What is Denali Therapeutics Inc.'s earnings per share (EPS)?

Denali Therapeutics Inc. (DNLI) reported diluted earnings per share of -$2.97 for fiscal year 2025. This represents a -15.6% 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.

Denali Therapeutics Inc. (DNLI) Financials

DNLI

FY2025 annual

Revenue $0 YoY not available

Net Income -$512.5M -21.2% YoY

EPS (Diluted) -$2.97 -15.6% YoY

Free Cash Flow -$422.1M -16.1% YoY

Market Cap $3.0B as of Oct 12, 2026

Price / Sales n/m revenue is not positive, FY2025

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 3.6x on $835.2M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DNLI SEC filings page.

Denali Therapeutics Inc. (DNLI) reported $0 in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).

Rhea AI DNLI FY2025 2026-10-04

Denali is an equity-funded development business where research spending remains large, losses widen, and operations consume cash.

From FY2023 to FY2025, operating cash outflow widened from $358M to $413M, while free cash flow remained close to it. That small cash-flow gap indicates cash use is primarily operating spending rather than heavy capital investment.

FY2025 liabilities were $131M against $1.1B of assets, leaving the balance sheet predominantly equity-financed. Debt-to-equity was 0.1x, while reported liquidity equaled 28.1 months of the latest annual operating outflow; together, these describe low debt dependence alongside a sizable reported cash-and-investment buffer.

R&D was $419M in FY2025, roughly three times SG&A at $137M, so spending is concentrated in development activity rather than commercial overhead. Net loss widened from $145M in FY2023 to $513M in FY2025 even as R&D was slightly lower, showing that the worsening result cannot be attributed to R&D growth alone.

Financial Health Signals

Financial health score not available

Denali Therapeutics Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Safe

10.60

Denali Therapeutics Inc. scores 10.60, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.0B) relative to total liabilities ($131.1M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/7

Denali Therapeutics Inc. passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality No Cash Backing

N/A

Denali Therapeutics Inc. reported a net loss of $512.5M while operations used $412.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.6M

Denali Therapeutics Inc. generated $3.6M in revenue in Q2 2026.

EBITDA

-$127.0M

YoY+3.7%

QoQ+5.6%

Denali Therapeutics Inc.'s EBITDA was -$127.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.7% from the same quarter a year earlier. Against the prior quarter it is up 5.6%.

Net Income

-$127.6M

YoY-2.8%

QoQ+0.7%

Denali Therapeutics Inc. reported -$127.6M in net income in Q2 2026. This represents a decrease of 2.8% from the same quarter a year earlier. Against the prior quarter it is up 0.7%.

EPS (Diluted)

-$0.68

YoY+5.6%

QoQ+1.4%

Denali Therapeutics Inc. earned -$0.68 per diluted share (EPS) in Q2 2026. This represents an increase of 5.6% from the same quarter a year earlier. Against the prior quarter it is up 1.4%.

Cash & Balance Sheet

Free Cash Flow

-$97.8M

YoY-22.9%

QoQ+26.8%

Denali Therapeutics Inc. recorded an outflow of $97.8M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 22.9% from the same quarter a year earlier. Against the prior quarter it is up 26.8%.

Cash & Debt

$201.5M

YoY+42.7%

QoQ-48.0%

5Y CAGR-16.1%

Denali Therapeutics Inc. held $201.5M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

160M

YoY+9.3%

QoQ+0.7%

5Y CAGR+5.6%

Denali Therapeutics Inc. had 160M shares outstanding in Q2 2026. This represents an increase of 9.3% from the same quarter a year earlier. Against the prior quarter it is up 0.7%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

97.4%

Denali Therapeutics Inc.'s gross margin was 97.4% in Q2 2026, indicating the percentage of revenue retained after direct costs.

Return on Equity

-15.3%

YoY-3.2pp

QoQ-1.4pp

Denali Therapeutics Inc.'s ROE was -15.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 3.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.4 percentage points.

Operating Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

R&D Spending

$97.0M

YoY-5.5%

QoQ-6.6%

Denali Therapeutics Inc. invested $97.0M in research and development in Q2 2026. This represents a decrease of 5.5% from the same quarter a year earlier. Against the prior quarter it is down 6.6%.

Capital Expenditures

$805K

YoY-81.2%

QoQ-67.4%

5Y CAGR+0.8%

Denali Therapeutics Inc. invested $805K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 81.2% from the same quarter a year earlier. Against the prior quarter it is down 67.4%.

Share Buybacks

Not reported for Q2 2026.

DNLI Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

DNLI quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Revenue	N/A	$0	$0-100.0%	$330.5M+204.7%	$108.5M+122.9%	$48.7M-85.5%	$335.7M+1158.2%	$26.7M-79.3%	$129.2M	$0	$0
R&D Expenses	N/A	$418.8M+5.6%	$396.4M-6.5%	$423.9M+18.2%	$358.7M+35.2%	$265.4M+24.8%	$212.6M+9.9%	$193.4M+35.1%	$143.2M+92.3%	$74.5M-1.6%	$75.7M
SG&A Expenses	N/A	$136.6M+29.5%	$105.4M+2.0%	$103.4M+14.2%	$90.5M+14.4%	$79.1M+31.1%	$60.3M+29.8%	$46.5M+43.7%	$32.3M+106.3%	$15.7M+33.7%	$11.7M
Operating Income	N/A	-$555.3M-14.0%	-$487.3M-147.8%	-$196.7M+42.3%	-$340.7M-15.2%	-$295.8M-571.6%	$62.7M+129.4%	-$213.2M-359.7%	-$46.4M+48.6%	-$90.1M-3.1%	-$87.4M
EBITDA	N/A	-$544.2M-13.5%	-$479.5M-166.5%	-$180.0M+45.5%	-$330.4M-15.0%	-$287.2M-503.0%	$71.2M+134.7%	-$205.2M-426.7%	-$39.0M+55.3%	-$87.1M-1.3%	-$86.0M
Income Tax	N/A	$102K+50.0%	$68K+126.7%	$30K+42.9%	$21K+103.7%	-$575K-169.9%	$823K+334.5%	-$351K	$0	$0	N/A
Net Income	N/A	-$512.5M-21.2%	-$422.8M-191.1%	-$145.2M+55.5%	-$326.0M-12.2%	-$290.6M-508.5%	$71.1M+136.0%	-$197.6M-445.3%	-$36.2M+58.9%	-$88.2M-1.8%	-$86.7M
EPS (Basic)	N/A	-$2.97-15.6%	-$2.57-142.5%	-$1.06+59.2%	-$2.60-8.8%	-$2.39-467.7%	$0.65+131.4%	-$2.07-430.8%	-$0.39	N/A	N/A
EPS (Diluted)	-$2.84	-$2.97-15.6%	-$2.57-142.5%	-$1.06+59.2%	-$2.60-8.8%	-$2.39-479.4%	$0.63+130.4%	-$2.07-430.8%	-$0.39	N/A	N/A
Diluted Shares (Avg)	N/A	173M+5.0%	164M+19.7%	137M+9.4%	126M+3.3%	122M+7.8%	113M+17.9%	96M+3.2%	93M	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$3.6M	N/A	N/A	N/A	$0	N/A	N/A	$0-100.0%
Cost of Revenue	$93K	N/A	N/A	N/A	$0	N/A	N/A	N/A
Gross Profit	$3.5M	N/A	N/A	N/A	$0	N/A	N/A	N/A
R&D Expenses	$97.0M-5.5%	$103.8M-10.7%	N/A	$102.0M+3.8%	$102.7M+12.4%	$116.2M+8.6%	N/A	$98.2M+9.5%
SG&A Expenses	$36.3M+12.4%	$33.5M+14.2%	N/A	$35.5M+42.2%	$32.3M+28.1%	$29.4M+16.3%	N/A	$24.9M-1.5%
Operating Income	-$130.5M+3.3%	-$137.4M+5.6%	N/A	-$137.4M-11.6%	-$135.0M-15.8%	-$145.6M-23.7%	N/A	-$123.2M-8.3%
EBITDA	-$127.0M+3.7%	-$134.5M+6.1%	N/A	-$134.5M-10.8%	-$131.9M-15.1%	-$143.3M-24.0%	N/A	-$121.3M-8.8%
Net Income	-$127.6M-2.8%	-$128.4M+3.4%	N/A	-$126.9M-18.4%	-$124.1M-25.3%	-$133.0M-30.6%	N/A	-$107.2M-7.9%
EPS (Basic)	-$0.68+5.6%	-$0.69+11.5%	-$0.73-7.4%	-$0.74-17.5%	-$0.72-22.0%	-$0.78-14.7%	-$0.68+21.8%	-$0.63+12.5%
EPS (Diluted)	-$0.68+5.6%	-$0.69+11.5%	-$0.73-7.4%	-$0.74-17.5%	-$0.72-22.0%	-$0.78-14.7%	-$0.68+21.8%	-$0.63+12.5%
Diluted Shares (Avg)	187M+9.3%	187M+9.0%	N/A	172M+1.7%	171M+1.6%	171M+14.6%	N/A	169M+23.1%

Not reported in any period shown, so not listed: Interest Expense, Income Tax.

DNLI Balance Sheet

DNLI quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Total Assets	$1.1B-16.7%	$1.4B+19.1%	$1.2B-21.0%	$1.5B+4.0%	$1.4B-12.5%	$1.6B+190.0%	$553.2M-16.4%	$662.0M+36.0%	$486.7M	N/A
Current Assets	$900.7M+4.2%	$864.4M-18.8%	$1.1B-22.5%	$1.4B+52.9%	$897.2M-40.0%	$1.5B+247.8%	$430.0M-10.6%	$480.8M+17.4%	$409.6M	N/A
Cash & Equivalents	$205.3M+17.4%	$175.0M+37.6%	$127.1M-41.7%	$218.0M-25.7%	$293.5M-42.1%	$507.1M+538.3%	$79.4M+3.0%	$77.1M-64.7%	$218.4M+448.0%	$39.9M
Short-Term Investments	$662.6M+0.8%	$657.4M-27.6%	$907.4M-18.8%	$1.1B+95.5%	$571.9M-40.6%	$962.6M+186.6%	$335.9M-13.2%	$387.2M+106.1%	$187.9M	$0
Inventory	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$0	N/A	N/A	N/A	N/A	$8.6M	N/A	N/A	N/A	N/A
Long-Term Investments	$98.3M-72.6%	$359.4M	$0	$0-100.0%	$425.4M+1201.1%	$32.7M-18.0%	$39.9M-73.0%	$147.9M+143.4%	$60.8M	$0
Total Liabilities	$131.1M-9.3%	$144.5M+17.5%	$123.0M-70.6%	$417.8M-5.4%	$441.9M-2.6%	$453.7M+186.6%	$158.3M+37.5%	$115.1M+450.2%	$20.9M	N/A
Current Liabilities	$98.4M-3.8%	$102.2M+31.1%	$78.0M-78.6%	$363.9M-3.8%	$378.2M+427.5%	$71.7M+58.1%	$45.3M+38.3%	$32.8M+131.5%	$14.2M	N/A
Non-Current Liabilities	$32.7M-22.6%	$42.3M-6.0%	$45.0M-16.5%	$53.9M-15.3%	$63.6M-83.3%	$382.1M+238.1%	$113.0M+37.2%	$82.4M+1118.1%	$6.8M	N/A
Total Equity	$1.0B-17.6%	$1.2B+19.3%	$1.0B-1.1%	$1.0B+8.3%	$962.3M-16.4%	$1.2B+191.4%	$394.9M-27.8%	$546.8M+17.4%	$465.8M+594.7%	-$94.2M
Retained Earnings	-$2.1B-33.3%	-$1.5B-37.9%	-$1.1B-15.0%	-$971.0M-50.5%	-$645.0M-82.0%	-$354.4M+16.7%	-$425.6M-86.7%	-$227.9M-18.9%	-$191.7M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$1.2B-0.7%	$1.3B-0.4%	$1.1B-16.7%	$1.1B-27.4%	$1.2B-22.4%	$1.3B-19.6%	$1.4B+19.1%	$1.5B+17.6%
Current Assets	$753.9M-19.3%	$1.0B+16.4%	$900.7M+4.2%	$882.6M+1.6%	$934.7M+0.7%	$878.6M-9.8%	$864.4M-18.8%	$868.8M-24.0%
Cash & Equivalents	$201.5M+42.7%	$387.6M+580.7%	$205.3M+17.4%	$91.0M+0.4%	$141.2M+89.1%	$56.9M-6.0%	$175.0M+37.6%	$90.6M-38.8%
Short-Term Investments	$508.9M-32.8%	$600.1M-21.1%	$662.6M+0.8%	$757.2M+1.5%	$757.7M-7.7%	$761.0M-13.2%	$657.4M-27.6%	$745.9M-22.4%
Inventory	$4.1M	N/A	$0	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$3.9M	N/A	$0	N/A	N/A	N/A	N/A	N/A
Long-Term Investments	$229.5M+192.5%	$63.8M-73.0%	$98.3M-72.6%	$24.7M-94.5%	$78.5M-82.6%	$235.8M-51.9%	$359.4M	$445.5M+5535.2%
Total Liabilities	$322.8M+131.9%	$339.9M+128.7%	$131.1M-9.3%	$129.4M-4.5%	$139.2M+20.5%	$148.7M+18.3%	$144.5M+17.5%	$135.5M+14.4%
Current Liabilities	$90.1M-1.1%	$110.2M+19.9%	$98.4M-3.8%	$90.1M+3.5%	$91.1M+22.2%	$91.9M+11.3%	$102.2M+31.1%	$87.1M+22.4%
Non-Current Liabilities	$232.7M+383.5%	$229.8M+304.7%	$32.7M-22.6%	$39.3M-18.9%	$48.1M+17.4%	$56.8M+31.9%	$42.3M-6.0%	$48.4M+2.5%
Total Equity	$835.2M-18.7%	$926.1M-17.5%	$1.0B-17.6%	$926.2M-29.8%	$1.0B-26.0%	$1.1B-22.9%	$1.2B+19.3%	$1.3B+17.9%
Retained Earnings	-$2.3B-28.5%	-$2.2B-30.4%	-$2.1B-33.3%	-$1.9B-35.0%	-$1.8B-36.4%	-$1.7B-37.3%	-$1.5B-37.9%	-$1.4B-42.9%

Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.

DNLI Cash Flow Statement

DNLI quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Operating Cash Flow	-$434.0M	-$412.6M-18.7%	-$347.7M+2.9%	-$358.0M-46.3%	-$244.7M-15.8%	-$211.4M-150.8%	$416.2M+374.6%	-$151.6M-402.5%	$50.1M+165.4%	-$76.6M-6.6%	-$71.9M
Depreciation & Amortization	N/A	$11.2M+43.5%	$7.8M-53.4%	$16.7M+61.1%	$10.4M+20.8%	$8.6M+0.7%	$8.5M+6.8%	$8.0M+7.8%	$7.4M+140.6%	$3.1M+109.8%	$1.5M
Stock-Based Compensation	N/A	$99.6M-3.2%	$102.9M-4.8%	$108.1M+8.3%	$99.8M+17.1%	$85.2M+69.3%	$50.4M+31.2%	$38.4M+104.2%	$18.8M+326.2%	$4.4M+49.4%	$3.0M
Capital Expenditures	$3.4M	$9.5M-40.3%	$15.9M+23.0%	$12.9M-27.4%	$17.8M+109.8%	$8.5M+174.6%	$3.1M-82.7%	$17.9M+428.1%	$3.4M+18.0%	$2.9M-53.1%	$6.1M
Free Cash Flow	-$440.2M	-$422.1M-16.1%	-$363.6M+2.0%	-$370.9M-41.3%	-$262.5M-19.4%	-$219.9M-153.2%	$413.1M+343.7%	-$169.5M-462.8%	$46.7M+158.8%	-$79.5M-1.9%	-$78.0M
Investing Cash Flow	$69.0M	$255.3M+387.6%	-$88.8M-135.6%	$249.3M+276.3%	-$141.4M-553.8%	-$21.6M+96.5%	-$623.2M-521.9%	$147.7M+151.4%	-$287.4M-598.2%	-$41.2M+81.2%	-$219.0M
Financing Cash Flow	$425.4M	$189.2M-60.9%	$484.3M+2617.8%	$17.8M-94.3%	$310.7M+1505.7%	$19.3M-97.0%	$634.7M+10154.4%	$6.2M-93.6%	$97.0M-67.3%	$296.3M-1.4%	$300.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$97.0M-28.8%	-$131.2M+0.2%	-$98.5M-17.7%	-$107.3M-81.4%	-$75.3M+17.5%	-$131.5M-15.7%	-$83.7M+15.1%	-$59.1M+32.3%
Depreciation & Amortization	$3.6M+17.2%	$2.8M+22.4%	$2.9M+54.7%	$2.9M+60.3%	$3.0M+56.8%	$2.3M+7.5%	$1.9M-14.9%	$1.8M-17.1%
Stock-Based Compensation	$22.9M-9.7%	$23.1M-8.2%	N/A	$25.1M+1.1%	$25.4M+1.1%	$25.2M-9.6%	N/A	$24.9M-9.5%
Capital Expenditures	$805K-81.2%	$2.5M-51.4%	$1.5M-70.1%	-$1.4M-64.5%	$4.3M-10.6%	$5.1M+136.2%	$5.1M+127.8%	$3.9M+87.8%
Free Cash Flow	-$97.8M-22.9%	-$133.7M+2.1%	-$100.1M-12.7%	-$108.7M-72.4%	-$79.6M+17.1%	-$136.5M-17.9%	-$88.8M+12.0%	-$63.0M+29.5%
Investing Cash Flow	-$104.1M-165.9%	$94.5M+403.8%	$20.8M-87.9%	$57.8M-38.3%	$157.9M+60.2%	$18.7M+104.1%	$172.2M+135.7%	$93.7M-7.2%
Financing Cash Flow	$15.0M+823.2%	$219.0M+5922.5%	$192.1M+4709.7%	-$778K+95.8%	$1.6M-76.0%	-$3.8M-100.8%	-$4.2M-188.6%	-$18.6M-844.7%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

DNLI Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

DNLI quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Operating Margin	N/A	N/A	-59.5%	-314.2%	-607.8%	18.7%	-799.1%	-35.9%	N/A	N/A
Net Margin	N/A	N/A	-43.9%	-300.6%	-597.1%	21.2%	-740.7%	-28.1%	N/A	N/A
Return on Equity	-50.6%-16.2pp	-34.4%-20.3pp	-14.1%+17.2pp	-31.3%-1.1pp	-30.2%-36.4pp	6.2%+56.2pp	-50.0%-43.4pp	-6.6%+12.3pp	-18.9%	N/A
Return on Assets	-44.8%-14.0pp	-30.8%-18.2pp	-12.6%+9.7pp	-22.3%-1.6pp	-20.7%-25.1pp	4.4%+40.2pp	-35.7%-30.3pp	-5.5%+12.7pp	-18.1%	N/A
Current Ratio	9.16+0.7x	8.46-5.2x	13.65+9.9x	3.77+1.4x	2.37-18.5x	20.86+11.4x	9.48-5.2x	14.67-14.3x	28.92	N/A
Debt-to-Equity	0.130.0x	0.120.0x	0.12-0.3x	0.40-0.1x	0.46+0.1x	0.390.0x	0.40+0.2x	0.21+0.2x	0.04	N/A
Asset Turnover	0.000.0x	0.00-0.3x	0.29+0.2x	0.070.0x	0.03-0.2x	0.21+0.2x	0.05-0.1x	0.20+0.2x	0.00	N/A
FCF Margin	N/A	N/A	-112.2%	-242.1%	-451.9%	123.1%	-635.3%	36.2%	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	97.4%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-3622.1%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-3539.2%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-15.3%-3.2pp	-13.9%-2.0pp	N/A	-13.7%-5.6pp	-12.1%-4.9pp	-11.8%-4.9pp	N/A	-8.1%+0.8pp
Return on Assets	-11.0%-0.4pp	-10.2%+0.3pp	N/A	-12.0%-4.7pp	-10.6%-4.0pp	-10.5%-4.0pp	N/A	-7.4%+0.7pp
Current Ratio	8.37-1.9x	9.28-0.3x	9.16+0.7x	9.79-0.2x	10.27-2.2x	9.56-2.2x	8.46-5.2x	9.98-6.1x
Debt-to-Equity	0.39+0.3x	0.37+0.2x	0.130.0x	0.140.0x	0.14+0.1x	0.130.0x	0.120.0x	0.100.0x
Asset Turnover	0.000.0x	N/A	N/A	N/A	0.000.0x	N/A	N/A	0.000.0x
FCF Margin	-2713.8%	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Denali Therapeutics Inc. DNLI	FY2025	$0	-$512.5M	N/A	$3.0B	—
Agios Pharmaceuticals, Inc. AGIO	FY2025	$54.0M	-$413.0M	N/A	$1.9B	70/100
Belite Bio, Inc BLTE	FY2025	N/A	-$77.6M	N/A	$6.2B	—
IDEAYA Biosciences, Inc. IDYA	FY2025	$218.7M	-$113.7M	-52.0%	$3.5B	84/100
Amicus Therapeutics, Inc FOLD	FY2025	$634.2M	-$27.1M	-4.3%	$4.5B	44/100
Travere Therapeutics, Inc. TVTX	FY2025	$490.7M	-$25.5M	-5.2%	$4.9B	71/100

Where Denali Therapeutics Inc. Ranks

Frequently Asked Questions

What is Denali Therapeutics Inc.'s annual revenue?

Denali Therapeutics Inc. (DNLI) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Denali Therapeutics Inc. profitable?

No, Denali Therapeutics Inc. (DNLI) reported a net income of -$512.5M in fiscal year 2025.

What is Denali Therapeutics Inc.'s EBITDA?

Denali Therapeutics Inc. (DNLI) had EBITDA of -$544.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Denali Therapeutics Inc.'s return on equity (ROE)?

Denali Therapeutics Inc. (DNLI) has a return on equity of -50.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Denali Therapeutics Inc.'s free cash flow?

Denali Therapeutics Inc. (DNLI) recorded an outflow of $422.1M in free cash flow during fiscal year 2025. This represents a -16.1% 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 Therapeutics Inc.'s operating cash flow?

Denali Therapeutics Inc. (DNLI) recorded an outflow of $412.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Denali Therapeutics Inc.'s total assets?

Denali Therapeutics Inc. (DNLI) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Denali Therapeutics Inc.'s capital expenditures?

Denali Therapeutics Inc. (DNLI) invested $9.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Denali Therapeutics Inc. spend on research and development?

Denali Therapeutics Inc. (DNLI) invested $418.8M in research and development during fiscal year 2025.

How many shares does Denali Therapeutics Inc. have outstanding?

Denali Therapeutics Inc. (DNLI) had 159M shares outstanding as of fiscal year 2025.

What is Denali Therapeutics Inc.'s current ratio?

Denali Therapeutics Inc. (DNLI) had a current ratio of 9.16 as of fiscal year 2025, which is generally considered healthy.

What is Denali Therapeutics Inc.'s debt-to-equity ratio?

Denali Therapeutics Inc. (DNLI) had a debt-to-equity ratio of 0.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Denali Therapeutics Inc.'s return on assets (ROA)?

Denali Therapeutics Inc. (DNLI) had a return on assets of -44.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Denali Therapeutics Inc.'s P/E ratio?

Denali Therapeutics Inc. (DNLI) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $3.0B as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Denali Therapeutics Inc.'s price-to-sales ratio?

Denali Therapeutics Inc. (DNLI) has no price-to-sales ratio at the moment: revenue is not positive (FY2025). The market capitalization is $3.0B as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Denali Therapeutics Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Denali Therapeutics Inc. (DNLI) held $966.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $412.6M over that year. Dividing the one by the other, the reported balance equals about 28 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Denali Therapeutics Inc.'s Altman Z-Score?

Denali Therapeutics Inc. (DNLI) has an Altman Z-Score of 10.60, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Denali Therapeutics Inc.'s Piotroski F-Score?

Denali Therapeutics Inc. (DNLI) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Denali Therapeutics Inc.'s earnings high quality?

Denali Therapeutics Inc. (DNLI) reported a net loss of $512.5M while operations used $412.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.