DYN: Highlights from the RBC Healthcare Conference

研报英文原文证据摘录

DYN: Highlights from the RBC Healthcare Conference

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Luca Issi, Ph.D. (Analyst)

Lisa Walter, Ph.D. (Analyst)

Shelby Hill, Ph.D. (Senior Associate)

Cassie Yuan, Ph.D. (Senior Associate)

May 20, 2026

Dyne Therapeutics, Inc.

Highlights from the RBC Healthcare Conference

NASDAQ: DYN | USD 15.92 | Outperform | Speculative Risk | Price Target USD 30.00

Sentiment: Neutral

We hosted DYN's Erick Lucera (CFO) and Ron Batra (CSO) for a fireside chat. Our top takeaways include: 1) confirmatory trial for

DMD has been initiated with TTR velocity as the primary endpoint; 2) DYN cautions against direct comparisons to upcoming DM1

data from NVS; 3) other exons for DMD could materially expand the TAM. Reiterate Outperform.

DMD On Track And Confirmatory Trial Initiated - Mgmt continued to sound highly confident on DMD, reiterating that the filing is on

track for 2Q26. The pre-BLA meeting has been completed with productive interactions, and the company notes that alignment on

dystrophin as the primary endpoint has been in place for some time. With BTD granted, priority review is the baseline assumption

embedded in DYN's guidance on launch timing. Mgmt highlighted the breadth of supportive data (functional improvements

including TTR velocity) and noted that the 24-month data showed the durability of the treatment effect. On the confirmatory study,

mgmt was excited to announce that the trial has been initiated on track with 2Q guidance. Mgmt expressed confidence in the 18-

month confirmatory endpoint (TTR velocity as the primary), noting the biology dictates that it takes time for muscle to improve.

DYN Highlights Differentiation vs NVS - Mgmt cautioned against direct comparisons to the upcoming DM1 data from NVS, as