Denali Therapeutics Inc.

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

DNLI$19.85-2.4%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

	Year Ended December 31,
	2025	2024	2023
Collaboration revenue:
Collaboration revenue from customers(1)	$—	$—	$330,531
Total collaboration revenue	—	—	330,531
Operating expenses:
Research and development(2)	418,778	396,440	423,876
General and administration	136,564	105,438	103,354
Total operating expenses	555,342	501,878	527,230
Gain from divestiture of small molecule programs	—	14,537	—
Loss from operations	(555,342)	(487,341)	(196,699)
Interest and other income, net	42,904	64,636	51,505
Loss before income taxes	(512,438)	(422,705)	(145,194)
Income tax expense	(102)	(68)	(30)
Net loss	(512,540)	(422,773)	(145,224)
Other comprehensive income (loss):
Net unrealized gain (loss) on marketable securities, net of tax	(1,338)	1,377	7,529
Comprehensive loss	$(513,878)	$(421,396)	$(137,695)
Net loss per share, basic and diluted	$(2.97)	$(2.57)	$(1.06)
Weighted average number of shares outstanding, basic and diluted	172,649,097	164,473,772	137,370,897

(1)Includes related-party collaboration revenue from customers of $295.5 million for the year ended December 31, 2023.

(2)Includes expense for cost sharing payments to a related party of $17.7 million for the year ended December 31, 2023.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.