DNLI on Nasdaq
Denali Therapeutics Inc.
American biological products company based in South San Francisco.
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with Twist Bioscience, Krystal Biotech, Inc. or Adaptive Biotechnologies, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total collaboration revenue | $0 | $0 | $330.5M |
| Research and development expense | $418.8M | $396.4M | $423.9M |
| General and administration | $136.6M | $105.4M | $103.4M |
| Total operating expenses | $555.3M | $501.9M | $527.2M |
| Gain from divestiture of small molecule programs | $0 | $14.5M | $0 |
| Loss from operations | -$555.3M | -$487.3M | -$196.7M |
| Interest and other income, net | $42.9M | $64.6M | $51.5M |
| Loss before income taxes | -$512.4M | -$422.7M | -$145.2M |
| Income tax expense | -$102.0K | -$68.0K | -$30.0K |
| Net loss | -$512.5M | -$422.8M | -$145.2M |
| Net unrealized gain (loss) on marketable securities, net of tax | -$1.3M | $1.4M | $7.5M |
| Comprehensive loss | -$513.9M | -$421.4M | -$137.7M |
| Net loss per share, basic (usd per share) | -$2.97 | -$2.57 | -$1.06 |
| Net loss per share, diluted (usd per share) | -$2.97 | -$2.57 | -$1.06 |
| Weighted average number of shares outstanding, basic (in shares) | 172.6M shares | 164.5M shares | 137.4M shares |
| Weighted average number of shares outstanding, diluted (in shares) | 172.6M shares | 164.5M shares | 137.4M shares |
| Collaborative revenue, revenue from contract with customer | $0 | $0 | $330.5M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $205.3M | $175.0M | ||
| Short-term marketable securities | $662.6M | $657.4M | ||
| Prepaid expenses and other current assets | $32.8M | $32.1M | ||
| Total current assets | $900.7M | $864.4M | ||
| Long-term marketable securities | $98.3M | $359.4M | ||
| Property and equipment, net | $52.4M | $55.2M | ||
| Finance lease right-of-use asset | $48.5M | $47.5M | ||
| Operating lease right-of-use asset | $19.0M | $22.9M | ||
| Other non-current assets | $25.9M | $24.7M | ||
| Total assets | $1.1B | $1.4B | ||
| Accounts payable | $3.3M | $11.1M | ||
| Accrued expenses and other current liabilities | $95.0M | $91.1M | ||
| Total current liabilities | $98.4M | $102.2M | ||
| Operating lease liability, less current portion | $27.2M | $36.7M | ||
| Finance lease liability, less current portion | $5.5M | $5.6M | ||
| Total liabilities | $131.1M | $144.5M | ||
| 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 | ||
| 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 | $1.9M | $1.8M | ||
| Additional paid-in capital | $3.1B | $2.8B | ||
| Accumulated other comprehensive income | $682.0K | $2.0M | ||
| Accumulated deficit | -$2.1B | -$1.5B | ||
| Total stockholders equity | $1.0B | $1.2B | $1.0B | $1.0B |
| Total liabilities and stockholders equity | $1.1B | $1.4B | ||
| Convertible preferred stock, par value (usd per share) | $0.01 | $0.01 | ||
| Convertible preferred stock, shares authorized (in shares) | 40.0M shares | 40.0M shares | ||
| Convertible preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Convertible preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (usd per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 400.0M shares | 400.0M shares | ||
| Common stock, shares issued (in shares) | 156.2M shares | 144.2M shares | ||
| Common stock, shares outstanding (in shares) | 156.2M shares | 144.2M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $205.3M | $175.0M | ||
| Short-term marketable securities | $662.6M | $657.4M | ||
| Prepaid expenses and other current assets | $32.8M | $32.1M | ||
| Total current assets | $900.7M | $864.4M | ||
| Long-term marketable securities | $98.3M | $359.4M | ||
| Property and equipment, net | $52.4M | $55.2M | ||
| Finance lease right-of-use asset | $48.5M | $47.5M | ||
| Operating lease right-of-use asset | $19.0M | $22.9M | ||
| Other non-current assets | $25.9M | $24.7M | ||
| Total assets | $1.1B | $1.4B | ||
| Accounts payable | $3.3M | $11.1M | ||
| Accrued expenses and other current liabilities | $95.0M | $91.1M | ||
| Total current liabilities | $98.4M | $102.2M | ||
| Operating lease liability, less current portion | $27.2M | $36.7M | ||
| Finance lease liability, less current portion | $5.5M | $5.6M | ||
| Total liabilities | $131.1M | $144.5M | ||
| 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 | ||
| 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 | $1.9M | $1.8M | ||
| Additional paid-in capital | $3.1B | $2.8B | ||
| Accumulated other comprehensive income | $682.0K | $2.0M | ||
| Accumulated deficit | -$2.1B | -$1.5B | ||
| Total stockholders equity | $1.0B | $1.2B | $1.0B | $1.0B |
| Total liabilities and stockholders equity | $1.1B | $1.4B | ||
| Convertible preferred stock, par value (usd per share) | $0.01 | $0.01 | ||
| Convertible preferred stock, shares authorized (in shares) | 40.0M shares | 40.0M shares | ||
| Convertible preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Convertible preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (usd per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 400.0M shares | 400.0M shares | ||
| Common stock, shares issued (in shares) | 156.2M shares | 144.2M shares | ||
| Common stock, shares outstanding (in shares) | 156.2M shares | 144.2M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$512.5M | -$422.8M | -$145.2M |
| Depreciation and amortization | $11.2M | $7.8M | $16.7M |
| Stock-based compensation expense | $99.6M | $102.9M | $108.1M |
| Net accretion of discounts on marketable securities | -$10.3M | -$35.1M | -$44.0M |
| Non-cash adjustment to operating lease expense | -$4.5M | -$4.1M | -$3.7M |
| Right-of-use asset amortization for finance lease | $3.6M | $1.2M | $0 |
| Non-cash gain from divestiture of small molecule programs | $0 | -$14.5M | $0 |
| Other non-cash items | $49.0K | $0 | $2.0K |
| Prepaid expenses and other current assets | -$540.0K | -$2.5M | -$4.1M |
| Other non-current assets | $772.0K | $603.0K | $0 |
| Accounts payable | -$7.5M | $1.4M | $2.4M |
| Accruals and other current liabilities | $465.0K | $3.2M | $2.6M |
| Related party contract liability | $0 | $0 | -$290.5M |
| Deferred research and development funding liability | $7.0M | $14.1M | $0 |
| Other non-current liabilities | $0 | $0 | -$379.0K |
| Net cash used in operating activities | -$412.6M | -$347.7M | -$358.0M |
| Maturities of marketable securities | $706.0M | $1.2B | $2.1B |
| Purchases of marketable securities | -$441.3M | -$1.2B | -$1.8B |
| Purchases of property and equipment | -$9.5M | -$15.9M | -$12.9M |
| Net cash provided by (used in) investing activities | $255.3M | -$88.8M | $249.3M |
| Proceeds from exercise of awards under equity incentive plans | $8.5M | $17.4M | $17.8M |
| Payments for finance lease right-of-use asset | -$8.2M | -$32.3M | $0 |
| Issuance costs related to the royalty financing | -$324.0K | $0 | $0 |
| Net cash provided by financing activities | $189.2M | $484.3M | $17.8M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $31.9M | $47.9M | -$90.9M |
| Equity consideration received in the divestiture of small molecule programs (Note 13) | $0 | $15.0M | $0 |
| Increase in right-of-use asset due to lessor assets | $0 | $7.1M | $0 |
| Right-of-use asset obtained in exchange for new finance lease liabilities | $0 | $9.4M | $0 |
| Property and equipment purchases accrued but not yet paid | $0 | $1.2M | $553.0K |
| Cash paid for finance lease interest | $720.0K | $302.0K | $0 |
| Issuance costs incurred but not yet paid | $482.0K | $0 | $0 |
| Cash paid during the year for income taxes | $46.0K | $0 | $3.0K |
| Stock issuance costs | $728.0K | $480.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Denali Therapeutics Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
20202025
- Chief executive officerRyan J. Watts Dec 7, 2017 to now11
- PresidentRyan J. Watts Dec 7, 2017 to now11
- Chief financial officerSteve E. Krognes Dec 7, 2017 to Feb 15, 202212
- Chief operating officerAlexander O. Schuth Dec 7, 2017 to Feb 15, 202213
Board members and other officers (18)
- COFO and SecretaryAlexander O. Schuth Aug 11, 2022 to now14
- Chief Medical OfficerCarole Ho Dec 7, 2017 to now15
- Board memberFelix Baker Jun 5, 2025 to now16
- Board memberJulian Baker Jun 5, 2025 to now16
- Board memberL.p. 667 Jun 5, 2025 to now16
- Board memberHauwermeiren Timothy Van Nov 6, 2025 to now17
- Board memberErik Harris Feb 7, 2022 to Jun 4, 202418
- Board memberSteve E. Krognes Jul 21, 2022 to now19
- Board memberNancy Thornberry Jan 12, 2021 to now20
- Board memberPeter S. Klein Mar 20, 2018 to now21
- Board memberJennifer E. Cook Nov 8, 2018 to now22
- Board memberDavid P. Schenkein Dec 7, 2017 to now23
- Board memberDouglas G. Cole Dec 7, 2017 to Jun 5, 202324
- Board memberJay T. Flatley Dec 7, 2017 to now25
- Board memberMarc Tessier-Lavigne Dec 7, 2017 to now26
- Board memberRobert Nelsen Dec 7, 2017 to Jun 4, 202127
- Board memberRyan J. Watts Dec 7, 2017 to now11
- Board memberVicki L. Sato Dec 7, 2017 to Jan 3, 202528
Timeline
Filings
425 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 60 major events, 204 insider forms, 36 large holders, 1 private raises, 104 other. The latest 20:
- Sep 9, 20264 EDGAR
- Sep 4, 2026144 EDGAR
- Sep 4, 20264 EDGAR
- Sep 3, 20264 EDGAR
- Sep 2, 2026144 EDGAR
- Sep 1, 2026144 EDGAR
- Aug 14, 20264 EDGAR
- Aug 13, 20264 EDGAR
- Aug 11, 2026144 EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Aug 4, 2026SCHEDULE 13G/A EDGAR
- Jul 28, 20268-K EDGAR
- Jul 8, 2026SCHEDULE 13G/A EDGAR
- Jun 18, 20268-K EDGAR
- Jun 5, 20264 EDGAR
- Jun 5, 20264 EDGAR
- Jun 5, 20264 EDGAR
- Jun 5, 20264 EDGAR
- Jun 5, 20264 EDGAR
The 425 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 36 such filings since October 2021, the latest 10:
- Aug 4, 2026SCHEDULE 13G/A
- Jul 8, 2026SCHEDULE 13G/A
- May 15, 2026SCHEDULE 13G
- May 6, 2026SCHEDULE 13G/A
- Mar 26, 2026SCHEDULE 13G/A
- Nov 5, 2025SCHEDULE 13G/A
- Aug 12, 2025SCHEDULE 13G/A
- Feb 13, 2025SCHEDULE 13G/A
- Feb 12, 2025SCHEDULE 13G/A
- Nov 12, 2024SC 13G
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Money raised
Private offerings the company reported to the SEC on Form D.
- Feb 29, 2024Raised $499.7 million in a private offering of equity Form D: 11 investors so far Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 14,026,413 | $360.8M | 0.0% | +991,979 |
| Baillie Gifford & Co | 11,960,230 | $307.6M | 0.3% | −106,249 |
| State Street Corp | 7,049,304 | $181.3M | 0.0% | +777,303 |
| Temasek Holdings (Private) Ltd | 7,012,974 | $180.4M | 0.5% | No change |
| Vanguard Portfolio Management LLC | 6,477,057 | $166.6M | 0.0% | +356,897 |
| Vanguard Capital Management LLC | 6,275,729 | $161.4M | 0.0% | +127,772 |
| Fmr LLC | 4,535,836 | $116.7M | 0.0% | −39,538 |
| Goldman Sachs Group Inc | 4,155,895 | $106.9M | 0.0% | −251,360 |
| Geode Capital Management, LLC | 3,973,342 | $102.2M | 0.0% | +246,228 |
| Holocene Advisors, LP | 3,905,225 | $100.4M | 0.2% | +709,796 |
| Baker Bros. Advisors LP | 3,734,336 | $96.0M | 0.5% | +2,641 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 3,161,972 | $81.3M | 0.0% | −1,270,342 |
| UBS Group AG | 3,120,592 | $80.3M | 0.0% | +549,248 |
| Dimensional Fund Advisors LP | 2,860,604 | $73.6M | 0.0% | +168,429 |
| Norges Bank | 2,824,746 | $72.7M | 0.0% | New |
| Pictet Asset Management Holding SA | 2,791,206 | $71.9M | 0.1% | +232,341 |
| Capital Research Global Investors | 2,565,817 | $66.0M | 0.0% | +51,229 |
| Fisher Asset Management, LLC | 2,414,162 | $62.1M | 0.0% | −22,733 |
| Alliancebernstein L.P. | 2,984,807 | $57.3M | 0.0% | +91,189 |
| Nomura Asset Management International Inc. | 2,208,263 | $56.8M | 0.1% | +2,093,739 |
| Casdin Capital, LLC | 2,045,000 | $52.6M | 2.6% | +205,000 |
| Crestline Management, L.P. | 1,910,732 | $49.1M | 91.9% | −300,000 |
| Principal Financial Group Inc | 1,420,083 | $36.5M | 0.0% | −58,403 |
| Foresite Capital Management VI LLC | 1,396,771 | $35.9M | 5.6% | +186,800 |
| Siren, L.L.C. | 1,396,513 | $35.9M | 0.7% | No change |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 15SEC EDGARCarole Ho, Chief Medical Officer
- 16SEC EDGARFelix Baker, Board member
- 17
- 18SEC EDGARErik Harris, Board member
- 19SEC EDGARSteve E. Krognes, Board member
- 20SEC EDGARNancy Thornberry, Board member
- 21SEC EDGARPeter S. Klein, Board member
- 22SEC EDGARJennifer E. Cook, Board member
- 23SEC EDGARDavid P. Schenkein, Board member
- 24SEC EDGARDouglas G. Cole, Board member
- 25SEC EDGARJay T. Flatley, Board member
- 26SEC EDGARMarc Tessier-Lavigne, Board member
- 27SEC EDGARRobert Nelsen, Board member
- 28SEC EDGARVicki L. Sato, Board member
- 29