Denali Therapeut Financials
This page shows Denali Therapeut (DNLI) financial statements, including the 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 operating model is a cash-funded research platform where outside capital, not debt, keeps long development cycles running.
From FY2023 to FY2025, net loss deepened from-$145M to-$513M , yet total liabilities remained low. Because financing cash flow stayed positive in both FY2024 and FY2025 while leverage remained modest, the balance sheet is functioning like an equity-funded lab: larger operating losses are being financed by shareholder capital rather than by borrowing.
The key earnings-quality signal is that operating cash flow was
The balance sheet still looks liquid rather than debt-constrained: the current ratio was 9.2x and total liabilities were just
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Denali Therapeut's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Denali Therapeut carries a low D/E ratio of 0.13, meaning only $0.13 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 9.16, Denali Therapeut holds $9.16 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Denali Therapeut generates a -50.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -34.4% the prior year.
Denali Therapeut passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Denali Therapeut generates $0.81 in operating cash flow (-$412.6M OCF vs -$512.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
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 generated -$422.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 16.1% from the prior year.
Denali Therapeut held $205.3M in cash against $0 in long-term debt as of fiscal year 2025.
Denali Therapeut had 156M shares outstanding in fiscal year 2025. This represents an increase of 8.3% from the prior year.
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.
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.
DNLI Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $103.8M | N/A | $102.0M-0.7% | $102.7M-11.6% | $116.2M | N/A | $98.2M+7.5% | $91.4M |
| SG&A Expenses | $33.5M | N/A | $35.5M+10.0% | $32.3M+9.9% | $29.4M | N/A | $24.9M-1.0% | $25.2M |
| Operating Income | -$137.4M | N/A | -$137.4M-1.8% | -$135.0M+7.3% | -$145.6M | N/A | -$123.2M-5.7% | -$116.6M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$128.4M | N/A | -$126.9M-2.2% | -$124.1M+6.7% | -$133.0M | N/A | -$107.2M-8.2% | -$99.0M |
| EPS (Diluted) | $-0.69 | N/A | $-0.74-2.8% | $-0.72+7.7% | $-0.78 | N/A | $-0.63-6.8% | $-0.59 |
DNLI Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3B+10.6% | $1.1B+8.5% | $1.1B-9.5% | $1.2B-8.3% | $1.3B-7.5% | $1.4B-5.5% | $1.5B-3.2% | $1.5B |
| Current Assets | $1.0B+13.6% | $900.7M+2.0% | $882.6M-5.6% | $934.7M+6.4% | $878.6M+1.6% | $864.4M-0.5% | $868.8M-6.4% | $928.4M |
| Cash & Equivalents | $387.6M+88.8% | $205.3M+125.7% | $91.0M-35.6% | $141.2M+148.0% | $56.9M-67.5% | $175.0M+93.0% | $90.6M+21.4% | $74.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $339.9M+159.3% | $131.1M+1.3% | $129.4M-7.0% | $139.2M-6.4% | $148.7M+2.9% | $144.5M+6.6% | $135.5M+17.3% | $115.5M |
| Current Liabilities | $110.2M+12.0% | $98.4M+9.1% | $90.1M-1.0% | $91.1M-0.9% | $91.9M-10.1% | $102.2M+17.4% | $87.1M+16.9% | $74.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $926.1M-8.6% | $1.0B+9.5% | $926.2M-9.8% | $1.0B-8.5% | $1.1B-8.7% | $1.2B-6.7% | $1.3B-4.9% | $1.4B |
| Retained Earnings | -$2.2B-6.3% | -$2.1B-6.7% | -$1.9B-7.1% | -$1.8B-7.4% | -$1.7B-8.6% | -$1.5B-8.1% | -$1.4B-8.1% | -$1.3B |
DNLI Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$131.2M-33.2% | -$98.5M+8.2% | -$107.3M-42.5% | -$75.3M+42.7% | -$131.5M-57.0% | -$83.7M-41.6% | -$59.1M+35.2% | -$91.2M |
| Capital Expenditures | $2.5M+61.8% | $1.5M+210.6% | -$1.4M-132.2% | $4.3M-15.8% | $5.1M-0.3% | $5.1M+31.1% | $3.9M-18.8% | $4.8M |
| Free Cash Flow | -$133.7M-33.6% | -$100.1M+7.9% | -$108.7M-36.6% | -$79.6M+41.7% | -$136.5M-53.8% | -$88.8M-40.9% | -$63.0M+34.4% | -$96.0M |
| Investing Cash Flow | $94.5M+354.8% | $20.8M-64.1% | $57.8M-63.4% | $157.9M+742.4% | $18.7M-89.1% | $172.2M+83.9% | $93.7M-5.0% | $98.6M |
| Financing Cash Flow | $219.0M+14.0% | $192.1M+24795.8% | -$778K-147.9% | $1.6M+143.1% | -$3.8M+9.7% | -$4.2M+77.5% | -$18.6M-374.7% | $6.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
DNLI Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -13.9% | N/A | -13.7%-1.6pp | -12.1%-0.2pp | -11.8% | N/A | -8.1%-1.0pp | -7.1% |
| Return on Assets | -10.2% | N/A | -12.0%-1.4pp | -10.6%-0.2pp | -10.5% | N/A | -7.4%-0.8pp | -6.6% |
| Current Ratio | 9.28+0.1 | 9.16-0.6 | 9.79-0.5 | 10.27+0.7 | 9.56+1.1 | 8.46-1.5 | 9.98-2.5 | 12.46 |
| Debt-to-Equity | 0.37+0.2 | 0.13-0.0 | 0.140.0 | 0.140.0 | 0.13+0.0 | 0.12+0.0 | 0.10+0.0 | 0.08 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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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) generated -$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) generated -$412.6M in operating cash flow during fiscal year 2025, representing cash generated from 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 cash runway?
Based on fiscal year 2025 data, Denali Therapeut (DNLI) had $205.3M in cash against an annual operating cash burn of $412.6M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Denali Therapeut's Piotroski F-Score?
Denali Therapeut (DNLI) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. 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) has an earnings quality ratio of 0.81x, considered low quality (accrual-driven). 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.
How financially healthy is Denali Therapeut?
Denali Therapeut (DNLI) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.