Denali Therapeutics (DNLI) Financials

$18.62 -0.77 (-3.97%)

Closing price 05/15/2026 04:00 PM Eastern

Extended Trading

$18.63 +0.01 (+0.05%)

As of 05/15/2026 07:02 PM Eastern

Annual Income Statements for Denali Therapeutics

This table shows Denali Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-87	-88	-37	-197	71	-293	-330	-138	-421	-513
Consolidated Net Income / (Loss)	-87	-88	-36	-198	71	-291	-326	-145	-423	-513
Net Income / (Loss) Continuing Operations	-87	-88	-36	-198	71	-291	-326	-145	-423	-513
Total Pre-Tax Income	-87	-88	-46	-213	63	-296	-326	-145	-423	-512
Total Operating Income	-87	-90	-46	-213	63	-296	-341	-197	-487	-555
Total Gross Profit	0.00	0.00	129	27	336	49	108	331	0.00	0.00
Total Revenue	0.00	0.00	129	27	336	49	108	331	0.00	0.00
Operating Revenue	0.00	0.00	129	27	336	49	108	331	0.00	0.00
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	87	90	176	240	273	344	449	527	487	555
Selling, General & Admin Expense	12	16	32	46	60	79	90	103	105	137
Research & Development Expense	76	74	143	193	213	265	359	424	396	419
Total Other Income / (Expense), net	0.00	1.96	0.00	0.00	0.00	0.00	15	52	65	43
Interest & Investment Income	-	-	-	-	-	-	15	52	65	43
Income Tax Expense	-	0.00	0.00	-0.35	0.82	-0.58	0.02	0.03	0.07	0.10
Basic Earnings per Share	($13.49)	($5.89)	($0.39)	($2.07)	$0.65	($2.39)	($2.60)	($1.06)	($2.57)	($2.97)
Weighted Average Basic Shares Outstanding	6.42M	14.96M	92.62M	95.61M	108.97M	121.52M	125.53M	137.37M	164.47M	172.65M
Diluted Earnings per Share	($13.49)	($5.89)	($0.39)	($2.07)	$0.63	($2.39)	($2.60)	($1.06)	($2.57)	($2.97)
Weighted Average Diluted Shares Outstanding	6.42M	14.96M	92.62M	95.61M	112.70M	121.52M	125.53M	137.37M	164.47M	172.65M
Weighted Average Basic & Diluted Shares Outstanding	6.42M	14.96M	92.62M	95.61M	108.97M	122.83M	136.68M	139.16M	145.22M	158.59M

This table shows Denali Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-99	-118	-104	-100	-99	-118	-133	-125	-127	-128	-128
Consolidated Net Income / (Loss)	-99	-119	-102	-99	-107	-115	-133	-124	-127	-129	-128
Net Income / (Loss) Continuing Operations	-99	-119	-102	-99	-107	-115	-133	-124	-127	-129	-128
Total Pre-Tax Income	-99	-119	-102	-99	-107	-115	-133	-124	-127	-128	-128
Total Operating Income	-114	-133	-118	-117	-123	-130	-146	-135	-137	-137	-137
Total Gross Profit	1.27	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Revenue	1.27	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	115	133	118	117	123	130	146	135	137	137	137
Selling, General & Admin Expense	25	25	25	25	25	30	29	32	35	39	34
Research & Development Expense	90	108	107	91	98	100	116	103	102	98	104
Total Other Income / (Expense), net	14	13	16	18	16	15	13	11	11	8.92	8.91
Interest & Investment Income	14	13	16	18	16	15	13	11	11	8.92	8.91
Basic Earnings per Share	($0.72)	($0.88)	($0.68)	($0.59)	($0.63)	($0.67)	($0.78)	($0.72)	($0.74)	($0.73)	($0.69)
Weighted Average Basic Shares Outstanding	137.64M	137.37M	149.40M	168.83M	169.46M	164.47M	171.22M	171.45M	172.42M	172.65M	186.64M
Diluted Earnings per Share	($0.72)	($0.84)	($0.68)	($0.59)	($0.63)	($0.67)	($0.78)	($0.72)	($0.74)	($0.73)	($0.69)
Weighted Average Diluted Shares Outstanding	137.64M	137.37M	149.40M	168.83M	169.46M	164.47M	171.22M	171.45M	172.42M	172.65M	186.64M
Weighted Average Basic & Diluted Shares Outstanding	138.20M	139.16M	142.61M	143.17M	143.92M	145.22M	145.28M	146.21M	146.66M	158.59M	158.71M

This table details how cash moves in and out of Denali Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	9.56	179	-140	2.33	428	-214	-75	-91	48	32
Net Cash From Operating Activities	-72	-77	50	-152	416	-211	-245	-358	-348	-413
Net Cash From Continuing Operating Activities	-72	-77	50	-152	416	-211	-245	-358	-348	-413
Net Income / (Loss) Continuing Operations	-87	-88	-36	-198	71	-291	-326	-145	-423	-513
Consolidated Net Income / (Loss)	-87	-88	-36	-198	71	-291	-326	-145	-423	-513
Depreciation Expense	1.47	3.08	7.42	7.99	8.53	8.59	10	17	7.80	11
Amortization Expense	0.30	0.75	-2.71	-5.02	0.06	8.75	0.00	0.00	1.20	3.63
Non-Cash Adjustments To Reconcile Net Income	8.23	4.41	19	40	48	82	64	60	49	85
Changes in Operating Assets and Liabilities, net	4.74	3.31	63	2.92	288	-20	7.28	-290	17	0.15
Net Cash From Investing Activities	-219	-41	-287	148	-623	-22	-141	249	-89	255
Net Cash From Continuing Investing Activities	-219	-41	-287	148	-623	-22	-141	249	-89	255
Purchase of Property, Plant & Equipment	-6.13	-2.88	-3.39	-18	-3.10	-8.50	-18	-13	-16	-9.50
Purchase of Investments	-227	-180	-558	-370	-1,285	-1,423	-1,115	-1,814	-1,230	-441
Sale and/or Maturity of Investments	14	141	274	535	665	1,410	991	2,076	1,157	706
Net Cash From Financing Activities	300	296	97	6.19	635	19	311	18	484	189
Net Cash From Continuing Financing Activities	300	296	97	6.19	635	19	311	18	484	189
Repayment of Debt	-	-	-	-	-	-	-	0.00	0.00	-0.32
Issuance of Common Equity	0.00	266	94	0.00	614	19	311	18	517	198
Other Financing Activities, net	0.11	0.73	4.00	6.19	21	-	0.00	0.00	-32	-8.17
Cash Interest Paid	-	-	-	-	-	-	0.00	0.00	0.30	0.72
Cash Income Taxes Paid	-	-	-	-	0.00	0.21	0.05	0.00	0.00	0.05

This table details how cash moves in and out of Denali Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	16	-21	-67	14	16	84	-116	84	-50	114	182
Net Cash From Operating Activities	-87	-99	-114	-91	-59	-84	-131	-75	-107	-99	-131
Net Cash From Continuing Operating Activities	-87	-99	-114	-91	-59	-84	-131	-75	-107	-99	-131
Net Income / (Loss) Continuing Operations	-99	-119	-102	-99	-107	-115	-133	-124	-127	-129	-128
Consolidated Net Income / (Loss)	-99	-119	-102	-99	-107	-115	-133	-124	-127	-129	-128
Depreciation Expense	2.22	2.18	2.16	1.94	1.84	1.85	2.33	3.05	2.95	2.87	2.85
Amortization Expense	19	-44	0.00	-10	21	0.77	0.89	0.91	0.92	0.92	0.92
Non-Cash Adjustments To Reconcile Net Income	-5.21	57	1.83	24	-5.14	18	20	22	22	21	21
Changes in Operating Assets and Liabilities, net	-4.41	5.85	-16	-8.16	30	11	-22	23	-6.22	5.02	-27
Net Cash From Investing Activities	101	73	-453	99	94	172	19	158	58	21	94
Net Cash From Continuing Investing Activities	101	73	-453	99	94	172	19	158	58	21	94
Purchase of Property, Plant & Equipment	-2.07	-2.24	-2.15	-4.79	-3.88	-5.09	-5.08	-4.28	1.38	-1.52	-2.47
Purchase of Investments	-498	-414	-834	-122	-100	-174	-138	-	-51	-253	-123
Sale and/or Maturity of Investments	601	489	383	225	198	351	162	162	107	275	220
Net Cash From Financing Activities	2.49	4.71	500	6.76	-19	-4.17	-3.76	1.62	-0.78	192	219
Net Cash From Continuing Financing Activities	2.49	4.71	500	6.76	-19	-4.17	-3.76	1.62	-0.78	192	219
Issuance of Common Equity	2.49	4.71	500	6.76	5.46	4.16	0.60	4.06	0.58	192	19
Other Financing Activities, net	-	-	0.00	-	-	-8.32	-4.36	-2.43	-1.36	-0.02	200

This table presents Denali Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	487	662	553	1,604	1,404	1,460	1,154	1,374	1,145
Total Current Assets	410	481	430	1,496	897	1,372	1,064	864	901
Cash & Equivalents	218	77	79	507	293	218	127	175	205
Short-Term Investments	188	387	336	963	572	1,118	907	657	663
Prepaid Expenses	3.38	17	15	20	31	36	30	32	33
Plant, Property, & Equipment, net	15	25	47	41	39	44	46	55	52
Total Noncurrent Assets	62	156	76	68	468	44	44	455	192
Long-Term Investments	61	148	40	33	425	-	0.00	359	98
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	0.00	48	49
Intangible Assets	-	-	-	-	-	-	-	-	0.00
Other Noncurrent Operating Assets	1.44	8.11	37	35	43	44	44	48	45
Total Liabilities & Shareholders' Equity	487	662	553	1,604	1,404	1,460	1,154	1,374	1,145
Total Liabilities	21	115	158	454	442	418	123	144	131
Total Current Liabilities	14	33	45	72	378	364	78	102	98
Accounts Payable	2.72	1.89	2.59	1.07	4.78	2.79	9.48	11	0.51
Accrued Expenses	5.36	-	-	-	-	67	68	91	98
Total Noncurrent Liabilities	6.76	82	113	382	64	54	45	42	33
Other Noncurrent Operating Liabilities	0.47	58	113	382	64	53	45	42	33
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	466	547	395	1,151	962	1,042	1,031	1,230	1,014
Total Preferred & Common Equity	466	547	395	1,151	962	1,042	1,031	1,230	1,014
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	466	547	395	1,151	962	1,042	1,031	1,230	1,014
Common Stock	658	775	820	1,505	1,610	2,020	2,147	2,767	3,065
Retained Earnings	-192	-228	-426	-354	-645	-971	-1,116	-1,539	-2,052
Accumulated Other Comprehensive Income / (Loss)	-0.37	-0.65	0.35	-0.25	-2.50	-6.89	0.64	2.02	0.68

This table presents Denali Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,228	1,409	1,306	1,237	1,581	1,503	1,454	1,271	1,166	1,056	1,266
Total Current Assets	1,139	1,325	1,224	1,143	974	928	869	879	935	883	1,023
Cash & Equivalents	119	68	132	148	61	75	91	57	141	91	388
Short-Term Investments	987	1,220	1,059	961	876	821	746	761	758	757	600
Prepaid Expenses	32	37	33	34	37	32	32	61	36	34	35
Plant, Property, & Equipment, net	42	42	40	48	47	48	51	58	59	54	52
Total Noncurrent Assets	47	42	42	46	561	526	534	335	173	119	192
Long-Term Investments	0.00	-	-	7.91	491	451	445	236	78	25	64
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	39	50	50	49	48
Intangible Assets	-	-	-	-	-	-	-	-	-	-	36
Other Noncurrent Operating Assets	47	42	42	38	70	75	50	49	44	45	44
Total Liabilities & Shareholders' Equity	1,228	1,409	1,306	1,237	1,581	1,503	1,454	1,271	1,166	1,056	1,266
Total Liabilities	416	443	119	118	126	116	136	149	139	129	340
Total Current Liabilities	361	391	69	71	83	75	87	92	91	90	110
Accounts Payable	8.98	11	15	12	12	14	9.59	8.46	11	6.75	40
Accrued Expenses	41	77	36	36	43	33	38	50	39	33	70
Total Noncurrent Liabilities	56	52	50	47	43	41	48	57	48	39	230
Other Noncurrent Operating Liabilities	56	52	50	47	43	41	48	57	48	39	230
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	811	967	1,187	1,118	1,455	1,387	1,318	1,123	1,027	926	926
Total Preferred & Common Equity	811	967	1,187	1,118	1,455	1,387	1,318	1,123	1,027	926	926
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	811	967	1,187	1,118	1,455	1,387	1,318	1,123	1,027	926	926
Common Stock	1,695	2,050	2,086	2,116	2,675	2,707	2,737	2,793	2,822	2,848	3,107
Retained Earnings	-872	-1,081	-897	-997	-1,218	-1,317	-1,424	-1,672	-1,796	-1,923	-2,180
Accumulated Other Comprehensive Income / (Loss)	-12	-2.52	-1.44	-0.65	-1.30	-2.66	5.53	2.04	0.94	1.10	-0.68

This table displays calculated financial ratios and metrics derived from Denali Therapeutics' official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	-79.35%	1,158.19%	-85.50%	122.90%	204.74%	-100.00%	0.00%
EBITDA Growth	0.00%	1.53%	50.61%	-404.57%	133.92%	-490.46%	-18.66%	32.22%	-113.62%	-13.00%
EBIT Growth	0.00%	-0.86%	47.42%	-359.73%	129.42%	-571.56%	-15.21%	42.27%	-147.76%	-13.95%
NOPAT Growth	0.00%	-3.10%	48.56%	-359.73%	141.48%	-434.48%	-15.21%	42.27%	-147.76%	-13.95%
Net Income Growth	0.00%	-1.77%	58.90%	-445.29%	136.00%	-508.49%	-12.19%	55.45%	-191.12%	-21.23%
EPS Growth	0.00%	56.34%	93.38%	-430.77%	130.43%	-479.37%	-8.79%	59.23%	-142.45%	-15.56%
Operating Cash Flow Growth	0.00%	-6.57%	165.40%	-402.45%	374.55%	-150.80%	-15.77%	-46.29%	2.88%	-18.67%
Free Cash Flow Firm Growth	0.00%	0.00%	151.18%	-586.58%	329.17%	-165.17%	-18.66%	-56.57%	10.57%	-4.09%
Invested Capital Growth	0.00%	0.00%	-5,436.69%	7.62%	-483.02%	6.62%	10.59%	98.79%	1,167.75%	25.22%
Revenue Q/Q Growth	0.00%	0.00%	3,607.23%	-81.94%	1,327.36%	-86.21%	-2.02%	-3.02%	0.00%	0.00%
EBITDA Q/Q Growth	0.00%	0.00%	70.41%	-172.08%	130.64%	-770.66%	-10.02%	-45.50%	8.97%	-1.19%
EBIT Q/Q Growth	0.00%	0.00%	67.94%	-164.16%	126.23%	-1,262.18%	-9.03%	-16.07%	0.56%	-1.37%
NOPAT Q/Q Growth	0.00%	0.00%	67.94%	-84.91%	136.98%	-913.52%	-9.03%	-16.07%	0.56%	-1.37%
Net Income Q/Q Growth	0.00%	0.00%	84.02%	-922.06%	131.23%	-1,082.85%	-7.74%	-16.71%	1.10%	-2.77%
EPS Q/Q Growth	0.00%	0.00%	-18.18%	-213.64%	128.38%	-568.63%	-5.26%	-9.28%	6.20%	-2.06%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	181.62%	-1,310.27%	386.20%	-157.44%	-3.02%	-7.83%	4.12%	-3.73%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-114.39%	365.49%	-184.42%	-1.08%	-3.22%	-1.14%	0.49%
Invested Capital Q/Q Growth	0.00%	0.00%	-16.77%	6.76%	-255.45%	5.14%	0.33%	-404.02%	4.13%	-10.75%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	0.00%	0.00%
EBITDA Margin	0.00%	0.00%	-32.26%	-787.96%	21.24%	-572.14%	-304.58%	-67.75%	0.00%	0.00%
Operating Margin	0.00%	0.00%	-35.90%	-799.10%	18.69%	-607.78%	-314.16%	-59.51%	0.00%	0.00%
EBIT Margin	0.00%	0.00%	-35.90%	-799.10%	18.69%	-607.78%	-314.16%	-59.51%	0.00%	0.00%
Profit (Net Income) Margin	0.00%	0.00%	-28.06%	-740.74%	21.19%	-597.15%	-300.56%	-43.94%	0.00%	0.00%
Tax Burden Percent	99.11%	100.00%	78.15%	92.70%	113.42%	98.25%	100.01%	100.02%	100.02%	100.02%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	95.66%	73.82%	86.74%	92.27%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	-18.93%	-7.16%	-41.97%	9.21%	-27.51%	-32.52%	-14.01%	-37.40%	-45.69%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,007.57%	-931.31%
Operating Return on Assets (OROA)	0.00%	0.00%	-8.07%	-35.09%	5.81%	-19.66%	-23.79%	-15.05%	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	-6.31%	-32.52%	6.59%	-19.32%	-22.76%	-11.11%	0.00%	0.00%
Return on Common Equity (ROCE)	0.00%	-18.93%	-7.16%	-41.97%	9.21%	-27.51%	-32.52%	-14.01%	-37.40%	-45.69%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-18.93%	-6.63%	-50.04%	6.18%	-30.20%	-31.27%	-14.09%	-34.38%	0.00%
Net Operating Profit after Tax (NOPAT)	-61	-63	-32	-149	62	-207	-239	-138	-341	-389
NOPAT Margin	0.00%	0.00%	-25.13%	-559.37%	18.44%	-425.44%	-219.91%	-41.66%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	0.00%	-10.74%	-0.70%	-9.07%	0.94%	-5.98%	-6.66%	-0.64%	-7.33%	-11.47%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-22.88%	-13.36%	-27.74%	-38.35%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	25.05%	174.23%	17.97%	162.47%	83.42%	31.27%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	110.86%	724.87%	63.34%	545.31%	330.74%	128.24%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	135.90%	899.10%	81.32%	707.78%	414.16%	159.51%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-87	-88	-46	-213	63	-296	-341	-197	-487	-555
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-86	-84	-42	-210	71	-278	-330	-224	-478	-541
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	3.59	4.24	8.73	5.66	3.62	2.88	2.39	2.39
Price to Tangible Book Value (P/TBV)	0.00	0.00	3.59	4.24	8.73	5.66	3.62	2.88	2.39	2.39
Price to Revenue (P/Rev)	0.00	0.00	15.19	62.71	29.92	111.93	34.82	8.97	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	142.39	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.70%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	45.85	30.60
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	10.45	45.64	25.45	85.41	22.50	5.84	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	119.80	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	136.20	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	138.01	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	26.93	0.00	20.53	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	42.59	0.00	24.17	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-1.00	-1.07	-1.13	-1.27	-1.32	-1.31	-1.14	-0.98	-0.96
Leverage Ratio	0.00	1.04	1.13	1.29	1.40	1.42	1.43	1.26	1.12	1.12
Compound Leverage Factor	0.00	1.04	1.13	1.29	1.40	1.42	1.37	0.93	0.97	1.04
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	0.00	10.52	4.87	14.38	6.54	4.63	13.87	10.11	7.81
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	28.92	14.67	9.48	20.86	2.37	3.77	13.65	8.46	9.16
Quick Ratio	0.00	28.68	14.16	9.16	20.58	2.29	3.67	13.27	8.14	8.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-62	32	-154	353	-230	-273	-428	-383	-398
Operating Cash Flow to CapEx	-1,172.29%	-2,665.57%	1,477.04%	-845.90%	13,445.95%	-2,486.93%	-1,372.26%	-2,766.76%	-2,185.11%	-4,342.24%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.22	0.04	0.31	0.03	0.08	0.25	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	14.10	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	6.44	0.74	7.67	1.22	2.62	7.37	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	25.88	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	25.88	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-1.18	-65	-60	-352	-329	-294	-3.56	38	48
Invested Capital Turnover	0.00	0.00	-3.88	-0.42	-1.63	-0.14	-0.35	-2.22	0.00	0.00
Increase / (Decrease) in Invested Capital	0.00	-1.18	-64	4.98	-292	23	35	290	42	9.58
Enterprise Value (EV)	0.00	0.00	1,350	1,218	8,542	4,156	2,441	1,931	1,741	1,455
Market Capitalization	0.00	0.00	1,962	1,673	10,044	5,447	3,777	2,966	2,933	2,421
Book Value per Share	$0.00	$31.13	$5.76	$4.11	$9.59	$7.88	$7.68	$7.46	$8.54	$6.91
Tangible Book Value per Share	$0.00	$31.13	$5.76	$4.11	$9.59	$7.88	$7.68	$7.46	$8.54	$6.91
Total Capital	0.00	466	547	395	1,151	962	1,042	1,031	1,230	1,014
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	-467	-612	-455	-1,502	-1,291	-1,336	-1,035	-1,192	-966
Capital Expenditures (CapEx)	6.13	2.88	3.39	18	3.10	8.50	18	13	16	9.50
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-11	-16	-31	-46	-346	-328	-48	-70	-66
Debt-free Net Working Capital (DFNWC)	0.00	395	448	385	1,424	519	1,008	986	762	802
Net Working Capital (NWC)	0.00	395	448	385	1,424	519	1,008	986	762	802
Net Nonoperating Expense (NNE)	25	25	3.78	48	-9.24	84	87	7.53	82	124
Net Nonoperating Obligations (NNO)	0.00	-467	-612	-455	-1,502	-1,291	-1,336	-1,035	-1,192	-966
Total Depreciation and Amortization (D&A)	1.77	3.84	4.71	2.97	8.59	17	10	-27	8.99	15
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	-12.58%	-114.96%	-13.63%	-711.90%	-302.24%	-14.63%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	346.90%	1,441.96%	424.23%	1,066.54%	929.72%	298.35%	0.00%	0.00%
Net Working Capital to Revenue	0.00%	0.00%	346.90%	1,441.96%	424.23%	1,066.54%	929.72%	298.35%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.39)	($2.07)	$0.65	($2.39)	($2.60)	($1.06)	($2.57)	($2.97)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	95.29M	105.42M	108.97M	121.52M	125.53M	137.37M	164.47M	172.65M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.39)	($2.07)	$0.63	($2.39)	($2.60)	($1.06)	($2.57)	($2.97)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	95.29M	105.42M	108.97M	121.52M	125.53M	137.37M	164.47M	172.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($0.39)	($2.07)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	92.62M	95.61M	108.97M	122.83M	136.68M	139.16M	145.22M	158.59M
Normalized Net Operating Profit after Tax (NOPAT)	-61	-63	-32	-149	62	-207	-239	-138	-351	-389
Normalized NOPAT Margin	0.00%	0.00%	-25.13%	-559.37%	18.44%	-425.44%	-219.91%	-41.66%	0.00%	0.00%
Pre Tax Income Margin	0.00%	0.00%	-35.90%	-799.10%	18.69%	-607.78%	-300.54%	-43.93%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-3.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Denali Therapeutics' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	158,591,491.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	158,591,491.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.81
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-64.40%	0.00%	-100.00%	-100.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Growth	9.48%	-69.79%	-6.28%	-177.35%	-8.84%	27.03%	-23.21%	-14.27%	-10.46%	-5.00%	6.16%
EBIT Growth	-10.16%	-25.85%	2.57%	-168.39%	-8.25%	2.06%	-23.67%	-15.76%	-11.57%	-5.79%	5.65%
NOPAT Growth	-5.87%	-25.85%	2.57%	-147.87%	-8.25%	2.06%	-23.67%	-15.76%	-11.57%	-5.79%	5.65%
Net Income Growth	3.82%	-21.07%	7.27%	-154.00%	-7.89%	3.95%	-30.62%	-25.34%	-18.39%	-12.02%	3.40%
EPS Growth	14.29%	-12.00%	15.00%	-145.38%	12.50%	20.24%	-14.71%	-22.03%	-17.46%	-8.96%	11.54%
Operating Cash Flow Growth	-53.14%	-35.77%	-93.22%	19.39%	32.31%	15.15%	-15.71%	17.45%	-81.43%	-17.71%	0.20%
Free Cash Flow Firm Growth	-196.06%	-252.95%	-720.00%	-21.19%	67.64%	65.43%	66.91%	17.24%	7.00%	20.16%	168.66%
Invested Capital Growth	100.40%	98.79%	108.67%	1,061.39%	3,017.35%	1,167.75%	147.16%	24.05%	46.11%	25.22%	-281.92%
Revenue Q/Q Growth	-99.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	-157.18%	-89.11%	11.62%	1.08%	19.54%	-26.79%	-11.90%	7.98%	-1.96%	-0.01%	-0.01%
EBIT Q/Q Growth	-166.75%	-16.50%	11.21%	0.95%	-5.66%	-5.41%	-12.12%	7.29%	-1.83%	0.05%	0.01%
NOPAT Q/Q Growth	-146.72%	-16.50%	11.21%	0.95%	-5.66%	-5.41%	-12.12%	7.29%	-1.83%	0.05%	0.01%
Net Income Q/Q Growth	-154.18%	-20.25%	14.79%	2.73%	-8.25%	-7.05%	-15.88%	6.66%	-2.24%	-1.30%	0.08%
EPS Q/Q Growth	-155.38%	-16.67%	19.05%	13.24%	-6.78%	-6.35%	-16.42%	7.69%	-2.78%	1.35%	5.48%
Operating Cash Flow Q/Q Growth	22.80%	-12.93%	-15.17%	19.71%	35.17%	-41.56%	-57.04%	42.73%	-42.50%	8.16%	-33.15%
Free Cash Flow Firm Q/Q Growth	-261.85%	-1.98%	-12.79%	70.88%	3.38%	-8.96%	-7.94%	27.17%	-8.57%	6.45%	192.81%
Invested Capital Q/Q Growth	128.11%	-404.02%	883.89%	43.50%	-8.85%	4.13%	81.45%	-27.97%	7.36%	-10.75%	-363.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Margin	-7,276.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Margin	-8,981.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Margin	-8,981.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	-7,841.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Burden Percent	100.00%	100.03%	100.00%	100.00%	100.00%	100.06%	100.00%	100.00%	100.00%	100.08%	100.00%
Interest Burden Percent	87.31%	90.10%	86.48%	84.93%	87.02%	88.32%	91.34%	91.97%	92.34%	93.51%	93.51%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-12.90%	-14.01%	-11.33%	0.00%	-35.09%	-37.40%	-35.21%	-39.69%	-44.44%	-45.69%	-49.59%
Cash Return on Invested Capital (CROIC)	-35,431.77%	0.00%	-1,739.95%	-951.31%	-2,010.20%	-1,007.57%	-829.92%	-854.71%	-891.89%	-931.31%	0.00%
Operating Return on Assets (OROA)	-2,484.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	-2,168.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	-12.90%	-14.01%	-11.33%	0.00%	-35.09%	-37.40%	-35.21%	-39.69%	-44.44%	-45.69%	-49.59%
Return on Equity Simple (ROE_SIMPLE)	-11.13%	0.00%	-9.43%	-30.26%	-32.42%	0.00%	-40.43%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-80	-93	-82	-82	-86	-91	-102	-94	-96	-96	-96
NOPAT Margin	-6,287.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	-1.77%	-2.25%	-1.43%	-1.37%	-1.75%	-2.14%	-2.50%	-2.55%	-2.85%	-3.00%	-3.07%
Return On Investment Capital (ROIC_SIMPLE)	-	-9.00%	-	-	-	-7.39%	-9.08%	-9.20%	-10.39%	-9.49%	-10.38%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	1,998.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	7,082.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9,081.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-114	-133	-118	-117	-123	-130	-146	-135	-137	-137	-137
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-92	-174	-126	-125	-100	-127	-142	-131	-134	-134	-134
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.54	2.88	1.95	2.39	3.16	2.39	1.76	1.98	2.29	2.39	3.29
Price to Tangible Book Value (P/TBV)	2.54	2.88	1.95	2.39	3.16	2.39	1.76	1.98	2.29	2.39	3.42
Price to Revenue (P/Rev)	8.32	8.97	9.60	2,613.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1,468.25	0.00	50.50	49.09	79.19	45.85	13.36	21.25	23.46	30.60	0.00
Enterprise Value to Revenue (EV/Rev)	5.04	5.84	4.77	1,550.39	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.15	-1.14	-1.12	-0.99	-0.98	-0.98	-0.96	-0.96	-0.96	-0.96	-1.03
Leverage Ratio	1.28	1.26	1.23	1.09	1.10	1.12	1.11	1.11	1.12	1.12	1.24
Compound Leverage Factor	1.12	1.14	1.07	0.93	0.96	0.99	1.01	1.02	1.03	1.05	1.16
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	14.24	14.05	13.08	16.40	17.46	10.97	6.49	7.09	7.76	9.02	3.47
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	16.06	13.65	11.79	12.46	9.98	8.46	9.56	10.27	9.79	9.16	9.28
Quick Ratio	15.58	13.27	11.34	12.02	9.61	8.14	8.90	9.87	9.41	8.82	8.97
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-376	-383	-432	-126	-122	-132	-143	-104	-113	-106	98
Operating Cash Flow to CapEx	-4,224.52%	-4,414.18%	-5,284.65%	-1,905.98%	-1,522.63%	-1,644.05%	-2,588.97%	-1,760.12%	0.00%	-6,465.75%	-5,320.52%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.25	0.20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.59	7.37	6.64	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1.17	-3.56	28	40	36	38	69	50	53	48	-125
Invested Capital Turnover	-2.32	-2.22	-2.01	0.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	296	290	350	44	35	42	41	9.63	17	9.58	-194
Enterprise Value (EV)	1,718	1,931	1,408	1,964	2,888	1,741	920	1,055	1,250	1,455	1,993
Market Capitalization	2,835	2,966	2,836	3,311	4,170	2,933	1,974	2,032	2,123	2,421	3,045
Book Value per Share	$8.14	$7.46	$9.74	$9.73	$9.21	$8.54	$7.73	$7.07	$6.33	$6.91	$5.84
Tangible Book Value per Share	$8.14	$7.46	$9.74	$9.73	$9.21	$8.54	$7.73	$7.07	$6.33	$6.91	$5.61
Total Capital	1,118	1,031	1,455	1,387	1,318	1,230	1,123	1,027	926	1,014	926
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-1,117	-1,035	-1,428	-1,347	-1,282	-1,192	-1,054	-977	-873	-966	-1,051
Capital Expenditures (CapEx)	2.07	2.24	2.15	4.79	3.88	5.09	5.08	4.28	-1.38	1.52	2.47
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-38	-48	-46	-42	-55	-70	-31	-55	-56	-66	-75
Debt-free Net Working Capital (DFNWC)	1,072	986	891	854	782	762	787	844	792	802	913
Net Working Capital (NWC)	1,072	986	891	854	782	762	787	844	792	802	913
Net Nonoperating Expense (NNE)	20	27	19	17	21	24	31	30	31	32	32
Net Nonoperating Obligations (NNO)	-1,117	-1,035	-1,428	-1,347	-1,282	-1,192	-1,054	-977	-873	-966	-1,051
Total Depreciation and Amortization (D&A)	22	-42	-8.35	-8.12	23	2.62	3.21	3.96	3.86	3.78	3.76
Debt-free, Cash-free Net Working Capital to Revenue	-11.02%	-14.63%	-15.53%	-3,330.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	314.45%	298.35%	301.63%	67,391.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Working Capital to Revenue	314.45%	298.35%	301.63%	67,391.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.72)	($0.88)	($0.68)	($0.59)	($0.63)	($0.67)	($0.78)	($0.72)	($0.74)	($0.73)	($0.69)
Adjusted Weighted Average Basic Shares Outstanding	137.64M	137.37M	149.40M	168.83M	169.46M	164.47M	171.22M	171.45M	172.42M	172.65M	186.64M
Adjusted Diluted Earnings per Share	($0.72)	($0.84)	($0.68)	($0.59)	($0.63)	($0.67)	($0.78)	($0.72)	($0.74)	($0.73)	($0.69)
Adjusted Weighted Average Diluted Shares Outstanding	137.64M	137.37M	149.40M	168.83M	169.46M	164.47M	171.22M	171.45M	172.42M	172.65M	186.64M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	138.20M	139.16M	142.61M	143.17M	143.92M	145.22M	145.28M	146.21M	146.66M	158.59M	158.71M
Normalized Net Operating Profit after Tax (NOPAT)	-80	-93	-93	-82	-86	-91	-102	-94	-96	-96	-96
Normalized NOPAT Margin	-6,287.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Pre Tax Income Margin	-7,841.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Denali Therapeutics (DNLI) remains a pre-revenue clinical-stage biotech. The last four years show persistent net losses and ongoing cash burn, but liquidity has been bolstered by equity financing and occasional asset sales. Below are the key takeaways from the latest quarterly data, with positive items first, followed by neutral observations, and then negatives.

Q4 2025: Issuance of Common Equity totaled 192,473,000, helping to bolster liquidity.
Q4 2025: Net Cash From Financing Activities recorded an inflow of 192,133,000, supporting overall liquidity runway.
Q4 2025: Sale and/or Maturity of Investments contributed a 275,000,000 cash inflow, providing a one-time liquidity boost.
Q3 2025: Net Cash From Continuing Investing Activities was 57,830,000, driven by asset sales that offset some cash burn.
Q2 2025: Net Cash From Continuing Investing Activities was 157,935,000, reflecting meaningful asset dispositions contributing to liquidity.
Liquidity snapshot: Short-Term Investments were 757,241,000 and Total Current Assets 882,598,000 (as of Q3 2025), signaling a substantial liquidity cushion for near-term operations.
Balance sheet leverage appears modest: Total Liabilities around 129,424,000 versus Total Equity about 926,197,000 (Q3 2025), indicating a relatively low debt load and a solid equity cushion.
Revenue profile: Total Revenue is effectively zero across recent quarters, which is typical for a development-stage biotech but remains a neutral factor for near-term price momentum.
Earnings and share metrics: Weighted Average Shares Outstanding around 172.6–172.7 million, with Basic EPS near -0.73 and Diluted EPS near -0.73 (Q4 2025), reflecting ongoing losses but a stable share count basis.
Ongoing net losses and cash burn: Net Income Attributable to Common Shareholders was -127,630,000 in Q4 2025 and -126,740,000 in Q3 2025, consistent with a multi-quarter loss trend.

Additional context on the near-term financial trajectory:

Operating cash burn remains substantial: Net Cash From Continuing Operating Activities was -98,538,000 (Q4 2025), -107,296,000 (Q3 2025), -75,298,000 (Q2 2025), and -131,468,000 (Q1 2025). This underscores the ongoing need for external funding to support ongoing R&D and operations.
Accumulated deficit: Retained Earnings stood at about -1,922,975,000 (Q4 2025), highlighting a large cumulative deficit that has built over several years.
Asset base fluctuation: Total Assets declined from about 1.17B in mid-2025 (Q2 2025) to roughly 1.06B (Q3 2025), signaling cash usage and asset activity that outpaced new capital in that interval.

05/17/26 09:15 AM ETAI Generated. May Contain Errors.

Denali Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Denali Therapeutics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Denali Therapeutics' net income appears to be on an upward trend, with a most recent value of -$512.54 million in 2025, rising from -$86.65 million in 2016. The previous period was -$422.77 million in 2024. See Denali Therapeutics' forecast for analyst expectations on what's next for the company.

Denali Therapeutics' total operating income in 2025 was -$555.34 million, based on the following breakdown:

Total Gross Profit: $0.00
Total Operating Expenses: $555.34 million

Over the last 9 years, Denali Therapeutics' total revenue changed from $0.00 in 2016 to $0.00 in 2025, a change of 0.0%.

Denali Therapeutics' total liabilities were at $131.09 million at the end of 2025, a 9.3% decrease from 2024, and a 526.5% increase since 2017.

In the past 8 years, Denali Therapeutics' cash and equivalents has ranged from $77.12 million in 2018 to $507.14 million in 2020, and is currently $205.33 million as of their latest financial filing in 2025.

Over the last 9 years, Denali Therapeutics' book value per share changed from 0.00 in 2016 to 6.91 in 2025, a change of 691.2%.

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Financial statements for NASDAQ:DNLI last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Denali Therapeutics (DNLI) Financials

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Denali Therapeutics (DNLI) Financials

Annual Income Statements for Denali Therapeutics

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Quarterly Cash Flow Statements for Denali Therapeutics

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Quarterly Metrics And Ratios for Denali Therapeutics

Financials Breakdown Chart

Key Financial Trends

Denali Therapeutics Financials - Frequently Asked Questions

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How has Denali Therapeutics' book value per share changed over the last 9 years?

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