Estados financieros detallados de Dianthus Therapeutics, Inc. (DNTH): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 96.0%, margen operativo -114.4%, margen neto -15.7%.
Al precio actual de $102.49, DNTH presenta beneficios negativos (P/E no significativo) y un ROE del -32.90%. La capitalización bursátil es de $5.7B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | $1.5M | $6.4M | $2.8M | $6.2M | $2.0M |
| Coste de Ventas | $6000 | $376000 | $875000 | $1.8M | $2.0M | 0 | 0 | 0 | 0 | 0 |
| Beneficio Bruto | -$6000 | -$376000 | -$875000 | -$1.8M | -$2.0M | $1.5M | $6.4M | $2.8M | $6.2M | $2.0M |
| I+D | $5.8M | $27.9M | $41.3M | $57.4M | $48.6M | $12.6M | $29.4M | $32.8M | $83.1M | $145.6M |
| Generales y Administrativos | $3.5M | $7.5M | $17.7M | $23.8M | $28.1M | $2.0M | $6.7M | $18.2M | $25.0M | $34.3M |
| Gastos Operativos | $9.3M | $35.4M | $59.1M | $81.1M | $76.7M | $14.6M | $36.1M | $51.0M | $108.1M | $180.0M |
| Beneficio Operativo | -$9.3M | -$35.7M | -$60.0M | -$83.0M | -$78.7M | -$13.1M | -$29.7M | -$48.2M | -$101.9M | -$177.9M |
| EBITDA | -$9.3M | -$35.1M | -$56.6M | -$74.9M | -$73.0M | -$11.1M | -$28.3M | -$43.2M | -$84.6M | -$161.9M |
| Gastos por Intereses | $163000 | 0 | 0 | 0 | $3.8M | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$9.4M | -$35.5M | -$57.5M | -$76.8M | -$74.9M | -$13.1M | -$28.5M | -$43.6M | -$85.0M | -$162.3M |
| Impuestos | 0 | $236000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$9.4M | -$35.5M | -$57.5M | -$76.8M | -$74.9M | -$13.1M | -$28.5M | -$43.6M | -$85.0M | -$162.3M |
| BPA | $-4.27 | $-16.05 | $-27.62 | $-33.18 | $-27.30 | $-3.82 | $-7.60 | $-8.45 | $-2.55 | $-4.20 |
| BPA Diluido | $-4.27 | $-16.05 | $-27.62 | $-33.18 | $-27.30 | $-3.82 | $-7.60 | $-8.45 | $-2.55 | $-4.20 |
| Acciones en Circulación (Diluidas) | $2.2M | $2.2M | $2.1M | $2.3M | $2.7M | $3.4M | $3.7M | $5.2M | $33.3M | $37.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $396000 | $284000 | $463000 | $761000 |
| Beneficio Bruto | $396000 | $284000 | $387000 | $761000 |
| Beneficio Operativo | -$40.3M | -$69.5M | -$46.5M | -$61.5M |
| EBITDA | -$36.7M | $98.2M | -$40.8M | -$50.2M |
| Beneficio Neto | -$36.8M | $97.9M | -$40.8M | -$50.2M |
| BPA | $-0.97 | $2.59 | $-0.85 | $-0.90 |
| BPA Diluido | $-0.97 | $2.59 | $-0.85 | $-0.90 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $4.5M | $51.6M | $58.3M | $65.1M | $58.2M | $131.7M | $15.4M | $132.3M | $22.8M | $51.1M |
| Inversiones a Corto | 0 | 0 | $84.2M | $80.7M | $90.7M | $45.3M | $60.1M | $41.4M | $252.4M | $353.2M |
| Cuentas por Cobrar | $6.2M | 0 | 0 | 0 | 0 | 0 | $5.6M | $478000 | $807000 | $102000 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $10.8M | $52.5M | $145.3M | $149.8M | $151.5M | $180.7M | $82.0M | $177.5M | $280.9M | $409.4M |
| Inmovilizado Material | $508000 | $1.7M | $3.1M | $9.9M | $8.3M | $7.5M | $956000 | $800000 | $1.7M | $1.6M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $11.3M | $54.5M | $157.3M | $161.5M | $161.6M | $189.9M | $83.1M | $179.4M | $374.0M | $530.9M |
| Cuentas por Pagar | $1.7M | $167000 | $3.5M | $2.8M | $3.8M | $3.0M | $1.2M | $2.6M | $4.6M | $9.7M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $2.3M | $4.1M | $10.4M | $14.1M | $11.4M | $10.9M | $8.2M | $9.6M | $18.5M | $30.7M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.0M |
| Pasivos Totales | $2.3M | $4.1M | $11.7M | $20.3M | $17.7M | $17.3M | $9.5M | $10.5M | $21.5M | $37.5M |
| Reservas | -$9.7M | -$45.2M | -$102.7M | -$179.5M | -$254.4M | -$325.6M | -$45.9M | -$89.4M | -$174.4M | -$336.7M |
| Patrimonio Neto | $9.0M | $50.3M | $145.6M | $141.2M | $143.9M | $172.7M | $73.7M | $168.9M | $352.5M | $493.4M |
| Deuda Total | 0 | 0 | 0 | 0 | 0 | 0 | $788000 | $585000 | $1.5M | $1.4M |
| Deuda Neta | -$4.5M | -$51.6M | -$142.6M | -$145.7M | -$148.8M | -$176.9M | -$74.7M | -$173.1M | -$273.8M | -$402.9M |
| Capital Circulante | $8.5M | $48.4M | $134.9M | $135.7M | $140.1M | $169.8M | $73.8M | $167.8M | $262.5M | $378.7M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $56.0M | $51.1M | $627.7M | $110.5M |
| Activos Totales | $577.4M | $530.9M | $1.25B | $1.21B |
| Pasivos Totales | $31.0M | $37.5M | $45.6M | $41.2M |
| Patrimonio Neto | $546.5M | $493.4M | $1.20B | $1.17B |
| Deuda Total | $1.3M | $1.4M | $1.4M | $1.3M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$9.4M | -$35.5M | -$57.5M | -$76.8M | -$74.9M | -$71.1M | -$28.5M | -$43.6M | -$85.0M | -$162.3M |
| Amortizaciones | $6000 | $376000 | $875000 | $1.8M | $2.0M | $2.0M | $147000 | $355000 | $412000 | $428000 |
| Compensación en Acciones | $662000 | $2.3M | 0 | 0 | 0 | 0 | $1.5M | $2.9M | $12.9M | $22.8M |
| Cambio en Capital Circulante | $1.6M | $1.3M | $4.0M | $8.8M | -$1.2M | -$1.5M | -$1.7M | $4.9M | -$351000 | $16.7M |
| Flujo de Caja Operativo | -$6.5M | -$22.3M | -$41.9M | -$57.1M | -$64.0M | -$59.5M | -$29.1M | -$36.9M | -$78.2M | -$129.1M |
| Inversiones (CapEx) | -$139000 | -$2.2M | -$7.7M | -$3.1M | -$400000 | -$1.3M | -$139000 | -$110000 | -$105000 | -$213000 |
| Adquisiciones | 0 | 0 | $12000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$107000 | -$213000 | -$88000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$6.7M | -$24.5M | -$49.6M | -$60.2M | -$64.4M | -$60.8M | -$29.2M | -$37.0M | -$78.3M | -$129.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$30.6M | -$47.0M | -$28.9M | -$49.0M |
| Inversiones (CapEx) | -$5000 | -$138000 | -$10000 | -$181000 |
| Flujo de Caja Libre | -$30.6M | -$47.1M | -$28.9M | -$49.2M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $5.8M | $6.0M | $10.6M | $11.9M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | | | +334.8% | -56.0% | +120.6% | -67.3% |
| Crecimiento Beneficio Neto (anual) | | -276.3% | -62.1% | -33.5% | +2.4% | +82.5% | -117.2% | -53.0% | -95.1% | -91.1% |
| Crecimiento BPA (anual) | | -275.9% | -72.1% | -20.1% | +17.7% | +86.0% | -99.0% | -11.2% | +69.8% | -64.7% |
| Cambio en Acciones (anual) | | +0.0% | -5.8% | +11.1% | +18.7% | +25.1% | +9.1% | +37.5% | +546.4% | +13.4% |
| Crecimiento FCF (anual) | | -266.9% | -102.6% | -21.4% | -7.1% | +5.6% | +52.0% | -26.6% | -111.7% | -65.1% |
| Margen Bruto | | | | | | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Margen Operativo | | | | | | -886.6% | -462.9% | -1704.7% | -1633.7% | -8739.3% |
| Margen EBITDA | | | | | | -751.3% | -441.5% | -1528.7% | -1356.2% | -7952.3% |
| Margen Neto | | | | | | -888.1% | -443.8% | -1541.2% | -1362.8% | -7973.3% |
| Margen FCF | | | | | | -4118.9% | -455.2% | -1308.2% | -1255.6% | -6349.4% |
| Tasa Impositiva Efectiva | -0.0% | -0.7% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-3.02 | $-11.07 | $-23.80 | $-26.01 | $-23.47 | $-17.70 | $-7.79 | $-7.17 | $-2.35 | $-3.42 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $2.2M | $2.2M | $2.1M | $2.3M | $2.7M | $3.4M | $3.7M | $5.2M | $33.3M | $37.8M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -32.90% |
| Rentabilidad sobre capital invertido | -35.55% |
| Rentabilidad sobre activos | -30.58% |
| Margen bruto | 96.01% |
| Margen operativo | -11441.39% |
| Margen neto | -1570.85% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 26.10 |
| Piotroski F-Score | 1 |
| Altman Z-Score | 23.77 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -54.41 | -14.47 | -3.30 | -7.31 | -4.59 | -18.55 | -0.83 | -1.23 | -8.55 | -9.81 |
| P/VC | 56.80 | 10.21 | 1.30 | 3.97 | 2.39 | 1.41 | 0.32 | 0.32 | 2.06 | 3.16 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 164.92 | 3.69 | 18.97 | 116.48 | 764.98 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -886.6% | -462.9% | -1704.7% | -1633.7% | -8739.3% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -888.1% | -443.8% | -1541.2% | -1362.8% | -7973.3% |