T. Rowe Price reports 5.4% stake in Denali

T. Rowe Price Investment Management, Inc. files a Schedule 13G reporting beneficial ownership of 8,519,192 shares of Denali Therapeutics common stock.

Rhea-AI Filing Summary

T. Rowe Price Investment Management, Inc. files a Schedule 13G reporting beneficial ownership of 8,519,192 shares of Denali Therapeutics common stock.

The filing states this represents 5.4% of the class as of 03/31/2026, and shows sole voting power of 8,503,878 and sole dispositive power of 8,519,192. The filing is signed on 05/15/2026.

Insights

Institutional Ownership Analyst

Large passive stake disclosed by a major asset manager; ownership is material but routine for 13G reporting.

The filing lists 8,519,192 shares owned, equal to 5.4% of the class as of 03/31/2026. This places the holder above common passive-reporting thresholds requiring Schedule 13G disclosure.

Ownership appears reported with sole voting and dispositive authority. Future filings could show changes; subsequent amendments will provide any material activity.

Key Figures

Filing date / signature: 05/15/2026 Shares beneficially owned: 8,519,192 shares Percent of class: 5.4% +3 more

6 metrics

Filing date / signature 05/15/2026 Schedule 13G signature date

Shares beneficially owned 8,519,192 shares Amount reported on Schedule 13G

Percent of class 5.4% Percent of class reported as of 03/31/2026

Sole voting power 8,503,878 shares Voting power reported in Item 4

Sole dispositive power 8,519,192 shares Dispositive power reported in Item 4

CUSIP 24823R105 Issuer identifier for Denali common stock

Key Terms

Schedule 13G, Beneficially owned, Sole Dispositive Power

3 terms

Schedule 13G regulatory

"T. Rowe Price Investment Management, Inc. files a Schedule 13G reporting beneficial ownership"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficially owned financial

"Amount beneficially owned: 8519192 (b) Percent of class: 5.4 %"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole Dispositive Power regulatory

"Sole power to dispose or to direct the disposition of: 8519192"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does T. Rowe Price hold in Denali Therapeutics (DNLI)?

T. Rowe Price reports beneficial ownership of 8,519,192 shares, representing 5.4% of the class. The Schedule 13G lists this percentage as of 03/31/2026 and shows sole voting and dispositive power figures in the filing.

What date is the ownership figure reported as of in the DNLI filing?

The ownership is reported as of 03/31/2026. The Schedule 13G specifies the share counts and percentage using that date, and the form is signed on 05/15/2026 by a T. Rowe Price officer.

Does the filing indicate who controls voting or sale decisions for the shares?

Yes. The filing shows sole voting power of 8,503,878 and sole dispositive power of 8,519,192. Those figures are reported in the Schedule 13G ownership section and reflect the filer’s asserted powers.

Is this Schedule 13G an admission of beneficial ownership by T. Rowe Price?

The filing includes a statement denying constructive beneficial ownership; it asserts the filing should not be construed as admission of beneficial ownership. The denial language appears verbatim in the submitted form.

What identifying details are included for Denali in the filing?

The filing lists the issuer as Denali Therapeutics Inc with CUSIP 24823R105 and the principal executive office address in South San Francisco. These issuer identifiers appear on the form cover.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 10:06 AM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

DENALI THERAPEUTICS INC

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

24823R105

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 24823R105

1

Names of Reporting Persons

T. Rowe Price Investment Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 8,503,878.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 8,519,192.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,519,192.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: DENALI THERAPEUTICS INC
(b)	Address of issuer's principal executive offices: 161 OYSTER POINT BLVD., SOUTH SAN FRANCISCO, CA, 94080
Item 2.
(a)	Name of person filing: T. Rowe Price Investment Management, Inc.
(b)	Address or principal business office or, if none, residence: 1307 Point Street, Baltimore, MD 21231
(c)	Citizenship: Maryland
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP Number(s): 24823R105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 8519192
(b)	Percent of class: 5.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 8503878
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 8519192
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. T. Rowe Price Investment Management, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Investment Management is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

T. Rowe Price Investment Management, Inc.

Signature:	Ellen York
Name/Title:	Vice President
Date:	05/15/2026