F

Dianthus Therapeutics, Inc. — Earnings Quality Grade F

DNTH · Healthcare

Major red flags

Revenue
$2M
2025
Net Income
-$162M
2025
Gross Margin
Free Cash Flow
-$129M
01

Screening Summary

8
Passed
2
Watch
2
Failed
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

Insufficient data

A2AR vs Revenue Growth

Insufficient data

A3Revenue vs CFFO

Revenue -67.3%, CFFO -65.1%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

!
B2CapEx vs Revenue

CapEx growth 102.9% is >2x revenue growth -67.3%

B3SG&A Ratio

Insufficient data

B4Gross Margin

Insufficient data

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

!
C2Free Cash Flow

FCF is negative ($-0.1B)

C3Accruals Ratio

Accruals ratio = -6.3%. Low accruals

C4Cash vs Debt

Cash $0.4B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

D2Leverage

Debt/EBITDA = -0.0x. Healthy

D3Soft Asset Growth

Other assets 0.9% vs revenue -67.3%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions negative for 3 years

E2Goodwill Surge

No goodwill

06

Manipulation Score

F1Beneish M-Score

Insufficient data

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05

Altman Z-Score

14.17
Safe Zone
0 Distress1.102.605.0+ Safe
0.7133
Liquidity
-0.6342
Cumulative profit
-0.3351
Operating efficiency
13.15
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25