Design Therapeutics, Inc. (DSGN)

Price$12.48Cached quoteAs of 2026-09-18 18:30 UTC

AI: Fair-priced

Valuation assigns substantial value to still-early clinical assetsAt the latest after-hours price of $12.72 and 62.58 million June-end shares outstanding, DSGN has an equity value of roughly $796 million despite having no product revenue.

June 30 cash, cash equivalents and investment securities totaled $207.4 million, implying roughly $589 million of market value beyond liquid assets before other liabilities. That is meaningful for a company whose programs remain Phase 1/2 or Phase 2, but DT-216P2 has produced encouraging early biomarker and clinical signals and Design now has three clinical-stage GeneTAC programs. The combination of sizable cash resources and multiple catalysts balances the high binary development risk, supporting a Fair-priced assessment.

GeneTAC platform now supports three clinical-stage programsDesign's GeneTAC small molecules are engineered to dial disease-causing gene expression up or down, with programs in Friedreich ataxia, myotonic dystrophy type 1 and Fuchs endothelial corneal dystrophy.

Lead candidate DT-216P2 is intended to increase FXN expression in Friedreich ataxia by targeting the pathogenic GAA repeat expansion. Four-week RESTORE-FA data showed dose-dependent FXN mRNA and protein increases and improvements across several clinical measures, with no serious adverse events or treatment discontinuations reported. DT-818 entered patient dosing in Phase 1 for DM1 in June, while DT-168 remains in a Phase 2 biomarker study for FECD; a Huntington's disease program is preclinical.

Liquidity is strong, but eventual financing and dilution remain structural risksDesign had $207.4 million of cash and securities at June 30 and used $32.0 million of operating cash during the first half, providing a sizable development runway at the recent burn rate.

FY2025 R&D was $59.1 million, net loss was $69.8 million and operating cash flow was negative $54.4 million; the supplied year-end cash balance of $16.9 million excludes the much larger investment-securities portfolio, bringing total year-end cash and securities to $219.8 million. Management states liquidity should fund planned operations for more than 12 months but will not fund candidates through regulatory approval. Design sold 2.01 million shares through its ATM in first-half 2026 for $19.9 million and retained $53.9 million of ATM capacity, while 17.4 million potentially dilutive equity awards were outstanding at June 30.

Near-term value depends heavily on RESTORE-FA executionThe next major catalyst is the registrational strategy for DT-216P2, followed by longer-duration data that must validate encouraging results from a very small early cohort.

Design plans a 12-week RESTORE-FA cohort of approximately 10 patients at the intended 1 mpk dose, with endogenous blood FXN protein change designated as the primary efficacy endpoint and exploration of a higher dose. A registrational-plan update is expected in Q4 2026 and 12-week data in Q1 2027. DT-216P2 previously faced an FDA clinical hold that was lifted in December 2025, underscoring regulatory risk. DT-168 data have meanwhile shifted into 2027 because of a blow-fill-seal eye-dropper supply delay, increasing reliance on the Friedreich ataxia program for near-term valuation support.

AI: News

RESTORE-FA was extended toward a registrational-development decisionThe August clinical update kept DT-216P2 at the center of Design's investment case after positive four-week Friedreich ataxia data.

Design is modifying RESTORE-FA to enroll about 10 patients for 12 weeks at 1 mpk, use blood FXN protein change as the primary efficacy endpoint and explore a higher dose. Management expects a registrational-path update in Q4 2026 and 12-week results in Q1 2027. The underlying May dataset included mean 6.4-point mFARS and 2.7-point upright-stability improvements in the four-patient 1 mpk cohort, alongside increases in blood and muscle FXN biomarkers, but the small sample and short duration make confirmation essential.

DT-818 added a third active clinical program while DT-168 slippedPatient dosing began in June for DT-818 in DM1, broadening the GeneTAC clinical portfolio, while the FECD program's next data moved into 2027.

The open-label Phase 1 multiple-ascending-dose DT-818 study is evaluating safety, tolerability, pharmacokinetics and pharmacodynamic effects in adults with DM1, with data expected in 2027. DT-818 is designed to selectively reduce transcription of mutant DMPK. DT-168's Phase 2 FECD biomarker study remains ongoing, but readout timing was delayed to 2027 because of eye-dropper supply availability. The company's latest September 2 corporate release announced participation in the Cantor Fitzgerald healthcare conference without disclosing a newer material clinical update.

Loading local price history

Revenue

2020

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$0	$0	$0	$0	—	$226,000
Research & development	$59.1M	$44.4M	$57.1M	$48.6M	$24.8M	$6.1M
Operating expenses	$79.5M	$62.4M	$78.2M	$67.6M	$35.8M	$8.6M
Operating income	−$79.5M	−$62.4M	−$78.2M	−$67.6M	−$35.8M	−$8.3M
Operating margin	—	—	—	—	—	−3,685.84%
EBITDA	−$78.8M	−$61.8M	−$77.7M	−$67.2M	−$35.7M	−$8.3M
EBITDA margin	—	—	—	—	—	−3,683.63%
Net income	−$69.8M	−$49.6M	−$66.9M	−$63.3M	−$35.5M	−$8.3M
Net profit margin	—	—	—	—	—	−3,663.72%
Basic EPSper basic share	-$1.22	-$0.88	-$1.19	-$1.14	-$0.77	-$0.52
Diluted EPSper diluted share	-$1.22	-$0.88	-$1.19	-$1.14	-$0.77	-$0.52

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

10.43%of listed shares

SR One Capital Management, LP6.53M shares · Jun 30, 2026

View holders

Top 20 reported holders of DSGN
Holder	% owned
SR One Capital Management, LP	10.43%6.53M shares
William Arsani	≈5.84%3.66M shares
Logos Global Management LP	4.79%3M shares
BAKER BROS. ADVISORS LP	4.28%2.68M shares
Driehaus Capital Management LLC	4.25%2.66M shares
BlackRock, Inc.	4.25%2.66M shares
Point72 Asset Management, L.P.	3.78%2.37M shares
Trails Edge Capital Partners, LP	3.20%2M shares
Frazier Life Sciences Management, L.P.	2.89%1.81M shares
Vivo Capital, LLC	2.58%1.61M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.51%1.57M shares
Caption Management, LLC	1.79%1.12M shares
Almitas Capital LLC	1.64%1.03M shares
GEODE CAPITAL MANAGEMENT, LLC	1.53%958.42K shares
Sofinnova Investments, Inc.	1.38%865.14K shares
FMR LLC	1.24%776.46K shares
MORGAN STANLEY	1.22%765.43K shares
STATE STREET CORP	1.18%736.22K shares
Woodline Partners LP	1.12%700.35K shares
DIMENSIONAL FUND ADVISORS LP	1.11%694.74K shares

Percentages use 62.58M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)4$6.44M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Aug 13, 2025Form 4	William ArsaniDirector	SellCommon Stock · indirect	217.6K	$5.25	$1.14M	1.00M
Aug 13, 2025Form 4	William ArsaniDirector	SellCommon Stock · indirect	345.0K	$5.25	$1.81M	2.65M
Dec 18, 2024Form 4	Prasad DeepaDirector	SellCommon Stock	3.8K	$6.27	$23.9K	20.0K
Aug 9, 2024Form 4	William ArsaniDirector	SellCommon Stock · indirect	814.9K	$4.25	$3.46M	0

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about DSGN yet. Start the conversation.

Write the first post

Design Therapeutics, Inc. (DSGN)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.