Design Therapeutics Inc 2025年度报告

ANNUAL REPORT Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesնNoշ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days. YesշNoն Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). YesշNoն Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Large accelerated filerնAccelerated filerնNon-accelerated filerշSmaller reporting companyշEmerging growth companyշ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.շ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.ն If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.ն Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).ն Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesնNoշ Portions of the registrant's definitive proxy statement for its 2026 Annual Meeting of Stockholders, which the registrant intends to file pursuant to Regulation 14A withthe Securities and Exchange Commission no later than April 30, 2026, are incorporated by reference into Part III of this Annual Report on Form 10-K. Table of Contents PART I Item 1.Business7Item 1A.Risk Factors54Item 1B.Unresolved Staff Comments115Item 1C.Cybersecurity115Item 2.Properties116Item 3.Legal Proceedings117Item 4.Mine Safety Disclosures117 PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchasesof Equity Securities118Item 6.[Reserved]118Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations119Item 7A.Quantitative and Qualitative Disclosures About Market Risk128Item 8.Financial Statements and Supplementary Data129Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure151Item 9A.Controls and Procedures151Item 9B.Other Information151Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections151 PART III Item 10.Directors, Executive Officers and Corporate Governance152Item 11.Executive Compensation152Item 12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters152Item 13.Certain Relationships and Related Transactions, and Director Independence152Item 14.Principal Accounting Fees and Services152 PART IV Item 15.Exhibits, Financial Statement Schedules153Item 16.Form 10-K Summary154 PART I Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K and the information incorporated herein by reference contain forward-looking statements that involve risks and uncertainties. We make such forward-looking statements pursuant to thesafe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Allstatements other than statements of historical facts contained in this Annual Report are forward-looking statements.In some cases, you can identify forward-looking statements by words such as “anticipate,” “believe,” “contemplate,”“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,”“should,” “target,” “will,” “would,” or the negative of these words or other comparable ter