Segment Information

The Company has one operating segment with the goal to discover, develop and commercialize therapeutics (“Therapeutics”). The Company has not generated any revenue from product sales, and has no marketing or commercial product distribution costs. All revenue to date has been collaboration and license revenue from the Company’s collaboration agreements.

The Company’s chief operating decision maker ("CODM"), its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources.

The CODM, in alignment with the Company's overall corporate strategy and goals, analyses a variety of data to guide segment resource allocation, including program and portfolio scientific data, product market information and projections, probability of regulatory and commercial success, and the competitive environment. The CODM also reviews certain financial results included in the segment Loss from Operations which is reported on the Consolidated Statements of Operations and Comprehensive Loss as Loss from Operations. The measure of segment assets is reported on the Consolidated Balance Sheets as Total Assets. The accounting policies of the Therapeutics segment are the same as those described in the summary of significant accounting policies.

The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Therapeutics Segment
	Year Ended December 31,
	2025		2024		2023
Total collaboration revenue	$	—	$	—	$	330,531
Expenses
External research and development expenses - TV programs, including cost sharing	154,799		138,196		139,064
External research and development expenses - small molecule programs, including cost sharing	8,800		42,623		49,850
Other research and development expenses	86,958		62,715		74,518
Personnel related research and development expenses	168,221		152,906		160,444
Total research and development expenses	418,778		396,440		423,876
Personnel related general and administrative expenses	86,234		73,505		73,668
Other general and administrative expenses	50,330		31,933		29,686
Total general and administrative expenses	136,564		105,438		103,354
Segment operating expenses	555,342		501,878		527,230
Segment gain from divestiture of small molecule programs	—		14,537		—
Segment loss from operations	(555,342)		(487,341)		(196,699)
Segment interest and other income, net	42,904		64,636		51,505
Segment loss before income taxes	$	(512,438)	$	(422,705)	$	(145,194)

There is no difference between the segment loss before income taxes and total consolidated loss before income taxes for the years ended December 31, 2025, 2024 and 2023.

Historical Timeline

Fiscal Year	Filed
2025	Feb 26, 2026	Showing above
2024	Feb 27, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Denali Therapeutics Inc. Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures