- Dianthus Therapeutics, Inc. entered into an exclusive license agreement with Nanjing Leads Biolabs Co. Ltd. on **October 16, 2025**, for global rights (excluding Greater China) to **DNTH212**, an investigational bifunctional BDCA2 and BAFF/APRIL inhibitor.  **[1690585_0001193125-25-240858_dnth-20251016.htm:1]** **[1690585_0001193125-25-240858_dnth-ex99_1.htm:1]** 
- Under the agreement, Dianthus will pay Leads up to **$38 million**, including **$30 million in upfront and near-term milestone payments** and an additional **$8 million milestone** upon the initiation of a Dianthus-led Phase 1 study.  **[1690585_0001193125-25-240858_dnth-20251016.htm:1]** **[1690585_0001193125-25-240858_dnth-ex99_1.htm:3]**  Leads is also eligible for up to **$962 million in future milestones** and tiered royalties.  **[1690585_0001193125-25-240858_dnth-20251016.htm:1]** **[1690585_0001193125-25-240858_dnth-ex99_1.htm:3]** 
- The company reported estimated cash, cash equivalents, and investments of approximately **$555 million as of September 30, 2025**, with pro forma cash of approximately **$525 million** after the initial payments, which is expected to fund operations into **2028**.  **[1690585_0001193125-25-240858_dnth-ex99_1.htm:1]** **[1690585_0001193125-25-240858_dnth-20251016.htm:3]** **[1690585_0001193125-25-240858_dnth-ex99_1.htm:3]** 
- A Phase 1 study for DNTH212 is expected to start in China in **Q4 2025**, with top-line healthy volunteer results anticipated in **2H 2026**.  **[1690585_0001193125-25-240858_dnth-ex99_1.htm:1]** **[1690585_0001193125-25-240858_dnth-ex99_1.htm:3]**

Dianthus Therapeutics Licenses DNTH212 and Updates Cash Position

- Dianthus Therapeutics (DNTH) has entered into an exclusive license agreement with Leeds Biolabs for **DNTH-two twelve**, a **Phase I ready** bifunctional BDCA2 and BAF April inhibitor.  **[0001690585_2188205_0]** 
- The agreement grants Dianthus global rights outside of Greater China for DNTH-two twelve.  **[0001690585_2188205_0]** 
- Financial terms include up to **$38 million** in upfront and near-term milestone payments, with potential for up to **$962 million** in success-based development, regulatory approval, and sales milestones, plus tiered royalties.  **[0001690585_2188205_2]** 
- This transaction is expected to result in a pro forma cash balance of approximately **$525 million**, extending the cash runway into **2028**.  **[0001690585_2188205_0]** **[0001690585_2188205_2]** 
- A Phase I trial for DNTH-two twelve is projected to commence in the **fourth quarter of this year**, with initial results in healthy volunteers expected in **2026**.  **[0001690585_2188205_0]**

Dianthus Therapeutics Licenses DNTH-two twelve from Leeds Biolabs

- Dianthus Therapeutics announced an **exclusive license agreement** with Nanjing Leads Biolabs for **DNTH212**, a phase 1-ready bifunctional BDCA2 and BAFF-APRIL inhibitor, granting Dianthus global rights outside of Greater China.  **[0001690585_2188184_0]** 
- The agreement includes payments of up to **$38 million** in upfront and near-term milestones, plus up to **$962 million** in success-based development, regulatory, and sales milestones, along with tiered royalties.  **[0001690585_2188184_2]** 
- DNTH212 has an **FDA-cleared IND**, with a **Phase 1 trial expected to begin in the fourth quarter of 2025** and results in healthy volunteers anticipated in the **second half of 2026**.  **[0001690585_2188184_0]** 
- Following this transaction, Dianthus estimates pro forma cash of approximately **$525 million**, extending its cash runway into **2028**.  **[0001690585_2188184_0]** 
- The company views DNTH212 as a potentially **best-in-class therapeutic** that strategically bolsters its pipeline and advances its vision of becoming a leading autoimmune-focused biotech company.  **[0001690585_2188184_0]**

Dianthus Therapeutics Licenses DNTH212 from Nanjing Leads Biolabs

- Dianthus Therapeutics has entered into an **exclusive license agreement** with Leads Biolabs for global rights (excluding Greater China) for **DNTH212**, a Phase 1 ready bifunctional BDCA2 and BAFF/APRIL inhibitor.  **[0001690585_2187886:0]** **[0001690585_2187886:4]** 
- The **IND for DNTH212 was cleared by the FDA in September 2025**, and a **Phase 1 SAD study in healthy volunteers and patients with SLE is expected to initiate in Q4 2025 in China**.  **[0001690585_2187886:8]** 
- **Top-line healthy volunteer results** from the Phase 1 study are anticipated in **2H 2026**.  **[0001690585_2187886:4]** **[0001690585_2187886:8]** **[0001690585_2187886:10]** 
- The company's **pro forma estimated cash of ~$525 million** is expected to fund operations into **2028**.  **[0001690585_2187886:4]**

Dianthus Therapeutics Licenses DNTH212 and Outlines Clinical Development Timeline

- Dianthus Therapeutics, Inc. entered into an underwriting agreement on **September 9, 2025**, for a public offering of its common stock and pre-funded warrants.  **[1690585_0001193125-25-200715_d96557d8k.htm:1]** 
- The company will sell **6,487,879 shares** of common stock at a public offering price of **$33.00 per share** and pre-funded warrants to purchase **1,112,121 shares** at a public offering price of **$32.999 per pre-funded warrant**.  **[1690585_0001193125-25-200715_d96557d8k.htm:1]** **[1690585_0001193125-25-200715_d96557dex11.htm:52]** 
- The underwriters fully exercised their option to purchase an additional **1,140,000 shares** of common stock.  **[1690585_0001193125-25-200715_d96557d8k.htm:1]** **[1690585_0001193125-25-200715_d96557dex11.htm:52]** 
- The total net proceeds from the offering, including the exercised option, are expected to be approximately **$270.0 million**.  **[1690585_0001193125-25-200715_d96557d8k.htm:1]** 
- The offering is expected to close on **September 11, 2025**.  **[1690585_0001193125-25-200715_d96557d8k.htm:1]**

Dianthus Therapeutics, Inc. /DE/ (DNTH)