Denali Therapeutics Inc.
- Open
- 23.72
- Day high
- 24.01
- Day low
- 23.41
- Prev close
- 24.00
- Volume
- 986K
- Mkt cap
- $3.8B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 4.5
- P/S
- 1053.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$72K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Denali Therapeutics Inc. (DNLI) is a Healthcare company listed on NASDAQ. The stock is up 53% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering DNLI.
Denali Therapeutics Inc. (DNLI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DNLI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $-0.51 | $-0.68 | -32.5% | $4M | +67.3% |
| May 7, 2026 | $-0.73 | $-0.69 | +5.5% | — | — |
| Nov 6, 2025 | $-0.76 | $-0.74 | +2.6% | — | — |
| Feb 27, 2025 | $-0.75 | $-0.67 | +10.7% | — | — |
| Nov 6, 2024 | $-0.60 | $-0.63 | -5.0% | — | — |
| Aug 1, 2024 | $-0.68 | $-0.59 | +13.2% | — | — |
| Feb 27, 2024 | $-0.82 | $-0.86 | -4.9% | $305M | +3548.8% |
| Feb 27, 2023 | $-0.78 | $-0.75 | +3.8% | $10M | -21.6% |
| Nov 3, 2022 | $-0.83 | $-0.84 | -1.2% | $4M | -79.1% |
| May 5, 2022 | $-0.47 | $-0.53 | -12.8% | $42M | +26.3% |
| Feb 28, 2022 | $-0.41 | $-0.62 | -51.2% | $13M | -72.1% |
| Nov 4, 2021 | $-0.51 | $-0.69 | -35.3% | $5M | -83.5% |
DNLI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 13, 2026 | Schuth Alexander O.officer: COFO and Secretary | Sell | 2,857 | $25.07 |
| Jun 5, 2026 | Van Hauwermeiren Timothydirector | Grant | 6,408 | — |
| Jun 5, 2026 | Krognes Steve E.director | Grant | 6,408 | — |
| Jun 5, 2026 | Thornberry Nancydirector | Grant | 6,408 | — |
| Jun 5, 2026 | Cook Jennifer E.director | Grant | 6,408 | — |
| Jun 5, 2026 | Klein Peter Sdirector | Grant | 19,226 | $19.66 |
| Jun 5, 2026 | BAKER BROS. ADVISORS LPdirector | Grant | 19,226 | $19.66 |
| Jun 5, 2026 | Klein Peter Sdirector | Grant | 6,408 | — |
| Jun 5, 2026 | FLATLEY JAY Tdirector | Grant | 19,226 | $19.66 |
| Jun 5, 2026 | Thornberry Nancydirector | Grant | 19,226 | $19.66 |
| Jun 5, 2026 | BAKER BROS. ADVISORS LPdirector | Grant | 6,408 | — |
| Jun 5, 2026 | Schenkein David Pdirector | Grant | 19,226 | $19.66 |
| Jun 5, 2026 | Cook Jennifer E.director | Grant | 19,226 | $19.66 |
| Jun 5, 2026 | FLATLEY JAY Tdirector | Grant | 6,408 | — |
| Jun 5, 2026 | Krognes Steve E.director | Grant | 19,226 | $19.66 |
Source: DNLI SEC Form 4 filings, latest Aug 13, 2026. For informational purposes only — not investment advice.
See the full DNLI insider & 13F page →Denali Therapeutics Inc. company profile
Overview
Denali Therapeutics Inc. (NASDAQ:DNLI) is a biopharmaceutical company founded in 2013 and headquartered in South San Francisco, California. Originally incorporated as SPR Pharma Inc., the company changed its name to Denali Therapeutics in March 2015 and went public in December 2017. Denali focuses exclusively on discovering and developing therapeutic candidates for neurodegenerative diseases, a challenging area of medicine where few effective treatments currently exist. The company operates as a clinical-stage biotech firm with multiple drug candidates in various phases of development, targeting conditions such as Parkinson's disease, ALS (amyotrophic lateral sclerosis), Huntington's disease, and other neurological disorders.
Business
Denali Therapeutics operates in the biotechnology sector, specifically focused on neurodegenerative diseases - a category of disorders where nerve cells in the brain or peripheral nervous system lose function over time and eventually die. These diseases include Parkinson's disease, Alzheimer's disease, ALS (Lou Gehrig's disease), and Huntington's disease, among others. The neurodegenerative disease market represents one of the most challenging areas in drug development due to the complexity of the brain and the blood-brain barrier that prevents many drugs from reaching their targets. The company's pipeline consists of several key therapeutic candidates in different stages of clinical development. BIIB122/DNL151 is their most advanced program - a small molecule inhibitor targeting LRRK2 (leucine-rich repeat kinase 2), a protein implicated in Parkinson's disease. This drug candidate is currently in Phase I and Phase Ib clinical trials. DNL310 is being developed for Hunter syndrome (a rare genetic disorder) and is in Phase I/II trials. DNL343 targets ALS and is in Phase I clinical trials. The company also has AR443820/DNL788, which completed Phase I trials for ALS, multiple sclerosis, and Alzheimer's disease, and SAR443122/DNL758, currently in Phase II trials for cutaneous lupus erythematosus. Unlike traditional pharmaceutical companies that may have marketed products generating revenue, Denali is a pure-play research and development organization. The company generates limited revenue primarily through collaboration agreements and milestone payments from pharmaceutical partners, rather than from product sales. In 2023, the company reported $330.5 million in revenue, likely from partnership agreements, but this dropped to zero revenue in 2024, indicating the lumpy nature of collaboration-based income in biotech.
Revenue model
Denali's business model is typical of clinical-stage biotechnology companies, relying primarily on external funding rather than product sales to finance operations. The company generates revenue through strategic partnerships and collaboration agreements with major pharmaceutical companies including Takeda Pharmaceutical, Genentech (Roche), Sanofi, and others. These partnerships typically involve upfront payments, milestone payments as drug candidates progress through clinical trials, and potential royalties on future sales if drugs reach market. The company's revenue stream is highly irregular and unpredictable. In 2023, Denali reported $330.5 million in revenue from collaborations, but this fell to zero in 2024, demonstrating the episodic nature of partnership income. The company's paying customers are essentially large pharmaceutical partners who provide funding in exchange for rights to develop and commercialize Denali's drug candidates in certain markets or indications. Several factors significantly impact Denali's financial margins and burn rate. Clinical trial costs represent the largest expense, as advancing drugs through Phase I, II, and III trials requires substantial investment in patient recruitment, regulatory compliance, and data analysis. Research and development intensity means the company must continuously invest in new drug discovery and early-stage development to maintain a robust pipeline. Regulatory risks can dramatically affect margins, as failed trials result in complete loss of invested capital. Competition from larger pharmaceutical companies with deeper pockets can drive up costs for talent, clinical sites, and other resources. Intellectual property protection and patent timelines create both opportunities and constraints on the company's ability to capture value from successful drug development.
Competitive moat
Denali's competitive moat is relatively narrow, which is typical for clinical-stage biotechnology companies. The company's primary defensive position comes from its intellectual property portfolio covering its drug candidates and proprietary research platforms. However, patents in biotechnology have limited duration and can be challenged or worked around by competitors. The company's specialized expertise in neurodegenerative diseases provides some competitive advantage, as this field requires deep scientific knowledge and understanding of complex brain biology. Denali's management team and scientific advisors have extensive experience in neuroscience, which is valuable but not insurmountable by well-funded competitors. The company's strategic partnerships with major pharmaceutical companies offer some protection by providing validation of its science and access to resources, but these relationships can also be terminated if programs fail to meet milestones. The partnerships do provide some competitive advantage through shared costs and reduced financial risk. However, Denali faces significant competitive threats. Large pharmaceutical companies like Biogen, Roche, and Novartis have substantially greater resources and can pursue similar targets with larger clinical trials and faster timelines. Other biotechnology companies are working on competing approaches to the same diseases. The high failure rate in neurodegenerative drug development means that even promising early-stage results may not translate to successful treatments. Additionally, the company's moat could be completely eliminated if its clinical trials fail, as biotechnology companies without successful products have limited sustainable competitive advantages.
Risks & safety
Denali presents a mixed margin of safety profile typical of clinical-stage biotechnology companies, with strong liquidity but ongoing cash burn concerns. • **Cash Position**: Strong with $175 million in cash and short-term investments as of Q4 2024, providing operational runway • **Current Ratio**: Excellent at 8.46x, indicating strong short-term liquidity • **Debt Level**: Minimal debt with debt-to-equity ratio of only 0.04, reducing financial risk • **Cash Burn**: High quarterly operating cash flow burn of approximately $87-131 million, indicating 4-5 quarters of runway at current burn rate • **Revenue**: Zero revenue in 2024 vs $330.5 million in 2023, showing dependence on irregular partnership income • **Valuation**: Trading at 2.7x book value, reasonable for biotech but dependent on pipeline success • **Solvency Risk**: Moderate - company will need additional funding within 12-18 months through partnerships, equity raises, or debt • **Other Considerations**: Clinical trial outcomes represent binary risk events that could dramatically impact valuation; regulatory approval timelines create uncertainty about future funding needs
Recent development
Based on the financial data trends, Denali has experienced significant strategic shifts over recent years. The company appears to have concluded or restructured major partnership agreements, as evidenced by the dramatic drop from $330.5 million in collaboration revenue in 2023 to zero revenue in 2024. This suggests either the completion of milestone-based partnerships or potential changes in collaboration terms. The company has maintained consistent investment in research and development, with operating cash flow burns remaining in the $350-400 million range annually, indicating sustained commitment to advancing its clinical pipeline. The progression of multiple drug candidates through clinical trials demonstrates the company's focus on diversifying its therapeutic portfolio across different neurodegenerative diseases. Denali's cash management has shown some volatility, with cash and short-term investments fluctuating from $218 million in 2022 to $127 million in 2023, then increasing to $175 million by end of 2024. This pattern suggests the company may have raised additional capital or received partnership payments during 2024 to strengthen its balance sheet. The company's decision to maintain multiple clinical programs simultaneously indicates a strategy of maximizing shots-on-goal rather than concentrating resources on a single lead program, which is common for companies seeking to optimize their probability of clinical success in the high-risk neurodegenerative disease space.
DNLI company profile · for informational purposes only — not investment advice.
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