Denali Therapeutics (DNLI) financial statements
Denali Therapeutics reported revenue of $0 in fiscal 2025, up 20.7% a year over 5 years.
Net income was -$513M.
Free cash flow was -$422M.
The diluted share count rose 2587% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Denali Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $129M | $26M | $336M | $49M | $105M | $331M | $0 | $0 |
| Research and development | $76M | $74M | $143M | $193M | $213M | $265M | $359M | $424M | $396M | $419M |
| Selling, general and admin | $12M | $16M | $32M | $46M | $60M | $79M | $90M | $103M | $105M | $137M |
| Operating income | -$87M | -$90M | -$46M | -$213M | $63M | -$296M | -$341M | -$197M | -$487M | -$555M |
| Income tax | — | $0 | $0 | -$351,000 | $823,000 | -$575,000 | $21,000 | $30,000 | $68,000 | $102,000 |
| Net income | -$87M | -$88M | -$36M | -$198M | $71M | -$291M | -$326M | -$145M | -$423M | -$513M |
| EPS (diluted) | -$13.49 | -$5.89 | -$0.39 | -$2.07 | $0.63 | -$2.39 | -$2.60 | -$1.06 | -$2.57 | -$2.97 |
| Diluted shares | 6M | 15M | 93M | 96M | 113M | 122M | 126M | 137M | 164M | 173M |
| Operating margin | — | — | -35.9% | -810.0% | 18.7% | -607.8% | -324.3% | -59.5% | — | — |
| Net margin | — | — | -28.1% | -750.8% | 21.2% | -597.2% | -310.3% | -43.9% | — | — |
Balance sheet
Fiscal years, from Denali Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $40M | $406M | $464M | $415M | $1.5B | $865M | $1.3B | $1.0B | $832M | $868M |
| Receivables | — | — | — | — | $9M | — | — | — | — | $0 |
| Inventory | — | — | — | — | — | — | — | — | — | $0 |
| Total current assets | — | $410M | $481M | $430M | $1.5B | $897M | $1.4B | $1.1B | $864M | $901M |
| Property, plant and equipment | — | $15M | $25M | $47M | $41M | $39M | $44M | $46M | $55M | $52M |
| Total assets | — | $487M | $662M | $553M | $1.6B | $1.4B | $1.5B | $1.2B | $1.4B | $1.1B |
| Total current liabilities | — | $14M | $33M | $45M | $72M | $378M | $364M | $78M | $102M | $98M |
| Total liabilities | — | $21M | $115M | $158M | $454M | $442M | $418M | $123M | $144M | $131M |
| Shareholders' equity | -$94M | $466M | $547M | $395M | $1.2B | $962M | $1.0B | $1.0B | $1.2B | $1.0B |
| Net debt | -$40M | -$218M | -$77M | -$79M | -$507M | -$293M | -$218M | -$127M | -$175M | -$205M |
Cash flow
Fiscal years, from Denali Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$72M | -$77M | $50M | -$152M | $416M | -$211M | -$245M | -$358M | -$348M | -$413M |
| Capital spending | $6M | $3M | $3M | $18M | $3M | $8M | $18M | $13M | $16M | $10M |
| Free cash flow | -$78M | -$80M | $47M | -$169M | $413M | -$220M | -$263M | -$371M | -$364M | -$422M |
| Stock-based compensation | $3M | $4M | $19M | $38M | $50M | $85M | $100M | $108M | $103M | $100M |
| Free cash flow margin | — | — | 36.2% | -644.0% | 123.1% | -451.9% | -249.9% | -112.2% | — | — |
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Open DNLI in InvestinglyQuestions
What was Denali Therapeutics's revenue in 2025?
$0 in fiscal 2025, from its 10-K filing.
How much free cash flow does Denali Therapeutics generate?
-$422M in fiscal 2025 (operating cash flow minus capital spending).
From Denali Therapeutics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.