Details) $ in Thousands	Feb. 15, 2027	Jul. 31, 2026 USD ($) ft²	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)
Leases [Line Items]
Operating lease description					The Company leases space under operating leases for administrative offices in New York, New York, and Waltham, Massachusetts.
Lease expiration date		Jan. 31, 2027
Operating lease, payments			$ 100	$ 300	$ 100	$ 300
Operating lease costs			$ 83	88	$ 300	331
Weighted-Average remaining lease term			52 months		52 months
Weighted-average discount rate - operating lease			8.40%		8.40%
Area of space subject to operating lease \| ft²		11,232
Aggregate future minimum lease payments		$ 2,400	$ 1,445		$ 1,445
Forecast
Leases [Line Items]
Operating lease commencement date	Feb. 15, 2027
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Leases [Line Items]
Operating lease costs			$ 100	100	300	300
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Leases [Line Items]
Operating lease costs				$ 0	$ 0	$ 24

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

The following table provides a summary of accrued expenses:


	September 30, 2026		December 31, 2025
Accrued external research and development	$	12,535	$	8,589
Accrued compensation		7,527		9,517
Accrued professional fees		334		215
Other accrued expenses		683		1,131
Accrued expenses	$	21,079	$	19,452

Accrued Expenses

9 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

Accrued Expenses

8. Accrued Expenses

The following table provides a summary of accrued expenses:


	September 30, 2026		December 31, 2025
Accrued external research and development	$	12,535	$	8,589
Accrued compensation		7,527		9,517
Accrued professional fees		334		215
Other accrued expenses		683		1,131
Accrued expenses	$	21,079	$	19,452

Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2026

Cash Equivalents and Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

4. Cash Equivalents and Marketable Securities


	September 30, 2026									Classification
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value		Short-term		Long-term
Cash equivalents:
Money market funds	$	54,082	$	—	$	—		$	54,082	$	54,082	$	—
Total cash equivalents	$	54,082	$	—	$	—		$	54,082	$	54,082	$	—

Marketable securities:
U.S. treasury securities	$	801,619	$	—	$	(5,160	)	$	796,459	$	484,595	$	311,864
Corporate debt securities		255,495		26		(704	)		254,817		175,601		79,216
Commercial paper		105,679		1		(224	)		105,456		105,456		—
U.S. government agency securities		21,228		—		(198	)		21,030		6,070		14,960
Certificate of deposit		10,391		—		(16	)		10,375		10,375		—
Total marketable securities	$	1,194,412	$	27	$	(6,302	)	$	1,188,137	$	782,097	$	406,040


	December 31, 2025									Classification
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value		Short-term		Long-term
Cash equivalents:
Money market funds	$	50,247	$	—	$	—		$	50,247	$	50,247	$	—
Total cash equivalents	$	50,247	$	—	$	—		$	50,247	$	50,247	$	—

Marketable securities:
U.S. treasury securities	$	345,668	$	402	$	—		$	346,070	$	274,152	$	71,918
Corporate debt securities		89,709		81		(15	)		89,775		61,100		28,675
U.S. government agency securities		17,053		17		(7	)		17,063		7,521		9,542
Certificate of deposit		6,112		9		—			6,121		6,121		—
Commercial paper		4,312		2		—			4,314		4,314		—
Total marketable securities	$	462,854	$	511	$	(22	)	$	463,343	$	353,208	$	110,135

Interest and Investment Income

The following table provides a summary of the components of interest and investment income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Interest income	$	11,262	$	1,347	$	22,197	$	5,544
Accretion of discount on marketable securities, net		881		2,311		7,753		5,308
Total interest and investment income	$	12,143	$	3,658	$	29,950	$	10,852

Segment Reporting

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

3. Segment Reporting

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (the “CODM”) in deciding how to allocate resources and in assessing the Company’s performance. The Company operates as a single operating segment and has one reportable segment which focuses on developing next-generation therapies to transform the treatment of severe autoimmune diseases.

The Company’s CODM is its Chief Executive Officer. The CODM manages the Company’s operations on a consolidated basis as one operating segment for the purposes of evaluating financial performance and allocating resources.

The Company has not yet generated any revenue from product sales. The CODM assesses the financial performance of the segment and decides how to allocate resources based on net loss on a consolidated basis. The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total consolidated assets.

The CODM uses net loss predominantly in the annual operating budget and in the strategic planning and forecasting process. Such profit or loss measure is used to monitor budget versus actual results on an ongoing basis by the CODM and determines how resources are allocated to the various activities of the Company. The CODM also uses net loss to evaluate the Company’s performance and considers net loss when determining management’s incentive compensation.

All of the Company’s tangible assets are held in the United States. The Company views its operations and manages its business in one operating segment, operating exclusively in the United States.

The table below provides a summary of the segment profit or loss, including significant segment expenses:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Revenues:
License revenue	$	1,210		$	396		$	2,434		$	1,752
Research and development expenses:
Claseprubart program-related expenses:
Clinical operation activity costs		18,000			12,155			52,578			36,483
CMC activity costs		4,222			6,946			16,933			13,725
Preclinical study activity costs		371			1,138			775			3,025
Other costs		51			2,019			51			2,069
Total claseprubart program-related expenses		22,644			22,258			70,337			55,302
Discovery expenses(1)		4,736			64			8,407			1,132
Personnel and related costs		9,768			6,397			27,656			18,205
Stock-based compensation expense		6,324			2,533			16,815			7,467
Other costs		2,128			1,237			5,599			3,637
Total research and development expenses		45,600			32,489			128,814			85,743
General and administrative expenses:
Stock-based compensation expense		6,397			3,261			18,406			9,348
Personnel and related costs		3,953			2,660			12,142			8,014
Other costs		3,732			2,274			9,559			7,039
Total general and administrative expenses		14,082			8,195			40,107			24,401
Other income, net		11,829			3,523			28,795			10,487
Net loss	$	(46,643	)	$	(36,765	)	$	(137,692	)	$	(97,905	)


(1)		Discovery expenses include costs associated with DNTH212, DNTH312, and other potential product candidates.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 15: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/exampleRef
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Reference 19: http://www.xbrl.org/2003/role/exampleRef
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Reference 20: http://www.xbrl.org/2003/role/exampleRef
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Reference 21: http://www.xbrl.org/2003/role/exampleRef
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Reference 22: http://www.xbrl.org/2003/role/exampleRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

+ Details

Segment Reporting - Additional Information (Detail)	9 Months Ended
Segment Reporting - Additional Information (Detail)	Sep. 30, 2026 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM uses net loss predominantly in the annual operating budget and in the strategic planning and forecasting process. Such profit or loss measure is used to monitor budget versus actual results on an ongoing basis by the CODM and determines how resources are allocated to the various activities of the Company. The CODM also uses net loss to evaluate the Company’s performance and considers net loss when determining management’s incentive compensation.All of the Company’s tangible assets are held in the United States. The Company views its operations and manages its business in one operating segment, operating exclusively in the United States.

Cash Equivalents and Marketable Securities - Schedule of Fair Value of the Company's Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost, Marketable securities	$ 1,194,412	$ 462,854
Amortized Cost, Cash And Cash Equivalents	54,082	50,247
Gross Unrealized Gain, Marketable securities	27	511
Gross Unrealized Gain, Cash And Cash Equivalents	0	0
Gross Unrealized Loss, Marketable securities	(6,302)	(22)
Gross Unrealized Loss Cash And Cash Equivalents	0	0
Fair Value, Marketable secuirities	1,188,137	463,343
Fair Value, Cash and cash equivalents	54,082	50,247
Marketable secuirities, Short-term	782,097	353,208
Cash and Cash equivalents, short term	54,082	50,247
Marketable secuirities, Long-term	406,040	110,135
Money Market Funds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost, Cash And Cash Equivalents	54,082	50,247
Gross Unrealized Gain, Cash And Cash Equivalents	0	0
Gross Unrealized Loss Cash And Cash Equivalents	0	0
Fair Value, Cash and cash equivalents	54,082	50,247
Cash and Cash equivalents, short term	54,082	50,247
U.S. Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost, Marketable securities	801,619	345,668
Gross Unrealized Gain, Marketable securities	0	402
Gross Unrealized Loss, Marketable securities	(5,160)	0
Fair Value, Marketable secuirities	796,459	346,070
Marketable secuirities, Short-term	484,595	274,152
Marketable secuirities, Long-term	311,864	71,918
Certificate of deposit
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost, Marketable securities	10,391	6,112
Gross Unrealized Gain, Marketable securities	0	9
Gross Unrealized Loss, Marketable securities	(16)	0
Fair Value, Marketable secuirities	10,375	6,121
Marketable secuirities, Short-term	10,375	6,121
Marketable secuirities, Long-term	0	0
U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost, Marketable securities	21,228	17,053
Gross Unrealized Gain, Marketable securities	0	17
Gross Unrealized Loss, Marketable securities	(198)	(7)
Fair Value, Marketable secuirities	21,030	17,063
Marketable secuirities, Short-term	6,070	7,521
Marketable secuirities, Long-term	14,960	9,542
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost, Marketable securities	255,495	89,709
Gross Unrealized Gain, Marketable securities	26	81
Gross Unrealized Loss, Marketable securities	(704)	(15)
Fair Value, Marketable secuirities	254,817	89,775
Marketable secuirities, Short-term	175,601	61,100
Marketable secuirities, Long-term	79,216	28,675
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost, Marketable securities	105,679	4,312
Gross Unrealized Gain, Marketable securities	1	2
Gross Unrealized Loss, Marketable securities	(224)	0
Fair Value, Marketable secuirities	105,456	4,314
Marketable secuirities, Short-term	105,456	4,314
Marketable secuirities, Long-term	$ 0	$ 0

Commitments and Contingencies

9 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. Commitments and Contingencies

License Agreement with Nanjing Leads Biolabs Co., Ltd.

On October 16, 2025, the Company entered into a License and Collaboration Agreement (the “Leads License Agreement”) with Nanjing Leads Biolabs Co., Ltd. (“Leads”), pursuant to which Leads granted the Company a royalty-bearing, exclusive license outside of Greater China to develop, manufacture, commercialize, or otherwise exploit DNTH212, a bifunctional fusion protein being developed in China by Leads as LBL-047. The Company also obtained certain non-exclusive rights to perform development and manufacturing activities in Greater China to support DNTH212 outside of Greater China. DNTH212 is an investigational, extended half-life bifunctional fusion protein targeting plasmacytoid dendritic cell BDCA2 to reduce Type 1 interferon production, while simultaneously inhibiting BAFF/APRIL to suppress B cell function. On December 23, 2025, Leads and the Company jointly announced the initiation of a Phase 1 clinical trial for LBL-047 (DNTH212).

Under the terms of the Leads License Agreement, the Company will pay Leads up to $38.0 million, comprised of $30.0 million in upfront and near-term milestone payments plus an additional $8.0 million milestone, payable in cash or the Company’s common stock at the Company’s election, upon the initiation of a Dianthus-led Phase 1 study, for exclusive rights to develop and commercialize DNTH212 globally outside of Greater China. As of September 30, 2026, the Company has paid Leads $30.0 million in upfront and near-term milestone payments. Leads will also be eligible to receive up to $962.0 million in development and regulatory approval milestones across three key geographies and sales-based milestones across five indications, as well as tiered royalties from mid-single digits up to a low double-digit percentage on ex-Greater China net sales.

The Leads License Agreement will remain in effect on a country-by-country and product-by-product basis until expiration of the applicable royalty term, unless earlier terminated. Each party has customary termination rights, including for uncured material breach, insolvency, patent challenge, or, in the case of the Company, for convenience.

The Company recorded $26 thousand and $0.2 million during the three and nine months ended September 30, 2026, respectively, for amounts owed to Leads within the research and development expenses line item in the unaudited condensed consolidated statements of operations and comprehensive loss.

Alloy Therapeutics, LLC

In August 2019, the Company entered into a license agreement with Alloy Therapeutics, LLC (“Alloy”). The license agreement was amended in October 2022. The license agreement with Alloy grants to the Company the following:

•

a worldwide, non-exclusive license to use the Alloy technology solely to generate Alloy antibodies and platform assisted antibodies for internal, non-clinical research purposes; and

•

with respect to Alloy antibodies and platform assisted antibodies that are selected by the Company for inclusion into a partnered antibody program, a worldwide, assignable license to make, have made, use, offer for sale, sell, import, develop, manufacture and commercialize products comprising partnered antibody programs selected from Alloy antibodies and platform assisted antibodies in any field of use.

The Company pays an annual partnered antibody program fee totaling $50 thousand to Alloy. The Company is also obligated to pay a $0.1 million fee to Alloy if the Company sublicenses a product developed with Alloy antibodies or platform assisted antibodies. Upon the achievement, with products developed with Alloy, of (i) certain development milestones and (ii) certain commercial milestones, the Company is obligated to make additional payments to Alloy of up to $1.8 million and $11.0 million, respectively. The Company recorded $0.1 million during each of the three and nine months ended September 30, 2026 and $1.0 million and $1.1 million during the three and nine months ended September 30, 2025, respectively, for amounts owed under the Alloy license agreement within the research and development expenses line item in the unaudited condensed consolidated statements of operations and comprehensive loss.

IONTAS Limited

In July 2020, the Company entered into a collaborative research agreement with IONTAS Limited (“IONTAS”) to perform certain milestone-based research and development activities for the Company under its first development program. This agreement was amended in January 2023 to extend their services to additional development programs. IONTAS provides dedicated resources to perform the research and development activities and receives compensation for those resources as well as success-based milestone payments.

Upon the achievement, with the first development program with IONTAS, of (i) certain development milestones and (ii) certain commercial milestones, the Company is obligated to make payments to IONTAS of up to £3.1 million (approximately $4.1 million based on the September 30, 2026 exchange rate) and £2.3 million (approximately $3.0 million based on the September 30, 2026 exchange rate), respectively. Upon the achievement, with the second development program with IONTAS, of certain development milestones, the Company is obligated to make payments to IONTAS of up to £2.5 million (approximately $3.3 million based on the September 30, 2026 exchange rate). The Company recorded $0.2 million and $0.8 million during the three and nine months ended September 30, 2026, respectively, and $1.3 million and $1.6 million during the three and nine months ended September 30, 2025, respectively, for amounts owed under the IONTAS collaborative research agreement, including milestone payments, within the research and development expenses line item in the unaudited condensed consolidated statements of operations and comprehensive loss.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to employees, consultants, vendors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. To date, the Company has not incurred any material costs as a result of such indemnification agreements. The Company is not aware of any indemnification arrangements that could have a material effect on its financial position, results of operations or cash flows, and has not accrued any liabilities related to such obligations in its unaudited condensed consolidated financial statements as of September 30, 2026 and December 31, 2025.

Litigation

From time to time, the Company may be exposed to litigation relating to potential products and operations. The Company is not currently engaged in any legal proceedings that are expected, individually or in the aggregate, to have a material adverse effect on its financial condition, results of operations or cash flows.

Other

As of September 30, 2026 and December 31, 2025, the Company had standing agreements with consultants, contractors or service providers that generally can be terminated by the Company with 30 to 60 days written notice, unless otherwise indicated.

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands								3 Months Ended		9 Months Ended
	Mar. 12, 2026	Mar. 10, 2026	Sep. 11, 2025	Sep. 09, 2025	Oct. 01, 2024	Jan. 24, 2024	Jan. 22, 2024	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Sep. 18, 2026	Jan. 28, 2026	Dec. 31, 2025	Sep. 11, 2023
Value of stock and debt instruments authorized to issue					$ 500,000								$ 600,000
Common stock issued								$ 56		$ 56				$ 43
Net proceeds from common stock										$ 364	$ 316
Common stock, shares authorized								150,000,000		150,000,000				150,000,000
Preferred stock, par value								$ 0.001		$ 0.001				$ 0.001
Preferred stock, Shares issued								0		0				0
Preferred stock, Shares authorized								10,000,000		10,000,000				10,000,000
Preferred stock, Shares outstanding								0		0				0
Common stock, Shares issued and sold								56,295,226		56,295,226				43,223,090	11,021,248
Common stock, Shares outstanding								56,295,226		56,295,226				43,223,090
Common stock, Par value								$ 0.001		$ 0.001				$ 0.001
Common Stock, Dividends, Per Share, Declared										$ 0
March 2026 Public Offering [Member]
Net proceeds from common stock	$ 719,000
Shares sold and issued	1,157,407	1,157,407
Exercise price (in USD per share)		$ 80.999
Common stock, Shares issued and sold	8,470,989
September 2025 Public Offering [Member]
Net proceeds from common stock			$ 288,400
Shares sold and issued			1,140,000	1,140,000
Exercise price (in USD per share)				$ 32.999
Common stock, Shares issued and sold			7,627,879
2024 Private Placement [Member]
Shares sold and issued						14,500,500	14,500,500
ATM Offering Program [Member]
Net proceeds from common stock					$ 200,000			$ 98,100		$ 156,800
Shares sold and issued					3,632,534			1,005,700	0	2,128,826	0
ATM Offering Program [Member] \| Maximum [Member]
Common stock issued					$ 200,000							$ 500,000
Pre-funded Warrants [Member]
Pre-funded warrants outstanding								1,346,922	1,944,454	1,346,922	1,944,454
Pre-funded Warrants [Member] \| March 2026 Public Offering [Member]
Pre-funded warrants to purchase	402,468	402,468
Exercise price (in USD per share)	$ 0.001
Pre-funded warrants outstanding								402,468		402,468
Pre-funded Warrants [Member] \| September 2025 Public Offering [Member]
Pre-funded warrants to purchase			1,112,121	1,112,121
Exercise price (in USD per share)			$ 0.001
Pre-funded warrants outstanding								112,121		112,121
Pre-funded Warrants [Member] \| 2024 Private Placement [Member]
Pre-funded warrants to purchase						4,666,332	4,666,332
Exercise price (in USD per share)						$ 0.001	$ 0.001
Pre-funded warrants outstanding								832,333		832,333
Common Stock
Common stock, shares authorized								150,000,000		150,000,000
Common stock, Shares issued and sold								56,295,226		56,295,226					14,817,696
Common stock, Shares outstanding								56,295,226		56,295,226
Common stock, Par value								$ 0.001		$ 0.001

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued external research and development	$ 12,535	$ 8,589
Accrued compensation	7,527	9,517
Accrued professional fees	334	215
Other accrued expenses	683	1,131
Accrued expenses	$ 21,079	$ 19,452

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2026:


	Number of Stock Options Outstanding			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)
Balance at January 1, 2026		5,991,343		$	20.14		8.3	$	127,547
Options granted		2,563,630			62.26				68,999
Options exercised		(1,452,620	)		16.53				103,773
Options forfeited		(423,084	)		39.86				18,805
Balance at September 30, 2026		6,679,269		$	35.84		8.4	$	352,396
Exercisable options at September 30, 2026		2,302,345		$	23.57		7.7	$	149,244
Unvested options at September 30, 2026		4,376,924		$	42.29		8.7	$	203,152

Schedule of Grant-Date Fair Value of Stock Options Issued, Presented on a Weighted Average Basis

The table below summarizes the assumptions used to determine the grant-date fair value of stock options issued, presented on a weighted-average basis during the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Risk-free interest rate		4.4	%		3.8	%		4.0	%		4.2	%
Expected term (in years)		6.1			6.0			6.0			6.0
Expected volatility		85.9	%		91.0	%		89.1	%		91.5	%
Expected dividend yield		0.0	%		0.0	%		0.0	%		0.0	%

Schedule of Stock Based Compensation Expense

The following table provides a summary of stock-based compensation expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Research and development	$	6,324	$	2,533	$	16,815	$	7,467
General and administrative		6,397		3,261		18,406		9,348
Total stock-based compensation expense	$	12,721	$	5,794	$	35,221	$	16,815

Stock-Based Compensation

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

2018 Stock Option and Incentive Plan

The Company grants stock-based awards under the Second Amended and Restated Dianthus Therapeutics, Inc. Stock Option and Incentive Plan, which originally became effective on June 19, 2018 as the Magenta Therapeutics, Inc. 2018 Stock Option and Incentive Plan and was amended and restated in September 2023 and renamed the Amended and Restated Dianthus Therapeutics, Inc. Stock Option and Incentive Plan (the “Prior 2018 Incentive Plan”).

On May 23, 2024, the Company’s stockholders approved an amendment and restatement of the Prior 2018 Incentive Plan, and it was renamed the Second Amended and Restated Dianthus Therapeutics, Inc. Stock Option and Incentive Plan (the “2018 Amended Plan”) to:

•

provide for an increase in the number of shares of common stock reserved for issuance thereunder by 2,931,820 shares;

•

increase the Evergreen Provision (as described below) from 4% to 5% of issued and outstanding shares of common stock on December 31 of the preceding calendar year; and

•

extend the expiration date until March 14, 2034.

The 2018 Amended Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, unrestricted stock awards, cash-based awards and dividend equivalent rights. The 2018 Amended Plan is administered by either the board of directors or the compensation committee of the board of directors. The exercise prices, vesting and other restrictions are determined at the discretion of the administrator, except that the term of stock options and stock appreciation rights may not be greater than ten years (or five years for certain incentive stock options). Awards typically vest over 12 months to four years. The exercise price for stock options granted may not be less than the fair value of common stock as of the date of grant (or 110% of the fair value of common stock for certain incentive stock options). The fair value of common stock is based on quoted market prices.

The 2018 Amended Plan also provides for the assumption of shares remaining available for delivery under the 2019 Stock Plan (as defined below) pursuant to the terms of the Reverse Merger, and such shares will be available for the granting of awards under the 2018 Amended Plan in accordance with applicable stock exchange requirements. The Company also has outstanding stock options under the Magenta Therapeutics, Inc. 2016 Stock Option and Grant Plan, as amended (the “2016 Plan”), but is no longer granting awards under the 2016 Plan.

The 2018 Amended Plan provides that the number of shares reserved and available for issuance under the 2018 Amended Plan will automatically increase each January 1 by 5% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 (the “Evergreen Provision”), or such lesser number of shares as determined by the Company’s board of directors or compensation committee of the board of directors.

Pursuant to the Evergreen Provision, the number of shares reserved for issuance under the 2018 Amended Plan increased by 2,161,025 on January 1, 2026. Shares of common stock underlying any awards under the 2018 Amended Plan, the 2019 Stock Plan and the 2016 Plan that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without any issuance of stock, expire or are otherwise terminated (other than by exercise) will be available for future awards under the 2018 Amended Plan.

As of September 30, 2026, 1,672,958 shares of common stock were available for grant under the 2018 Amended Plan.

2019 Stock Plan

In July 2019, Former Dianthus’s board of directors adopted, and Former Dianthus’s stockholders approved, the Dianthus Therapeutics, Inc. 2019 Stock Plan (the “2019 Stock Plan”). In connection with the Reverse Merger, the Company assumed options to purchase shares of Former Dianthus’s common stock that were outstanding under the 2019 Stock Plan immediately prior to the Reverse Merger and such options were converted into options to purchase 1,273,454 shares of common stock (the “Assumed Options”). No further awards will be made under the 2019 Stock Plan; however, the Assumed Options will remain outstanding under the 2019 Stock Plan in accordance with their terms, as adjusted to reflect the Reverse Merger.

2019 Employee Stock Purchase Plan

Employees may elect to participate in the Dianthus Therapeutics, Inc. 2019 Employee Stock Purchase Plan, as amended (the “ESPP”). The purchase price of common stock under the ESPP is equal to 85% of the lower of the fair market value of the common stock on (i) the offering date or (ii) the exercise date. The six-month offering periods begin in January and July of each year. During the three and nine months ended September 30, 2026, the Company issued 7,232 and 15,121 shares of common stock pursuant to the ESPP, respectively. During the three and nine months ended September 30, 2025, the Company issued 11,863 and 18,801 shares of common stock pursuant to the ESPP, respectively. As of September 30, 2026, 190,656 shares remained available for issuance under the ESPP.

The ESPP provides that the number of shares reserved and available for issuance under the ESPP will automatically increase each January 1 through January 1, 2029, by the lesser of (i) 1% of the number of shares issued and outstanding on the immediately preceding December 31, (ii) 62,500 shares and (iii) such number of shares as determined by the Company’s board of directors or its appointed administrator. The number of shares reserved for issuance under the ESPP increased by 62,500 on January 1, 2026.

Inducement Plan

In February 2024, the Company’s board of directors approved the Dianthus Therapeutics, Inc. Equity Inducement Plan (the “Inducement Plan”), which provides for up to 300,000 shares of common stock for inducement awards. In December 2025, the Company’s board of directors approved an amendment to the Inducement Plan (the “Amended Inducement Plan”), which increased the number of shares of common stock available for inducement awards to 900,000. As of September 30, 2026, there were 236,000 shares of common stock available for grant under the Amended Inducement Plan.

Stock Options

The following table summarizes stock option activity for the nine months ended September 30, 2026:


	Number of Stock Options Outstanding			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)
Balance at January 1, 2026		5,991,343		$	20.14		8.3	$	127,547
Options granted		2,563,630			62.26				68,999
Options exercised		(1,452,620	)		16.53				103,773
Options forfeited		(423,084	)		39.86				18,805
Balance at September 30, 2026		6,679,269		$	35.84		8.4	$	352,396
Exercisable options at September 30, 2026		2,302,345		$	23.57		7.7	$	149,244
Unvested options at September 30, 2026		4,376,924		$	42.29		8.7	$	203,152

The aggregate intrinsic value of options granted, options exercised and options forfeited represents the difference between (i) the exercise price of the option and (ii) the closing market price of the Company’s common stock on (x) September 30, 2026, (y) the date of exercise, or (z) the date of forfeiture, respectively.

The weighted-average grant-date fair value per share of stock options granted during the nine months ended September 30, 2026 was $47.00 per share.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Risk-free interest rate		4.4	%		3.8	%		4.0	%		4.2	%
Expected term (in years)		6.1			6.0			6.0			6.0
Expected volatility		85.9	%		91.0	%		89.1	%		91.5	%
Expected dividend yield		0.0	%		0.0	%		0.0	%		0.0	%

Stock Warrants

In April 2021, Former Dianthus issued 4,677 warrants for the purchase of common stock at an exercise price of $1.65 per share. The warrants vested on July 30, 2023 and had a grant-date fair value of $1.16 per warrant. During the nine months ended September 30, 2026, these warrants were exercised in full.

Stock-Based Compensation Expense

The following table provides a summary of stock-based compensation expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Research and development	$	6,324	$	2,533	$	16,815	$	7,467
General and administrative		6,397		3,261		18,406		9,348
Total stock-based compensation expense	$	12,721	$	5,794	$	35,221	$	16,815

As of September 30, 2026, there was $131.5 million of total unrecognized compensation cost related to granted stock options. The Company expects to recognize that cost over a remaining weighted-average period of 2.9 years.

Net Loss Per Share

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

13. Net Loss Per Share

Basic and diluted net loss per share of common stock were calculated as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Numerator:
Net loss	$	(46,643	)	$	(36,765	)	$	(137,692	)	$	(97,905	)
Denominator:
Weighted-average number of shares of common stock outstanding including shares issuable under equity-classified pre-funded warrants, used in computing net loss per share of common stock, basic and diluted		57,341,193			37,794,088			53,835,116			36,476,370
Net loss per share attributable to common stockholders, basic and diluted	$	(0.81	)	$	(0.97	)	$	(2.56	)	$	(2.68	)

Pre-funded warrants have been included in the computation of basic and diluted net loss per share of common stock as the pre-funded warrants are issuable for nominal consideration pursuant to their terms. There were outstanding pre-funded warrants of 1,346,922 and 1,944,454 as of September 30, 2026 and 2025, respectively. The outstanding pre-funded warrants increased the weighted-average number of shares of common stock outstanding by 1,346,922 shares and 1,503,799 shares for the three and nine months ended September 30, 2026, respectively, and 3,693,979 shares and 3,759,705 shares for the three and nine months ended September 30, 2025, respectively.

The Company’s potential dilutive securities, which include stock options and warrants for the purchase of common stock, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. Therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same. The following potential dilutive securities, presented on an as converted basis, were excluded from the calculation of net loss per share due to their anti-dilutive effect:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Stock options outstanding		6,679,269		6,351,300		6,679,269		6,351,300
Warrants for the purchase of common stock		—		4,677		—		4,677
Total		6,679,269		6,355,977		6,679,269		6,355,977

Stock-Based Compensation - Schedule of Grant-date Fair Value of Stock Options Issued, Presented on a Weighted Average Basis (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.40%	3.80%	4.00%	4.20%
Expected term	6 years 1 month 6 days	6 years	6 years	6 years
Expected volatility	85.90%	91.00%	89.10%	91.50%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%