<p>仅仅因为一家公司没有盈利，并不意味着其股票会下跌。例如，生物技术和矿业勘探公司在找到新的治疗方法或矿物发现之前，往往会亏损多年。但尽管成功案例广为人知，投资者不应忽视那些仅仅耗尽现金而崩溃的众多无利可图的公司。</p>
<p>因此，<strong>Design Therapeutics</strong>（纳斯达克代码：DSGN）股东自然会问，是否应该担心其现金消耗率。在本报告中，我们将考虑公司的年度负自由现金流，以下称之为 “现金消耗”。第一步是将其现金消耗与现金储备进行比较，以便得出其 “现金跑道”。</p>
<p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前投资。</p>
<h2>Design Therapeutics 是否有较长的现金跑道？</h2>
<p>公司的现金跑道是指以当前的现金消耗率耗尽现金储备所需的时间。到 2025 年 9 月，Design Therapeutics 拥有 2.06 亿美元的现金，并且没有债务。回顾过去一年，该公司消耗了 5200 万美元。因此，从 2025 年 9 月起，它有 3.9 年的现金跑道。这种长度的跑道为公司提供了发展业务所需的时间和空间。下图显示了其现金余额在过去几年的变化情况。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/625814292-debt-equity-history-analysis-1-dark-2/1764092674503?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/625814292-debt-equity-history-analysis-1-dark-2/1764092674503"/></p>
<p>纳斯达克 GS:DSGN 债务与股本历史 2025 年 11 月 25 日</p>
<p>查看我们对 Design Therapeutics 的最新分析</p>
<h2>Design Therapeutics 的现金消耗如何随时间变化？</h2>
<p>由于 Design Therapeutics 目前没有产生收入，我们将其视为早期阶段的企业。因此，虽然我们无法通过销售来理解增长，但我们可以观察现金消耗的变化，以了解支出随时间的趋势。在过去一年中，其现金消耗实际上增加了 13%，这表明管理层正在增加对未来增长的投资，但增速并不太快。这并不一定是坏事，但投资者应注意这将缩短现金跑道。然而，显然，关键因素是公司未来是否会发展业务。因此，查看我们对该公司的分析师预测是非常有意义的。</p>
<h2>Design Therapeutics 多容易筹集现金？</h2>
<p>考虑到其现金消耗轨迹，Design Therapeutics 的股东可能希望考虑它筹集更多现金的难易程度，尽管它的现金跑道稳健。公司可以通过债务或股权筹集资本。许多公司最终会发行新股以资助未来的增长。通过将公司的年度现金消耗与其总市值进行比较，我们可以大致估算出它需要发行多少股份才能在相同的消耗率下再运营一年。</p>
<p>Design Therapeutics 的现金消耗为 5200 万美元，约占其 4.76 亿美元市值的 11%。因此，我们认为该公司可以相对轻松地筹集更多现金以支持增长，尽管这会导致一定的稀释。</p>
<h2>那么，我们应该担心 Design Therapeutics 的现金消耗吗？</h2>
<p>您可能已经意识到，我们对 Design Therapeutics 的现金消耗方式相对满意。特别是，我们认为其现金跑道突显出公司对支出的良好控制。尽管其现金消耗的增加并不理想，但本文提到的其他因素在很大程度上弥补了这一指标的不足。在考虑了本报告中提到的各种指标后，我们对公司如何支出现金感到相当满意，因为它似乎有望在中期内满足其需求。此外，我们还考察了影响公司的不同风险，并发现了 <strong>Design Therapeutics 的 4 个警示信号</strong>（其中 2 个令人有些担忧！）您应该了解。</p>
<p>如果您更愿意查看其他基本面更好的公司，请不要错过这份 <strong>免费</strong> 的有趣公司名单，这些公司具有高股本回报率和低债务，或者这份预计将增长的股票名单。</p>

DSGN

<p>Design Therapeutics（纳斯达克代码：DSGN）截至 2025 年 9 月拥有 3.9 年的现金储备，现金为 2.06 亿美元且没有债务。该公司去年消耗了 5200 万美元，增长了 13%，这表明其在增长方面的投资。尽管现金消耗较大，但公司在需要时仍具备良好的筹资能力，其现金消耗占其 4.76 亿美元市值的 11%。总体而言，公司在有效管理现金方面表现良好，但仍需注意一些风险</p>

<p>Just because a business does not make any money, does not mean that the stock will go down. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. But while the successes are well known, investors should not ignore the very many unprofitable companies that simply burn through all their cash and collapse.</p>
<div class="lb-trans"><p>仅仅因为一家公司没有盈利，并不意味着其股票会下跌。例如，生物技术和矿业勘探公司在找到新的治疗方法或矿物发现之前，往往会亏损多年。但尽管成功案例广为人知，投资者不应忽视那些仅仅耗尽现金而崩溃的众多无利可图的公司。</p>
</div><p>So, the natural question for <strong>Design Therapeutics</strong> (NASDAQ:DSGN) shareholders is whether they should be concerned by its rate of cash burn. In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. The first step is to compare its cash burn with its cash reserves, to give us its 'cash runway'.</p>
<div class="lb-trans"><p>因此，<strong>Design Therapeutics</strong>（纳斯达克代码：DSGN）股东自然会问，是否应该担心其现金消耗率。在本报告中，我们将考虑公司的年度负自由现金流，以下称之为 “现金消耗”。第一步是将其现金消耗与现金储备进行比较，以便得出其 “现金跑道”。</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前投资。</p>
</div><h2>Does Design Therapeutics Have A Long Cash Runway?</h2>
<div class="lb-trans"><h2>Design Therapeutics 是否有较长的现金跑道？</h2>
</div><p>A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. In September 2025, Design Therapeutics had US$206m in cash, and was debt-free. Looking at the last year, the company burnt through US$52m. Therefore, from September 2025 it had 3.9 years of cash runway. A runway of this length affords the company the time and space it needs to develop the business. The image below shows how its cash balance has been changing over the last few years.</p>
<div class="lb-trans"><p>公司的现金跑道是指以当前的现金消耗率耗尽现金储备所需的时间。到 2025 年 9 月，Design Therapeutics 拥有 2.06 亿美元的现金，并且没有债务。回顾过去一年，该公司消耗了 5200 万美元。因此，从 2025 年 9 月起，它有 3.9 年的现金跑道。这种长度的跑道为公司提供了发展业务所需的时间和空间。下图显示了其现金余额在过去几年的变化情况。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/625814292-debt-equity-history-analysis-1-dark-2/1764092674503" alt="" original-src="https://images.simplywall.st/asset/chart/625814292-debt-equity-history-analysis-1-dark-2/1764092674503"/></p>
<p>NasdaqGS:DSGN Debt to Equity History November 25th 2025</p>
<div class="lb-trans"><p>纳斯达克 GS:DSGN 债务与股本历史 2025 年 11 月 25 日</p>
</div><p>See our latest analysis for Design Therapeutics</p>
<div class="lb-trans"><p>查看我们对 Design Therapeutics 的最新分析</p>
</div><h2>How Is Design Therapeutics' Cash Burn Changing Over Time?</h2>
<div class="lb-trans"><h2>Design Therapeutics 的现金消耗如何随时间变化？</h2>
</div><p>Because Design Therapeutics isn't currently generating revenue, we consider it an early-stage business. So while we can't look to sales to understand growth, we can look at how the cash burn is changing to understand how expenditure is trending over time. Over the last year its cash burn actually increased by 13%, which suggests that management are increasing investment in future growth, but not too quickly. That's not necessarily a bad thing, but investors should be mindful of the fact that will shorten the cash runway. Clearly, however, the crucial factor is whether the company will grow its business going forward. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.</p>
<div class="lb-trans"><p>由于 Design Therapeutics 目前没有产生收入，我们将其视为早期阶段的企业。因此，虽然我们无法通过销售来理解增长，但我们可以观察现金消耗的变化，以了解支出随时间的趋势。在过去一年中，其现金消耗实际上增加了 13%，这表明管理层正在增加对未来增长的投资，但增速并不太快。这并不一定是坏事，但投资者应注意这将缩短现金跑道。然而，显然，关键因素是公司未来是否会发展业务。因此，查看我们对该公司的分析师预测是非常有意义的。</p>
</div><h2>How Easily Can Design Therapeutics Raise Cash?</h2>
<div class="lb-trans"><h2>Design Therapeutics 多容易筹集现金？</h2>
</div><p>Given its cash burn trajectory, Design Therapeutics shareholders may wish to consider how easily it could raise more cash, despite its solid cash runway. Companies can raise capital through either debt or equity. Many companies end up issuing new shares to fund future growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate).</p>
<div class="lb-trans"><p>考虑到其现金消耗轨迹，Design Therapeutics 的股东可能希望考虑它筹集更多现金的难易程度，尽管它的现金跑道稳健。公司可以通过债务或股权筹集资本。许多公司最终会发行新股以资助未来的增长。通过将公司的年度现金消耗与其总市值进行比较，我们可以大致估算出它需要发行多少股份才能在相同的消耗率下再运营一年。</p>
</div><p>Design Therapeutics' cash burn of US$52m is about 11% of its US$476m market capitalisation. As a result, we'd venture that the company could raise more cash for growth without much trouble, albeit at the cost of some dilution.</p>
<div class="lb-trans"><p>Design Therapeutics 的现金消耗为 5200 万美元，约占其 4.76 亿美元市值的 11%。因此，我们认为该公司可以相对轻松地筹集更多现金以支持增长，尽管这会导致一定的稀释。</p>
</div><h2>So, Should We Worry About Design Therapeutics' Cash Burn?</h2>
<div class="lb-trans"><h2>那么，我们应该担心 Design Therapeutics 的现金消耗吗？</h2>
</div><p>It may already be apparent to you that we're relatively comfortable with the way Design Therapeutics is burning through its cash. In particular, we think its cash runway stands out as evidence that the company is well on top of its spending. While its increasing cash burn wasn't great, the other factors mentioned in this article more than make up for weakness on that measure. After taking into account the various metrics mentioned in this report, we're pretty comfortable with how the company is spending its cash, as it seems on track to meet its needs over the medium term. Separately, we looked at different risks affecting the company and spotted <strong>4 warning signs for Design Therapeutics</strong> (of which 2 are a bit concerning!) you should know about.</p>
<div class="lb-trans"><p>您可能已经意识到，我们对 Design Therapeutics 的现金消耗方式相对满意。特别是，我们认为其现金跑道突显出公司对支出的良好控制。尽管其现金消耗的增加并不理想，但本文提到的其他因素在很大程度上弥补了这一指标的不足。在考虑了本报告中提到的各种指标后，我们对公司如何支出现金感到相当满意，因为它似乎有望在中期内满足其需求。此外，我们还考察了影响公司的不同风险，并发现了 <strong>Design Therapeutics 的 4 个警示信号</strong>（其中 2 个令人有些担忧！）您应该了解。</p>
</div><p>If you would prefer to check out another company with better fundamentals, then do not miss this <strong>free</strong> list of interesting companies, that have HIGH return on equity and low debt or this list of stocks which are all forecast to grow.</p>
<div class="lb-trans"><p>如果您更愿意查看其他基本面更好的公司，请不要错过这份 <strong>免费</strong> 的有趣公司名单，这些公司具有高股本回报率和低债务，或者这份预计将增长的股票名单。</p>
</div>

像 Design Therapeutics（NASDAQ:DSGN）这样的公司有能力进行增长投资