Financial Data and Key Metrics Changes - The net loss for the second quarter of 2025 was $25.4 million or $0.43 per share, compared to a net loss of $33.5 million or $0.58 per share in the first quarter of the same year [9][24] - As of June 30, 2025, the company had $28.7 million in cash and investments, bolstered by a registered direct offering that raised $20.6 million in net proceeds [9][10] - Total operating expenses from continuing operations for the second quarter were $32.4 million, a decrease of $2.6 million from the first quarter [26] Business Line Data and Key Metrics Changes - Research and development expenses in the second quarter were primarily focused on Zaltanopart and narsoplimab [27] - Interest expense for the second quarter was near zero, primarily due to an $8.5 million non-cash remeasurement adjustment related to the DRI Amidrea royalty obligation [27] Market Data and Key Metrics Changes - The global market for paroxysmal nocturnal hemoglobinuria (PNH) is projected to grow at 11% annually, reaching over $10 billion by February 2032 [20] - The complement inhibitor segment is expected to more than double from $2.2 billion today to $4.7 billion over the next seven years [20] Company Strategy and Development Direction - The company is focused on the anticipated approval and launch of narsoplimab, targeting the initial indication of stem cell transplant-associated thrombotic microangiopathy (TATMA) [11][12] - The company aims to leverage its experienced field marketing team and skilled sales force to drive rapid uptake of narsoplimab upon approval [18] - Discussions regarding potential asset acquisition and licensing agreements involving clinical assets are ongoing, with one transaction expected to be a multibillion-dollar deal [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the approval process for narsoplimab, with the FDA indicating that labeling discussions are planned to begin no later than October 2025 [13] - The company is optimistic about the market opportunity for narsoplimab, especially given the safety and efficacy data compared to existing treatments [14][15] Other Important Information - The company has adequate supply for narsoplimab for the first several years post-launch, ensuring no supply challenges [53] - The company is advancing its oncology platform, including IND enabling studies for its Oncotox biologics program targeting acute myeloid leukemia (AML) [23] Q&A Session Summary Question: Comparison of narsoplimab launch to Omidria - Management noted that the market for narsoplimab is significantly more focused than that for Omidria, with fewer salespeople needed due to the limited number of transplant centers [37][38] Question: Comfort level of clinicians regarding narsoplimab - Physicians are eagerly awaiting the approval of narsoplimab, viewing it as a much-needed solution for patients facing lethal complications post-transplant [44] Question: Anticipated launch timeline post-approval - If approved in December, the launch would occur in the first quarter of the following year, with substantial supply already in place [50][51] Question: FDA's request leading to PDUFA delay - The FDA requested additional analyses, which were extensive, leading to the three-month delay in the PDUFA date [58][60] Question: Potential partnerships - There is substantial interest in partnerships across the company's programs, but specific details are limited due to confidentiality requirements [61]

Summary of Dianthus Conference Call Company Overview - **Company**: Dianthus - **CEO**: Marino Garcia - **Focus**: Development of DNTH103, a potent active C1S inhibitor targeting neuromuscular diseases Key Industry Insights Myasthenia Gravis (MG) - **Market Size**: Over 100,000 patients in the U.S. with significant unmet needs despite existing treatments [3][4] - **Current Competitors**: AstraZeneca's complement franchise generating over $6 billion, and efgartigimod showing strong performance in MG [3] - **Revenue Potential**: Estimated market potential approaching $5 billion [3] - **Market Research Findings**: - Over 90% of MG patients are not on current biologics, indicating a large opportunity for new treatments [4] - 80% of neurologists seek better efficacy and durable symptom control [5] - 70% prefer a low-volume auto-injector for ease of use [6] - Two-thirds desire a safer profile without severe infection risks [6] DNTH103 Product Profile - **Efficacy Goals**: Aim for C5-like efficacy with consistent symptom control [10][28] - **Safety Profile**: Targeting a profile similar to Injimo, avoiding box warnings associated with other complement inhibitors [10][11] - **Administration**: Designed for subcutaneous self-administration every two weeks, enhancing patient convenience [12][22] Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) - **Market Opportunity**: Active C1S inhibitors like relipabart show over 50% response rates in refractory patients [13][14] - **Comparative Advantage**: DNTH103 is more potent, requiring fewer injections compared to competitors [17][18] - **Phase III Trials**: Ongoing with interim results expected in 2026 [18][24] Multifocal Motor Neuropathy (MMN) - **Market Characteristics**: Smaller but significant opportunity; only classical pathway inhibition is needed for efficacy [19][20] - **Competitive Landscape**: Competing against Argenx's empeciprabart, which requires IV administration [20] - **Potential Growth**: Anticipated market growth similar to MG and CIDP as awareness and diagnosis improve [43][44] Upcoming Catalysts - **MG Data Release**: Expected in September, crucial for validating DNTH103's efficacy and safety [22][23] - **CIDP and MMN Data**: Additional data expected in the second half of 2024 and 2025, respectively [23][24] Financial Position - **Cash Reserves**: $332 million, providing a healthy runway into the second half of 2027 [24] Strategic Considerations - **Future Indications**: Exploring additional indications based on proof of concept and commercial viability [45][46] - **Competitive Landscape**: Monitoring competitors' data to inform strategic decisions [45][46] Conclusion Dianthus is positioned to capitalize on significant market opportunities in neuromuscular diseases with DNTH103, focusing on delivering a best-in-class treatment profile while addressing unmet patient needs. The upcoming data releases and ongoing trials will be critical in shaping the company's future trajectory.