On this page of StockholderLetter.com we present the latest annual shareholder letter from Dyne Therapeutics, Inc. — ticker symbol DYN. Reading current and past DYN letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report
012345738347
7490l232478154k9h81f49dbb2
772d1
`^\ZNLJHFLD5B9B@><0.
+dlb)>'%
#b^!  dL    
81108  l4  dl3  0l708133d74932d1)  dl)<#    d+3h47490l232474k9h81f4893
d+).  0
+F!HZ    N\  ^      ^!  L      5      vt  !  )D@>@0
dl
3l817232d1l4  dl3  0l708133d74932d1)  dl)<#    d+3h47490l232474k9h81f4
893d+).  0+dl3h43l817232d1  4l2d5+ldb
3d
9FvvN\\NFL+N    1svt  !r>>)'  .<>.
5  L  3Z  !^q  sHN  \D2L  B
#4p^  HL^v  F  l  JN\H!^LH^\\q    N  N    NLNH\9Z^!H  !  
5    ^o^!  
  n'0mm  .>.
#2BlB7B4vq  F    !
2    LHN  N  ^HNFL1FB  
)<n>3!^q    FlF^  
`^  HZ^vDb^\\^  Zs\  HH\
>@0<)
#8    !  \\F  q!NL  Nq^    p    sHNV  F    N    \  
#UNq9F      
l  JN\H!^LHT\H      qZFL  Lsvt  !DNL    s  NLJ^!  ^  F    r#Sm)  Smn'm@  >
RQPO:989Q7:Q6978Q:Q54O:7O32881RQP8912          1  8  Q  P8
#7H^H  F!FHZ  !Xs!N\  N  HNFLF  
NL  F!qF!^HNFLF!F!J^LNW^HNFL  
3NH    F    ^  Z    ^\\
3!^  NLJ
7  vtF  #\  
1^v  F    ^  Z  p  Z^LJ  FLoZN  Z!  JN\H  !    
  1    12R81P                 43: 3}OQ4Q:7  3:Q
{y  
  3753    }1  3}RQ}QP8  3:  Q8
RQPO:989Q7:Q6978Q:Q54O:7O32881RQP8912      6  1  8  Q  P81FL  
  259P38Q    P  QP    3:  9  8  Q  Q6978:328973  Q}}    21  27Q3712Q5977OQ:  375Q  92Q592  O}Q    j1  8  QRQPO:989Q7  P8  yiRg  ec
  259P38Q    P  QP    3:  9  8  Q  Q6978:32897218:Q  O9:Q581  9}Q:Q41:874O:7O32881RQP8912  a1:  j  5  1  8  Q  P8  yiRc  eg
  259P38Q    P  QP    3:      Q8  Q:8  Q  Q6978:328        37  9}Q53}}:Q41:87:Q  O9:Q581  Q  9}Q5    RQP8912  a1:  j  5  1  8  QRQPO:989Q7
i_P  326Q  P81    ]a  5O:9268  Q4:QPQ5926      128  7  1:  1:7OP  7  1:8Q:4Q:9158  388  Q  Q6978:328  37:Q  O9:Q581  9}Q7OP  :Q41:87    
325        37  QQ27O  [QP8817OP    9}926:Q  O9:Q  Q287  1:8  Q4378]  53  7  yiRg  ec
  259P38Q    P  QP    3:      Q8  Q:8  Q  Q6978:328  377O    988Q5Q}QP8:129P3}}  Q Q:    28Q:3P89 Q{383Y9}Q:Q  O9:Q581  Q7O    988Q54O:7O328
81  O}Q    j1    Q6O}38912R  M  K  a        j1  8  97P  348Q:  5O:9268  Q4:QPQ5926      128  7  1:  1:7OP  7  1:8Q:4Q:9158  388  Q  Q6978:328
  37:Q  O9:Q5817O    987OP    9}Q7    yiRg  ec
  259P38Q    P  QP    3:      Q8  Q:8  Q:Q6978:328973}3:6Q3PPQ}Q:38Q5  9}Q:  323PPQ}Q:38Q5  9}Q:  3212  3PPQ}Q:38Q5  9}Q:  7  3}}Q::Q41:8926
P1  432    1:32Q  Q:69266:1  8  P1  432    RQQ8  Q5Q  929891271  I}3:6Q3PPQ}Q:38Q5  9}Q:  GI3PPQ}Q:38Q5  9}Q:  GI7  3}}Q::Q41:8926
P1  432    G325IQ  Q:69266:1  8  P1  432  G92  O}Q          1  8  Qi_P  326Q  P8  
E3:6Q3PPQ}Q:38Q5  9}Q: g
  PPQ}Q:38Q5  9}Q:
c
  12  3PPQ}Q:38Q5  9}Q: c
R  3}}Q::Q41:8926P1  432   c
i  Q:69266:1  8  P1  432   c
    32Q  Q:69266:1  8  P1  432    9259P38Q    P  QP    3:  9  8  Q:Q6978:328  37Q}QP8Q521881O7Q8  QQ_8Q25Q58:327989124Q:915  1:
P1  4}  926  98  32  2Q  1::Q 97Q5  9232P93}3PP1O28926783253:574:1 95Q54O:7O32881RQP8912  a  3  1  8  Qi_P  326Q  P8  c
  259P38Q    P  QP    3:      Q8  Q:8  Q:Q6978:328  37  9}Q53:Q41:812325388Q783891281987  3236Q  Q28C7377Q77  Q281  8  QQ    QP89 Q2Q77
1  987928Q:23}P128:1}1 Q:  9232P93}:Q41:8926O25Q:RQP8912            1  8  QR3:  32Q7  e_}Q    P8    jA  R      ?  =              8  Q:Q6978Q:Q5
4O  }9P3PP1O28926  9:  8  384:Q43:Q51:977OQ59873O598:Q41:8  g
    7QPO:989Q73:Q:Q6978Q:Q54O:7O32881RQP8912          1  8  Q  P8  9259P38Q    P  QP    3:      Q8  Q:8  Q  9232P93}7838Q  Q2871  8  Q:Q6978:328
92P}O5Q5928  Q  9}926:Q  }QP88  QP1::QP89121  32Q::1:814:Q 91O7}  977OQ5  9232P93}7838Q  Q287  c
  259P38Q    P  QP    3:      Q8  Q:32  1  8  17QQ::1:P1::QP891273:Q:Q7838Q  Q2878  38:Q  O9:Q53:QP1 Q:  323}  7971  92PQ289 Q    37Q5
P1  4Q2738912:QPQ9 Q5    32  1  8  Q:Q6978:328C7Q_QPO89 Q;/-,*(5O:9268  Q:Q}Q 328:QP1 Q:  4Q:9154O:7O32881K            {            c
  259P38Q    P  QP    3:      Q8  Q:8  Q  Q6978:3289737  Q}}P1  432    375Q  92Q592  O}Q          1  8  Qi_P  326Q  P8    yiRc   eg
M  Q366:Q638Q  3:  Q8 3}OQ1    1    12R81P    Q}5    212  3    9}938Q71  8  Q:Q6978:328P1  4O8Q5    :Q  Q:Q2PQ818  Q4:9PQ1  8  Q
:Q6978:328C7  1    12R81P  371  &O2Q  $            8  Q}378  O792Q7753  1  8  Q:Q6978:328C7  178:QPQ28}  P1  4}Q8Q57QP125  97P3}  O3:8Q:  
  37344:1_9  38Q}   a      9}}912    37Q5128  Q}378:Q41:8Q573}Q4:9PQ128  Q  3753    }1  3}RQ}QP8  3:  Q8371  7OP  538Q    Y1:8  97
P1  4O838912  8  Q:Q6978:328  37Q_P}O5Q58  Q  3:  Q8 3}OQ1  3}}7  3:Q71    1    12R81P  :Q41:8Q537  Q2Q  9P93}}  1  2Q5    987
Q_QPO89 Q1    9PQ:32559:QP81:7"7OP  Q_P}O79127  3}}218  Q5QQ  Q581P127898O8Q3235  9779128  3832  7OP  4Q:71297323    9}938Q1  8  Q
:Q6978:328  
M  Q2O    Q:1  7  3:Q71    Q6978:328C7  1    12R81P  1O878325926371  YQ  :O3:              j  37    a          aj?  
5d90b4137219dl  dl8345    l4+4l4194
M  Q  Q6978:328928Q25781  9}Q35Q  92989 Q4:1_  7838Q  Q284O:7O32881  Q6O}38912      :Q}38926818  Q      j  22O3}  QQ89261  
R81P    1}5Q:7  98  92      53  71  8  QQ251  8  Q  Q6978:328C7  97P3}  Q3:Q25Q5{QPQ    Q:a                1:891271  7OP  5Q  92989 Q4:1_  
7838Q  Q283:Q92P1:41:38Q5    :Q  Q:Q2PQ9281  3:8      1  8  97  22O3}  Q41:812Y1:          818  QQ_8Q287838Q5  Q:Q92
123457897985987
64312
1jihgf edc0bicc
1jihgVfU0cTSRQjPOc
1jihgefKbOicP0/i.-jR,,+Phhibjc
1jihg+f+)(iOciQdO0j)
1jihaf 'OP`iOj0ic
1jih_f ^i]R0'OPQii.0b]c
1jih\f [0bi-R,ij)Z0cQ0PcdOic
643122
1jihMf [ROTij,POUi]0cjORbjYc+PhhPbXWd0j)IUi0Rji.-jPQTGP0.iO[RjjiOcRb.1ccdiO
'dOQGRcicP,XWd0j)-iQdO0j0ic
1jihEf CUiciO/i.B
1jihAf [RbR]ihibjYcZ0cQdcc0PbRb.VbR0)c0cP,S0bRbQ0R0+Pb.0j0PbRb.Uicd0jcP,
?`iORj0Pbc
1jihAVf=dRbj0jRj0/iRb.=dR00jRj0/iZ0cQ0PcdOicV(Pdj[ROTijU0cT
1jih;f S0bRbQ0R0-jRjihibjcRb.-d``0ihibjRO)ZRjR
1jih:f +GRb]ic0bRb.Z0cR]Oiihibjc&0jGVQQPdbjRbjcPbVQQPdbj0b]Rb.S0bRbQ0R0
Z0cQ0PcdOi
1jih:Vf+PbjOP0cRb.'OPQi.dOic
1jih:ef?jGiO1b,POhRj0Pb
1jih:+fZ0cQ0PcdOiUi]RO.0b]SPOi0]b%dO0c.0Qj0PbcjGRj'Oi/ibj1bc`iQj0Pb
6431222
1jihg*fZ0OiQjPOcIX$iQdj0/i?,,0QiOcRb.+PO`PORji#P/iObRbQi
1jihggfX$iQdj0/i+Ph`ibcRj0Pb
1jihgaf-iQdO0j)?"biOcG0  P,+iOjR0beibi,0Q0R0?"biOcRb.[RbR]ihibjRb.Ui0Rji.
-jPQTGP0.iO[RjjiOc
1jihg_f+iOjR0bUi0Rj0PbcG0  cRb.Ui0Rji.!ORbcRQj0PbcIRb.Z0OiQjPO1b.i`ib.ibQi
1jihg\f'O0bQ0  R0VQQPdbj0b]SiicRb.-iO/0Qic
64312m
1jihgMfX$G0(0jcRb.S0bRbQ0R0-jRjihibj-QGi.d0ic
1jihgE SPOhg*lk-dhhRO)
0
6255
a
Ma
ga*
ga*
gaa
gaa
gaa
ga_
ga\
gaM
g_A
g_A
g_A
g_A
g\*
g\*
g\g
g\g
g\g
g\g
g\g
g\a
g\M
1234567289964878628557646832852166n576m4248l874k275j753k489i242
hg0fWVVUTSRQPNL0NV/NL.-,+*)NL0g0fWVVUTSRQPNL0)(NV0T0Vf'NLeTLd+SNNc0Vbf0T0Q.QV0fe00g0V0gQ
.QTV0VbN'0gQa`_`^L0]T0Q_Q(UL000Qf\000bT00NVRQ'NL.W(0TVd_Q(00NVJ-HN'0gQ_Q(UL000QfHF(gTVbQ
W(0N'-DBA)TfT.QVdQd)0gT00V]NS]QfU?f0TV00TSL0fcTVdUV(QL0T0V00Qf`WSSf0T0Q.QV0fN0gQL0gTV
f0T0Q.QV0fN'g0f0NL0(TS'T(0)(NV0T0VQd0V0g0fWVVUTSRQPNL0)0V(SUd0Vbf0T0Q.QV0fLQbTLd0VbNULf0LT0Qb=)
'U0ULQNPQLT00NVf)'U0ULQ'0VTV(0TSPNf000NV)'U0ULQLQ]QVUQ)PLN;Q(0Qd(Nf0f)PLNfPQ(0f)PSTVfTVd
N?;Q(00]QfN'.TVTbQ.QV0)TLQ'NLeTLd+SNNc0Vbf0T0Q.QV0f`hgQeNLdf:TV00(0PT0Q)&:?QS0Q]Q)&:(NV00VUQ&
:(NUSd)&:Qf00.T0Q)&:QFPQ(0)&:0V0QVd)&:.T=)&:.0bg0)&:PSTV)&:PN0QV00TS)&:PLQd0(0)&:PLN;Q(0)&:fgNUSd)&
:0TLbQ0)&:eNUSd)&NL0gQVQbT00]QN'0gQfQeNLdfNLN0gQLf0.0STLQFPLQff0NVfTLQ0V0QVdQd0N0dQV00'=
'NLeTLd+SNNc0Vbf0T0Q.QV0f)TS0gNUbgVN0TSS'NLeTLd+SNNc0Vbf0T0Q.QV0f(NV0T0V0gQfQ0dQV00'=0VbeNLdf`
hgQ'NLeTLd+SNNc0Vbf0T0Q.QV0f0V0g0fWVVUTSRQPNL00V(SUdQ)T.NVbN0gQL0g0Vbf)f0T0Q.QV0fT?NU0%
$ 0gQ0V000T00NV)00.0Vb)dQf0bV)PLNbLQffTVdLQfUS0fN'NULLQfQTL(gTVddQ]QSNP.QV0PLNbLT.f)
PLQ(S0V0(TSf0Ud0QfTVd(S0V0(TS0L0TSf#
$ 0gQTV00(0PT0Qd00.0VbN'0gQfU?.0ff0NVTVd(SQTLTV(QN'0V]Qf00bT00NVTSVQedLUbTPPS0(T00NVf)NL
"!rf)TVd(N.PTLT?SQ'NLQ0bVTPPS0(T00NVf'NLTV=PLNdU(0(TVd0dT0QfeQ.T=dQ]QSNP#
$ 0gQ00.0VbN'TVdNULT?0S00=0NfU?.00TPPS0(T00NVf'NL)N?0T0VTVd.T0V0T0VLQbUST0NL=TPPLN]TSf
'NLTV=PLNdU(0(TVd0dT0QfeQ.T=dQ]QSNP#
$ NULQf00.T0QfLQbTLd0VbQFPQVfQf)'U0ULQLQ]QVUQ)(TP00TSLQqU0LQ.QV0f)VQQd'NLTdd000NVTS
'0VTV(0VbTVd0gQPQL0NdN]QLeg0(geQ?QS0Q]QNUL(Tfg)(TfgQqU0]TSQV0fTVd.TLcQ0T?SQ
fQ(UL000Qfe0SS?QfU''0(0QV00N'UVdNULNPQLT00VbQFPQVfQfTVd(TP00TSQFPQVd00ULQLQqU0LQ.QV0f#
$ NULPSTVf0NdQ]QSNPTVd)0'TPPLN]Qd)fU?fQqUQV0S=(N..QL(0TS0pQTV=PLNdU(0(TVd0dT0QfeQ
.T=dQ]QSNP#
$ 0gQPN0QV00TSTd]TV0TbQfN'NUL/oR[HPST0'NL.#
$ NUL(N..QL(0TS0pT00NV).TLcQ00VbTVd.TVU'T(0UL0Vb(TPT?0S000QfTVdf0LT0Qb=#
$ NUL0V0QSSQ(0UTSPLNPQL0=PNf000NVTVdNULQFPQ(0T00NVfLQbTLd0VbNULT?0S00=0NN?0T0VTVd.T0V0T0V
0V0QSSQ(0UTSPLNPQL0=PLN0Q(00NV#
$ NULT?0S00=0N0dQV00'=Tdd000NVTSPLNdU(0f)PLNdU(0(TVd0dT0QfNL0Q(gVNSNb0Qfe00gf0bV0'0(TV0
(N..QL(0TSPN0QV00TS0gT0TLQ(NVf0f0QV0e00gNUL(N..QL(0TSN?;Q(00]Qf#
$ 0gQ0.PT(0N'bN]QLV.QV0STefTVdLQbUST00NVf#
$ NUL(N.PQ0000]QPNf000NVTVdQFPQ(0T00NVfLQbTLd0VbdQ]QSNP.QV0fTVdPLN;Q(00NVfLQST00Vb0NNUL
(N.PQ000NLfTVdTV=(N.PQ00Vb0gQLTP0Qf0gT0TLQNL?Q(N.QT]T0ST?SQ#TVd
$ NULT?0S00=0NQf0T?S0fgTVd.T0V0T0V(NSST?NLT00NVfNLN?0T0VTdd000NVTS'UVd0Vb`
ZQ.T=VN0T(0UTSS=T(g0Q]Q0gQPSTVf)0V0QV00NVfNLQFPQ(0T00NVfd0f(SNfQd0VNUL'NLeTLd+SNNc0Vb
f0T0Q.QV0f)TVd=NUfgNUSdVN0PST(QUVdUQLQS0TV(QNVNUL'NLeTLd+SNNc0Vbf0T0Q.QV0f`W(0UTSLQfUS0fNL
Q]QV0f(NUSdd0''QL.T0QL0TSS='LN.0gQPSTVf)0V0QV00NVfTVdQFPQ(0T00NVfd0f(SNfQd0V0gQ'NLeTLd+SNNc0Vb
f0T0Q.QV0feQ.TcQ`ZQgT]Q0V(SUdQd0.PNL0TV0'T(0NLf0V0g0fWVVUTSRQPNL0)PTL00(USTLS=0V"0Q.-W`
:R0fc/T(0NLf&0V0g0fWVVUTSRQPNL0)0gT0eQ?QS0Q]Q(NUSd(TUfQT(0UTSLQfUS0fNLQ]QV0f0Nd0''QL
.T0QL0TSS='LN.0gQ'NLeTLd+SNNc0Vbf0T0Q.QV0f0gT0eQ.TcQ`YNLQN]QL)eQNPQLT0Q0VT(N.PQ0000]QTVd
LTP0dS=(gTVb0VbQV]0LNV.QV0  !QeL0fc'T(0NLfTVdUV(QL0T0V00Qf.T=Q.QLbQ'LN.00.Q0N00.Q)TVd000f
VN0PNff0?SQ'NL.TVTbQ.QV00NPLQd0(0TSSL0fc'T(0NLfTVdUV(QL0T0V00Qf)VNL(TVeQTffQff0gQ0.PT(0N'
TSS'T(0NLfNVNUL?Uf0VQffNL0gQQF0QV00Neg0(gTV='T(0NL)NL(N.?0VT00NVN''T(0NLf).T=(TUfQT(0UTS
LQfUS0f0Nd0''QL.T0QL0TSS='LN.0gNfQ(NV0T0VQd0VTV='NLeTLd+SNNc0Vbf0T0Q.QV0feQ.T=.TcQ`oUL
'NLeTLd+SNNc0Vbf0T0Q.QV0fdNVN0LQ'SQ(00gQPN0QV00TS0.PT(0N'TV='U0ULQT(qU0f000NVf).QLbQLf)
d0fPNf000NVf)(NSST?NLT00NVf);N0V0]QV0ULQfNL0V]Qf0.QV0feQ.T=.TcQNLQV0QL0V0N`
XNUfgNUSdLQTd0g0fWVVUTSRQPNL0TVd0gQdN(U.QV0f0gT0eQgT]Q'0SQdNL0V(NLPNLT0Qd?=LQ'QLQV(Q
TfQFg0?00f0N0g0fWVVUTSRQPNL0e00g0gQUVdQLf0TVd0Vb0gT0NULT(0UTS'U0ULQLQfUS0f.T=?Q.T0QL0TSS=
d0''QLQV0'LN.egT0eQQFPQ(0  hgQ'NLeTLd+SNNc0Vbf0T0Q.QV0f(NV0T0VQd0V0g0fWVVUTSRQPNL0TLQ.TdQ
00
 • shareholder letter icon 4/15/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/7/2023 DYN Stockholder Letter
 • stockholder letter icon 4/5/2024 DYN Stockholder Letter
 • stockholder letter icon More "Biotechnology" Category Stockholder Letters
 • Benford's Law Stocks icon DYN Benford's Law Stock Score = 59


DYN Shareholder/Stockholder Letter Transcript:

2024 Annual Report


012345738347
7490l232478154k9h81f49dbb2
772d1
`^\ZNLJHFLD5B9B@><0.
+dlb)>'%
#b^!  dL    
81108  l4  dl3  0l708133d74932d1)  dl)<#    d+3h47490l232474k9h81f4893
d+).  0
+F!HZ    N\  ^      ^!  L      5      vt  !  )D@>@0
dl
3l817232d1l4  dl3  0l708133d74932d1)  dl)<#    d+3h47490l232474k9h81f4
893d+).  0+dl3h43l817232d1  4l2d5+ldb
3d
9FvvN\\NFL+N    1svt  !r>>)'  .<>.
5  L  3Z  !^q  sHN  \D2L  B
#4p^  HL^v  F  l  JN\H!^LH^\\q    N  N    NLNH\9Z^!H  !  
5    ^o^!  
  n'0mm  .>.
#2BlB7B4vq  F    !
2    LHN  N  ^HNFL1FB  
)3!^q    FlF^  
`^  HZ^vDb^\\^  Zs\  HH\
>@0<)
#8    !  \\F  q!NL  Nq^    p    sHNV  F    N    \  
#UNq9F      
l  JN\H!^LHT\H      qZFL  Lsvt  !DNL    s  NLJ^!  ^  F    r#Sm)  Smn'm@  >
RQPO:989Q7:Q6978Q:Q54O:7O32881RQP8912          1  8  Q  P8
#7H^H  F!FHZ  !Xs!N\  N  HNFLF  
NL  F!qF!^HNFLF!F!J^LNW^HNFL  
3NH    F    ^  Z    ^\\
3!^  NLJ
7  vtF  #\  
1^v  F    ^  Z  p  Z^LJ  FLoZN  Z!  JN\H  !    
  1    12R81P                 43: 3}OQ4Q:7  3:Q
{y  
  3753    }1  3}RQ}QP8  3:  Q8
RQPO:989Q7:Q6978Q:Q54O:7O32881RQP8912      6  1  8  Q  P81FL  
  259P38Q    P  QP    3:  9  8  Q  Q6978:328973  Q}}    21  27Q3712Q5977OQ:  375Q  92Q592  O}Q    j1  8  QRQPO:989Q7  P8  yiRg  ec
  259P38Q    P  QP    3:  9  8  Q  Q6978:32897218:Q  O9:Q581  9}Q:Q41:874O:7O32881RQP8912  a1:  j  5  1  8  Q  P8  yiRc  eg
  259P38Q    P  QP    3:      Q8  Q:8  Q  Q6978:328        37  9}Q53}}:Q41:87:Q  O9:Q581  Q  9}Q5    RQP8912  a1:  j  5  1  8  QRQPO:989Q7
i_P  326Q  P81    ]a  5O:9268  Q4:QPQ5926      128  7  1:  1:7OP  7  1:8Q:4Q:9158  388  Q  Q6978:328  37:Q  O9:Q581  9}Q7OP  :Q41:87    
325        37  QQ27O  [QP8817OP    9}926:Q  O9:Q  Q287  1:8  Q4378]  53  7  yiRg  ec
  259P38Q    P  QP    3:      Q8  Q:8  Q  Q6978:328  377O    988Q5Q}QP8:129P3}}  Q Q:    28Q:3P89 Q{383Y9}Q:Q  O9:Q581  Q7O    988Q54O:7O328
81  O}Q    j1    Q6O}38912R  M  K  a        j1  8  97P  348Q:  5O:9268  Q4:QPQ5926      128  7  1:  1:7OP  7  1:8Q:4Q:9158  388  Q  Q6978:328
  37:Q  O9:Q5817O    987OP    9}Q7    yiRg  ec
  259P38Q    P  QP    3:      Q8  Q:8  Q:Q6978:328973}3:6Q3PPQ}Q:38Q5  9}Q:  323PPQ}Q:38Q5  9}Q:  3212  3PPQ}Q:38Q5  9}Q:  7  3}}Q::Q41:8926
P1  432    1:32Q  Q:69266:1  8  P1  432    RQQ8  Q5Q  929891271  I}3:6Q3PPQ}Q:38Q5  9}Q:  GI3PPQ}Q:38Q5  9}Q:  GI7  3}}Q::Q41:8926
P1  432    G325IQ  Q:69266:1  8  P1  432  G92  O}Q          1  8  Qi_P  326Q  P8  
E3:6Q3PPQ}Q:38Q5  9}Q: g
  PPQ}Q:38Q5  9}Q:
c
  12  3PPQ}Q:38Q5  9}Q: c
R  3}}Q::Q41:8926P1  432   c
i  Q:69266:1  8  P1  432   c
    32Q  Q:69266:1  8  P1  432    9259P38Q    P  QP    3:  9  8  Q:Q6978:328  37Q}QP8Q521881O7Q8  QQ_8Q25Q58:327989124Q:915  1:
P1  4}  926  98  32  2Q  1::Q 97Q5  9232P93}3PP1O28926783253:574:1 95Q54O:7O32881RQP8912  a  3  1  8  Qi_P  326Q  P8  c
  259P38Q    P  QP    3:      Q8  Q:8  Q:Q6978:328  37  9}Q53:Q41:812325388Q783891281987  3236Q  Q28C7377Q77  Q281  8  QQ    QP89 Q2Q77
1  987928Q:23}P128:1}1 Q:  9232P93}:Q41:8926O25Q:RQP8912            1  8  QR3:  32Q7  e_}Q    P8    jA  R      ?  =              8  Q:Q6978Q:Q5
4O  }9P3PP1O28926  9:  8  384:Q43:Q51:977OQ59873O598:Q41:8  g
    7QPO:989Q73:Q:Q6978Q:Q54O:7O32881RQP8912          1  8  Q  P8  9259P38Q    P  QP    3:      Q8  Q:8  Q  9232P93}7838Q  Q2871  8  Q:Q6978:328
92P}O5Q5928  Q  9}926:Q  }QP88  QP1::QP89121  32Q::1:814:Q 91O7}  977OQ5  9232P93}7838Q  Q287  c
  259P38Q    P  QP    3:      Q8  Q:32  1  8  17QQ::1:P1::QP891273:Q:Q7838Q  Q2878  38:Q  O9:Q53:QP1 Q:  323}  7971  92PQ289 Q    37Q5
P1  4Q2738912:QPQ9 Q5    32  1  8  Q:Q6978:328C7Q_QPO89 Q;/-,*(5O:9268  Q:Q}Q 328:QP1 Q:  4Q:9154O:7O32881K            {            c
  259P38Q    P  QP    3:      Q8  Q:8  Q  Q6978:3289737  Q}}P1  432    375Q  92Q592  O}Q          1  8  Qi_P  326Q  P8    yiRc   eg
M  Q366:Q638Q  3:  Q8 3}OQ1    1    12R81P    Q}5    212  3    9}938Q71  8  Q:Q6978:328P1  4O8Q5    :Q  Q:Q2PQ818  Q4:9PQ1  8  Q
:Q6978:328C7  1    12R81P  371  &O2Q  $            8  Q}378  O792Q7753  1  8  Q:Q6978:328C7  178:QPQ28}  P1  4}Q8Q57QP125  97P3}  O3:8Q:  
  37344:1_9  38Q}   a      9}}912    37Q5128  Q}378:Q41:8Q573}Q4:9PQ128  Q  3753    }1  3}RQ}QP8  3:  Q8371  7OP  538Q    Y1:8  97
P1  4O838912  8  Q:Q6978:328  37Q_P}O5Q58  Q  3:  Q8 3}OQ1  3}}7  3:Q71    1    12R81P  :Q41:8Q537  Q2Q  9P93}}  1  2Q5    987
Q_QPO89 Q1    9PQ:32559:QP81:7"7OP  Q_P}O79127  3}}218  Q5QQ  Q581P127898O8Q3235  9779128  3832  7OP  4Q:71297323    9}938Q1  8  Q
:Q6978:328  
M  Q2O    Q:1  7  3:Q71    Q6978:328C7  1    12R81P  1O878325926371  YQ  :O3:              j  37    a          aj?  
5d90b4137219dl  dl8345    l4+4l4194
M  Q  Q6978:328928Q25781  9}Q35Q  92989 Q4:1_  7838Q  Q284O:7O32881  Q6O}38912      :Q}38926818  Q      j  22O3}  QQ89261  
R81P    1}5Q:7  98  92      53  71  8  QQ251  8  Q  Q6978:328C7  97P3}  Q3:Q25Q5{QPQ    Q:a                1:891271  7OP  5Q  92989 Q4:1_  
7838Q  Q283:Q92P1:41:38Q5    :Q  Q:Q2PQ9281  3:8      1  8  97  22O3}  Q41:812Y1:          818  QQ_8Q287838Q5  Q:Q92  

123457897985987
64312
1jihgf edc0bicc
1jihgVfU0cTSRQjPOc
1jihgefKbOicP0/i.-jR,,+Phhibjc
1jihg+f+)(iOciQdO0j)
1jihaf 'OP`iOj0ic
1jih_f ^i]R0'OPQii.0b]c
1jih\f [0bi-R,ij)Z0cQ0PcdOic
643122
1jihMf [ROTij,POUi]0cjORbjYc+PhhPbXWd0j)IUi0Rji.-jPQTGP0.iO[RjjiOcRb.1ccdiO
'dOQGRcicP,XWd0j)-iQdO0j0ic
1jihEf CUiciO/i.B
1jihAf [RbR]ihibjYcZ0cQdcc0PbRb.VbR0)c0cP,S0bRbQ0R0+Pb.0j0PbRb.Uicd0jcP,
?`iORj0Pbc
1jihAVf=dRbj0jRj0/iRb.=dR00jRj0/iZ0cQ0PcdOicV(Pdj[ROTijU0cT
1jih;f S0bRbQ0R0-jRjihibjcRb.-d``0ihibjRO)ZRjR
1jih:f +GRb]ic0bRb.Z0cR]Oiihibjc&0jGVQQPdbjRbjcPbVQQPdbj0b]Rb.S0bRbQ0R0
Z0cQ0PcdOi
1jih:Vf+PbjOP0cRb.'OPQi.dOic
1jih:ef?jGiO1b,POhRj0Pb
1jih:+fZ0cQ0PcdOiUi]RO.0b]SPOi0]b%dO0c.0Qj0PbcjGRj'Oi/ibj1bc`iQj0Pb
6431222
1jihg*fZ0OiQjPOcIX$iQdj0/i?,,0QiOcRb.+PO`PORji#P/iObRbQi
1jihggfX$iQdj0/i+Ph`ibcRj0Pb
1jihgaf-iQdO0j)?"biOcG0  P,+iOjR0beibi,0Q0R0?"biOcRb.[RbR]ihibjRb.Ui0Rji.
-jPQTGP0.iO[RjjiOc
1jihg_f+iOjR0bUi0Rj0PbcG0  cRb.Ui0Rji.!ORbcRQj0PbcIRb.Z0OiQjPO1b.i`ib.ibQi
1jihg\f'O0bQ0  R0VQQPdbj0b]SiicRb.-iO/0Qic
64312m
1jihgMfX$G0(0jcRb.S0bRbQ0R0-jRjihibj-QGi.d0ic
1jihgE SPOhg*lk-dhhRO)
0
6255
a
Ma
ga*
ga*
gaa
gaa
gaa
ga_
ga\
gaM
g_A
g_A
g_A
g_A
g\*
g\*
g\g
g\g
g\g
g\g
g\g
g\a
g\M

1234567289964878628557646832852166n576m4248l874k275j753k489i242
hg0fWVVUTSRQPNL0NV/NL.-,+*)NL0g0fWVVUTSRQPNL0)(NV0T0Vf'NLeTLd+SNNc0Vbf0T0Q.QV0fe00g0V0gQ
.QTV0VbN'0gQa`_`^L0]T0Q_Q(UL000Qf\000bT00NVRQ'NL.W(0TVd_Q(00NVJ-HN'0gQ_Q(UL000QfHF(gTVbQ
W(0N'-DBA)TfT.QVdQd)0gT00V]NS]QfU?f0TV00TSL0fcTVdUV(QL0T0V00Qf`WSSf0T0Q.QV0fN0gQL0gTV
f0T0Q.QV0fN'g0f0NL0(TS'T(0)(NV0T0VQd0V0g0fWVVUTSRQPNL0)0V(SUd0Vbf0T0Q.QV0fLQbTLd0VbNULf0LT0Qb=)
'U0ULQNPQLT00NVf)'U0ULQ'0VTV(0TSPNf000NV)'U0ULQLQ]QVUQ)PLN;Q(0Qd(Nf0f)PLNfPQ(0f)PSTVfTVd
N?;Q(00]QfN'.TVTbQ.QV0)TLQ'NLeTLd+SNNc0Vbf0T0Q.QV0f`hgQeNLdf:TV00(0PT0Q)&:?QS0Q]Q)&:(NV00VUQ&
:(NUSd)&:Qf00.T0Q)&:QFPQ(0)&:0V0QVd)&:.T=)&:.0bg0)&:PSTV)&:PN0QV00TS)&:PLQd0(0)&:PLN;Q(0)&:fgNUSd)&
:0TLbQ0)&:eNUSd)&NL0gQVQbT00]QN'0gQfQeNLdfNLN0gQLf0.0STLQFPLQff0NVfTLQ0V0QVdQd0N0dQV00'=
'NLeTLd+SNNc0Vbf0T0Q.QV0f)TS0gNUbgVN0TSS'NLeTLd+SNNc0Vbf0T0Q.QV0f(NV0T0V0gQfQ0dQV00'=0VbeNLdf`
hgQ'NLeTLd+SNNc0Vbf0T0Q.QV0f0V0g0fWVVUTSRQPNL00V(SUdQ)T.NVbN0gQL0g0Vbf)f0T0Q.QV0fT?NU0%
$ 0gQ0V000T00NV)00.0Vb)dQf0bV)PLNbLQffTVdLQfUS0fN'NULLQfQTL(gTVddQ]QSNP.QV0PLNbLT.f)
PLQ(S0V0(TSf0Ud0QfTVd(S0V0(TS0L0TSf#
$ 0gQTV00(0PT0Qd00.0VbN'0gQfU?.0ff0NVTVd(SQTLTV(QN'0V]Qf00bT00NVTSVQedLUbTPPS0(T00NVf)NL
"!rf)TVd(N.PTLT?SQ'NLQ0bVTPPS0(T00NVf'NLTV=PLNdU(0(TVd0dT0QfeQ.T=dQ]QSNP#
$ 0gQ00.0VbN'TVdNULT?0S00=0NfU?.00TPPS0(T00NVf'NL)N?0T0VTVd.T0V0T0VLQbUST0NL=TPPLN]TSf
'NLTV=PLNdU(0(TVd0dT0QfeQ.T=dQ]QSNP#
$ NULQf00.T0QfLQbTLd0VbQFPQVfQf)'U0ULQLQ]QVUQ)(TP00TSLQqU0LQ.QV0f)VQQd'NLTdd000NVTS
'0VTV(0VbTVd0gQPQL0NdN]QLeg0(geQ?QS0Q]QNUL(Tfg)(TfgQqU0]TSQV0fTVd.TLcQ0T?SQ
fQ(UL000Qfe0SS?QfU''0(0QV00N'UVdNULNPQLT00VbQFPQVfQfTVd(TP00TSQFPQVd00ULQLQqU0LQ.QV0f#
$ NULPSTVf0NdQ]QSNPTVd)0'TPPLN]Qd)fU?fQqUQV0S=(N..QL(0TS0pQTV=PLNdU(0(TVd0dT0QfeQ
.T=dQ]QSNP#
$ 0gQPN0QV00TSTd]TV0TbQfN'NUL/oR[HPST0'NL.#
$ NUL(N..QL(0TS0pT00NV).TLcQ00VbTVd.TVU'T(0UL0Vb(TPT?0S000QfTVdf0LT0Qb=#
$ NUL0V0QSSQ(0UTSPLNPQL0=PNf000NVTVdNULQFPQ(0T00NVfLQbTLd0VbNULT?0S00=0NN?0T0VTVd.T0V0T0V
0V0QSSQ(0UTSPLNPQL0=PLN0Q(00NV#
$ NULT?0S00=0N0dQV00'=Tdd000NVTSPLNdU(0f)PLNdU(0(TVd0dT0QfNL0Q(gVNSNb0Qfe00gf0bV0'0(TV0
(N..QL(0TSPN0QV00TS0gT0TLQ(NVf0f0QV0e00gNUL(N..QL(0TSN?;Q(00]Qf#
$ 0gQ0.PT(0N'bN]QLV.QV0STefTVdLQbUST00NVf#
$ NUL(N.PQ0000]QPNf000NVTVdQFPQ(0T00NVfLQbTLd0VbdQ]QSNP.QV0fTVdPLN;Q(00NVfLQST00Vb0NNUL
(N.PQ000NLfTVdTV=(N.PQ00Vb0gQLTP0Qf0gT0TLQNL?Q(N.QT]T0ST?SQ#TVd
$ NULT?0S00=0NQf0T?S0fgTVd.T0V0T0V(NSST?NLT00NVfNLN?0T0VTdd000NVTS'UVd0Vb`
ZQ.T=VN0T(0UTSS=T(g0Q]Q0gQPSTVf)0V0QV00NVfNLQFPQ(0T00NVfd0f(SNfQd0VNUL'NLeTLd+SNNc0Vb
f0T0Q.QV0f)TVd=NUfgNUSdVN0PST(QUVdUQLQS0TV(QNVNUL'NLeTLd+SNNc0Vbf0T0Q.QV0f`W(0UTSLQfUS0fNL
Q]QV0f(NUSdd0''QL.T0QL0TSS='LN.0gQPSTVf)0V0QV00NVfTVdQFPQ(0T00NVfd0f(SNfQd0V0gQ'NLeTLd+SNNc0Vb
f0T0Q.QV0feQ.TcQ`ZQgT]Q0V(SUdQd0.PNL0TV0'T(0NLf0V0g0fWVVUTSRQPNL0)PTL00(USTLS=0V"0Q.-W`
:R0fc/T(0NLf&0V0g0fWVVUTSRQPNL0)0gT0eQ?QS0Q]Q(NUSd(TUfQT(0UTSLQfUS0fNLQ]QV0f0Nd0''QL
.T0QL0TSS='LN.0gQ'NLeTLd+SNNc0Vbf0T0Q.QV0f0gT0eQ.TcQ`YNLQN]QL)eQNPQLT0Q0VT(N.PQ0000]QTVd
LTP0dS=(gTVb0VbQV]0LNV.QV0  !QeL0fc'T(0NLfTVdUV(QL0T0V00Qf.T=Q.QLbQ'LN.00.Q0N00.Q)TVd000f
VN0PNff0?SQ'NL.TVTbQ.QV00NPLQd0(0TSSL0fc'T(0NLfTVdUV(QL0T0V00Qf)VNL(TVeQTffQff0gQ0.PT(0N'
TSS'T(0NLfNVNUL?Uf0VQffNL0gQQF0QV00Neg0(gTV='T(0NL)NL(N.?0VT00NVN''T(0NLf).T=(TUfQT(0UTS
LQfUS0f0Nd0''QL.T0QL0TSS='LN.0gNfQ(NV0T0VQd0VTV='NLeTLd+SNNc0Vbf0T0Q.QV0feQ.T=.TcQ`oUL
'NLeTLd+SNNc0Vbf0T0Q.QV0fdNVN0LQ'SQ(00gQPN0QV00TS0.PT(0N'TV='U0ULQT(qU0f000NVf).QLbQLf)
d0fPNf000NVf)(NSST?NLT00NVf);N0V0]QV0ULQfNL0V]Qf0.QV0feQ.T=.TcQNLQV0QL0V0N`
XNUfgNUSdLQTd0g0fWVVUTSRQPNL0TVd0gQdN(U.QV0f0gT0eQgT]Q'0SQdNL0V(NLPNLT0Qd?=LQ'QLQV(Q
TfQFg0?00f0N0g0fWVVUTSRQPNL0e00g0gQUVdQLf0TVd0Vb0gT0NULT(0UTS'U0ULQLQfUS0f.T=?Q.T0QL0TSS=
d0''QLQV0'LN.egT0eQQFPQ(0  hgQ'NLeTLd+SNNc0Vbf0T0Q.QV0f(NV0T0VQd0V0g0fWVVUTSRQPNL0TLQ.TdQ
00



shareholder letter icon 4/15/2025 Letter Continued (Full PDF)
 

DYN Stockholder/Shareholder Letter (Dyne Therapeutics, Inc.) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.