Denali Therapeutics Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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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
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities | |||
| Net loss | $(512,540) | $(422,773) | $(145,224) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 11,183 | 7,795 | 16,726 |
| Stock-based compensation expense | 99,633 | 102,878 | 108,102 |
| Net accretion of discounts on marketable securities | (10,253) | (35,117) | (43,952) |
| Non-cash adjustment to operating lease expense | (4,450) | (4,074) | (3,719) |
| Right-of-use asset amortization for finance lease | 3,629 | 1,197 | — |
| Non-cash gain from divestiture of small molecule programs | — | (14,537) | — |
| Other non-cash items | 49 | — | 2 |
| Changes in operating assets and liabilities: | |||
| Prepaid expenses and other current assets | (540) | (2,480) | (4,094) |
| Other non-current assets | 772 | 603 | — |
| Accounts payable | (7,520) | 1,437 | 2,431 |
| Accruals and other current liabilities | 465 | 3,248 | 2,648 |
| Related party contract liability | — | — | (290,532) |
| Deferred research and development funding liability | 6,972 | 14,129 | — |
| Other non-current liabilities | — | — | (379) |
| Net cash used in operating activities | (412,600) | (347,694) | (357,991) |
| Investing activities | |||
| Maturities of marketable securities | 706,046 | 1,157,120 | 2,075,947 |
| Purchases of marketable securities | (441,263) | (1,229,964) | (1,813,700) |
| Purchases of property and equipment | (9,502) | (15,912) | (12,939) |
| Net cash provided by (used in) investing activities | 255,281 | (88,756) | 249,308 |
| Financing activities | |||
| Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs of $480 | — | 499,253 | — |
| Proceeds from public offering of common stock and pre-funded warrants, net of issuance costs of $728 | 189,249 | — | — |
| Proceeds from exercise of awards under equity incentive plans | 8,459 | 17,389 | 17,820 |
| Payments for finance lease right-of-use asset | (8,168) | (32,338) | — |
| Issuance costs related to the royalty financing | (324) | — | — |
| Net cash provided by financing activities | 189,216 | 484,304 | 17,820 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 31,897 | 47,854 | (90,863) |
| Cash, cash equivalents and restricted cash at beginning of year | 176,535 | 128,681 | 219,544 |
| Cash, cash equivalents and restricted cash at end of year | $208,432 | $176,535 | $128,681 |
| Supplemental disclosures of cash flow information | |||
| Equity consideration received in the divestiture of small molecule programs (Note 13) | $— | $15,000 | $— |
| Increase in right-of-use asset due to lessor assets | $— | $7,051 | $— |
| Right-of-use asset obtained in exchange for new finance lease liabilities | $— | $9,358 | $— |
| Property and equipment purchases accrued but not yet paid | $— | $1,192 | $553 |
| Cash paid for finance lease interest | $720 | $302 | $— |
| Issuance costs incurred but not yet paid | $482 | $— | $— |
| Cash paid during the year for income taxes | $46 | $— | $3 |
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