Denali Therapeutics Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $0 | $0 | $330.5M | $105.1M | $48.7M |
| Research and development | $418.8M | $396.4M | $423.9M | $358.7M | $265.4M |
| Operating expenses | $555.3M | $501.9M | $527.2M | $449.2M | $344.4M |
| Operating income | -$555.3M | -$487.3M | -$196.7M | -$340.7M | -$295.8M |
| Income tax expense | $102,000 | $68,000 | $30,000 | $21,000 | -$575,000 |
| Net income | -$512.5M | -$422.8M | -$145.2M | -$326.0M | -$290.6M |
| Balance Sheet | |||||
| Cash and equivalents | $205.3M | $175.0M | $127.1M | $218.0M | $293.5M |
| Current assets | $900.7M | $864.4M | $1.1B | $1.4B | $897.2M |
| Total assets | $1.1B | $1.4B | $1.2B | $1.5B | $1.4B |
| Current liabilities | $98.4M | $102.2M | $78.0M | $363.9M | $378.2M |
| Total liabilities | $131.1M | $144.5M | $123.0M | $417.8M | $441.9M |
| Stockholders' equity | $1.0B | $1.2B | $1.0B | $1.0B | $962.3M |
| Cash Flow Statement | |||||
| Cash from operations | -$412.6M | -$347.7M | -$358.0M | -$244.7M | -$211.4M |
| Depreciation and amortization | $11.2M | $7.8M | $16.7M | $10.4M | $8.6M |
| Stock-based compensation | $99.6M | $102.9M | $108.1M | $99.8M | $85.2M |
| Capital expenditure | $9.5M | $15.9M | $12.9M | $17.8M | $8.5M |
| Free cash flow | -$422.1M | -$363.6M | -$370.9M | -$262.5M | -$219.9M |
Shares outstanding 158.7M · Free float 89.4%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.