Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 8, 2026
Dianthus Therapeutics, Inc. /De/ (DNTH)
A forensic read on Dianthus Therapeutics, Inc. /De/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Grey Zone
Financial health
13.0
Distress distance
2
Forensic signals
-38.4%
ROE
-67.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Dianthus Therapeutics, Inc. /De/ earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 13.0, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+29.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +29.2% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +53% against revenue -67%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 9% of net operating assets, against an accruals ratio of 29.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
1119% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1119% of revenue in FY2025 — about $0.59 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 15.9% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$2.0M
Revenue Growth YoY-67.3%
Revenue CAGR (2yr)-15.1%
Net Margin-7973.3%
Free Cash Flow-$129.3M
Return on Equity-38.4%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Dianthus Therapeutics, Inc. /De/'s actual 10-K/10-Q/8-K filings?