Logo

DNLI

Denali Therapeutics Inc.

DNLI

Denali Therapeutics Inc. • NASDAQ
$19.47 ▲ 0.36% (+0.07)
Market Cap $2.86 B
52w High $26.18
52w Low $10.57
Dividend Yield 0%
P/E -6.67
Volume 888.49K
Outstanding Shares 146.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $35.484M ▼ $-126.902M ▼ 0% $-0.74 ▼ $-123.04M ▼
Q2-2025 $0 $131.918M ▼ $-124.119M ▲ 0% $-0.72 ▲ $-121.074M ▲
Q1-2025 $0 $145.58M ▲ $-132.97M ▼ 0% $-0.78 ▼ $-142.368M ▼
Q4-2024 $0 $129.846M ▲ $-114.753M ▼ 0% $-0.67 ▼ $-127.227M ▼
Q3-2024 $0 $123.187M $-107.192M 0% $-0.63 $-120.918M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $848.204M ▼ $1.056B ▼ $129.424M ▼ $926.197M ▼
Q2-2025 $898.952M ▲ $1.166B ▼ $139.188M ▼ $1.027B ▼
Q1-2025 $817.926M ▼ $1.271B ▼ $148.657M ▲ $1.123B ▼
Q4-2024 $832.331M ▼ $1.374B ▼ $144.496M ▲ $1.23B ▼
Q3-2024 $836.559M $1.454B $135.518M $1.318B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-126.902M ▼ $-107.296M ▼ $57.83M ▼ $-778K ▼ $-50.244M ▼ $-105.918M ▼
Q2-2025 $-124.119M ▲ $-75.298M ▲ $157.935M ▲ $1.623M ▲ $84.26M ▲ $-79.576M ▲
Q1-2025 $-132.97M ▼ $-131.468M ▼ $18.748M ▼ $-3.762M ▲ $-116.482M ▼ $-136.546M ▼
Q4-2024 $-114.753M ▼ $-83.715M ▼ $172.207M ▲ $-4.168M ▲ $84.324M ▲ $-88.807M ▼
Q3-2024 $-107.192M $-59.139M $93.655M $-18.559M $15.957M $-63.023M

Revenue by Products

Product Q3-2020Q4-2020Q1-2021Q2-2021
Alzheimers Disease Services
Alzheimers Disease Services
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Denali’s income statement looks like a typical R&D‑stage biotech: very little recurring revenue and steady research‑driven losses. Revenue has been small and lumpy, likely tied to milestones or collaboration payments rather than product sales. After a brief profitable year early in the period, the company has reported meaningful net losses in each of the last several years, and those losses have recently increased. This reflects heavy spending on research, clinical trials, and infrastructure ahead of any commercial launch, which raises execution risk but is consistent with its stage of development.

Balance Sheet

Balance Sheet The balance sheet is relatively solid for a clinical‑stage biotech. The company holds substantial assets and a sizeable cash position, with only modest debt. Equity makes up the bulk of the capital structure, so financial leverage is low. While cash has trended down from earlier, stronger levels, Denali still appears to have a meaningful financial cushion to support its pipeline. Over time, if losses continue and no major new funding or revenues arrive, that cushion will naturally erode, but the current balance sheet does not look stretched.

Cash Flow

Cash Flow Cash flow reflects a company investing heavily for the future. Operating cash flow has been negative for several years as research and development and other operating costs exceed incoming collaboration funds. Free cash flow is also negative, although capital spending has been relatively modest compared with operating outflows. The business is thus consuming cash rather than generating it, which is typical before commercialization but means Denali remains dependent on existing cash, partnerships, and potentially future capital raises to fund its programs.

Competitive Edge

Competitive Edge Denali’s competitive position is built around its brain‑targeted Transport Vehicle platform, which aims to solve the long‑standing problem of getting large drugs across the blood‑brain barrier. This creates a potential technological edge and a meaningful barrier to entry, reinforced by patent protection and specialized know‑how. Partnerships with major pharma companies add external validation and broaden its reach. At the same time, Denali operates in a very competitive, high‑stakes area of neuroscience where many players are pursuing overlapping diseases, and where clinical and regulatory setbacks can quickly erode any perceived advantage.

Innovation and R&D

Innovation and R&D Innovation is clearly the company’s core focus. Denali is pouring resources into its Transport Vehicle technology and a broad pipeline, including programs for rare pediatric disorders, Parkinson’s, frontotemporal dementia, and Alzheimer’s. Several candidates carry special regulatory designations and are approaching key decision points over the next couple of years. The strategy is to use one core platform in multiple ways (enzymes, antibodies, and gene‑modulating drugs), which could create substantial upside if the platform continues to validate, but also concentrates scientific risk in a single approach. High R&D intensity explains the ongoing losses but underpins Denali’s potential long‑term value.

Summary

Overall, Denali is a classic high‑risk, high‑potential clinical‑stage biotech. Financially, it has a decent cash base, low debt, and sizable ongoing losses driven by heavy R&D spending. There is no stable product revenue yet, so the story is almost entirely about future clinical and regulatory milestones rather than current earnings. Strategically, the company has a differentiated technology aimed at a very difficult but potentially transformative medical challenge, with multiple programs and blue‑chip partners providing some diversification. The main uncertainties lie in clinical outcomes, regulatory decisions, speed of any future product uptake, and the need to manage cash while advancing a demanding pipeline.

NEWS

November 6, 2025 · 4:01 PM UTC

Denali Therapeutics Reports Third Quarter 2025 Financial Results and Business Highlights

Read more

October 13, 2025 · 4:01 PM UTC

Denali Therapeutics Announces FDA Review Extension of BLA for Tividenofusp Alfa for the Treatment of MPS II (Hunter Syndrome)

Read more