Denali Therapeutics Inc

DNLI

Healthcare|Biotechnology|USA

$25.68

-1.53 (-5.62%)

Tangible Book

$5.61

Financials

Financial Snapshot

Market Cap

$4.08B

Enterprise Value

$953.1M

Revenue (TTM)

$0.00

Net Income (TTM)

$-508.0M

Cash & Equivalents

—

Net Cash/Share

$4.08

Free Cash Flow (TTM)

$-419.2M

Operating CF (TTM)

$-412.3M

Debt/Equity

0.04

Cash Runway & Burn Rate

Cash on Hand

$0.00

Quarterly Burn

$103.1M

Monthly Burn

$34.4M

Est. Runway

—

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$178.3M	$406.2M	$464.3M	$415.4M	$1.47B	$865.4M	$1.34B	$1.03B	$832.3M	$867.9M	$987.7M
Operating Cash Flow	$-71.9M	$-76.6M	$50.1M	$-151.6M	$416.2M	$-211.4M	$-244.7M	$-358.0M	$-347.7M	$-412.6M	$-412.3M
Free Cash Flow	$-78.0M	$-79.5M	$46.7M	$-169.5M	$413.1M	$-219.9M	$-262.5M	$-370.9M	$-363.6M	$-422.1M	$-419.2M
Capital Expenditure	$-6.1M	$-2.9M	$-3.4M	$-17.9M	$-3.1M	$-8.5M	$-17.8M	$-12.9M	$-15.9M	$-9.5M	$-6.9M
Financing Cash Flow	$300.5M	$296.3M	$97.0M	$6.2M	$634.7M	$19.3M	$310.7M	$17.8M	$484.3M	$189.2M	$412.0M

R&D Spending

R&D (TTM)

$406.4M

R&D Intensity

—

R&D Growth YoY

-3.0%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$0.00	$0.00	$129.2M	$26.7M	$335.7M	$48.7M	$108.5M	$330.5M	$0.00	$0.00	$0.00
R&D Expense	$75.7M	$74.5M	$143.2M	$193.4M	$212.6M	$265.4M	$358.7M	$423.9M	$396.4M	$418.8M	$406.4M
R&D % of Revenue	—	—	110.9%	724.9%	63.3%	545.3%	330.7%	128.2%	—	—	—
SG&A	$11.7M	$15.7M	$32.3M	$46.5M	$60.3M	$79.1M	$90.5M	$103.4M	$105.4M	$136.6M	$140.7M

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$0.00	$0.00	$129.2M	$26.7M	$335.7M	$48.7M	$108.5M	$330.5M	$0.00	$0.00	$0.00
Cost of Goods Sold	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Gross Profit	$0.00	$0.00	$129.2M	$26.7M	$335.7M	$48.7M	$108.5M	$330.5M	$0.00	$0.00	$0.00
R&D	$75.7M	$74.5M	$143.2M	$193.4M	$212.6M	$265.4M	$358.7M	$423.9M	$396.4M	$418.8M	$406.4M
SG&A	$11.7M	$15.7M	$32.3M	$46.5M	$60.3M	$79.1M	$90.5M	$103.4M	$105.4M	$136.6M	$140.7M
Operating Income	$-87.4M	$-90.1M	$-46.4M	$-213.2M	$62.7M	$-295.8M	$-340.7M	$-196.7M	$-501.9M	$-555.3M	$-547.1M
Interest Expense	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Pretax Income	$-86.7M	$-88.2M	$-36.2M	$-198.0M	$72.0M	$-291.2M	$-326.0M	$-145.2M	$-422.7M	$-512.4M	$-507.9M
Net Income	$-86.7M	$-88.2M	$-36.2M	$-197.6M	$71.1M	$-290.6M	$-326.0M	$-145.2M	$-422.8M	$-512.5M	$-508.0M
EPS (Diluted)	-13.49	-5.89	-0.39	-2.07	0.63	-2.39	-2.60	-1.06	-2.57	-2.97	-2.88
EBITDA	$-86.0M	$-87.1M	$-39.0M	$-205.2M	$71.2M	$-287.2M	$-330.4M	$-180.0M	$-492.9M	$-540.5M	$-531.8M
Shares Out. (M)	6.42	14.96	92.62	95.61	112.70	121.53	125.53	137.37	164.47	172.65	186.64

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$39.9M	$218.4M	$77.1M	$79.4M	$507.1M	$293.5M	$218.0M	$127.1M	$175.0M	$205.3M	$387.6M
Marketable Securities	$138.5M	$187.9M	$387.2M	$335.9M	$962.6M	$571.9M	$1.12B	$907.4M	$657.4M	$662.6M	$600.1M
Total Current Assets	$182.0M	$409.6M	$480.8M	$430.0M	$1.50B	$897.2M	$1.37B	$1.06B	$864.4M	$900.7M	$1.02B
Total Assets	$271.1M	$486.7M	$662.0M	$553.2M	$1.60B	$1.40B	$1.46B	$1.15B	$1.37B	$1.14B	$1.27B
Total Current Liabilities	$9.1M	$14.2M	$32.8M	$45.3M	$71.7M	$378.2M	$363.9M	$78.0M	$102.2M	$98.4M	$110.2M
Long-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Total Liabilities	$365.2M	$20.9M	$115.1M	$158.3M	$453.7M	$441.9M	$417.8M	$123.0M	$144.5M	$131.1M	$339.9M
Stockholders' Equity	$-94.2M	$465.8M	$546.8M	$394.9M	$1.15B	$962.3M	$1.04B	$1.03B	$1.23B	$1.01B	$926.1M
Retained Earnings	$-103.5M	$-191.7M	$-227.9M	$-425.6M	$-354.4M	$-645.0M	$-971.0M	$-1.12B	$-1.54B	$-2.05B	$-2.18B

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$-71.9M	$-76.6M	$50.1M	$-151.6M	$416.2M	$-211.4M	$-244.7M	$-358.0M	$-347.7M	$-412.6M	$-412.3M
Capital Expenditure	$-6.1M	$-2.9M	$-3.4M	$-17.9M	$-3.1M	$-8.5M	$-17.8M	$-12.9M	$-15.9M	$-9.5M	$-6.9M
Free Cash Flow	$-78.0M	$-79.5M	$46.7M	$-169.5M	$413.1M	$-219.9M	$-262.5M	$-370.9M	$-363.6M	$-422.1M	$-419.2M
Investing Cash Flow	$-219.0M	$-41.2M	$-287.4M	$147.7M	$-623.2M	$-21.6M	$-141.4M	$249.3M	$-88.8M	$255.3M	$331.0M
Financing Cash Flow	$300.5M	$296.3M	$97.0M	$6.2M	$634.7M	$19.3M	$310.7M	$17.8M	$484.3M	$189.2M	$412.0M
Issuance of Stock	$0.00	$265.6M	$94.4M	$0.00	$614.1M	$0.00	$296.2M	$0.00	$499.3M	$189.2M	$189.2M
Repurchase of Stock	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Issuance of Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Payments of Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$-32.3M	$-8.2M	$-3.8M
Stock Based Comp.	$3.0M	$4.4M	$18.8M	$38.4M	$50.4M	$85.2M	$99.8M	$108.1M	$102.9M	$99.6M	$97.6M
Net Change in Cash	$9.6M	$178.5M	$-140.3M	$2.3M	$427.7M	$-213.7M	$-75.4M	$-90.9M	$47.9M	$31.9M	$330.7M

Dilution Tracker

Shares outstanding grew 53.6% over 5 years — significant dilution

Shares Outstanding

187M

5-Year Share Growth

+53.6%

Stock Issuance (TTM)

$189.2M

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	6.42	14.96	92.62	95.61	112.70	121.53	125.53	137.37	164.47	172.65	186.64
YoY Change %	—	132.9%	519.0%	3.2%	17.9%	7.8%	3.3%	9.4%	19.7%	5.0%	8.1%
Stock Issuance	$0.00	$265.6M	$94.4M	$0.00	$614.1M	$0.00	$296.2M	$0.00	$499.3M	$189.2M	$189.2M
Stock Repurchase	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Stock Based Comp.	$3.0M	$4.4M	$18.8M	$38.4M	$50.4M	$85.2M	$99.8M	$108.1M	$102.9M	$99.6M	$97.6M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating Margin %	0.0%	0.0%	-35.9%	-799.1%	18.7%	-607.8%	-314.2%	-59.5%	0.0%	0.0%	-
Net Margin %	0.0%	0.0%	-28.1%	-740.7%	21.2%	-597.2%	-300.6%	-43.9%	0.0%	0.0%	-
EBITDA Margin %	0.0%	0.0%	-30.2%	-769.1%	21.2%	-590.1%	-304.6%	-54.5%	0.0%	0.0%	-
FCF Margin %	0.0%	0.0%	36.2%	-635.3%	123.1%	-451.9%	-242.1%	-112.2%	0.0%	0.0%	0.0%
ROE %	0.0%	-47.5%	-7.2%	-42.0%	9.2%	-27.5%	-32.5%	-14.0%	-37.4%	-45.7%	-50.6%
ROA %	-56.3%	-23.3%	-6.3%	-32.5%	6.6%	-19.3%	-22.8%	-11.1%	-33.4%	-40.7%	-43.0%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)At Loss

HistoricalAt Loss / 263.12 / 393.00

Industry Med.27.41

P/S—

Historical6.67 / 39.94 / 3483.33

Industry Med.9.51

P/B4.40

Historical1.22 / 3.52 / 11.66

Industry Med.2.93

EV/EBITDA-5.87

Historical-47.20 / -8.23 / 168.03

Industry Med.13.14

EV/Revenue—

Historical3.45 / 30.52 / 3508.73

Industry Med.8.71

P/FCF—

Historical16.70 / 21.67 / 48.36

Industry Med.27.54

Intrinsic Value Models

Tangible Book

$5.61

Net Current Assets

$4.300

Net-Net Working Capital

$4.08

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	N/A	At Loss	At Loss	At Loss	132.95	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss
PS Ratio	-	-	14.82	62.44	28.13	111.50	32.19	8.92	-	-	0.00
PB Ratio	0.00	2.94	3.58	4.24	8.77	5.67	3.63	2.88	2.39	2.54	4.40
EV/EBITDA	0.00	-11.05	-38.28	-6.50	122.03	-16.20	-7.58	-11.04	-4.37	-3.23	-5.87
EV/Revenue	0.00	0.00	11.55	49.96	25.90	95.61	23.10	6.01	0.00	0.00	0.00

Analyst Estimates & Quality

Altman Z-Score

—

Distress

Piotroski F-Score

Weak

Beneish M-Score

—

Possible Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$22.42M	$117.85M	$427.03M
Net Income	$-476.68M	$-466.39M	$-272.28M
EPS	-2.45	-2.39	-1.06
Book Value per Share	3.30	2.80	2.92
Operating Cash Flow per Share	-2.00	-1.67	-1.63
Operating CF	$-372.66M	$-312.30M	$-303.29M

Dividends

Revenue Segments

By Business

Segment	2023
Antibody Transport Vehicle(ATV): Abeta Program License	$293.9M
Therapeutics	$330.5M
Central Nervous System (CNS) Program License	$25.0M
Option Research Services	$1.6M
Protein Transport Vehicle (PTV):Progranulin (PGRN) Collaboration Agreement	$10.0M

By Geography

Segment	2023
United States	$330.5M