Denali Therapeutics Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
DNLI$19.85-2.4%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities | ||
| Net loss | $(383,991) | $(308,020) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 8,317 | 5,942 |
| Stock–based compensation expense | 75,682 | 77,800 |
| Net accretion of discounts on marketable securities | (8,611) | (28,952) |
| Non-cash adjustment to operating lease expense | (3,305) | (3,025) |
| Right-of-use asset amortization for finance lease | 2,713 | 431 |
| Non-cash gain from divestiture of small molecule programs | — | (14,537) |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (2,287) | (2,625) |
| Other non-current assets | 1,305 | (1,178) |
| Accounts payable | (4,112) | 151 |
| Accruals and other current liabilities | (12,262) | 6,090 |
| Deferred research and development funding liability | 12,489 | 3,944 |
| Net cash used in operating activities | (314,062) | (263,979) |
| Investing activities | ||
| Purchases of marketable securities | (188,555) | (1,056,263) |
| Maturities and sales of marketable securities | 431,046 | 806,120 |
| Purchases of property and equipment | (7,978) | (10,820) |
| Net cash provided by (used in) investing activities | 234,513 | (260,963) |
| Financing activities | ||
| Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs of $480 | — | 499,253 |
| Proceeds from exercise of awards under equity incentive plans | 5,235 | 13,234 |
| Payments for finance lease right-of-use asset | (8,152) | (24,015) |
| Net cash (used in) provided by financing activities | (2,917) | 488,472 |
| Net decrease in cash, cash equivalents and restricted cash | (82,466) | (36,470) |
| Cash, cash equivalents and restricted cash at beginning of period | 176,535 | 128,681 |
| Cash, cash equivalents and restricted cash at end of period | $94,069 | $92,211 |
| Supplemental disclosures of cash flow information | ||
| Equity consideration received in the divestiture of small molecule programs (Note 10) | $— | $15,000 |
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