Denali Therapeut Financials
Denali Therapeut (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).
Denali’s dominant mechanic is research-led cash consumption, funded mainly by equity rather than operating cash generation.
Revenue expansion did not translate into cash conversion: from FY2022 to FY2023, revenue increased from$108M to$331M while operating cash flow worsened from-$245M to-$358M . The business therefore grew its reported inflow without reducing the cash required to operate, indicating that commercial activity remained insufficient to fund development spending.
Development spending remains the central cost engine: FY2023 research and development was
Liquidity improved largely because obligations shrank, not because operations generated cash: the current ratio rose from 2.4x in FY2021 to 13.6x in FY2023 as liabilities fell from
Financial Health Signals
Denali Therapeut 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.
Denali Therapeut scores 14.97, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.0B) 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.
Denali Therapeut 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.
Denali Therapeut 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
Earnings & Revenue
Denali Therapeut generated $0 in revenue in fiscal year 2025.
Denali Therapeut's EBITDA was -$544.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 13.5% from the prior year.
Denali Therapeut reported -$512.5M in net income in fiscal year 2025. This represents a decrease of 21.2% from the prior year.
Denali Therapeut earned -$2.97 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 15.6% from the prior year.
Cash & Balance Sheet
Denali Therapeut recorded an outflow of $422.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 16.1% from the prior year.
Denali Therapeut held $205.3M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Denali Therapeut's ROE was -50.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 16.2 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Denali Therapeut invested $418.8M in research and development in fiscal year 2025. This represents an increase of 5.6% from the prior year.
Denali Therapeut invested $9.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 40.3% from the prior year.
Not reported for fiscal year 2025.
DNLI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 (Diluted) | — | -$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 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
DNLI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
| 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 |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
DNLI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
Not reported in any period shown, so not listed: Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
DNLI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| FCF Margin | N/A | N/A | -112.2% | -242.1% | -451.9% | 123.1% | -635.3% | 36.2% | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
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.
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Where Denali Therapeut Ranks
Frequently Asked Questions
What is Denali Therapeut's annual revenue?
Denali Therapeut (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 Therapeut profitable?
No, Denali Therapeut (DNLI) reported a net income of -$512.5M in fiscal year 2025.
What is Denali Therapeut's EBITDA?
Denali Therapeut (DNLI) had EBITDA of -$544.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Denali Therapeut's return on equity (ROE)?
Denali Therapeut (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 Therapeut's free cash flow?
Denali Therapeut (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 Therapeut's operating cash flow?
Denali Therapeut (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 Therapeut's total assets?
Denali Therapeut (DNLI) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Denali Therapeut's capital expenditures?
Denali Therapeut (DNLI) invested $9.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Denali Therapeut spend on research and development?
Denali Therapeut (DNLI) invested $418.8M in research and development during fiscal year 2025.
What is Denali Therapeut's current ratio?
Denali Therapeut (DNLI) had a current ratio of 9.16 as of fiscal year 2025, which is generally considered healthy.
What is Denali Therapeut's debt-to-equity ratio?
Denali Therapeut (DNLI) had a debt-to-equity ratio of 0.13 as of fiscal year 2025, 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 -44.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Denali Therapeut's Altman Z-Score?
Denali Therapeut (DNLI) has an Altman Z-Score of 14.97, 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 Therapeut's Piotroski F-Score?
Denali Therapeut (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 Therapeut's earnings high quality?
Denali Therapeut (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.