Dyne Therapeutics, a clinical-stage company focused on delivering functional improvement for people living with genetically driven neuromuscular diseases, entered into a $275 million non-dilutive senior secured term loan facility with Hercules Capital, a company in customized debt financing for companies in the life sciences and technology-related markets. The transaction strengthens the company’s balance sheet as it advances DYNE-101 and DYNE-251 through critical clinical and regulatory milestones, for myotonic dystrophy type 1 (DM1) and Duchenne muscular dystrophy (DMD), respectively.
“This non-dilutive financing enhances our ability to advance our DM1 and DMD programs, with potential U.S. Accelerated Approval submissions planned for 2026, and provides strategic flexibility as we focus on strengthening our balance sheet and financial outlook,” John Cox, president and CEO of Dyne, said. “With $100 million funded upfront and access to additional capital aligned with clinical, regulatory and commercial progress, we are well-positioned to execute on our plans to deliver functional improvement to the neuromuscular community, as we near a potential US launch in DMD in 2027.”
“We are pleased to partner with Dyne to advance important therapeutics that address critical unmet needs,” R. Bryan Jadot, senior managing director and group head at Hercules Capital, said. “Our financial commitment reflects strong confidence in Dyne’s leadership, pipeline and potential to achieve functional improvement for those living with serious neuromuscular diseases.”
The loan facility consists of five tranches, including an initial term loan of $100 million funded at closing, and three additional term loan tranches totaling up to $115 million, which can be drawn at Dyne’s option subject to achievement of specified clinical, regulatory and commercial milestones. A final term loan tranche of up to $60 million is available, subject to Hercules’ approval. Together, these tranches provide Dyne potential access to non-dilutive capital as the company advances through key inflection points through 2025 and 2026, and towards a first potential launch in the US in 2027.
