Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Dyne Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
11
45.2
121
143
211
281
398
General and administrative
2.79
13.4
28.7
28.2
31.4
62.5
69.9
Operating expenses
13.8
58.6
150
171
242
344
468
Operating income
-13.8
-58.6
-150
-171
-242
-344
-468
Interest income
0.29
0.06
0.74
2.92
7.64
26.9
29.9
Other non-operating income
-1.03
-0.79
0.73
2.86
6.23
26.5
22
Income tax
0
0
0
Net income
-14.9
-59.4
-149
-168
-236
-317
-446
EBITDA
-13.6
-57.9
-149
-169
-240
-342
-466
EPS, basic
-6.08
-4.13
-2.93
-3.23
-3.95
-3.37
-3.47
EPS, diluted
-6.08
-4.13
-2.93
-3.23
-3.95
-3.37
-3.47
Shares, basic (weighted)
2.44
14.4
50.9
Shares, diluted (weighted)
2.44
14.4
50.9
Balance sheet
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
14.6
301
201
172
122
435
893
Short-term investments
0
44.5
176
83.9
1.47
207
217
Other current assets
0.13
3.77
5.82
9.58
6.28
17
16
Total current assets
14.8
349
382
266
129
659
1,127
Property, plant and equipment
1.49
1.95
4.68
5.95
4.78
5.4
24
Lease right-of-use assets
0
36.3
32.5
28.6
24.6
20.7
Other non-current assets
0.19
Total assets
16.4
353
426
306
165
691
1,187
Accounts payable
1.26
3.44
4.03
5.26
22.9
6.56
8.08
Accrued liabilities
0.54
2.11
5.1
5.94
10.5
13.1
17.1
Total current liabilities
2.36
11
28.7
28.1
51.1
42.3
50.6
Lease liabilities
0
28.7
25.9
22.7
19.1
15.3
Total liabilities
2.4
11
57.5
54
73.8
61.4
215
Total debt
0
149
Paid-in capital
6.35
422
597
650
724
1,580
2,368
Retained earnings
-19.7
-79.2
-228
-397
-633
-950
-1,396
Other comprehensive income
-0.03
-0.27
-0.57
0
0.01
0.48
Shareholders' equity
14
342
368
252
91.3
630
972
Total equity
14
342
368
252
91.3
630
972
Total liabilities and equity
16.4
353
426
306
165
691
1,187
Shares outstanding
2.59
45.1
51.6
55.6
61.5
102
165
Cash flow statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-14.9
-59.4
-149
-168
-236
-317
-446
Depreciation and amortization
0.27
0.7
1.09
1.68
1.67
1.67
2.05
Stock-based compensation
0.03
6.59
17.5
15.2
20
45.9
45.9
Cash from operations
-11.8
-46.5
-120
-154
-188
-292
-403
Capital expenditures
-1.65
-1.16
-3.62
-3.07
-0.73
-2.38
-1.92
Purchases of investments
-44.5
-237
-121
-44.3
-317
-181
Sales and maturities of investments
0
4.44
3.15
1.83
10.6
17.9
Cash from investing
-1.65
-45.7
-138
87.2
83.3
-204
-28.8
Debt issued
9.94
0
0
148
Debt repaid
-10
Stock issued
0.03
0.58
36.9
52.4
97.9
141
Cash from financing
20
381
158
37.4
54.3
810
890
Net change in cash
6.51
289
-99.6
-29.1
-50.5
313
458
Free cash flow
-13.5
-47.7
-123
-157
-189
-295
-405
Interest paid
0
0
4.34
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $16.03 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-74.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-52.3%
Net income / average total assets.
Return on invested capital (ROIC)
-188.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
54.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
56.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
23.2%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
71.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
57.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
27.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
12.0x
Current assets / current liabilities.
Quick ratio
11.5x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
11.5x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.28x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
20.1%
Total debt / total assets.
Liabilities / assets
29.4%
Total liabilities / total assets.
Net debt
-$699.1M
Total debt - cash - short-term investments. Negative means more cash than debt.
Market cap + total debt - cash - short-term investments.
P/B
4.26x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
4.26x
Market cap / tangible book value, when positive.
FCF yield
-16.0%
Free cash flow / market cap.
Earnings yield
-17.4%
Net income / market cap (the inverse of P/E).
Was Dyne Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $446.2M.
How much free cash flow did Dyne Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $403.2M minus capital expenditures of $1.9M left free cash flow of -$405.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.