Denali Therapeut Financials

DNLI

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Weak

1/9

Denali Therapeut passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.82x

For every $1 of reported earnings, Denali Therapeut generates $0.82 in operating cash flow (-$347.7M OCF vs -$422.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Denali Therapeut (DNLI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Export CSV

Key Financial Metrics

Revenue

YoY-100.0%

Denali Therapeut generated $0 in revenue in fiscal year 2024. This represents a decrease of 100.0% from the prior year.

EBITDA

-$479.5M

YoY-166.5%

Denali Therapeut's EBITDA was -$479.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 166.5% from the prior year.

Free Cash Flow

-$363.6M

YoY+2.0%

Denali Therapeut generated -$363.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 2.0% from the prior year.

Net Income

-$422.8M

YoY-191.1%

Denali Therapeut reported -$422.8M in net income in fiscal year 2024. This represents a decrease of 191.1% from the prior year.

EPS (Diluted)

$-2.57

YoY-142.5%

Denali Therapeut earned $-2.57 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 142.5% from the prior year.

Cash & Debt

$175.0M

YoY+37.6%

5Y CAGR+17.1%

Denali Therapeut held $175.0M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

144M

YoY+4.2%

5Y CAGR+8.4%

Denali Therapeut had 144M shares outstanding in fiscal year 2024. This represents an increase of 4.2% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$396.4M

YoY-6.5%

5Y CAGR+15.4%

Denali Therapeut invested $396.4M in research and development in fiscal year 2024. This represents a decrease of 6.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$15.9M

YoY+23.0%

5Y CAGR-2.3%

Denali Therapeut invested $15.9M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 23.0% from the prior year.

DNLI Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$0-100.0%	$330.5M+204.7%	$108.5M+122.9%	$48.7M-85.5%	$335.7M+1158.2%	$26.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$396.4M-6.5%	$423.9M+18.2%	$358.7M+35.2%	$265.4M+24.8%	$212.6M+9.9%	$193.4M
SG&A Expenses	$105.4M+2.0%	$103.4M+14.2%	$90.5M+14.4%	$79.1M+31.1%	$60.3M+29.8%	$46.5M
Operating Income	-$487.3M-147.8%	-$196.7M+42.3%	-$340.7M-15.2%	-$295.8M-571.6%	$62.7M+129.4%	-$213.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$68K+126.7%	$30K+42.9%	$21K+103.7%	-$575K-169.9%	$823K+334.5%	-$351K
Net Income	-$422.8M-191.1%	-$145.2M+55.5%	-$326.0M-12.2%	-$290.6M-508.5%	$71.1M+136.0%	-$197.6M
EPS (Diluted)	$-2.57-142.5%	$-1.06+59.2%	$-2.60-8.8%	$-2.39-479.4%	$0.63+130.4%	$-2.07

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	N/A	N/A	N/A	$0	$0	$0	$0-100.0%	$1.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$102.0M-0.7%	$102.7M-11.6%	$116.2M+16.5%	$99.8M+9.2%	$91.4M-14.6%	$107.0M-0.7%	$107.8M+20.1%	$89.7M
SG&A Expenses	$35.5M+10.0%	$32.3M+9.9%	$29.4M-2.3%	$30.1M+19.3%	$25.2M-0.2%	$25.2M+1.9%	$24.8M-2.2%	$25.3M
Operating Income	-$137.4M-1.8%	-$135.0M+7.3%	-$145.6M-12.1%	-$129.8M-11.4%	-$116.6M+1.0%	-$117.7M+11.2%	-$132.6M-16.5%	-$113.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Net Income	-$126.9M-2.2%	-$124.1M+6.7%	-$133.0M-15.9%	-$114.8M-15.9%	-$99.0M+2.7%	-$101.8M+14.8%	-$119.5M-20.3%	-$99.4M
EPS (Diluted)	$-0.74-2.8%	$-0.72+7.7%	$-0.78-16.4%	$-0.67-13.6%	$-0.59+13.2%	$-0.68+19.0%	$-0.84-16.7%	$-0.72

DNLI Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.4B+19.1%	$1.2B-21.0%	$1.5B+4.0%	$1.4B-12.5%	$1.6B+190.0%	$553.2M
Current Assets	$864.4M-18.8%	$1.1B-22.5%	$1.4B+52.9%	$897.2M-40.0%	$1.5B+247.8%	$430.0M
Cash & Equivalents	$175.0M+37.6%	$127.1M-41.7%	$218.0M-25.7%	$293.5M-42.1%	$507.1M+538.3%	$79.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	$8.6M	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$144.5M+17.5%	$123.0M-70.6%	$417.8M-5.4%	$441.9M-2.6%	$453.7M+186.6%	$158.3M
Current Liabilities	$102.2M+31.1%	$78.0M-78.6%	$363.9M-3.8%	$378.2M+427.5%	$71.7M+58.1%	$45.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B+19.3%	$1.0B-1.1%	$1.0B+8.3%	$962.3M-16.4%	$1.2B+191.4%	$394.9M
Retained Earnings	-$1.5B-37.9%	-$1.1B-15.0%	-$971.0M-50.5%	-$645.0M-82.0%	-$354.4M+16.7%	-$425.6M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$1.1B-9.5%	$1.2B-8.3%	$1.3B-7.5%	$1.4B-8.5%	$1.5B-5.0%	$1.6B+37.0%	$1.2B-6.7%	$1.2B
Current Assets	$882.6M-5.6%	$934.7M+6.4%	$878.6M+1.6%	$864.4M-6.9%	$928.4M-4.6%	$973.6M-8.5%	$1.1B-6.9%	$1.1B
Cash & Equivalents	$91.0M-35.6%	$141.2M+148.0%	$56.9M-67.5%	$175.0M+134.3%	$74.7M+23.3%	$60.6M-52.3%	$127.1M-14.1%	$148.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$129.4M-7.0%	$139.2M-6.4%	$148.7M+2.9%	$144.5M+25.1%	$115.5M-8.0%	$125.6M+2.2%	$123.0M+3.8%	$118.4M
Current Liabilities	$90.1M-1.0%	$91.1M-0.9%	$91.9M-10.1%	$102.2M+37.1%	$74.5M-9.7%	$82.6M+5.9%	$78.0M+9.6%	$71.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$926.2M-9.8%	$1.0B-8.5%	$1.1B-8.7%	$1.2B-11.3%	$1.4B-4.7%	$1.5B+41.2%	$1.0B-7.8%	$1.1B
Retained Earnings	-$1.9B-7.1%	-$1.8B-7.4%	-$1.7B-8.6%	-$1.5B-16.9%	-$1.3B-8.1%	-$1.2B-9.1%	-$1.1B-12.0%	-$996.7M

DNLI Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$347.7M+2.9%	-$358.0M-46.3%	-$244.7M-15.8%	-$211.4M-150.8%	$416.2M+374.6%	-$151.6M
Capital Expenditures	$15.9M+23.0%	$12.9M-27.4%	$17.8M+109.8%	$8.5M+174.6%	$3.1M-82.7%	$17.9M
Free Cash Flow	-$363.6M+2.0%	-$370.9M-41.3%	-$262.5M-19.4%	-$219.9M-153.2%	$413.1M+343.7%	-$169.5M
Investing Cash Flow	-$88.8M-135.6%	$249.3M+276.3%	-$141.4M-553.8%	-$21.6M+96.5%	-$623.2M-521.9%	$147.7M
Financing Cash Flow	$484.3M+2617.8%	$17.8M-94.3%	$310.7M+1505.7%	$19.3M-97.0%	$634.7M+10154.4%	$6.2M
Dividends Paid	N/A	N/A	N/A	N/A	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$107.3M-42.5%	-$75.3M+42.7%	-$131.5M-57.0%	-$83.7M+8.2%	-$91.2M+19.7%	-$113.6M-15.2%	-$98.7M-12.9%	-$87.4M
Capital Expenditures	-$1.4M-132.2%	$4.3M-15.8%	$5.1M-0.3%	$5.1M+6.4%	$4.8M+122.6%	$2.1M-3.8%	$2.2M+8.1%	$2.1M
Free Cash Flow	-$108.7M-36.6%	-$79.6M+41.7%	-$136.5M-53.8%	-$88.8M+7.5%	-$96.0M+17.1%	-$115.8M-14.7%	-$100.9M-12.8%	-$89.4M
Investing Cash Flow	$57.8M-63.4%	$157.9M+742.4%	$18.7M-89.1%	$172.2M+74.7%	$98.6M+121.8%	-$453.2M-720.4%	$73.0M-27.6%	$100.9M
Financing Cash Flow	-$778K-147.9%	$1.6M+143.1%	-$3.8M+9.7%	-$4.2M-161.7%	$6.8M-98.6%	$500.3M+10532.8%	$4.7M+88.8%	$2.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DNLI Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	-59.5%+254.7pp	-314.2%+293.6pp	-607.8%-626.5pp	18.7%+817.8pp	-799.1%
Net Margin	N/A	-43.9%+256.6pp	-300.6%+296.6pp	-597.1%-618.3pp	21.2%+761.9pp	-740.7%
Return on Equity	N/A	N/A	N/A	N/A	6.2%	N/A
Return on Assets	-30.8%-18.2pp	-12.6%+9.7pp	-22.3%-1.6pp	-20.7%-25.1pp	4.4%+40.2pp	-35.7%
Current Ratio	8.46-5.2	13.65+9.9	3.77+1.4	2.37-18.5	20.86+11.4	9.48
Debt-to-Equity	0.120.0	0.12-0.3	0.40-0.1	0.46+0.1	0.390.0	0.40
FCF Margin	N/A	-112.2%+129.8pp	-242.1%+209.8pp	-451.9%-574.9pp	123.1%+758.4pp	-635.3%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-8981.4%
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-7841.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-12.0%-1.4pp	-10.6%-0.2pp	-10.5%-2.1pp	-8.3%-1.8pp	-6.6%-0.2pp	-6.4%+3.9pp	-10.3%-2.3pp	-8.0%
Current Ratio	9.79-0.5	10.27+0.7	9.56+1.1	8.46-4.0	12.46+0.7	11.79-1.9	13.65-2.4	16.06
Debt-to-Equity	0.140.0	0.140.0	0.13+0.0	0.12+0.0	0.080.0	0.09-0.0	0.12+0.0	0.11
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-7058.5%

Similar Companies

Agios Pharmaceuticals Inc AGIO

$1.6B

Belite Bio, Inc BLTE

$6.6B

Ideaya Biosciences IDYA

$2.7B

Amicus Therapeut FOLD

$4.5B

Travere Therapeutics Inc TVTX

$2.5B

Frequently Asked Questions

What is Denali Therapeut's annual revenue?

Denali Therapeut (DNLI) reported $0 in total revenue for fiscal year 2024. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Denali Therapeut's revenue growing?

Denali Therapeut (DNLI) revenue declined by 100% year-over-year, from $330.5M to $0 in fiscal year 2024.

Is Denali Therapeut profitable?

No, Denali Therapeut (DNLI) reported a net income of -$422.8M in fiscal year 2024.

What is Denali Therapeut's earnings per share (EPS)?

Denali Therapeut (DNLI) reported diluted earnings per share of $-2.57 for fiscal year 2024. This represents a -142.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Denali Therapeut's EBITDA?

Denali Therapeut (DNLI) had EBITDA of -$479.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Denali Therapeut's free cash flow?

Denali Therapeut (DNLI) generated -$363.6M in free cash flow during fiscal year 2024. This represents a 2.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Denali Therapeut's operating cash flow?

Denali Therapeut (DNLI) generated -$347.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Denali Therapeut's total assets?

Denali Therapeut (DNLI) had $1.4B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Denali Therapeut's capital expenditures?

Denali Therapeut (DNLI) invested $15.9M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Denali Therapeut spend on research and development?

Denali Therapeut (DNLI) invested $396.4M in research and development during fiscal year 2024.

How many shares does Denali Therapeut have outstanding?

Denali Therapeut (DNLI) had 144M shares outstanding as of fiscal year 2024.

What is Denali Therapeut's current ratio?

Denali Therapeut (DNLI) had a current ratio of 8.46 as of fiscal year 2024, which is generally considered healthy.

What is Denali Therapeut's debt-to-equity ratio?

Denali Therapeut (DNLI) had a debt-to-equity ratio of 0.12 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Denali Therapeut's return on assets (ROA)?

Denali Therapeut (DNLI) had a return on assets of -30.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Denali Therapeut's cash runway?

Based on fiscal year 2024 data, Denali Therapeut (DNLI) had $175.0M in cash against an annual operating cash burn of $347.7M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Denali Therapeut's Piotroski F-Score?

Denali Therapeut (DNLI) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Denali Therapeut's earnings high quality?

Denali Therapeut (DNLI) has an earnings quality ratio of 0.82x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.