Denali Therapeutics Inc.

Listed Company

DNLICIK 0001714899NasdaqLarge AcceleratedBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

Net Income

$-512.54M

Total Assets

$1.14B

Equity

$1.01B

Shares Out

158.71M

Op. Cash Flow

$-412.60M

DNLI$23.29+60.25% · past yearDBEQ Basic

Daily closing prices

Business

Denali Therapeutics Inc. is a biopharmaceutical company that discovers, develops, and commercializes medicines for serious neurological diseases using its proprietary TransportVehicle platform to deliver large-molecule biotherapeutics across the blood-brain barrier. The company develops enzyme replacement therapies for lysosomal storage diseases, oligonucleotide and antibody therapeutics for neurodegenerative diseases, and small-molecule inhibitors. Denali operates through partnerships with Biogen, Takeda, and Sanofi, with commercial activities primarily in the United States.

Summary from 10-K filed 2026-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Collaboration revenue from customers	0	0	331	105	49
Total collaboration revenue	0	0	331	108	49
Research and development expense	419	396	424	359	265
General and administration	137	105	103	90	79
Total operating expenses	555	502	527	449	344
Gain from divestiture of small molecule programs	0	15	0	0	—
Loss from operations	−555	−487	−197	−341	−296
Interest and other income, net	43	65	52	15	—
Loss before income taxes	−512	−423	−145	−326	−291
Income tax expense	−102,000	−68,000	−30,000	−21,000	575,000
Net loss	−513	−423	−145	−326	−291
Net unrealized gain (loss) on marketable securities, net of tax	−1	1	8	−4	−2
Comprehensive loss	−514	−421	−138	−330	−293
Net loss per share, basic (usd per share)	−2.97	−2.57	−1.06	−2.6	−2.39
Net loss per share, diluted (usd per share)	−2.97	−2.57	−1.06	−2.6	−2.39
Weighted average number of shares outstanding, basic (in shares)	173	164	137	126	122
Weighted average number of shares outstanding, diluted (in shares)	173	164	137	126	122

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	205	175	127	218	293
Short-term marketable securities	663	657	907	1,118	572
Prepaid expenses and other current assets	33	32	30	36	31
Total current assets	901	864	1,064	1,372	897
Long-term marketable securities	98	359	0	0	425
Property and equipment, net	52	55	46	44	39
Finance lease right-of-use asset	49	48	0	—	—
Operating lease right-of-use asset	19	23	26	30	31
Other non-current assets	26	25	18	13	12
Total assets	1,145	1,374	1,154	1,460	1,404
Accounts payable	3	11	9	3	5
Accrued expenses and other current liabilities	95	91	68	67	—
Total current liabilities	98	102	78	364	378
Operating lease liability, less current portion	27	37	45	53	59
Finance lease liability, less current portion	6	6	0	—	—
Total liabilities	131	144	123	418	442
Commitments and contingencies (Note 7)	—	—	—	—	—
Convertible preferred stock, $0.01 par value; 40,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	0	—	—
Common stock, $0.01 par value; 400,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 156,182,177 and 144,220,986 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	2	2	2	—	—
Additional paid-in capital	3,063	2,765	2,145	2,019	1,608
Accumulated other comprehensive income	682,000	2	643,000	−7	−2
Accumulated deficit	−2,052	−1,539	−1,116	−971	−645
Total stockholders equity	1,014	1,230	1,031	1,042	962
Total liabilities and stockholders equity	1,145	1,374	1,154	1,460	1,404

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	11	8	17	10	9
Stock-based compensation expense	100	103	108	100	85
Net accretion of discounts on marketable securities	−10	−35	−44	−2	—
Non-cash adjustment to operating lease expense	−4	−4	−4	−3	−3
Right-of-use asset amortization for finance lease	4	1	0	0	—
Non-cash gain from divestiture of small molecule programs	0	−15	0	0	—
Other non-cash items	49,000	0	2,000	63,000	0
Prepaid expenses and other current assets	−540,000	−2	−4	−3	−13
Other non-current assets	772,000	603,000	0	0	—
Accounts payable	−8	1	2	2	4
Accruals and other current liabilities	465,000	3	3	11	5
Related party contract liability	0	0	−291	−3	−4
Deferred research and development funding liability	7	14	0	—	—
Other non-current liabilities	0	0	−379,000	0	−322,000
Net cash used in operating activities	−413	−348	−358	−245	−211
Maturities of marketable securities	706	1,157	2,076	991	1,410
Purchases of marketable securities	−441	−1,230	−1,814	−1,115	−1,423
Purchases of property and equipment	−10	−16	−13	−18	−9
Net cash provided by (used in) investing activities	255	−89	249	−141	−22
Proceeds from exercise of awards under equity incentive plans	8	17	18	14	19
Payments for finance lease right-of-use asset	−8	−32	0	0	—
Issuance costs related to the royalty financing	−324,000	0	0	—	—
Net cash provided by financing activities	189	484	18	311	19
Net increase (decrease) in cash, cash equivalents and restricted cash	32	48	−91	−75	−214
Equity consideration received in the divestiture of small molecule programs (Note 13)	0	15	0	0	—
Increase in right-of-use asset due to lessor assets	0	7	0	0	—
Right-of-use asset obtained in exchange for new finance lease liabilities	0	9	0	0	—
Property and equipment purchases accrued but not yet paid	0	1	553,000	1	593,000
Cash paid for finance lease interest	720,000	302,000	0	0	—
Issuance costs incurred but not yet paid	482,000	0	0	224,000	0
Cash paid during the year for income taxes	46,000	0	3,000	47,000	210,000

Filings

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Frequently asked questions

What is Denali Therapeutics Inc.'s CIK number?

Denali Therapeutics Inc.'s SEC CIK number is 0001714899 (1714899). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Denali Therapeutics Inc.'s SEC filings?

All of Denali Therapeutics Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Denali Therapeutics Inc. last report earnings?

Denali Therapeutics Inc. (DNLI) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001714899-26-000062). This is Denali Therapeutics Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Denali Therapeutics Inc.'s most recent earnings 8-K?

Denali Therapeutics Inc.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001714899-26-000062. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Denali Therapeutics Inc.'s latest earnings 8-K →
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