Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026

Dyne Therapeutics, Inc. (DYN)

A forensic read on Dyne Therapeutics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Grey Zone

Financial health

4.2

Distress distance

Forensic signals

-55.7%

ROE

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.

Dyne Therapeutics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 4.2, placing it in the Grey zone. 1 forensic signal was flagged in its latest SEC filings, led by accruals ratio (% of NOA).

What the filings flag

+15.8%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +15.8% 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 faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by PP&E up +345% on the year. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 20% of net operating assets, against an accruals ratio of 15.8%. 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.

Key fundamentals

Free Cash Flow-$405.1M

Return on Equity-55.7%

Debt / Equity0.15x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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